Deutsche Euroshop Newsroom

Corporate News

13.11.2013

Deutsche EuroShop: Forecast increased following positive nine-month result

  • Revenue: €138.2 million (+18 %), EBIT: €120.5 million (+19 %)
  • EBT: €93.7 million (+31 %)
  • Consolidated profit: €77.2 million (+55 %)
  • FFO: €1.58 per share (+17 %)
  • Increase in EBT and FFO forecast

Based on the results for the first nine months, Deutsche EuroShop has raised its forecast for the year as a whole. The shopping center investor recorded net operating income of €124.5 million (+19 %) and a 19 % increase in EBIT (€120.5 million) on revenues of €138.2 million (+18 % year-on-year).

 

These increases can be attributed to two main reasons: firstly, the Herold-Center contributed to the results for the first time. Its contribution applies since the start of the year. Secondly, Deutsche EuroShop increased its shareholding in the Altmarkt-Galerie Dresden to 100% at the end of April.

 

“We completed the sale of our 33% stake in the Galeria Dominikanska in Wroclaw, Poland, at the end of August. That enabled us to further optimise our portfolio and generate income in the amount of €15.7 million,” explained Claus-Matthias Böge, Executive Board Spokesman.

 

Earnings before taxes (EBT) climbed 31 %, from €71.0 million to €93.7 million. Funds from operations (FFO), which do not include proceeds from the sale, rose by 17 % from €1.35 to €1.58 per share – in absolute terms, the FFO exceeded the figure for the same period of the previous year by 22 %. Consolidated profit increased by 55 % from €49.9 million to €77.2 million and earnings per share were up from €0.96 to €1.43.

 

The special effect that arose from the sale of the investment enabled forecasts for both earnings before taxes without measurement gains/losses and funds from operations to be increased. For financial year 2013, Deutsche EuroShop now expects

  • revenue of between €186 million and €189 million and
  • earnings before interest and taxes (EBIT) of between €162 million and €165 million
  • earnings before taxes (EBT) without measurement gains/losses of between €130 million
    and €132 million (previously: between €113 and €116 million) and
  • funds from operations (FFO) per share of between €2.06 and €2.09
    (previously: between €1.99 and €2.03).

On the subject of a potential dividend increase, Böge explained, “We will examine the possibility of increasing the dividend, most recently at €1.20 per share, so that our shareholders can share in Deutsche EuroShop's upward business trend.”

 

Full interim report

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

 

Internet broadcast of the teleconference

On Thursday 14 November 2013 at 10 a.m. (CET), Deutsche EuroShop will broadcast its English teleconference as a live webcast on the Internet at 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 € millions

01.01.-30.09.
2013

01.01.-30.09.
2012

+ / -

Revenue

138.2

117.0

18 %

EBIT

120.5

101.0

19 %

Net finance costs

-20.0

-27.2

26 %

Measurement gains/losses

-6.8

-2.7

-147 %

EBT

93.7

71.0

32 %

Consolidated profit

77.2

49.9

55 %

FFO per share in €

1.58

1.34

18 %

EPRA* earnings per share in € (undiluted)

1.25

1.00

25 %


30.09.2013

31.12.2012

+ / -

Equity**

1,534.6

1,528.4

0 %

Liabilities

1,778.9

1,630.9

9 %

Total assets

3,313.6

3,159.3

5 %

Equity ratio (%)**

46.3

48.4


LTV ratio (%)

45

40


Gearing (%)**

116

107


Cash and cash equivalents

51.7

158.2

-67 %


* European Public Real Estate Association

** Incl. third-party interests in equity

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