Deutsche Euroshop Newsroom

Corporate News

14.11.2016

Deutsche EuroShop: Nine-month results on target – forecasts for 2017 raised slightly following acquisition

  • Revenue: €152.3 million, EBIT: €131.5 million
  • EBT excluding valuation: €97.1 million (+3.4%)
  • EPRA earnings per share: €1.44 (+2.1%)
  • FFO: €1.74 per share (+3.7%)
  • Acquisition of Saarpark Center means increased forecasts for 2017


The stable performance of the shopping center investor Deutsche EuroShop continued in the third quarter of 2016. On revenue of €152.3 million (+0.8% compared with the same period in the previous year), net operating income (NOI) was unchanged year on year at €136.0 million, while EBIT was €131.5 million (+0.3%).

 

Earnings before taxes and measurement gains/losses rose from €93.9 million to €97.1 million (+3.4%), while consolidated profit fell by 1.9% to €72.2 million, or €1.34 per share, due to higher investment costs than in the previous year. “The performance of the operating business has remained stable,” said Wilhelm Wellner, CEO. “Our EPRA earnings per share, which is the result adjusted for measurement effects, rose by 2.1% to €1.44 per share, while funds from operations (FFO) improved by 3.7% to €1.74 per share.”

 

On the strength of its performance to date, the company is reaffirming its forecasts for 2016 and making modest upward adjustments for the coming year to reflect the acquisition this October of the Saarpark Center, which will be accounted for at equity. The Executive Board now forecasts the following ranges for 2017:

 

  • Revenue: €201 million to €205 million (unchanged)
  • Earnings before interest and taxes (EBIT): €175 million to €179 million (unchanged)
  • Earnings before taxes (EBT) excluding measurement gains/losses: €133 million to €136 million (€131 million to €134 million)
  • Funds from operations (FFO) per share: €2.38 to €2.42 (€2.34 to €2.38)

The company still foresees an increase of five cents in the dividend for 2016, to €1.40 per share.


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

 

Webcast of the teleconference

Deutsche EuroShop will hold a conference call for analysts in English at 10 a.m. on Tuesday, 15 November 2016, which will be carried out as a live webcast 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 20 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, among many others.

 

Figures for Deutsche EuroShop (IFRS)

in Euro million

01.01.-30.09.
2016

01.01.-30.09.
2015

+/-

Revenue

152.3

151.0

1 %

Net operating income

136.0

135.9

0 %

EBIT

131.5

131.0

0 %

Financial result

-36.6

-37.2

2 %

Valuation gains/losses

-4.8

-2.8

-71 %

EBT

90.1

91.0

-1 %

Consolidated profit

72.2

73.6

-2 %

EPRA* Earnings per share (€)

1.44

1.41

2 %

FFO per share (€)

1.74

1.68

4 %


30.09.2016

31.12.2015

+/-

Equity**

2,054.6

2,061.0

0 %

Liabilities

1,792.4

1,790.6

0 %

Total assets

3,847.0

3,851.6

0 %

Equity ratio (%)**

53.4

53.5


LTV ratio (%)

35.3

35.5


Cash and cash equivalents

65.7

70.7

-7 %

* 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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