Deutsche Euroshop Newsroom

Corporate News

10.11.2011

Deutsche EuroShop: Operationally on target, original guidance increased slightly

  • Revenue: EUR 138.0 million (+29%), EBIT: EUR 117.9 million (+29%)
  • EBT before measurement: EUR 59.1 million (+26%)
  • Earnings per share: EUR 0.78 (-7%)
  • FFO: EUR 1.12 per share (+10%)

Hamburg, 10 November 2011 The business model of the shopping center investor, Deutsche EuroShop, once again proved its continued stability in the first nine months of 2011. Compared to the same period of the previous year, revenue rose by 29% to EUR 138.0 million. Net operating income (NOI) improved by 30% to EUR 123.0 million, while EBIT climbed 29% to EUR 117.9 million.

 

Earnings before taxes and measurement (EBT before measurement) increased from EUR 46.9 million to EUR 59.1 million (+26%). Consolidated profit, on the other hand, rose by only 4% from EUR 38.3 million to EUR 40.0 million due to an increase in tax expenses. Earnings per share dropped from EUR 0.84 to EUR 0.78 (-7%), a development that can be attributed to the increased number of shares compared to the previous year. Funds from operations (FFO) improved by 10% from EUR 1.02 to EUR 1.12 per share.

 

Deutsche EuroShop is being subjected to an unprecedented trade tax burden. However, the provision to be set aside for trade taxes for the current year is much smaller than originally calculated. In view of its operationally sound business, Deutsche EuroShop can thus slightly increase its projections published in April 2011 for financial year 2011 and now expects

  • revenue of between EUR 188 million and EUR 190 million (previously: EUR 184-188 million)
  • earnings before interest and taxes (EBIT) of between EUR 160 million and EUR 163 million (previously: EUR 157-161 million)
  • earnings before taxes (EBT) before measurement gains/losses of between EUR 79 million and EUR 82 million (previously: EUR 75-78 million)
  • funds from operations (FFO) per share of between EUR 1.49 and EUR 1.54 (previously: EUR 1.48-1.52)

On the basis of the development in the business so far this year, the Executive Board is confident that we will be able to once again distribute a stable dividend of EUR 1.10 per share for the 2011 financial year.


Complete interim report

The complete interim report is available as a PDF file and as an interactive online version here.


Conference call

Deutsche EuroShop will hold a conference call in English on Thursday, 10 November 2011 at 3 p.m. As always, the conference will be broadcast live as a webcast on the Internet at
http://www.deutsche-euroshop.com/ir


Deutsche EuroShop The shopping center company

Deutsche EuroShop is the only public company in Germany to invest solely in shopping centers in prime locations. The MDAX-listed company currently has investments in 19 shopping centers in Germany, Austria, Poland and Hungary. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among many others.


Figures for Deutsche EuroShop (IFRS)

in EUR millions

01.01.-30.09.
2011

01.01.-30.09.
2010

+ / -

Revenue

138.0

106.6

29%

EBIT

117.9

91.5

29%

Net finance costs

-58.9

-44.6

-32%

EBT before measurement

59.1

46.9

26%

Measurement gains/losses

-1.3

-0.7


EBT

57.8

46.3

25%

Consolidated profit

40.0

38.3

4%

FFO per share (EUR)

1.12

1.02

10%

Earnings per share (EUR)

0.78

0.84

-7%


 

30.09.2011

31.12.2010**


Equity*

1,399.5

1,435.9

-3%

Liabilities

1,629.7

1,527.6

7%

Total assets

3,036.1

2,963.6

2%

Equity ratio (%)*

46.1

48.5


LTV ratio (%)

47

47


Gearing (%)*

116

106


Cash and cash equivalents

85.4

65.8

30%


* incl. minority interest

 ** after adjustment of the consolidated financial statements for the period ended 31 December 2010

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Deutsche EuroShop H1 2017 Interim Report Conference Call Slide Presentation
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