Revenue during the first six months of 2008 totalled €55.2 million, representing a 21% rise year-on-year (€45.6 million). Galeria Baltycka in Gdansk and Stadt-Galerie Hameln, which opened in October 2007 and March 2008 respectively, contributed significantly to this revenue increase. Revenue from
existing properties climbed 2.0%.

EBIT increased by €8.2 million (+22%) from €37.8 million to €46.0 million.

This is chiefly due to contributions to earnings from the two recently opened properties in Gdansk and Hamelin.

Net finance costs amounted to €24.1 million, €4.4 million less than the €19.7 million recorded during the previous year. This results from interest expense due to Galeria Baltycka and Stadt-Galerie Hameln and also from higher profit/loss attributable to minority shareholders.

Measurement gains rose from €0.2 million to €4.4 million. The change of €4.2 million is attributable exclusively to unrealised currency effects from the Polish and Hungarian property companies.

EBT rose from €18.2 million to €26.3 million. This corresponds to an increase of €8.1 million or 45% compared with the same half of the previous year.

Consolidated profit totalled €21.6 million, up by €8.1 million (60%) year-on-year (€13.5 million). Earnings per share rose from €0.39 to €0.63. Of this, €0.56 results from operating profit and €0.07 from measurement gains.

Stadtgalerie in Passau will be opened in September 2008, as planned. All of the retail space has already been let on a long-term basis to well-known retailers.

Deutsche EuroShop is still optimistic to be able to initiate new investments in this environment and meet the investment targets of €150 million to €200 million by the end of the year.

On the basis of the earnings generated in the first six months, the Executive Board is retaining the forecast for 2008 as a whole: it has set its sights on revenue of between €110 million and €113 million and thus a significant increase (2007: €95.8 million). EBIT is expected to reach €90 million to €92 million (2007: €77.2 million). The Company is expecting EBT excluding measurement gains
to reach €43 million to €45 million (2007: €37.7 million).

The Executive Board is still optimistic that the Company will be in a position to pay out a tax-free dividend of at least €1.05 per share for the 2008 financial year.

Source: Deutsche Euroshop