24.02.2011

Deutsche EuroShop: Preliminary Results 2010 - Operational Result 16% Up - Consolidated Profit more than doubled to EUR 80.8 million - Dividend increase - Forecast for 2011

The shopping center investor Deutsche EuroShop is expecting a consolidated profit of EUR 80.8 million (2009: EUR 34.4 million) for the fiscal year ended 31 December 2010. The forecast is based on preliminary results for 2010 and includes the valuation of the shopping centers. The figures correspond to earnings per share of EUR 1.77 (2009: EUR 0.88, adjusted, +101%). The Funds from Operations (FFO) remained stable at EUR 1.40 per share – in spite of three capital increases. The Company intends to propose to the shareholders at the Annual General Meeting on 16 June 2011 in Hamburg that an increased dividend of EUR 1.10 per share (2009: EUR 1.05) be distributed for the 2010 financial year.

Key figures & valuation

The revenue amounted to EUR 144.2 million, 13.0% more than in the prior year (EUR 127.6 million, like-for-like growth +0.7%). With earnings before interest and taxes (EBIT) of almost EUR 124.0 million (2009: EUR 110.7 million) the operating earnings before taxes (EBT) amounted to EUR 63.9 million and were 16% higher than in the prior year (EUR 54.9 million), the valuation result (after minorities) increased to approx. EUR 32.9 million (2009: EUR -13.7 million). The average revaluation result of the centers was 1.3%, the net initial yield of the portfolio is 5.89%. The Net Asset Value (NAV) per share decreased – mainly due to the 36.5% higher number of shares – from EUR 26.63 to EUR 26.14 (-1.8%).

Forecast 2011

For fiscal year 2011, Deutsche EuroShop expects in consideration of the acquisition of the Billstedt-Center and the full consolidation of the Main-Taunus-Zentrum a revenue of EUR 184-188 million, an EBIT of EUR 157-161 million and an operating EBT of EUR 75-78 million. For the FFO per share EUR 1.48-1.52 are planned.

The final figures for fiscal year 2010 will be published on 29 April 2011 at the company’s annual earnings press conference in Hamburg.

Hameln now 100%

With retroactive effect from 1 January, 2011, Deutsche EuroShop took over the remaining shareholdings (5.1%) in the Stadt-Galerie Hameln against the payment of a cash purchase price of EUR 4.9 million and increased its shareholding to 100%.

Preliminary key figures and forecast Deutsche EuroShop