Deutsche EuroShop: First-half results in line with forecast

• Revenue: EUR100.6 million, EBIT: EUR88.2 million
• EBT before measurement: EUR63.6 million (+5.0%)
• Earnings per share: EUR0.92 (+7.0%)
• FFO: EUR1.14 per share (+4.6%)

Hamburg, 13 August 2015 - The shopping centre investor Deutsche EuroShop recorded net operating income (NOI) of EUR91.8 million (+1.3%) in the first half of 2015, on revenues of EUR100.6 million (+0.9% year on year). Due to an exceptional charge, EBIT remained virtually unchanged at EUR88.2 million - without this effect, EBIT would have risen by EUR0.9 million (1.1%).

Earnings before taxes and measurement (EBT before measurement) increased from EUR60.6 million to EUR63.6 million (+5.0%). Consolidated profit improved by 7.2% to EUR49.7 million (2014: EUR46.3 million), taking earnings per share from EUR0.86 to EUR0.92. EPRA earnings per share, i.e. the result adjusted for valuation effects, rose from EUR0.91 to EUR0.95 per share, which corresponds to an increase of 4.4%. Funds from operations improved by 4.6% from EUR1.09 to EUR1.14 per share.

"These pleasing results are down to the continued strong performance in operating business and, in particular, the further year-on-year improvement in net finance costs," explains Wilhelm Wellner, CEO.

The Deutsche EuroShop management team is sticking to its forecast for financial year 2015 and aims to pay a dividend of at least EUR1.35 per share for the current year.

Full interim report
The full interim report is available as a PDF document and in ePaper format. It can be downloaded from www.deutsche-euroshop.com/ir

Internet broadcast of the teleconference
Deutsche EuroShop will hold a conference call for analysts in English at 11 a.m. on Friday 14 August 2015, which will be carried as a live webcast on www.deutsche-euroshop.com/ir

Deutsche EuroShop - The shopping center company
Deutsche EuroShop is the only public company in Germany to invest solely in shopping centers in prime locations. The MDAX-listed company currently has investments in 19 shopping centers in Germany, Austria, Poland and Hungary. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk.

Figures for Deutsche EuroShop (IFRS)

in EUR m	01.01.-30.06. 2015	01.01.-30.06. 2014	+/-
Revenue	100.6	99.7	1 %
EBIT	88.2	88.3	0 %
Financial result	-24.7	-28.0	12 %
Valuation gains/losses	-2.0	-2.9	31 %
EBT	61.5	57.4	7 %
Consolidated profit	49.7	46.3	7 %
FFO per share (EUR)	1.14	1.09	5 %
Earnings per share (undiluted)	0.92	0.86	7 %
	30.06.2015	31.12.2014	+/-
Equity*	1,736.0	1,751.2	-1 %
Liabilities	1,769.0	1,741.0	2 %
Total assets	3,504.9	3,492.2	0 %
Equity ratio (%)*	49.5	50.1
LTV ratio (%)	41	40
Gearing (%)*	102	99
Cash and cash equivalents	73.3	58.3	26 %

* incl. third-party interests in equity