Deutsche Euroshop Newsroom

Corporate News

14.05.2014

Deutsche EuroShop: 18% revenue growth and 12% increase in earnings in the first quarter of 2014

  • First three months of the year on track
  • Full consolidation of the Altmarkt-Galerie Dresden
  • Consolidated profit: €22.6 million (+12%)
  • FFO: €0.55 per share (+10%)


The shopping center investor Deutsche EuroShop has published its interim report for the first quarter of 2014, reinforcing the full-year forecasts issued on 21 March with a strong set of results.

 

Revenue in the first three months of 2014 totalled €50.0 million, representing an 18% rise year-on-year (from €42.4 million). Correspondingly, net operating income (NOI) climbed 18% to €45.6 million, while EBIT rose nearly 19% to €44.2 million.

 

“The main factor behind these significant increases is the full consolidation of the Altmarkt-Galerie Dresden. This center will contribute to results over the whole of 2014, whereas in 2013 it was consolidated only from May onwards, when we increased our shareholding to 100%,” explains Claus-Matthias Bφge, CEO of Deutsche EuroShop.

 

Earnings before taxes and measurement gains/losses increased from €27.9 million to €30.4 million (+9%). Consolidated profit improved by 12%, from €20.1 million to €22.6 million, taking earnings per share from €0.37 to €0.42. FFO (funds from operations) improved by 10%, from €0.50 to €0.55 per share.

 

Deutsche EuroShop is standing by its recent forecasts for financial year 2014, and expects:

 

  • revenue of between €198 million and €201 million
  • earnings before interest and taxes (EBIT) of between €174 million and €177 million
  • earnings before taxes (EBT) excluding measurement gains/losses of between €120 million and €123 million
  • funds from operations (FFO) per share of between €2.14 and €2.18


The company envisages paying a dividend of €1.30 per share for 2014.

 

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

Deutsche EuroShop will hold a conference call in English as a live webcast at 11 a.m. (CET) on Thursday 15 May 2014 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.

 

Figures for Deutsche EuroShop (IFRS)

In € million

01.01.-31.03.
2014

01.01.-31.03.
2013

+ / -

Revenue

50.0

42.4

18%

EBIT

44.2

37.3

19%

Net finance costs

-13.8

-10.1

-37%

Valuation gains/losses

-1.1

-1.4

-25%

EBT

29.3

25.8

14%

Consolidated profit

22.6

20.1

12%

FFO per share (€)

0.55

0.50

10%

EPRA* earnings per share in €

0.44

0.40

10%


31.03.2014

31.12.2013

+ / -

Equity**

1,662.1

1,642.4

1%

Liabilities

1,712.4

1,752.5

-2%

Total assets

3,374.5

3,394.9

-1%

Equity ratio (%)**

49.3

48.4


LTV ratio (%)

42

43


Gearing (%)**

103

107


Cash and cash equivalents

59.0

40.8

45%


* European Public Real Estate Association

** incl. third-party interests in equity

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Deutsche EuroShop H1 2017 Interim Report Conference Call Slide Presentation
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Deutsche EuroShop EPK (Electronic Press Kit)
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