Deutsche EuroShop: First quarter on track, forecast confirmed

• Revenue: EUR50.7 million (+0.3%), EBIT: EUR44.6 million (-0.1%)
• Consolidated profit: EUR24.9 million (-1.8%)
• EPRA earnings per share: EUR0.49 per share (+2%)
• FFO: EUR0.58 per share (+2%)

Hamburg, 12 May 2016 - The shopping centre investor Deutsche EuroShop has published its interim report for the quarter ending 31 March 2016 and confirmed the full-year forecasts issued on 23 March 2016.

Revenue in the first three months of 2016 totalled EUR50.7 million, representing a small year-on-year rise of 0.3% (from EUR50.6 million). Net operating income (NOI) fell slightly by 0.3% to EUR46.0 million, while EBIT climbed 0.1% to EUR44.6 million.

Earnings before taxes and measurement gains/losses, however, increased from EUR31.8 million to EUR32.7 million (+3%). Consolidated profit fell by 2%, from EUR25.3 million to EUR24.9 million. Correspondingly, earnings per share were also 2% lower, dropping from EUR0.47 to EUR0.46.

"The slightly lower profit is attributable to investment costs being higher than they were last year," explains Wilhelm Wellner, Deutsche EuroShop's CEO. "The fact that everything, operationally speaking, is going according to plan is reflected in the positive EPRA Earnings and FFO figures which exclude valuation effects."

Earnings per share calculated according to EPRA (EPRA Earnings) rose by 2% from EUR0.48 to EUR0.49. The figure for funds from operations (FFO) improved by 2% from EUR0.57 to EUR0.58 per share.

Deutsche EuroShop is standing by its recent forecasts for financial year 2016, and expects:

- revenue of between EUR200 million and EUR204 million

- earnings before interest and taxes (EBIT) of between EUR175 million and EUR179 million

- earnings before taxes (EBT) excluding measurement gains/losses of between EUR127 million and EUR130 million

- funds from operations (FFO) per share of between EUR2.26 and EUR2.30.

The company envisages paying a dividend of EUR1.40 per share for 2016.

Full quarterly statement
The full quarterly statement 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 in English at 10 a.m. CET on Friday 13 May 2016, 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.-31.03.2016	01.01.-31.03.2015	+ / -
Revenue	50.7	50.6	0 %
EBIT	44.6	44.6	0 %
Financial result	-12.3	-12.9	-5 %
Valuation gains/losses	-1.4	-0.5	-201 %
EBT	31.0	31.3	-1 %
Consolidated profit	24.9	25.3	-2 %
EPRA* Earnings per share (EUR)	0.49	0.48	2 %
FFO per share (EUR)	0.58	0.57	2 %
	31.03.2016	31.12.2015	+ / -
Equity**	2,082.5	2,061.0	1 %
Liabilities	1,790.7	1,790.6	0 %
Total assets	3,873.3	3,851.6	1 %
Equity ratio (%)**	53.8	53.5
LTV ratio (%)	34.7	35.5
Gearing (%)**	86.0	86.9
Cash and cash equivalents	97.9	70.7	39 %

* European Public Real Estate Association
** incl. third-party interests in equity