Deutsche Euroshop Newsroom

Corporate News

11.11.2008

Deutsche EuroShop: Forecast raised after good nine-month result 2008

  • Revenue: EUR 84.1 million (+22%)
  • EBIT: EUR 69.5 million (+25%)
  • Profit: EUR 31.3 million (adjusted +51%)
  • Earnings per share: EUR 0.91

Hamburg, 11 November 2008 – The shopping center investor Deutsche EuroShop AG today reported about the results of the first nine months of 2008.

 

Revenue totalled EUR 84.1 million, representing a 22% rise year-on-year (EUR 68.9 million). Besides Galeria Baltycka, which opened in Gdansk back in October 2007, the two properties which opened in March and September this year in Hamelin and Passau contributed to the positive development in revenue. Revenue from existing properties climbed 2.1%.

 

EBIT increased by EUR 13.9 million (+25%) from EUR 55.6 million to EUR 69.5 million.

Net finance costs amounted to EUR 36.0 million, EUR 6.3 million more than the EUR 29.7 million recorded during the previous year. This results firstly from interest expense incurred for the first time due to the new centers and secondly from the higher profit/loss attributable to minority shareholders.

Measurement losses of EUR -0.3 million moved to become measurement gains of EUR 4.4 million. The change of EUR 4.7 million is attributable exclusively to unrealised currency effects from the Polish and Hungarian property companies.

 

EBT rose from EUR 25.6 million to EUR 37.9 million. This corresponds to an increase of EUR 12.3 million or 48% compared with the same period of the previous year.

 

Consolidated profit totalled EUR 31.3 million, down by EUR 13.2 million year-on-year (EUR 44.5 million). Last year’s net profit was positively impacted by the reversal of the deferred tax item in the amount of EUR 23.8 million due to the German business tax reform. Adjusted for this one-time effect, consolidated profit grew by EUR 10.6 million. This is equivalent to a profit increase of 51%. Earnings per share thus rose from EUR 0.60 to EUR 0.91 adjusted for tax. Of this, EUR 0.83 resulted from operating profit and EUR 0.08 from measurement gains.

 

Despite all the advantages of investing in retail property, the number of transactions has fallen sharply recently on account of the overall climate of uncertainty. The market has almost come to a complete standstill. For the time being Deutsche EuroShop will be proceeding with great caution with regard to new acquisitions. The Company is no longer pursuing the objective of investing EUR 150-200 million this year. The investments will therefore remain at the EUR 75 million announced for the expansion of the Altmarkt-Galerie Dresden and some smaller capital expenditures in the portfolio. Nevertheless, a credit line of EUR 100 million will enable Deutsche EuroShop to act at any time should an attractive investment proposition arise.

 

On the basis of the earnings generated in the first nine months, the Executive Board is increasing the forecast for 2008 as a whole: it expects revenue of EUR 113 to EUR 115 million (previously EUR 110 to EUR 113 million; 2007: EUR 95.8 million), EBIT of EUR 93 to EUR 95 million (previously EUR 90 to EUR 92 million; 2007: EUR 77.2 million) and EBT excluding measurement gains/losses of EUR 45 to EUR 47 million (previously EUR 43 to EUR 45 million; 2007: EUR 37.7 million).

 

The forecast for 2009 remains unchanged: revenue of EUR 119 to EUR 121 million, EBIT of EUR 100 to EUR 102 million and EBT of EUR 49 to EUR 51 million excluding measurement gains/losses.

The Executive Board continues to expect a tax-free dividend of EUR 1.05 per share for the 2008 financial year.

 

Key Data of Deutsche EuroShop (IFRS) 

in EUR million

01.01.-30.09.2008

01.01.-30.09.2007

Change

Revenue

84.1

68.9

22%

EBIT

69.5

55.6

25%

Net interest expense

-36.0

-29.7

-21%

EBT

37.9

25.6

48%

Consolidated profit

31.3

44.5

-30%

FFO per share (EUR)

1.00

0.76

32%

Earnings per share (EUR)

0.91

1.29

-30%

 

 

 

 

 

30.09.2008

31.12.2007

 

Equity

961.4

974.0

-1%

Liabilities

1,000.3

1,002.3

0%

Total assets

1,961.7

1,976.3

-1%

Equity ratio (%)

49.0

49.3

 

LTV ratio (%)

47.4

48.7

 

 

Webcast of the conference call

Deutsche EuroShop will webcast its English conference call on Thursday, 11 November 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.

back to list

Image Archive

Video Archive


                       subscribe to RSS-Feed

Multimedia

show all

our Videos on


videothumbnail
Deutsche EuroShop H1 2017 Interim Report Conference Call Slide Presentation
0:36:01
videothumbnail
Deutsche EuroShop EPK (Electronic Press Kit)
0:08:46

 

Google+ Add this