Deutsche EuroShop: Nine-month results on target - forecasts for 2017 raised slightly following acquisition

• Revenue: EUR152.3 million, EBIT: EUR131.5 million
• EBT excluding valuation: EUR97.1 million (+3.4%)
• EPRA earnings per share: EUR1.44 (+2.1%)
• FFO: EUR1.74 per share (+3.7%)
• Acquisition of Saarpark Center means increased forecasts for 2017

Hamburg, 14 November 2016 - The stable performance of the shopping center investor Deutsche EuroShop continued in the third quarter of 2016. On revenue of EUR152.3 million (+0.8% compared with the same period in the previous year), net operating income (NOI) was unchanged year on year at EUR136.0 million, while EBIT was EUR131.5 million (+0.3%).

Earnings before taxes and measurement gains/losses rose from EUR93.9 million to EUR97.1 million (+3.4%), while consolidated profit fell by 1.9% to EUR72.2 million, or EUR1.34 per share, due to higher investment costs than in the previous year. "The performance of the operating business has remained stable," said Wilhelm Wellner, CEO. "Our EPRA earnings per share, which is the result adjusted for measurement effects, rose by 2.1% to EUR1.44 per share, while funds from operations (FFO) improved by 3.7% to EUR1.74 per share."

On the strength of its performance to date, the company is reaffirming its forecasts for 2016 and making modest upward adjustments for the coming year to reflect the acquisition this October of the Saarpark Center, which will be accounted for at equity. The Executive Board now forecasts the following ranges for 2017:

• Revenue: EUR201 million to EUR205 million (unchanged)
• Earnings before interest and taxes (EBIT): EUR175 million to EUR179 million (unchanged)
• Earnings before taxes (EBT) excluding measurement gains/losses: EUR133 million to EUR136 million (EUR131 million to EUR134 million)
• Funds from operations (FFO) per share: EUR2.38 to EUR2.42 (EUR2.34 to EUR2.38)

The company still foresees an increase of five cents in the dividend for 2016, to EUR1.40 per share.

Full interim report

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

Webcast of the teleconference

Deutsche EuroShop will hold a conference call for analysts in English at 10 a.m. on Tuesday, 15 November 2016, which will be carried out as a live webcast at www.deutsche-euroshop.com/ir.

Deutsche EuroShop - The shopping center company

Deutsche EuroShop is the only public company in Germany to invest solely in shopping centers in prime locations. The MDAX-listed company currently has investments in 20 shopping centers in Germany, Austria, Poland and Hungary. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among many others.

Figures for Deutsche EuroShop (IFRS)

in EUR million	01.01.-30.09. 2016	01.01.-30.09. 2015	+/-
Revenue	152.3	151.0	1 %
Net operating income	136.0	135.9	0 %
EBIT	131.5	131.0	0 %
Financial result	-36.6	-37.2	2 %
Valuation gains/losses	-4.8	-2.8	-71 %
EBT	90.1	91.0	-1 %
Consolidated profit	72.2	73.6	-2 %
EPRA* Earnings per share (EUR)	1.44	1.41	2 %
FFO per share (EUR)	1.74	1.68	4 %
	30.09.2016	31.12.2015	+/-
Equity**	2,054.6	2,061.0	0 %
Liabilities	1,792.4	1,790.6	0 %
Total assets	3,847.0	3,851.6	0 %
Equity ratio (%)**	53.4	53.5
LTV ratio (%)	35.3	35.5
Cash and cash equivalents	65.7	70.7	-7 %

* European Public Real Estate Association
** incl. third-party interests in equity