DGAP-News

Deutsche EuroShop: First quarter on track, forecast confirmed

DGAP-News: Deutsche EuroShop AG / Key word(s): Quarterly / Interim
Statement/Quarter Results
Deutsche EuroShop: First quarter on track, forecast confirmed

12.05.2016 / 18:35
The issuer is solely responsible for the content of this announcement.

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Deutsche EuroShop: First quarter on track, forecast confirmed

- Revenue: EUR50.7 million (+0.3%), EBIT: EUR44.6 million (-0.1%)

- Consolidated profit: EUR24.9 million (-1.8%)

- EPRA earnings per share: EUR0.49 per share (+2%)

- FFO: EUR0.58 per share (+2%)


Hamburg, 12 May 2016 - The shopping centre investor Deutsche EuroShop has
published its interim report for the quarter ending 31 March 2016 and
confirmed the full-year forecasts issued on 23 March 2016.

Revenue in the first three months of 2016 totalled EUR50.7 million,
representing a small year-on-year rise of 0.3% (from EUR50.6 million). Net
operating income (NOI) fell slightly by 0.3% to EUR46.0 million, while EBIT
climbed 0.1% to EUR44.6 million.

Earnings before taxes and measurement gains/losses, however, increased from
EUR31.8 million to EUR32.7 million (+3%). Consolidated profit fell by 2%,
from EUR25.3 million to EUR24.9 million. Correspondingly, earnings per
share were also 2% lower, dropping from EUR0.47 to EUR0.46.

"The slightly lower profit is attributable to investment costs being higher
than they were last year," explains Wilhelm Wellner, Deutsche EuroShop's
CEO. "The fact that everything, operationally speaking, is going according
to plan is reflected in the positive EPRA Earnings and FFO figures which
exclude valuation effects."

Earnings per share calculated according to EPRA (EPRA Earnings) rose by 2%
from EUR0.48 to EUR0.49. The figure for funds from operations (FFO)
improved by 2% from EUR0.57 to EUR0.58 per share.

Deutsche EuroShop is standing by its recent forecasts for financial year
2016, and expects:

- revenue of between EUR200 million and EUR204 million

- earnings before interest and taxes (EBIT) of between EUR175 million and
EUR179 million

- earnings before taxes (EBT) excluding measurement gains/losses of
between EUR127 million and EUR130 million

- funds from operations (FFO) per share of between EUR2.26 and EUR2.30.

The company envisages paying a dividend of EUR1.40 per share for 2016.


Full quarterly statement
The full quarterly statement is available as a PDF document and in ePaper
format. It can be downloaded from www.deutsche-euroshop.com/ir

Internet broadcast of the teleconference
Deutsche EuroShop will hold a conference call in English at 10 a.m. CET on