DGAP-News

Deutsche EuroShop, 1st Quarter 2017: Increase in earnings due to portfolio expansion and refinancing arrangements

DGAP-News: Deutsche EuroShop AG / Key word(s): Quarterly / Interim Statement/Quarter Results Deutsche EuroShop, 1st Quarter 2017: Increase in earnings due to portfolio expansion and refinancing arrangements 11.05.2017 / 18:06 The issuer is solely responsible for the content of this announcement. Deutsche EuroShop, 1st Quarter 2017: Increase in earnings due to portfolio expansion and refinancing arrangements

• Portfolio expanded to 21 shopping centers
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• Significant reduction of the average loan interest rate to below 3.0%
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• Revenue: EUR50.7 million (±0%), EBIT: EUR44.3 million (-0.7%)
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• Consolidated profit: EUR27.5 million (+10.6%)
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• EPRA earnings per share: EUR0.60 per share (+9.1%)
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• FFO: EUR0.62 per share (+6.9%)
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Hamburg, 11 May 2017 - The shopping center investor Deutsche EuroShop has published its interim report for the quarter ending 31 March 2017 and confirmed the recently issued full-year forecasts.

"We have achieved significant positive results in terms of growth and financing in the first three months of 2017. Firstly, we succeeded in securing acquisition of the Olympia Center in Brno, Czech Republic, for our portfolio with an attractive NOI yield of 5.1%. And secondly, we were able to significantly reduce the average interest rate on our loans portfolio from 3.7% to just under 3.0%," said Wilhelm Wellner, CEO of Deutsche EuroShop, summarising the company's main achievements.

Revenue in the first three months of 2017 totalled EUR50.7 million, which remained on par with the previous year. Net operating income (NOI) fell slightly by 0.3% to EUR45.8 million, while EBIT dropped 0.7% to EUR44.3 million due to acquisition costs for the Olympia Center.

Earnings before taxes and measurement gains/losses, however, increased from EUR32.7 million to EUR35.3 million (+7.8%). Consolidated profit was up 10.6% from EUR24.9 million to EUR27.5 million, and earnings per share rose accordingly from EUR0.46 to EUR0.50.