sche EuroShop AG's result from ordinary activities: EUR 27.9 million
- Slightly above forecasts
- Dividend will again be EUR 1.92
- Only minor loss for the Group
- Net asset value: EUR 43.56 per share

Hamburg, 2 March 2004 - Deutsche EuroShop AG published its preliminary results for the 2003 financial year at a press and analyst conference in Frankfurt am Main on Tuesday.

Positive financial year
Deutsche EuroShop AG can look back on a positive 2003 financial year. Its result from ordinary activities was EUR 27.9 million - up 13% (EUR 0.3 million) year- on-year and slightly above the company's original forecast for 2003.

Deutsche EuroShop AG's net profit at EUR 20.6 million
The company's main revenue driver is income from investments, which increased by EUR 3.4 million or 14.6% year-on-year to EUR 26.5 million. In contrast, net interest income fell to EUR 3.2 million due to investments (2002: EUR 4.5 million). The same applies to Deutsche EuroShop AG's other income and expenses totalling EUR 1.8 million, down EUR 1 million on the previous year. After deduction of deferred tax liabilities (EUR 7.4 million), the net profit for the year amounted to EUR 20.6 million.

Unappropriated surplus again EUR 30 million
The unappropriated surplus amounts to EUR 30 million following the withdrawal of EUR 9.5 million from the capital reserve.

Proposed dividend: EUR 1.92 per share
The Executive Board will thus again propose a tax-free dividend of EUR 1.92 per share for the 2003 financial year to the Annual General Meeting, to be held on 17 June 2004 in Frankfurt am Main.

Group sales up 6%
The Deutsche EuroShop Group's sales rose by 6% from EUR 46.5 million to EUR 49.3 million. The original projection was for a 4% increase.

Depreciation at EUR 22.4 million
Depreciation of tangible assets rose slightly to EUR 22.4 million (2002: EUR 21.6 million).

Expenses on a par with 2002
At EUR 12.8 million, other operating expenses were at the same level as the previous year (EUR 12.9 million).

Interest income declines due to investments
Other interest and similar income fell by EUR 2.5 million from EUR 7.2 million to EUR 4.7 million as a result of investments. However, interest and similar expenses increased slightly by EUR 0.2 million, from EUR 18.6 million to EUR 18.8 million. The net interest expense was thus EUR 14.1 million, compared with EUR 11.4 million in 2002.

Group still records minor loss
The Group's result from ordinary activities rose by 32% from EUR 4.9 million to EUR 6.5 million. After deduction of taxes on income amounting to EUR 7.8 million (including deferred taxes of EUR 7.4 million), other taxes amounting to EUR 0.9 million (mainly property taxes), as well as minority interests, the consolidated net loss for the year was EUR 0.5 million (2002: EUR 2.9 million).

Net asset value of EUR 43.56
On the basis of independent market value surveys by Feri Research and GfK PRISMA and the unaudited annual financial statements for the 2003 financial year, Deutsche EuroShop AG has estimated the net asset value of the Company at EUR 680.7 million (as at December 31, 2003). This represents a net asset value per share of EUR 43.56 for 15,625,000 shares, meaning that the shares are currently trading at around 20% below their net asset valu