Deutsche Euroshop Newsroom

Ad hoc Disclosure

30.01.2007

Deutsche EuroShop with Record Earnings – Profit doubled in 2006

Deutsche EuroShop is expecting a consolidated profit after minorities of approx. Euro 98 million (Euro 48.7 million; +101%) for the fiscal year ended 31 December 2006. The forecast is based on a preliminary projection of the results for 2006, and includes the valuation of the shopping centers. The figures correspond to undiluted earnings per share of Euro 5.70.

 

The operating earnings before taxes (EBT) amounted to more than Euro 50 million, the valuation result to more than Euro 70 million. The Net Asset Value (NAV) per share increased from Euro 46.22 by 10% to Euro 50.85.

 

The drivers for this record result included the capital gains from the disposals of the shopping centers in France and Italy, an average revaluation of all centers by approx. +4.7% and the initial valuation of the City Arkaden Klagenfurt, which were valued by independent appraisers for the first time.

 

For fiscal year 2007, Deutsche EuroShop is forecasting revenue and operating profit on the level of 2006 (excluding capital gains), because the new shopping center in Gdansk, that will be opened in Q4 2007, can only partly compensate the contribution to revenue and operating income of the two centers which were sold in 2006. For fiscal year 2008 again a double-digit percental growth can be expected.

 

The final figures for fiscal year 2006 will be published on 20 April 2007 at the company’s annual earnings press conference in Hamburg.

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