Deutsche Euroshop Newsroom

Corporate News

21.03.2013

Deutsche EuroShop: Preliminary figures for 2012 – consolidated profit up 24% – continued growth in 2013

Shopping center investor Deutsche EuroShop announced its preliminary figures for the 2012 financial year in Hamburg today. The company has either achieved or exceeded the targets it set itself. There was further growth in the portfolio of Deutsche EuroShop in 2012, with the acquisition of Herold-Center in Norderstedt.

 

Group revenue increased by 11%, from EUR190.0 million to EUR211.2 million, during the financial year. The Main-Taunus-Zentrum, the Altmarkt-Galerie Dresden, the A10 Center and the Allee-Center Magdeburg (acquired during the previous year) contributed significantly to this revenue growth. Revenues from portfolio properties increased by 2.6% on a like-for-like basis.

 

Net finance costs increased EUR6.1 million to EUR-85.2 million (2011: EUR-79.1 million), a development which can largely be attributed to one-off prepayment compensation for the refinancing of the Main-Taunus-Zentrum as well as increased interest expense due to expansions and the acquisition of the Allee-Center Magdeburg. At EUR7.2 million, measurement gains/losses were down EUR40.3 million on the previous year (2011: measurement gain of EUR47.5 million). Measurement of the portfolio properties led to measurement gains of EUR12.4 million, with an average increase in value of 0.6%. Net asset value (EPRA NAV) as at 31 December 2012 was EUR1,538.2 million (+8%), or EUR28.51 per share*.

 

Earnings before interest and taxes (EBIT) increased by 9% in the year under review, from EUR165.7 million to EUR181.0 million. Earnings before taxes and measurement gains/losses (EBT before measurement) rose by 11% from EUR86.6 million to EUR95.9 million; with measurement gains/losses included, EBT declined from EUR134.0 million to EUR103.1 million, a drop of 23%.

A portion of the deferred trade tax provisions created during previous years was released as a result of intra-Group restructuring. This resulted in tax income in the amount of EUR20.1 million (2011: EUR-35.0 million) in the profit and loss account.

 

Consolidated profit improved by 24% to EUR123.2 million (2011: EUR99.0 million). Earnings per share* were EUR2.37, compared with EUR1.92 in the previous year. The previously-mentioned one-off tax income contributed EUR0.95 to earnings per share, while the measurement gain contributed EUR0.03 (2011: EUR0.73). Operations increased their contribution to earnings per share from EUR1.19 to EUR1.39 (EPRA earnings).

 

Funds from operations (FFO) rose by 5% from EUR83.1 million to EUR87.3 million. The FFO per share* increased from EUR1.61 to EUR1.68 (+4%). Excluding one-off effects (refinancing costs for the Main-Taunus-Zentrum, tax payments in connection with restructuring), the FFO would be EUR1.84 per share (+14%).


Outlook

Deutsche EuroShop anticipates revenue of between EUR170 million and EUR173 million for financial year 2013, which will below the previous year due to a switch to accounting for joint ventures at-equity; on a like-for-like basis, the company expects revenue growth of around 9%. The company forecasts that earnings before interest and taxes (EBIT) will rise to EUR148-151 million (on a like-for-like basis: +13%) in 2013. Earnings before taxes and measurement gains/losses (EBT before measurement) should rise to EUR112-115 million (+18%). Funds from operations (FFO) of between EUR1.99 and EUR2.03 per share (+20%) are anticipated for 2013.

* For all information stated on a per-share basis it must be kept in mind that Deutsche EuroShop carried out a capital increase involving 2,314,136 new shares in November 2012.


Publication pursuant to Section 37q (2) (1) of the Wertpapierhandelsgesetz (WpHG - German Securities Trading Act)

The German Federal Financial Supervisory Authority (BaFin) determined that the consolidated financial statements of Deutsche EuroShop AG with the reporting date 31 December 2011 are incorrect:

1.     The item "Measurement gain/loss" indicated in the consolidated income statement was EUR8.3 million too low because merger-related expenses connected to the acquisition of the Billstedt-Center Hamburg which should have been recognised in financial year 2010 were erroneously recognised in financial year 2011.

This is a violation of IFRS 3.53, which states that the acquirer must recognise all costs associated with a business combination as an expense during the periods in which they were incurred.

2.     In the 2011 consolidated financial statements, cash inflows in the amount of EUR155.2 million are recognised in cash flow from operating activities and cash outflows of the same amount are recognised in cash flow from investment activities, both in connection with the acquisition of the Billstedt-Center Hamburg, yet no cash inflows or outflows in this amount actually took place during the period.

This is a violation of IAS 7.10, which specifies that the statement of cash flows must only include actual cash flows from the reporting period.


Webcast of the conference call

Deutsche EuroShop will webcast its English conference call on Friday, 22 March 2013, at 11:00 a.m. CET live on the Internet. The webcast can be accessed at the Company's website 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 20 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

2012

2011

+/-

Revenue

211.2

190.0

+11%

EBIT

181.0

165.7

+9%

Net finance costs

-85.2

-79.1

-8%

Measurement gains/losses

7.2

47.5

-85%

EBT

103.1

134.0

-23%

Consolidated profit

123.2

99.0

+24%

FFO per share (EUR)

1.68

1.61

+4%

EPRA** earnings per share (EUR)

1.39

1.19

+17%

Equity***

1,607.5

1,473.1

+9%

Liabilities

1,941.3

1,752.0

+11%

Total assets

3,548.9

3,225.1

+10%

Equity ratio (%)***

45.3

45.7


LTV-ratio (%)

44

45


Gearing (%)***

121

119


Cash and cash equivalents

167.5

64.4

+160%

Net asset value (EPRA)

1,538.2

1,427.3

+8%

Net asset value per share (EUR, EPRA)

28.51

27.64

+3%

Number of shares (year-end)

53,945,536

51,631,400

+4%

Weighted average number of shares

51,934,893

51,631,400

+1%


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

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