Deutsche EuroShop: positive first half of 2016 in line with expectations

• Revenue: EUR101.8 million, EBIT: EUR88.8 million
• EBT excluding measurement gains/losses: EUR65.0 million
• Earnings per share: EUR0.90
• FFO: EUR1.16 per share

Hamburg, 15 August 2016 - The shopping centre investor Deutsche EuroShop recorded net operating income (NOI) of EUR91.7 million in the first half of 2016, virtually unchanged compared to the prior year, on revenues of EUR101.8 million (+1.2% year on year). EBIT climbed by 0.7% to EUR88.8 million.

Earnings before taxes (EBT) declined from EUR61.5 million to EUR60.1 million (-2.3%). Commenting on the results, Executive Board member Olaf Borkers said: "Our valuation gain is impacted in particular by investment costs in our centers over the course of the year, which are slightly up on the same period of the previous year. This impact on results will by offset again at the end of the year in the valuation of properties. EBT excluding valuation gains/losses rose by 2.3% from EUR63.6 million to EUR65.0 million."

Consolidated profit fell accordingly by 2.0%, from EUR49.7 million to EUR48.7 million. Earnings per share now stand at EUR0.90, after falling from EUR0.92. EPRA earnings per share, i.e. the result adjusted for valuation effects, rose from EUR0.95 to EUR0.97 per share, an increase of 2.3%. Funds from operations improved from EUR1.14 to EUR1.16 per share.

"The results are good and in line with our expectations. We want to expand our stable portfolio and are in serious negotiations to purchase a 50% stake in an established center in Germany. We are also still involved in the bidding process for a major shopping center in Central Europe," explained Wilhelm Wellner, CEO.

The Deutsche EuroShop management team is sticking to its forecast for financial year 2016 and aims to pay a dividend of EUR1.40 per share.

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

Webcast of the teleconference
Deutsche EuroShop will hold a conference call for analysts in English at 10 a.m. on Tuesday, 16 August 2016, which will be carried out as a live webcast at 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, among many others.

Figures for Deutsche EuroShop (IFRS)

in Mio. EUR	01.01.-30.06. 2016	01.01.-30.06. 2015	+/-
Revenue	101.8	100.6	1 %
Net operating income	91.7	91.8	0 %
EBIT	88.8	88.2	1 %
Financial result	-25.5	-24.7	-4 %
Valuation gains/losses	-3.2	-2.0	-63 %
EBT	60.1	61.5	-2 %
Consolidated profit	48.7	49.7	-2 %
EPRA* Earnings per share (EUR)	0.97	0.95	2 %
FFO per share (EUR)	1.16	1.14	2 %
	30.06.2016	31.12.2015	+/-
Equity**	2,030.7	2,061.0	-1 %
Liabilities	1,818.5	1,790.6	2 %
Total assets	3,849.2	3,851.6	0 %
Equity ratio (%)**	52.8	53.5
LTV ratio (%)	36.0	35.5
Gearing (%)**	89.6	86.9
Cash and cash equivalents	70.7	70.7	0 %

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