Deutsche EuroShop: 2016 Annual Report and Forecast for 2017/2018

Hamburg, 28 April 2017 - The shopping center investor Deutsche EuroShop today presented the audited results for the 2016 financial year. The annual report published under the motto "emotional & rational" is now available for download at www.deutsche-euroshop.com/ir

Figures for Deutsche EuroShop (IFRS)

In EUR million	2016	2015	+/-
Revenue	205.1	202.9	1%
EBIT	178.6	176.3	1%
Net finance costs	-13.9	-2.1	-548%
Measurement gains/losses	116.8	220.6	-47%
EBT	281.5	394.7	-29%
Consolidated profit	221.8	309.3	-28%
FFO per share in EUR	2.41	2.29	5%
Earnings per share in EUR*	4.11	5.73	-28%
EPRA earnings per share in EUR*	2.29	2.18	5%
Equity**	2,240.7	2,061.0	9%
Liabilities	1,873.8	1,790.6	5%
Total assets	4,114.5	3,851.6	7%
Equity ratio in %**	54.5	53.5
LTV ratio in %	34.2	35.5
Cash and cash equivalents	64.0	70.7	-9%
Net asset value (EPRA)	2,332.6	2,135.2	9%
Net asset value per share in EUR (EPRA)	43.24	39.58	9%
Dividend per share in EUR	1.40***	1.35	4%

* undiluted
** incl. third-party interests in equity
*** proposal

Dividend increase

Based on these results, a proposal will be submitted to the Annual General Meeting on 28 June 2017 in Hamburg for the distribution of a dividend in financial year 2016 in the amount of EUR1.50, which represents an increase of EUR0.05 or 3.7% over the previous year. A EUR0.60 per share portion of the dividend is subject to capital gains tax.

Forecast

Deutsche EuroShop expects the following ranges for the 2017 and 2018 financial years:

In EUR million	2017	2018
Revenue	216-220	220-224
Earnings before interest and tax (EBIT)	187-191	193-197
Earnings before tax (EBT) excluding measurement gains	145-148	154-157
Funds from operations (FFO)	140-143	145-148
Funds from operations (FFO) per share in EUR	2.42-2.46	2.35-2.39
Underlying, weighted number of shares*	57,975,280	61,784,460

* Taking into account the cash capital increase conducted in March 2017 and the assumption that the convertible bond will be fully converted at the end of its term in November 2017 (pro rata in each case).

Reporting dates in 2017

Deutsche EuroShop will publish its financial reports for the current financial year after the close of trading on the following dates:

• 3M quarterly statement: 11 May 2017
• H1 2017 interim report: 15 August 2017
• 9M quarterly statement: 15 November 2017

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 21 shopping centers in Germany, Austria, Poland, the Czech Republic 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.