Deutsche Euroshop Newsroom

Coprorate News

18.03.2015

Deutsche EuroShop: Preliminary figures for 2014 / record year / FFO up 7.6% / net asset value at €33.17 per share (+8.4%)

Shopping center investor Deutsche EuroShop announced the preliminary figures for the 2014 financial year in Hamburg today. Executive Board Spokesman Claus-Matthias Bφge, who will be leaving the company at the end of June, can celebrate a record result just before his departure: all key figures improved yet again.

 

"I'm very happy that we once again succeeded in outperforming – if slightly – expectations. Deutsche EuroShop is a solid, healthy company and I am proud to have played a part in its development over the past 13 years. It's in a great place," says Claus-Matthias Bφge, looking back with pride.

Consolidated revenue was up 6.8%, from €188.0 million to €200.8 million, in the financial year, with a positive contribution coming from the Altmarkt-Galerie Dresden, which was fully consolidated for the first time this year (eight months in 2013). Rental income from portfolio properties increased by 2.3% compared with the previous year.

 

The financial result declined, as predicted, by €5.7 million to €-39.8 million compared with the previous year, in which proceeds from the sale of the interest in Galeria Dominikanska amounting to €15.8 million had an exceptional positive impact on profit. Valuation gains were up €21.0 million year-on-year at €77.0 million (2013: €56.0 million). The value of Group properties increased by 3.0% on average. Net asset value (EPRA NAV) as at 31 December 2014 was €1,789.4 million (+8.4%), or €33.17 per share.

 

Earnings before interest and taxes (EBIT) climbed 7.0%, from €165.8 million to €177.5 million, in the year under review. At €214.7 million, earnings before taxes (EBT) were 14.4% up on the previous year (€187.6 million). Taxes on income and earnings amounted to €37.2 million compared to €16.6 million in the previous year.

 

Consolidated profit rose by 3.7% from €171.0 million to €177.4 million. Earnings per share amounted to €3.29 compared with €3.17 in the previous year. Of this amount, €1.84 (2013: €1.74) was attributable to operations (EPRA earnings) and €1.32 (2013: €0.87) to valuation gains. Moreover, earnings per share for the financial year 2014 was positively impacted by tax income in the amount of €0.13 per share (2013: €0.27).  The one-off effect from the sale of interests in the previous year resulted in additional earnings per share of €0.29. Funds from operations (FFO) improved by 7.6% to €120.5 million, which represents FFO per share of €2.23, compared with €2.08 last year.

 

The Executive Board and Supervisory Board will therefore propose to the shareholders at the Annual General Meeting in Hamburg on 18 June 2015 that a dividend of €1.30 per share, 4% or €0.05 higher than the previous year, be distributed for the successful 2014 financial year.


Outlook

Deutsche EuroShop anticipates moderately higher revenue of between €201 million and €204 million for the 2015 financial year and revenue of between €203 million and €206 million in 2016.

The Company forecasts that earnings before interest and taxes (EBIT) will rise only slightly year-on-year, to between €177 million and €180 million in 2015 and between €179 million and €182 million in 2016. Earnings before taxes and measurement gains/losses (EBT before measurement) should rise similarly to between €126 million and €129 million (+2.0 %) in 2015, and a further 3.1 % to between €130 million and €133 million in 2016. Funds from operations (FFO) of between €2.24 and €2.28 per share (+1.3 %) are anticipated for the current year. For 2016, the Company expects between €2.30 and €2.34 per share.

 

In the words of Claus-Matthias Bφge with reference to the outlook: "No one should be disappointed if, in this environment of very low inflation, the Company grows a little more slowly this year."

 

Webcast of the conference call

Deutsche EuroShop will webcast its English conference call on Thursday, 19 March 2015, 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


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 19 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

2014

2013

+/-

Revenue

200.8

188.0

+7%

EBIT

177.5

165.8

+7%

Net finance costs

-39.8

-34.1

-17%

Measurement gains/losses

77.0

56.0

+38%

EBT

214.7

187.6

+14%

Consolidated profit

177.4

171.0

+4%

FFO per share (EUR)

2.23

2.08

+7%

EPRA* earnings per share (EUR)

1.84

1.74

+6%

Equity**

1,751.2

1,642.4

+7%

Liabilities

1,430.1

1,486.8

-4%

Total assets

3,492.2

3,394.9

+3%

Equity ratio (%)**

50.1

48.4


LTV-ratio (%)

40

43


Gearing (%)**

99

107


Cash and cash equivalents

58.3

40.8

+43%

Net asset value (EPRA)

1,789.4

1,650.4

+8%

Net asset value per share (EUR, EPRA)

33.17

30.59

+8%

Number of shares (year-end)

53,945,536

53,945,536

0%

Weighted average number of shares

53,945,536

53,945,536

0%


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

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