• Deutsche EuroShop AG's result from ordinary activities: €27.9 million
• Slightly above forecasts
• Dividend will again be €1.92
• Only minor loss for the Group
• Net asset value: €43.56 per share

Hamburg, 2 March 2004 – Deutsche EuroShop AG published its preliminary results for the 2003 financial year at a press and analyst conference in Frankfurt am Main on Tuesday.

Positive financial year
Deutsche EuroShop AG can look back on a positive 2003 financial year. Its result from ordinary activities was €27.9 million – up 13% (€0.3 million) year-on-year and slightly above the company's original forecast for 2003.

Deutsche EuroShop AG's net profit at €20.6 million
The company's main revenue driver is income from investments, which increased by €3.4 million or 14.6% year-on-year to €26.5 million. In contrast, net interest income fell to €3.2 million due to investments (2002: €4.5 million). The same applies to Deutsche EuroShop AG's other income and expenses totalling €1.8 million, down €1 million on the previous year. After deduction of deferred tax liabilities (€7.4 million), the net profit for the year amounted to €20.6 million.

Unappropriated surplus again €30 million
The unappropriated surplus amounts to €30 million following the withdrawal of €9.5 million from the capital reserve.

Proposed dividend: €1.92 per share
The Executive Board will thus again propose a tax-free dividend of €1.92 per share for the 2003 financial year to the Annual General Meeting, to be held on 17 June 2004 in Frankfurt am Main.

Group sales up 6%
The Deutsche EuroShop Group's sales rose by 6% from €46.5 million to €49.3 million. The original projection was for a 4% increase.

Depreciation at €22.4 million
Depreciation of tangible assets rose slightly to €22.4 million (2002: €21.6 million).

Expenses on a par with 2002
At €12.8 million, other operating expenses were at the same level as the previous year (€12.9 million).

Interest income declines due to investments
Other interest and similar income fell by €2.5 million from €7.2 million to €4.7 million as a result of investments. However, interest and similar expenses increased slightly by €0.2 million, from €18.6 million to €18.8 million. The net interest expense was thus €14.1 million, compared with €11.4 million in 2002.

Group still records minor loss
The Group's result from ordinary activities rose by 32% from €4.9 million to €6.5 million. After deduction of taxes on income amounting to €7.8 million (including deferred taxes of €7.4 million), other taxes amounting to €0.9 million (mainly property taxes), as well as minority interests, the consolidated net loss for the year was €0.5 million (2002: €2.9 million).

Net asset value of €43.56
On the basis of independent market value surveys by Feri Research and GfK PRISMA and the unaudited annual financial statements for the 2003 financial year, Deutsche EuroShop AG has estimated the net asset value of the Company at €680.7 million (as at December 31, 2003). This represents a net asset value per share of €43.56 for 15,625,000 shares, meaning that the shares are currently trading at around 20% below their net asset value.

Key figures for Deutsche EuroShop AG

* including investment income
** including securities investments


Deutsche EuroShop – The Shoppingcenter-AG
Deutsche EuroShop AG is the sole German publicly listed real estate company following an investment strategy focused exclusively on shoppingcenters. The SDAX-company currently has equity interests in 14 European shoppingcenters in Germany, France, Hungary, Italy and Poland.

Contact:
Deutsche EuroShop AG
Investor & Public Relations
Patrick Kiss
Oderfelder Strasse 23
20149 Hamburg
Germany

Tel. +49-(0)40-413579-20
Fax +49-(0)40-413579-29

E-Mail: info@deutsche-euroshop.de
http://www.deutsche-euroshop.com

ISIN: DE 000 748020 4