DGAP-News

Deutsche EuroShop: Preliminary figures for 2013 - consolidated profit up 41% FFO per share up 26% - net asset value at EUR30.59 per share (+7%)

DGAP-News: Deutsche EuroShop AG / Key word(s): Preliminary
Results/Forecast
Deutsche EuroShop: Preliminary figures for 2013 - consolidated profit
up 41% FFO per share up 26% - net asset value at EUR30.59 per share
(+7%)

20.03.2014 / 19:00

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Deutsche EuroShop: Preliminary figures for 2013 - consolidated profit up
41% FFO per share up 26% - net asset value at EUR30.59 per share (+7%)

* Revenue: EUR188.0 million, EBIT: EUR165.9 million

* FFO: EUR2.10 per share

* Consolidated profit: EUR173.0 million

* Dividend proposal: EUR1.25 per share

* 6% growth in revenue and EBIT anticipated for 2014


Hamburg, 20 March 2014 - Shopping center investor Deutsche EuroShop
announced the preliminary figures for the 2013 financial year in Hamburg
today. The Company can look back on another successful financial year.
Revenue and profit were increased significantly.

Consolidated revenue was up 5.5%, from EUR178.2 million to EUR188.0
million, in the financial year. The Herold-Center Norderstedt, which was
acquired on 1 January 2013, and the Altmarkt-Galerie Dresden, which has
been fully consolidated since 1 May 2013, contributed significantly to this
revenue growth. Rental income from portfolio properties increased by 1.4%
compared with the previous year.

Net finance costs dropped noticeably by EUR28.0 million to EUR34.1 million
(2012: EUR62.1 million). This is attributable to the proceeds from the sale
of Deutsche EuroShop's stake in the Galeria Dominikanska, the positive
contribution to earnings of investments accounted for using the equity
method and the interest rate swap expenses. Measurement gains improved to
EUR56.3 million, EUR42.4 million higher than the previous year (EUR13.9
million). The value of Group properties increased by 2.1% on average. Net
asset value (EPRA NAV) as at 31 December 2013 was EUR1,650.4 million (+7%),
or EUR30.59 per share.

Earnings before interest and taxes (EBIT) climbed 9%, from EUR151.6 million
to EUR165.4 million, in the year under review. At EUR187.6 million, pre-tax
profit (EBT) was 81% up on the previous year (EUR103.4 million). Taxes on
income and earnings amounted to EUR14.6 million compared to tax income of
EUR19.1 million in 2012.

Consolidated profit rose by 41% from EUR122.5 million to EUR173.0 million.
Earnings per share amounted to EUR3.21 compared with EUR2.36 in the
previous year. Of this amount, EUR1.76 (2012: EUR1.36) was attributable to
operations (EPRA earnings) and EUR0.89 (2012: EUR0.05) to measurement
gains. Moreover, one-off effects, such as the sale of shares, led to
earnings per share of EUR0.56 (2012: EUR0.95). Deutsche EuroShop succeeded