Deutsche Euroshop Newsroom

Corporate News

09.11.2005

Deutsche EuroShop: Revenue and Profit Continue to Grow

  • Revenue +18%
    EBIT (adjusted) +32%
    Profit for the period (adjusted) +41%
  • Forecast raised for 2005
  • Increase of dividend to Euro 2.00 per share

Hamburg, 9 November 2005 – In the first nine months of financial year 2005 Deutsche EuroShop (ISIN: DE0007480204) realised an EBIT of Euro 42.9 million (prior-year period: Euro 39.7 million). The unadjusted profit for the period decreased by 9% to Euro 13.7 million compared to the first nine months of financial year 2004 (Euro 14.9 million). The currency-and capital gain-adjusted profit for the period increased by 41%. The results prompted the Executive Board to raise the forecast and the dividend proposal for the financial year 2005.

 

Revenue up 18%

Revenue rose by 18% from Euro 45.3 million to Euro 53.3 million in the first nine months of financial year 2005. Adjusted for the revenue contributions from the newly opened centers and the shopping center sold in 2004, revenue increased by 2%.

 

Other operating income down

Other operating income fell by Euro 6.4 million compared with the prior-year period, as the prior-year figure contained a capital gain of Euro 4.8 million. Moreover, Euro 2.1 million in foreign currency gains was reported in the previous year, which turned into foreign currency losses due to the volatility of the Hungarian forint in the current financial year.

 

Expenses down 12%

Other operating expenses dropped by Euro 1.6 million to Euro 11.1 million. This is attributable in particular to a clear decline in investment-related one-time costs due to the lower number of properties under construction.

 

EBIT up 8%

Earnings before interest and taxes (EBIT) rose by Euro 3.2 million, from Euro 39.7 million to Euro 42.9 million (+8%). Adjusted for currency effects and the capital gain mentioned above, earnings were up Euro 10.6 million (+32%).

 

Increased interest expense impacts net finance costs

Net interest expense increased by Euro 5.0 million compared with the first nine months of the previous year to Euro 23.6 million. This was primarily due to interest expenses for the newly opened properties. In contrast, income from investments improved to Euro 3.6 million.

 

Adjusted consolidated profit for the period: +41%

Unadjusted profit from ordinary activities (EBT) remained virtually unchanged year-on-year at Euro 22.1 million (Euro +0.1 million). Adjusted for the one-time factors mentioned above from currency translation and the capital gain, this results in an increase in EBT of 50%. After deducting for taxes and minority interest in earnings, consolidated profit for the period, at Euro 13.7 million, was Euro 1.3 million or 9% lower than the prior-year period. However, adjusted for the one-time factors, earnings rose by 41%.

 

Outlook

On the basis of the results of the first nine months, the Executive Board raises and specifies the forecast for full-year 2005: The projection is now for revenue to increase to Euro 71-72 million (previously Euro 68-72 million). Currency-adjusted earnings before interest and taxes (EBIT) are expected to increase to Euro 56-58 million (previous plan: Euro 53-56 million). The forecast for currency-adjusted profit from ordinary activities (EBT) before remeasurement is increased from Euro 28-30 million to Euro 30-32 million.

 

After having invested already more than Euro 120 million in the current fiscal year, the Executive Board hopes to report a further acquisition in Germany with a volume of around Euro 80 million by the end of 2005.

 

The Executive Board expects a distributable free cash flow of approximately Euro 32,9 million to be generated in 2005. As things stand today, the Executive Board and the Supervisory Board will propose an increase in the dividend from Euro 1.92 to Euro 2.00 per share for financial year 2005 to the Annual General Meeting.

 

Webcast of the conference call

Deutsche EuroShop will webcast its English conference call on Thursday, 10 November 2005, at 10:00 a.m. CET live on the Internet. The webcast can be accessed at the Company's website at http://www.deutsche-euroshop.com/ir.

 

At the same internet address the complete Interim Report is available as PDF file and as interactive online version.

 

Deutsche EuroShop’s key data (IFRS)

Euro million

1 Jan-30 Sept
2005

1 Jan-30 Sept
2004

Change

Revenue

53.3

45.3

18%

EBIT

42.9

39.7

8%

Net finance costs

-20.8

-17.7

-18%

EBT

22.1

22.0

0%

Profit for the period

13.7

14.9

-9%

EPS (Euro )

0.87

0.96

-9%

 

 

 

 

 

30 Sept 2005

31 Dec. 2004

Change

Equity

669.6

684.4

-2%

Liabilities

639.6

612.6

4%

Total assets

1371.3

1370.2

0%

Equity ratio (%)

48.8

49.9

 

Gearing (%)

105

100

 

Cash and cash equivalents

129.1

150.3

-14%

back to list

Image Archive

Video Archive


                       subscribe to RSS-Feed

Multimedia

show all

our Videos on


videothumbnail
Deutsche EuroShop H1 2017 Interim Report Conference Call Slide Presentation
0:36:01
videothumbnail
Deutsche EuroShop EPK (Electronic Press Kit)
0:08:46

 

Google+ Add this