Deutsche Euroshop Newsroom

Corporate News

13.11.2012

Deutsche EuroShop reports solid performance

  • Revenue: €157.1 million (+14%), EBIT: €137.3 million (+16%)
  • Consolidated profit: €49.9 million (+25%)
  • Earnings per share: €0.97 (+25%)
  • FFO: €1.35 per share (+23%)

Shopping center investor Deutsche EuroShop’s business performance has continued to fully and comfortably meet expectations. The 2011 center expansions in Dresden (Altmarkt-Galerie), Wildau (A10 Center) und Sulzbach (Main-Taunus-Zentrum) have made a good start. Together with the Allee-Center Magdeburg, which was acquired last year, and the existing portfolio, whose like-for-like rental income rose 2.5%, they generated revenue of around €157.1 million in the first three quarters of 2012. This represents an increase of around 14% compared with the same period of the previous year (€138 million).

 

At €137.3 million, earnings before interest and taxes (EBIT) were up 16% on the same period last year (€117.9 million). The refinancing of several existing loans at more favourable terms meant interest expenses increased only slightly, which had a positive impact on net finance costs.

Accordingly, consolidated profit rose disproportionately by just under 25% to €49.9 million, bringing earnings per share to €0.97. Funds from operations (FFO) improved by 23% from €1.10 to €1.35 per share.

 

Contrary to expectations expressed in August 2012, Deutsche EuroShop looks set to continue expanding: “In late summer, we were offered a shopping center in Germany that would deliver the returns we require and meet our usual acquisition criteria. We expect to be able to make this acquisition in the near future,” states Claus-Matthias Bφge, Executive Board spokesman, Deutsche EuroShop.

 

Based on business performance so far this year and continuing prospects, the Executive Board is maintaining its earlier forecast and expects a slight increase in dividend from the former €1.10 per share.

 

Internet broadcast of the teleconference

On Tuesday 13 November 2012 at 6:30 pm, Deutsche EuroShop will broadcast its English teleconference as a live webcast on the Internet at www.deutsche-euroshop.de/ir

The full interim report is also available in downloadable PDF format and as an interactive online version (ePaper) from this address.

 

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 others.


Figures for Deutsche EuroShop (IFRS)

In € millions

01.01-30.09.
2012

01.01-30.09.
2011

+ / -

Revenue

157.1

138.0

14%

EBIT

137.3

117.9

16%

Net finance costs

-63.4

-58.9

-8%

Measurement gains/losses

-2.8

-1.0


EBT

71.1

58.0

22%

Consolidated profit

49.9

40.0

25%

FFO per share in €

1.35

1.10

23%

EPRA* earnings per share €

1.00

0.80

25%


30.09.2012

31.12.2011

+ / -

Equity**

1,451.7

1,473.1

-1%

Liabilities

1,790.9

1,752.0

2%

Net financial liabilities

1,397.9

1,407.7

-1%

Total assets

3,242.6

3,225.1

1%

Equity ratio (%)**

44.8

45.7


LTV ratio (%)

47

47


Gearing (%)**

123

119


Cash and cash equivalents

88.2

64.4

37%


* European Public Real Estate Association

** incl. third-party interests in equity

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