Deutsche Euroshop Newsroom

Ad hoc Disclosure

16.02.2010

Deutsche EuroShop: Preliminary Results 2009 – Operational Result 10% Up – EUR 33.8 million Consolidated Profit – 2010 Forecast Raised

The shopping center investor Deutsche EuroShop is expecting a consolidated profit of EUR 33.8 million (2008: EUR 68.9 million) for the fiscal year ended 31 December 2009. The forecast is based on preliminary results for 2009 and includes the valuation of the shopping centers. The figures correspond to earnings per share of EUR 0.94 (2008: EUR 2.00). The Funds from Operations (FFO) increased by 4.8% from EUR 1.45 per share to EUR 1.52. The Company intends to propose to the shareholders at the Annual General Meeting on 17 June 2010 in Hamburg that an unchanged dividend of EUR1.05 per share be distributed for the 2009 financial year.

 

Key figures & valuation

The revenue amounted to EUR 127.6 million, 10.6% more than in the prior year (EUR 115.3 million, like-for-like growth +2.0%). With earnings before interest and taxes (EBIT) of almost EUR 110.7 million (2008: EUR 98.1 million) the operating earnings before taxes (EBT) amounted to approx. EUR 54.9 million (2008: EUR 49.9 million), the valuation result (after minorities) to approx. EUR -13.7 million (2008: EUR 37.1 million). The average revaluation result of the centers was approx. -0.9% – due to increased yields (+18 bp, net initial yield of the portfolio 5.82%). The Net Asset Value (NAV) per share decreased from EUR 27.43 by 2.7% to EUR 26.68.

 

Forecast 2010

For fiscal year 2010, Deutsche EuroShop raises its forecast in consideration of the acquisition of the A10 Center and expects a revenue of EUR 139-142 million (previously expected EUR 128-131 million), an EBIT of EUR 118-121 million (previously expected EUR 109-112 million) and an operating EBT of EUR 58-60 million (previously expected EUR 53-55 million). For the FFO EUR 1.41-1.45 per share were planned so far. Now – in consideration of the 2010 accomplished rights issue (weighted number of shares in 2010: 43,562,067, previous year 36,041,949) – EUR 1.33-1.38 per share are expected.

 

The final figures for fiscal year 2009 will be published on 30 April 2010 at the company’s annual earnings press conference in Hamburg.

 

Preliminary key figures and forecast Deutsche EuroShop 

in EUR million


2008


2009

Forecast 2010

Revenue

115.3

127.6

139-142

EBIT

98.1

110.7

118-121

EBT (excluding valuation result)

49.9

54.9

58-60

FFO per share (EUR)

1.45

1.52

1.33-1.38

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