Deutsche Euroshop Newsroom

Corporate News

11.08.2011

Deutsche EuroShop: Business as usual, attractive follow-up financings

  • Revenue: EUR 91.1 million (+29%), EBIT: EUR 78.4 million (+29%)
  • EBT before valuation: EUR 39.6 million (+27%)
  • EPS: EUR 0.63 (+10%)
  • FFO: EUR 0.77 per share (+12%)
  • Interest rate of loan portfolio reduced to 4.83% (-20bps)

 

Hamburg, 11 August 2011 – In the first half of financial year 2011 the shopping center investor Deutsche EuroShop realised a revenue of EUR 91.1 million (+29% year-on-year) and a net operating income (NOI) of EUR 81.5 million (+29%). EBIT also climbed 29% to EUR 78.4 million.

 

Earnings before taxes and measurement (EBT before valuation) rose from EUR 31.2 million to EUR 39.6 million (+27%). Consolidated profit was up 24% from EUR 26.0 million to EUR 32.3 million. Net earnings per share correspondingly increased from EUR 0.57 to EUR 0.63. The ratio FFO (funds from operations) improved by 12% from EUR 0.68 to EUR 0.77 per share.

 

“In addition to the good operating performance we were able to achieve positive results on the financing side”, Olaf Borkers, member of Deutsche EuroShop’s Executive Board, explains. “In the first half of 2011 we have already prematurely extended loans with a volume of €212 million for a period of ten years. This has made it possible to reduce the average interest rate of our loan portfolio from 5.03% as at the end of 2010 to its current level of 4.83%. At present we are negotiating the premature extension of some other loans and also expect to conclude this financing at more favourable interest rate conditions.”

 

Deutsche EuroShop currently examines various offers both in Germany and abroad. “We have reached an advanced stage of the bidding process for a German shopping center, which would be an attractive addition to our portfolio”, CEO Claus-Matthias Böge says confidently.

Deutsche EuroShop’s management stands by its forecasts for the 2011 financial year and remains confident to be able to distribute a stable dividend of EUR 1.10 per share for financial year 2011.


Conference Call

Deutsche EuroShop hosts an English conference call on Thursday, 11 August 2011, at 3:00 p.m. CEST. The dial-in number for this conference call is +49 (0)69 9897 2633 (listen-only mode), the access code is 1305314.  The conference call will be live webcasted on the Internet as usual at http://www.deutsche-euroshop.com/ir

 

Complete Interim Report

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

 

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.

 

Key Data of Deutsche EuroShop (IFRS)

 

€ million

01.01.-30.06.
2011

01.01.-30.06.
2010

+ / -

Revenue

91.1

70.4

29%

EBIT

78.4

60.8

29%

Net finance costs

-38.8

-29.6

-31%

EBT before valuation

39.6

31.2

27%

Measurement gains/losses

-0.9

0


EBT

38.7

31.2

24%

Consolidated profit

32.3

26.0

24%

FFO per share (€)

0.77

0.68

13%

EPS (€)

0.63

0.57

11%

€ million

30.06.2011

31.12.2010


Equity*

1,502.7

1,527.4

-2%

Liabilities

1,507.5

1,436.1

5%

Total assets

3,010.2

2,963.6

2%

Equity ratio (%)*

49.9

51.5


LTV-ratio (%)

47

47


Gearing (%)*

100

94


Cash and cash equivalents

69.9

65.8

6%


* incl. non controlling interests

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