Deutsche Euroshop Newsroom

Corporate News

14.08.2008

Deutsche EuroShop: H1 2008 with Jump of Revenue and Earnings

  • Revenue: Euro 55.2 million (+21%)
  • EBIT: Euro 46.0 million (+22%)
  • Profit: Euro 21.6 million (+60%)
  • Earnings per share: Euro 0.63

Hamburg, 14 August 2008 – The shopping center investor Deutsche EuroShop AG today reported about a successful first half of FY 2008.

Revenue during the first six months of 2008 totalled Euro 55.2 million, representing a 21% rise year-on-year (Euro 45.6 million). Galeria Baltycka in Gdansk and Stadt-Galerie Hameln, which opened in October 2007 and March 2008 respectively, contributed significantly to this revenue increase. Revenue from existing properties climbed 2.0%.

EBIT increased by Euro 8.2 million (+22%) from Euro 37.8 million to Euro 46.0 million. This is chiefly due to contributions to earnings from the two recently opened properties in Gdansk and Hamelin.

Net finance costs amounted to Euro 24.1 million, Euro 4.4 million less than the Euro 19.7 million recorded during the previous year. This results from interest expense due to Galeria Baltycka and Stadt-Galerie Hameln and also from higher profit/loss attributable to minority shareholders.

Measurement gains rose from Euro 0.2 million to Euro 4.4 million. The change of Euro 4.2 million is attributable exclusively to unrealised currency effects from the Polish and Hungarian property companies.

EBT rose from Euro 18.2 million to Euro 26.3 million. This corresponds to an increase of Euro 8.1 million or 45% compared with the same half of the previous year.

Consolidated profit totalled Euro 21.6 million, up by Euro 8.1 million (60%) year-on-year (Euro 13.5 million). Earnings per share rose from Euro 0.39 to Euro 0.63. Of this, Euro 0.56 results from operating profit and Euro 0.07 from measurement gains.

Stadtgalerie in Passau will be opened in September 2008, as planned. All of the retail space has already been let on a long-term basis to well-known retailers.

Deutsche EuroShop is still optimistic to be able to initiate new investments in this environment and meet the investment targets of Euro 150 million to Euro 200 million by the end of the year.

On the basis of the earnings generated in the first six months, the Executive Board is retaining the forecast for 2008 as a whole: it has set its sights on revenue of between Euro 110 million and Euro 113 million and thus a significant increase (2007: Euro 95.8 million). EBIT is expected to reach Euro 90 million to Euro 92 million (2007: Euro 77.2 million). The Company is expecting EBT excluding measurement gains to reach Euro 43 million to Euro 45 million (2007: Euro 37.7 million).

The Executive Board is still optimistic that the Company will be in a position to pay out a tax-free dividend of at least Euro 1.05 per share for the 2008 financial year.


Key Data of Deutsche EuroShop (IFRS)

 

in Euro million

01.01.-30.06.2008

01.01.-31.06.2007

Change

Revenue

55.2

45.6

21%

EBIT

46.0

37.8

22%

Net interest expense

-24.1

-19.7

-22%

EBT

26.3

18.2

45%

Consolidated profit

21.6

13.5

60%

Earnings per share (Euro)

0.63

0.39

60%

 

 

 

 

 

30.06.2008

31.12.2007

 

Equity *

958.1

974.0

-2%

Liabilities

1,003.9

1,002.3

0%

Total assets

1,962.0

1,976.3

-1%

Equity ratio (%) *

48.8

49.3

 

Gearing (%) *

105

103

 

Cash and cash equivalents

60.6

109.0

-44%

 

* incl. Minorities

 

Webcast of the conference call

Deutsche EuroShop will webcast its English conference call on Thursday, 14 August 2008, 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

At the same internet address the complete Interim Report is available as PDF file and as interactive online version.

 

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 16 European shopping centers in Germany, Austria, Hungary and Poland.

 

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