Deutsche EuroShop AG / Quarter Results/Interim Report Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Deutsche EuroShop: Good Start into FY 2008 - Revenue: Euro 26.9 million (+19%) - EBIT: Euro 22.5 million (+20%) - Profit: Euro 10.2 million (+61%) - Earnings per share: Euro 0.30 Hamburg, 14 May 2008 – Today the shopping center investor Deutsche EuroShop AG reported about its results for the first three months of FY 2008. Revenue came to Euro 26.9 million, representing a 19% rise year-on-year (Euro 22.7 million). The Galeria Baltycka and the Stadt-Galerie Hameln, which opened in October 2007 and March 2008, respectively, contributed significantly to this revenue increase. Moreover, revenue from existing properties increased by 2.2%. Earnings before interest and taxes (EBIT) increased by Euro 3.8 million (+20%) from Euro 18.7 million to Euro 22.5 million. This is chiefly due to contributions to earnings from the two recently opened properties. Net finance costs amounted to Euro 11.9 million, Euro 1.8 million more than the Euro 10.1 million recorded during the previous year. This results from the interest expense due to the new centers and also from a higher profit attributable to minority shareholders. Measurement loss of Euro -0.1 million rose to become a measurement gain of Euro 1.8 million. This is attributable exclusively to unrealised exchange rate gains. Overall the profit before tax (EBT) was increased from Euro 8.5 million to Euro 12.3 million. Consolidated profit was Euro 10.2 million, up by Euro 6.3 million (+61%) on the same period of the previous year (Euro 3.9 million). Earnings per share rose from Euro 0.18 to Euro 0.30. Of this, Euro 0.27 results from operating profit and Euro 0.03 from measurement gains. The Stadt-Galerie Passau is set to open in the autumn of 2008. Currently 95% of the retail space has been let to well-known retailers. The Company is significantly more optimistic than just a few months ago to be able to initiate new investments and to meet the investment targets of Euro 150 million to Euro 200 million by the end of the year. On the basis of the profits of the first three months the forecast for the FY 2008 is confirmed: Revenue should range between Euro 110 million and Euro 113 million and thus significantly increase (2007: Euro 95.8 million). Earnings before interest and taxes (EBIT) is expected to reach Euro 90 million to Euro 92 million (2007: Euro 77.2 million). The Company is expecting earnings before tax (EBT) without measurement gains to reach Euro 43 million to Euro 45 million (2007: Euro 37.7 million). The Executive Board is optimistic that the Company will be in a position to pay out a tax-free dividend of at least Euro 1.05 per share for the 2008 financial year. Webcast of the conference call Deutsche EuroShop will webcast its English conference call on Wednesday, 14 May 2008, at 11:00 a.m. CET live on the Internet. The webcast can be accessed at the Company's website at http://www.deutsche-euroshop.com/ir. At the same internet address the complete Interim Report is available as PDF file and as interactive online version. Deutsche EuroShop – The Shopping Center Company Deutsche EuroShop is Germany’s only public company, that invests solely in shopping centers in prime locations. The MDAX-listed Company currently has equity interests in 16 European shopping centers in Germany, Austria, Hungary and Poland. Key Data of Deutsche EuroShop (IFRS) in Euro million 01.01.- 01.01.- 31.03.2008 31.03.2007 Change Revenue 26.9 22.6 19% EBIT 22.5 18.7 20% Net interest expense -11.9 -10.1 -18% EBT 12.3 8.5 46% Consolidated profit 10.2 6.3 61% Earnings per share (Euro) 0.30 0.18 61% 31.03.2008 31.12.2007 Equity * 979.5 974.0 1% Liabilities 951.3 1,002.3 -5% Total assets 1,930.9 1,976.3 -2% Equity ratio (%) * 50.7 49.3 Gearing (%) * 97 103 Cash and cash equivalents 52.6 109.0 -52% * incl. minorities 14.05.2008 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Deutsche EuroShop AG Oderfelder Straße 23 20149 Hamburg Deutschland Phone: +49 (0)40 413 579-0 Fax: +49 (0)40 413 579-29 E-mail: ir@deutsche-euroshop.de Internet: www.deutsche-euroshop.de ISIN: DE0007480204 WKN: 748020 Indices: MDAX Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hannover, München, Hamburg, Düsseldorf, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------