Deutsche Euroshop Newsroom

Corporate News

15.05.2012

Deutsche EuroShop: Strong first quarter, guidance raised by 4%

  • Revenue: €51.9 million (+17%), EBIT: €45.9 million (+19%)
  • EBT excluding measurement gains/losses: €24.5 million (+26%)
  • Earnings per share: €0.32 (+24%)
  • FFO: €0.45 per share (+25%)


The shopping center investor Deutsche EuroShop has published its interim report for the first quarter of 2012 and increased its EBT and FFO guidance for the full year.

 

In the first three months revenue was €51.9 million, 17% higher than in the first quarter of 2011. Net operating income climbed 16% to €46.6 million, while EBIT was up 19% to €45.9 million.

 

The strong increases were driven mainly by the three major center expansions completed last year at the Altmarkt-Galerie in Dresden, the A10 Center and the Main-Taunus-Zentrum. Another key driver was the addition of the Allee-Center Magdeburg to the portfolio.

 

Consolidated profit grew by 24% to €16.5 million. Earnings per share consequently rose from €0.26 to €0.32. EPRA earnings per share, i.e. earnings adjusted for measurement gains/losses, went up from €0.27 to €0.34 per share, an increase of 26%. FFO (funds from operations) improved by 25% from €0.36 to €0.45 per share.

 

Deutsche EuroShop has increased its guidance for financial year 2012 and now expects

 

  • revenue of between €207 million and €211 million
  • earnings before interest and taxes (EBIT) of between €177 million and €181 million
  • earnings before tax (EBT) excluding measurement gains/losses of between €94 million and €97 million (previously: between €90 and €93 million)
  • FFO per share between €1.70 and €1.74 (previously: between €1.64 and €1.68)

"Our debt finance terms are much more favourable than we had expected a few months ago," says Claus-Matthias Bφge, Chief Executive Officer of Deutsche EuroShop, explaining the increase in EBT and FFO guidance.

 

The company expects to pay a dividend of €1.10 per share once again in 2012.


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 19 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.

 

Full interim report

The full interim report is available as a PDF document and in ePaper format. It can be downloaded from  http://www.deutsche-euroshop.com/ir

 

Key Data of Deutsche EuroShop (IFRS)

in € million

01.01.-31.03.
2012

01.01.-31.03.
2011

+ / -

Revenue

51.9

44.4

17 %

EBIT

45.9

38.6

19 %

Net finance costs

-21.4

-19.1

-12 %

Measurement gains/losses

-0.9

-0.3


EBT

23.6

19.2

23 %

Consolidated profit

16.5

13.4

24 %

FFO per share (€)

0.45

0.36

25 %

EPRA* Earnings per share (€)

0.34

0.27

26 %


31.03.2012

31.12.2011

+ / -

Equity**

1,477.1

1,473.1

0 %

Liabilities

1,751.6

1,752.0

0 %

Total assets

3,228.7

3,225.1

0 %

Equity ratio (%)**

45.7

45.7


LTV-ratio (%)

47

47


Gearing (%)**

119

119


Cash and cash equivalents

78.1

64.4

21 %


* European Public Real Estate Association 
** incl. non controlling interests  


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Deutsche EuroShop H1 2017 Interim Report Conference Call Slide Presentation
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