DGAP-News

CORRECTION: Deutsche EuroShop: Preliminary figures for 2015 / record year thanks to measurement gains / FFO up 2.4% / net asset value of EUR39.12 per share

DGAP-News: Deutsche EuroShop AG / Key word(s): Preliminary Results/Final
Results
CORRECTION: Deutsche EuroShop: Preliminary figures for 2015 / record year
thanks to measurement gains / FFO up 2.4% / net asset value of EUR39.12 per
share

23.03.2016 / 07:45
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------

Deutsche EuroShop: Preliminary figures for 2015 / record year thanks to
measurement gains / FFO up 2.4% / net asset value of EUR39.12 per share

- Revenue: EUR202.9 million (+1.0%), EBIT: EUR176.3 million (-0.7%)

- Measurement gains of EUR220.6 million, EPRA NAV up 18.0%

- FFO: EUR2.29 per share (+2.4%)

- Consolidated profit: EUR309.3 million (+74.4%)

- Dividend proposal: EUR1.35 per share (+3.8%)


Hamburg, 23 March 2016 - Shopping center investor Deutsche EuroShop AG,
Hamburg, recorded a record set of results in financial year 2015.

Consolidated revenue was up 1.0% over the year, from EUR200.8 million to
EUR202.9 million. Adjusted for changes to the accounting policy definition
of revenue, like-for-like revenue climbed by EUR0.8 million or 0.4%.

Earnings before interest and taxes (EBIT) decreased slightly in the year
under review, down 0.7% from EUR177.5 million to EUR176.3 million.

Net finance costs were dominated by measurement effects of EUR47.2 million
relating to investees recognised at equity and improved overall by EUR37.7
million to EUR-2.1 million. The Group's measurement gains also improved
substantially to EUR220.6 million (2014: EUR77.0 million). The value of
Group properties increased by 9.4% on average.

"This appreciation in value reflects in particular a further marked
contraction in comparative yields on the transaction market in Germany and
internationally. This trend is very positive for the value of our existing
portfolio, but it represents a major challenge for new acquisitions," says
Wilhelm Wellner, CEO of Deutsche EuroShop.

Net asset value (EPRA NAV) as at 31 December 2015 was EUR2,110.6 million
(+18.0%), or EUR39.12 per share.

At EUR394.7 million, earnings before taxes (EBT) were up 83.9% versus the
previous year (EUR214.7 million). Taxes on income and earnings came to
EUR85.4 million, compared with EUR37.2 million in the previous year.

Consolidated profit rose by 74.3%, from EUR177.4 million to EUR309.3
million. Earnings per share came to EUR5.73, compared with EUR3.29 in the
previous year. Of this amount, EUR1.89 (2014: EUR1.84) was attributable to
operations (EPRA earnings) and EUR3.84 (2014: EUR1.32) to measurement
gains.

Funds from operations (FFO) improved by 2.4% to EUR123.4 million, which