DGAP-News: Deutsche EuroShop: Forecast increased following positive nine-month result


DGAP-News: Deutsche EuroShop AG / Key word(s): Interim Report/Change
in Forecast
Deutsche EuroShop: Forecast increased following positive nine-month
result

13.11.2013 / 18:00

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Deutsche EuroShop: Forecast increased following positive nine-month result

  - Revenue: EUR138.2 million (+18 %), EBIT: EUR120.5 million (+19 %)

  - EBT: EUR93.7 million (+31 %)

  - Consolidated profit: EUR77.2 million (+55 %)

  - FFO: EUR1.58 per share (+17 %)

  - Increase in EBT and FFO forecast 


Hamburg, 13 November 2013 - Based on the results for the first nine months,
Deutsche EuroShop has raised its forecast for the year as a whole. The
shopping center investor recorded net operating income of EUR124.5 million
(+19 %) and a 19 % increase in EBIT (EUR120.5 million) on revenues of
EUR138.2 million (+18 % year-on-year).

These increases can be attributed to two main reasons: firstly, the
Herold-Center contributed to the results for the first time. Its
contribution applies since the start of the year. Secondly, Deutsche
EuroShop increased its shareholding in the Altmarkt-Galerie Dresden to 100%
at the end of April.

'We completed the sale of our 33% stake in the Galeria Dominikanska in
Wroclaw, Poland, at the end of August. That enabled us to further optimise
our portfolio and generate income in the amount of EUR15.7 million,'
explained Claus-Matthias Böge, Executive Board Spokesman.

Earnings before taxes (EBT) climbed 31 %, from EUR71.0 million to EUR93.7
million. Funds from operations (FFO), which do not include proceeds from
the sale, rose by 17 % from EUR1.35 to EUR1.58 per share - in absolute
terms, the FFO exceeded the figure for the same period of the previous year
by 22 %. Consolidated profit increased by 55 % from EUR49.9 million to
EUR77.2 million and earnings per share were up from EUR0.96 to EUR1.43.

The special effect that arose from the sale of the investment enabled
forecasts for both earnings before taxes without measurement gains/losses
and funds from operations to be increased. For financial year 2013,
Deutsche EuroShop now expects

  - revenue of between EUR186 million and EUR189 million and

  - earnings before interest and taxes (EBIT) of between EUR162 million and
    EUR165 million

  - earnings before taxes (EBT) without measurement gains/losses of between
    EUR130 million and EUR132 million (previously: between EUR113 and
    EUR116 million) and

  - funds from operations (FFO) per share of between EUR2.06 and
    EUR2.09 (previously: between EUR1.99 and EUR2.03).

On the subject of a potential dividend increase, Böge explained, 'We will
examine the possibility of increasing the dividend, most recently at
EUR1.20 per share, so that our shareholders can share in Deutsche
EuroShop's upward business trend.'


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


Internet broadcast of the teleconference

On Thursday 14 November 2013 at 10 a.m. (CET), Deutsche EuroShop will
broadcast its English teleconference as a live webcast on the Internet 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 19 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)
<pre>
                                             01.01.-      01.01.-
                                              30.09.       30.09.
in EUR millions                                 2013         2012     + / -
Revenue                                        138.2        117.0      18 %
EBIT                                           120.5        101.0      19 %
Net finance costs                              -20.0        -27.2      26 %
Measurement gains/losses                        -6.8         -2.7    -147 %
EBT                                             93.7         71.0      32 %
Consolidated profit                             77.2         49.9      55 %
FFO per share in EUR                            1.58         1.34      18 %
EPRA* earnings per share in EUR                 1.25         1.00      25 %
(undiluted)
                                          30.09.2013   31.12.2012     + / -
Equity**                                     1,534.6      1,528.4       0 %
Liabilities                                  1,778.9      1,630.9       9 %
Total assets                                 3,313.6      3,159.3       5 %
Equity ratio (%)**                              46.3         48.4
LTV ratio (%)                                     45           40
Gearing (%)**                                    116          107
Cash and cash equivalents                       51.7        158.2     -67 %
</pre>
* European Public Real Estate Association
** Incl. third-party interests in equity


End of Corporate News

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Language:    English                                                
Company:     Deutsche EuroShop AG                                   
             Heegbarg 36                                            
             22391 Hamburg                                          
             Germany                                                
Phone:       +49 (0)40 413 579-0                                    
Fax:         +49 (0)40 413 579-29                                   
E-mail:      ir@deutsche-euroshop.de                                
Internet:    www.deutsche-euroshop.de                               
ISIN:        DE0007480204                                           
WKN:         748020                                                 
Indices:     MDAX                                                   
Listed:      Regulierter Markt in Frankfurt (Prime Standard);       
             Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,  
             München, Stuttgart                                     
 
 
End of News    DGAP News-Service  
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239769 13.11.2013