Deutsche Euroshop Newsroom

Ad hoc Disclosure

09.02.2009

Deutsche EuroShop: More than 20 % operational growth in 2008 – Almost EUR 69 million consolidated profit – 2009 forecast raised

Deutsche EuroShop is expecting a consolidated profit of more than EUR 68.7 million (2007: EUR 94.2 million) for the fiscal year ended 31 December 2008. The forecast is based on preliminary results for 2008 and includes the valuation of the shopping centers. The figures correspond to earnings per share of EUR 2.00 (2007: EUR 2.74). The Funds from Operations (FFO) increased by 30% from EUR 1.12 per share to EUR 1.46.

 

The revenue amounted to EUR 115.3 million, 20% more than in the prior year (EUR 95.8 million, like-for-like growth 2.0%). With earnings before interest and taxes (EBIT) of almost EUR 98.2 million (2007: EUR 78.5 million) the operating earnings before taxes (EBT) amounted to approx. EUR 50.0 million (2007: EUR 38.9 million), the valuation result (after minorities) to approx. EUR 36.7 million (2007: EUR 39.0 million). The average revaluation result of the centers was approx. +1.0% – despite increased yields (+15 bp). The Net Asset Value (NAV) per share increased from EUR 26.91 by 2.0% to EUR 27.44.

 

For fiscal year 2009, Deutsche EuroShop raises its forecast and expects a revenue of EUR 125-128 million (+10%, previously expected EUR 119-121 million), an EBIT of EUR 105-108 million (+8%, previously expected EUR 100-102 million) and an operating EBT of EUR 50-52 million (+2%, previously expected EUR 49-51 million). For the FFO are EUR 1.46-1.49 per share expected (+1%, for the first time included in the forecast).

 

The final figures for fiscal year 2008 will be published on 24 April 2009 at the company’s annual earnings press conference in Hamburg.

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