Please activate JavaScript!
Please install Adobe Flash Player, click here for download

Deutsche EuroShop AG Interim Report H1 2015 - Report on Events after the Balance Sheet Date / Outlook / Risk Report

Management ReportDeutsche EuroShop 3 Interim Report H1 2015 In this light, we remain cautiously optimistic but expect that Deutsche EuroShop’s business will continue to perform positively and according to plan this year. Expected results of ­operations and financial position After the first half of the year was on track, we stand by our forecasts for financial year 2015 and expect: • revenue of between €201 million and €204 million • earnings before interest and taxes (EBIT) of between €177 million and €180 million • earnings before taxes (EBT) excluding valu- ation gains / losses of between €126 million and €129 million • funds from operations (FFO) per share of ­between €2.24 and €2.28 Dividend policy We intend to maintain our long-term, reliable dividend policy and anticipate that we will be able to pay a dividend of €1.35 per share to our shareholders for 2015. Risk Report There have been no significant changes since the beginning of the financial year with regard to the risks associated with future business develop- ment. We do not believe the Company faces any risks capable of jeopardising its continued exist- ence. The information provided in the risk re- port of the consolidated financial statements as at 31 December 2014 is therefore still applicable. Report on Events after the Balance Sheet Date No further significant events occurred between the balance sheet date of 30 June 2015 and the date of preparation of the financial statements. Outlook Economic conditions In April 2015, the German federal government increased its growth forecast for gross domestic productinthecurrentyearfrom1.5%to1.8%.Pos- itive overall consumer sentiment, still healthy for- eign trade and the stable labour market situation will again lend momentum to the German econo- my in 2015. The German Retail Federation (HDE) predicts that retail sales will rise by 1.5% in 2015. However, some geopolitical trouble spots re- main, and the Greek debt crisis is still dragging on, with an uncertain outcome. The most recent economic data from across the world have been very mixed. The cooling economy in China and the sanctions against Russia are now having an impact on the German economy. EPRA EARNINGS 30.06.2015 30.06.2014 in € thousand Per share (€) in € thousand Per share (€) Consolidated profit 49,663 0.92 46,345 0.86 Valuation gains / losses 1,996 0.03 2,882 0.05 Valuation gains / losses for equity-accounted companies 46 0.00 307 0.01 Deferred taxes -332 0.00 -596 -0.01 EPRA earnings 51,373 0.95 48,938 0.91 Weighted number of shares 53,945,536 53,945,536 Diluted EPRA earnings 0.90 0.86 Weighted number of shares 57,105,094 56,959,975 Funds from operations (FFO) up 4.6% FFO rose from €58.8 million to €61.3 million, or from €1.09 to €1.14 per share (+4.6%). Financial position and net assets Net assets and liquidity The Deutsche EuroShop Group’s total assets ­increased by €12.7 million compared with the year-end figure for 2014 to €3,504.9 million. Whereas non-current assets increased by €2.6 million, receivables and other current assets de- creased by €4.8 million. Cash and cash equivalents have risen by €15.0 million to €73.3 million since 31 December 2014 (€58.3 million). Equity ratio of 49.5% The equity ratio (including the shares of third- party shareholders) was 49.5%, 0.6 percent- age points lower than on the last reporting date (50.1%), as a result of the dividend payment made in June. Liabilities Current and non-current financial liabilities to- talled €1,461.1 million as at 30 June 2015. This was €31.3 million lower than at the end of 2014, mainly because of the dividend payment. Non- current deferred tax liabilities increased by €10.6 million to €238.0 million due to additional provi- sions, while redemption entitlements for third- party shareholders rose by around €0.2 million to €227.0 million. Conversely, other current and non-current liabilities and provisions shrank by €13.9 million. This was due mainly to changes of €7.8 million in the present value of interest rate hedges. Funds from Operations 30.06.2015 30.06.2014 in € thousand Per share (€) in € thousand Per share (€) Consolidated profit 49,663 0.92 46,345 0.86 Bond conversion expense 484 0.01 484 0.01 Valuation gains / losses 1,996 0.04 2,882 0.05 Valuation gains / losses for equity-accounted companies 45 0.00 307 0.01 Deferred taxes 9,154 0.17 8,756 0.16 FFO per share 61,342 1.14 58,774 1.09 Galeria Baltycka, Gdansk, Poland EPRA EARNINGS 30.06.201530.06.2014 Consolidated profit 49,6630.9246,3450.86 Valuation gains / losses 1,9960.032,8820.05 Valuation gains / losses for equity-accounted companies 460.003070.01 Deferred taxes -3320.00 -596 -0.01 EPRA earnings 51,3730.9548,9380.91 Weighted number of shares 53,945,53653,945,536 Diluted EPRA earnings 0.900.86 Weighted number of shares 57,105,09456,959,975 Funds from Operations 30.06.201530.06.2014 Consolidated profit 49,6630.9246,3450.86 Bond conversion expense 4840.014840.01 Valuation gains / losses 1,9960.042,8820.05 Valuation gains / losses for equity-accounted companies 450.003070.01 Deferred taxes 9,1540.178,7560.16 FFO per share 61,3421.1458,7741.09

Seitenübersicht