Deutsche EuroShop posts marked increase in earnings in the first half of 2017

• Revenue: EUR105.8 million (+3.9%)
• EBIT: EUR92.5 million (+4.1%)
• Consolidated profit: EUR56.2 million (+15.5%)
• EPRA earnings per share: EUR1.20 per share (+8.1%)
• FFO: EUR1.25 per share (+7.8%)

Hamburg, 15 August 2017 - The shopping center investor Deutsche EuroShop recorded net operating income (NOI) of EUR95.3 million (+4.0%) in the first half of 2017, on revenues of EUR105.8 million (+3.9% year on year). Earnings before interest and taxes (EBIT) increased by 4.1% to EUR92.5 million.

"The Deutsche EuroShop business model once again proved its reliability in the first six months of 2017. In comparison with the previous year's period, we posted a considerable improvement in earnings along with key figures that developed as planned," said Wilhelm Wellner, CEO.

Earnings before taxes and measurement (EBT excl. measurement gains/losses) increased from EUR65.0 million to EUR73.0 million (+12.3%). Consolidated profit increased by 15.5% from EUR48.7 million to EUR56.2 million. Earnings per share increased from EUR0.90 to EUR0.99.

EPRA earnings, i.e. operating earnings adjusted for valuation effects, rose from EUR1.11 to EUR1.20 per share, which corresponded to an increase of 8.1%. Funds from operations (FFO) also rose markedly by 7.8% to EUR1.25 per share (2016:. EUR1.16) and in absolute terms stood at EUR 70.9 million, which is 12.7% above the previous year's period.

Wilhelm Wellner provided the reasons for the positive earnings development: "Alongside lower interest costs, new additions to the portfolio - Saarpark-Center Neunkirchen and the Olympia Center Brno - in particular contributed to growth."

The Deutsche EuroShop management team is sticking to its guidance for financial year 2017 and is confident of being able to pay a dividend of EUR1.45 per share.

Full half-year financial report

The full half-year financial 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 Wednesday, 16 August 2017, 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 21 shopping centers in Germany, Austria, Poland, the Czech Republic 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 EUR million		01.01.-30.06.2017		01.01.-30.06.2016		+/-
Revenue		105.8		101.8		3.9%
NOI		95.3		91.7		4.0%
EBIT		92.5		88.8		4.1%
Consolidated profit		73.0		65.0		12.3%
EBT (excluding measurement gains/losses*)		56.2		48.7		15.5%
EPRA** earnings per share in EUR		1.20		1.11		8.1%
FFO per share in EUR		1.25		1.16		7.8%
Earnings per share in EUR (undiluted)		0.99		0.90		10.0%
in EUR million		30.06.2017		31.12.2016		+/-
Equity***		2,383.0		2,240.7		6.4%
Net financial liabilities		2,221.8		1,873.8		18.6%
Total assets		4,604.8		4,114.5		11.9%
Equity ratio (%)***		51.7		54.5
Loan to value ratio (%)		34.5		34.2
Cash and cash equivalents		127.2		64.0		98.6%
* Including the share attributable to equity-accounted joint ventures and associates ** European Public Real Estate Association *** incl. third-party interests in equity **** Loan to Value (LTV): the ratio between net debt (financial liabilities less cash and cash equivalents) and non-current assets (investment properties and at-equity investments)

For explanations regarding the financial figures used, please consult www.deutsche-euroshop.de/des/pages/index/p/210