Deutsche Euroshop Newsroom

Corporate News

14.08.2012

Deutsche EuroShop: positive trend continues

  • Revenue: EUR 104.5 million (+15%), EBIT: EUR 91.2 million (+16%)
  • EBT excluding measurement gains/losses: EUR 49.1 million (+24%)
  • Earnings per share: EUR 0.63 (+20%)
  • FFO: EUR 0.90 per share (+22%)

With revenue of EUR 104.5 million (previous year: EUR 91.1 million), net operating income (NOI) of EUR 93.6 million (EUR 81.5 million) and EBIT of EUR 91.2 million (EUR 78.4 million), shopping center investor Deutsche EuroShop is well on track to achieve its full-year forecast after the first six months of 2012.

 

Key factors behind this growth were three large center expansions completed during the past year at Altmarkt-Galerie Dresden, the A10 Center and the Main-Taunus-Zentrum, as well as the new addition to the Company's portfolio, the Allee-Center Magdeburg.

 

The Company further optimised its credit portfolio over the first six months of 2012. The resulting reduction in interest expense led to consolidated profit increasing disproportionately by 20% to EUR 32.6 million. Correspondingly, net earnings per share rose from EUR 0.53 to EUR 0.63. Earnings per share adjusted for valuation effects (EPRA earnings) climbed from EUR 0.54 to EUR 0.66 per share, a rise of 22%. FFO (funds from operations) also improved by 22% from EUR 0.74 to EUR 0.90 per share.

 

After optimising its portfolio at the beginning of the year (shareholdings in the properties Rathaus-Center Dessau, Allee-Center Hamm and Rhein-Neckar-Zentrum increased to 100%), Deutsche EuroShop made no further changes to the portfolio. In view of the competitive environment, the Executive Board does not currently expect to be able to acquire a new center in the short term.

For financial year 2012 Deutsche EuroShop is maintaining its forecast, which was revised upwards in May, and still expects to achieve

  • revenue of between EUR 207 million and EUR 211 million
  • earnings before interest and taxes (EBIT) of between EUR 177 million and EUR 181 million
  • earnings before tax (EBT) excluding measurement gains/losses of between EUR 94 million and EUR 97 million and
  • funds from operations (FFO) per share of between EUR 1.70 and EUR 1.74.

The long-term dividend policy geared towards continuity will be continued: the Executive Board expects to pay a dividend of EUR 1.10 per share once again in 2012.

 

Internet broadcast of the teleconference

On Tuesday, 14 August 2012 at 10 a.m., Deutsche EuroShop will broadcast its English teleconference as a live webcast on the Internet at http://www.deutsche-euroshop.de/ir

 

The full interim report is also available at this address as a PDF document and in an interactive online format (ePaper).


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.

 

Key Data of Deutsche EuroShop (IFRS)

in EUR million

01.01.-30.06.
2012

01.01.-30.06.
2011

+ / -

Revenue

104.5

91.1

15%

EBIT

91.2

78.4

16%

Net finance costs

-42.1

-38.8

-9%

Measurement gains/losses

-1.9

-0.8


EBT

47.2

38.8

22%

Consolidated profit

32.6

27.2

20%

FFO per share (EUR)

0.90

0.74

22%

EPRA* Earnings per share (EUR)

0.66

0.54

22%


30.06.2012

31.12.2011

+ / -

Equity**

1,434.6

1,473.1

-3%

Liabilities

1,809.3

1,752.0

3%

Total assets

3,243.9

3,225.1

1%

Equity ratio (%)**

44.2

45.7


LTV-ratio (%)

48

47


Gearing (%)**

126

119


Cash and cash equivalents

91.5

64.4

42%



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

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