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Deutsche EuroShop: Earnings up 22% in first quarter of 2013

DGAP-News: Deutsche EuroShop AG / Key word(s): Quarter Results/Change
in Forecast
Deutsche EuroShop: Earnings up 22% in first quarter of 2013

15.05.2013 / 18:00

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Deutsche EuroShop: Earnings up 22% in first quarter of 2013

- Year starts according to plan

- Initial contribution to earnings by the Herold-Center Norderstedt

- Consolidated profit: EUR 20.1 million (+22%)

- Forecast increased following acquisition of additional shares in
Dresden


Hamburg, 15 May 2013 - With the results it posted for the first quarter of
2013, the year has started according to plan for shopping center investor
Deutsche EuroShop. At EUR42.4 million, revenue was 10% higher than during
the first three months of the previous year. Net operating income climbed
12% to EUR38.6 million while EBIT rose 10% to EUR37.3 million.

'This growth is especially due to the contribution of the Herold-Center in
Norderstedt which has been a part of our portfolio since the start of the
year', said Claus-Matthias Böge, Executive Board Spokesman for Deutsche
EuroShop, when explaining this renewed and considerable rise in earnings.

Consolidated profit grew 22% to EUR20.1 million. Earnings per share
increased from EUR0.32 to EUR0.37. EPRA, i.e. the result adjusted for
valuation effects, rose from EUR0.34 to EUR0.40 per share which corresponds
to an increase of 18%. FFO (funds from operations) - an important ratio for
real estate companies - improved by 16% to EUR26.9 million.

Shortly after the end of the reporting period, Deutsche EuroShop increased
its shareholding in the Altmarkt-Galerie Dresden to 100% by acquiring the
remaining 33% of shares from its long-term co-investor. The investment
volume amounts to some EUR132 million including proportionate liabilities
assumed in the amount of EUR62 million.

Following this acquisition of additional shares in the Altmarkt-Galerie
Dresden, the Board of Directors has adjusted its forecast for financial
year 2013 and now anticipates

- revenue of between EUR186 million and EUR189 million (previously:
EUR170-EUR173 million)

- earnings before interest and taxes (EBIT) of between EUR162 million and
EUR165 million (previously: EUR148-EUR151 million)

- earnings before taxes (EBT) without measurement gains/losses of between
EUR113 million and EUR116 million (previously: EUR112-EUR115 million)
and

- funds from operations (FFO) per share unchanged at between EUR1.99 and