DGAP-News

Deutsche EuroShop: nine-month result underlines reliability of business model

DGAP-News: Deutsche EuroShop AG / Key word(s): 9-month figures/Interim
Report
Deutsche EuroShop: nine-month result underlines reliability of
business model

13.11.2014 / 18:00

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Deutsche EuroShop: nine-month result underlines reliability of business
model

- Revenue: EUR149.7 million (+8 %), EBIT: EUR132.3 million (+10 %)

- EBT before measurement and sales revenue: EUR90.9 million (+12 %)

- Consolidated profit: EUR69.5 million (adjusted: +14 %)

- FFO: EUR1.63 per share (+10 %)

Hamburg, 13 November 2014 - The Hamburg-based shopping center investor
Deutsche EuroShop's result for the first nine months of 2014 confirms its
forecast for the year as a whole.

With revenue of EUR149.7 million (+8 %, previous year: EUR138.2 million)
and improved net operating income (NOI) of EUR136.0 million (+9%, EUR124.5
million), not least thanks to a further reduction in the cost ratio, the
company achieved EBIT of EUR132.3 million (+10%, EUR120.5 million).

"These increases can largely be attributed to the Altmarkt-Galerie Dresden,
which has been fully consolidated since 1 May 2013. However, the
operational business is also running smoothly, with like-for-like rental
income rising by 2.2%," said Executive Board Spokesman Claus-Matthias Böge
with satisfaction.

The consolidated profit, adjusted for the sale of the stake in the Galeria
Dominikanska in Wroclaw, Poland, in the third quarter of the previous year,
has risen by 14 %. The consolidated profit after nine months of EUR69.5
million corresponds to EUR1.29 per share. EPRA earnings per share also rose
14%, from EUR1.19 per share to EUR1.36. Funds from operations (FFO)
improved by 10% from EUR1.48 to EUR1.64 per share.

Claus-Matthias Böge commented: "Our business model has demonstrated
continued stability. Low outstanding rents and continued low write-downs of
rent receivables also reinforce our confidence that we have a
well-diversified and resilient mix of some 2,350 rental partners. This is
also borne out by our retail occupancy rate of close to 100%."

Deutsche EuroShop is standing by its recent forecasts for financial year
2014, and expects:

- revenue of between EUR198 million and EUR201 million

- earnings before interest and taxes (EBIT) of between EUR174 million and
EUR177 million

- earnings before taxes (EBT) excluding measurement gains/losses of
between EUR120 million and EUR123 million

- funds from operations (FFO) per share of between EUR2.14 and EUR2.18


The company is still holding out the prospect of an increase in dividend of
five cents and hence of a dividend of EUR1.30 per share for 2014.