Deutsche Euroshop Newsroom

Corporate News

13.05.2011

Deutsche EuroShop: Successful Upbeat, Q1 With Strong Growth

  • Revenue: EUR 44.4 million (+28%), EBIT: EUR 38.6 million (+28%)
  • EBT before valuation: EUR 19.5 million (+27%)
  • EPS: EUR 0.31 (+11%)
  • FFO: EUR 0.38 per share (+12%)

Hamburg, 13 May 2011 – Today the shopping center investor Deutsche EuroShop has published its interim report for the first quarter 2011 and has confirmed the previously on 29 April announced forecasts with good results.

 

Revenue in the first three months of 2011 totalled EUR 44.4 million, representing a 28% rise year-on-year (from EUR 34.6 million). Net operating income (NOI) improved by 30% to EUR 40.1 million, while EBIT also climbed 28% to EUR 38.6 million.

 

“A significant contribution to these increases was made by the recently acquired Billstedt-Center Hamburg and the A10 Center in Wildau near Berlin”, Deutsche EuroShop’s CEO Claus-Matthias Böge explains. “The increased shareholding in Altmarkt-Galerie Dresden also played a part in this growth, as did the full consolidation of the Phoenix-Center Hamburg and the Main-Taunus-Zentrum in Sulzbach.”

 

Earnings before taxes and measurement rose from EUR 15.4 million to EUR 19.5 million (+27%). Consolidated profit was up 25% from EUR 12.8 million to EUR 16.0 million. Net earnings per share correspondingly increased from EUR 0.28 to EUR 0.31. The ratio FFO (funds from operations) improved by 12% from EUR 0.34 to EUR 0.38 per share.

 

“As far as new investments are concerned, we are currently examining various offers both in Germany and abroad. At present, we would be able to invest around €300 million in shopping centers in the short term”, Claus-Matthias Böge says confidently.

Deutsche EuroShop stands by its recently published forecasts for the 2011 financial year and expects:

  • revenue of between EUR 184 million and EUR 188 million
  • earnings before interest and taxes (EBIT) of between EUR 157 million and EUR 161 million
  • earnings before taxes (EBT) before valuation of between EUR 75 million and EUR 78 million
  • funds from operations (FFO) per share of between EUR 1.48 and EUR 1.52

The Company intends to distribute a dividend of EUR 1.10 per share again for the financial year 2011.


Deutsche EuroShop – The Shopping Center Company

Deutsche EuroShop is Germany’s only public company that invests solely in shopping centers in prime locations. The MDAX-listed Company currently has equity interests in 18 European shopping centers in Germany, Austria, Hungary and Poland. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among many others.

 

Complete Interim Report

The complete Interim Report is available as PDF file and as interactive online version at http://www.deutsche-euroshop.com/ir

 

Key Data of Deutsche EuroShop (IFRS)

€ million

01.01.-31.03.
2011

01.01.-31.03.
2010

+ / -

Revenue

44.4

34.6

  28 %

EBIT

38.6

30.1

28 %

Net finance costs

-19.1

-14.7

-30 %

EBT before valuation

19.5

15.4

27 %

Measurement gains/losses

-0.4

0.0


EBT

19.1

15.4

24 %

Consolidated profit

16.0

12.8

25 %

FFO per share (€)

0.38

0.34

12 %

EPS (€)

0.31

0.28

11 %

€ million

31.03.2011

31.12.2010


Equity*

1,545.4

1,527.4

1 %

Liabilities

1,447.8

1,436.1

1 %

Total assets

2,993.0

2,963.6

1 %

Equity ratio (%)*

51.6

51.5


LTV-ratio (%)

45

45


Gearing (%)*

94

94


Cash and cash equivalents

78.1

65.8

19 %


* incl. non controlling interests

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Deutsche EuroShop H1 2017 Interim Report Conference Call Slide Presentation
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