Deutsche Euroshop Newsroom

Corporate News

12.05.2016

Deutsche EuroShop: First quarter on track, forecast confirmed

  • Revenue: 50.7 million (+0.3%), EBIT: 44.6 million (-0.1%)
  • Consolidated profit: 24.9 million (-1.8%)
  • EPRA earnings per share: 0.49 per share (+2%)
  • FFO: 0.58 per share (+2%)


The shopping centre investor Deutsche EuroShop has published its interim report for the quarter ending 31 March 2016 and confirmed the full-year forecasts issued on 23 March 2016.

Revenue in the first three months of 2016 totalled 50.7 million, representing a small year-on-year rise of 0.3% (from 50.6 million). Net operating income (NOI) fell slightly by 0.3% to 46.0 million, while EBIT climbed 0.1% to 44.6 million.

 

Earnings before taxes and measurement gains/losses, however, increased from 31.8 million to 32.7 million (+3%). Consolidated profit fell by 2%, from 25.3 million to 24.9 million.

 

Correspondingly, earnings per share were also 2% lower, dropping from 0.47 to 0.46.

"The slightly lower profit is attributable to investment costs being higher than they were last year," explains Wilhelm Wellner, Deutsche EuroShop's CEO. "The fact that everything, operationally speaking, is going according to plan is reflected in the positive EPRA Earnings and FFO figures which exclude valuation effects."

 

Earnings per share calculated according to EPRA (EPRA Earnings) rose by 2% from 0.48 to 0.49. The figure for funds from operations (FFO) improved by 2% from 0.57 to 0.58 per share.

Deutsche EuroShop is standing by its recent forecasts for financial year 2016, and expects:

 

  • revenue of between 200 million and 204 million
  • earnings before interest and taxes (EBIT) of between 175 million and 179 million
  • earnings before taxes (EBT) excluding measurement gains/losses of between 127 million and 130 million
  • funds from operations (FFO) per share of between 2.26 and 2.30.

 

The company envisages paying a dividend of 1.40 per share for 2016.


Full quarterly statement

The full quarterly statement 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 at 10 a.m. CET on Friday 13 May 2016, which will be carried as a live webcast on 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  m

01.01.-31.03.2016

01.01.-31.03.2015

+ / -

Revenue

50.7

50.6

0 %

EBIT

44.6

44.6

0 %

Financial result

-12.3

-12.9

-5 %

Valuation gains/losses

-1.4

-0.5

-201 %

EBT

31.0

31.3

-1 %

Consolidated profit

24.9

25.3

-2 %

EPRA* Earnings per share ()

0.49

0.48

2 %

FFO per share ()

0.58

0.57

2 %


31.03.2016

31.12.2015

+ / -

Equity**

2,082.5

2,061.0

1 %

Liabilities

1,790.7

1,790.6

0 %

Total assets

3,873.3

3,851.6

1 %

Equity ratio (%)**

53.8

53.5


LTV ratio (%)

34.7

35.5


Gearing (%)**

86.0

86.9


Cash and cash equivalents

97.9

70.7

39 %


* 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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