Deutsche Euroshop Newsroom

Corporate News

20.03.2014

Deutsche EuroShop: Preliminary figures for 2013 – consolidated profit up 41% FFO per share up 26% – net asset value at €30.59 per share (+7%)

  • Revenue: €188.0 million, EBIT: €165.9 million
  • FFO: €2.10 per share
  • Consolidated profit: €173.0 million
  • Dividend proposal: €1.25 per share
  • 6% growth in revenue and EBIT anticipated for 2014

Shopping center investor Deutsche EuroShop announced the preliminary figures for the 2013 financial year in Hamburg today. The Company can look back on another successful financial year. Revenue and profit were increased significantly.

 

Consolidated revenue was up 5.5%, from €178.2 million to €188.0 million, in the financial year. The Herold-Center Norderstedt, which was acquired on 1 January 2013, and the Altmarkt-Galerie Dresden, which has been fully consolidated since 1 May 2013, contributed significantly to this revenue growth. Rental income from portfolio properties increased by 1.4% compared with the previous year.

 

Net finance costs dropped noticeably by €28.0 million to €34.1 million (2012: €62.1 million). This is attributable to the proceeds from the sale of Deutsche EuroShop’s stake in the Galeria Dominikanska, the positive contribution to earnings of investments accounted for using the equity method and the  interest rate swap expenses. Measurement gains improved to €56.3 million, €42.4 million higher than the previous year (€13.9 million). The value of Group properties increased by 2.1% on average. Net asset value (EPRA NAV) as at 31 December 2013 was €1,650.4 million (+7%), or €30.59 per share.

 

Earnings before interest and taxes (EBIT) climbed 9%, from €151.6 million to €165.4 million, in the year under review. At €187.6 million, pre-tax profit (EBT) was 81% up on the previous year (€103.4 million). Taxes on income and earnings amounted to €14.6 million compared to tax income of €19.1 million in 2012.

 

Consolidated profit rose by 41% from €122.5 million to €173.0 million. Earnings per share amounted to €3.21 compared with €2.36 in the previous year. Of this amount, €1.76 (2012: €1.36) was attributable to operations (EPRA earnings) and €0.89 (2012: €0.05) to measurement gains. Moreover, one-off effects, such as the sale of shares, led to earnings per share of €0.56 (2012: €0.95). Deutsche EuroShop succeeded in boosting funds from operations (FFO) per share by 26% to €2.10.

 

The Executive Board and Supervisory Board will therefore propose to the shareholders at the Annual General Meeting in Hamburg on 18 June 2014 that a dividend of €1.25 per share, 4% or €0.05 higher than the previous year, be distributed for the successful 2013 financial year.

 

Outlook

Deutsche EuroShop expects sales in the 2014 financial year to increase by six percent to €198-201 million, in large part due to the contribution of the 100% stake in the Altmarkt-Galerie, which will be included in the full-year results for the first time.

 

The Company forecasts that earnings before interest and taxes (EBIT) will rise to €174-177 million (+6%) in 2014. Earnings before taxes and measurement gains/losses (EBT before measurement) should rise similarly to €120-123 million (+7%). Funds from operations (FFO) of between €2.14 and €2.18 per share are anticipated (+3%).

 

Within the scope of its approved dividend policy, the Executive Board of Deutsche EuroShop plans to propose a higher dividend of €1.30 per share for 2014. The Company intends to raise the dividend by €0.05 per share in each of the financial years until 2016.

 

Webcast of the conference call

Deutsche EuroShop will webcast its English conference call on Friday, 21 March 2014, at 10:00 a.m. CET live on the Internet. The webcast can be accessed at the Company's website at
http://www.deutsche-euroshop.com/ir

 

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