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28.04.2017

Deutsche EuroShop: 2016 Annual Report and Forecast for 2017/2018

28.04.2017

The shopping center investor Deutsche EuroShop today presented the audited results for the 2016 financial year. The annual report published under the motto “emotional & rational” is now available for download at www.deutsche-euroshop.com/ir.

 

Figures for Deutsche EuroShop (IFRS)

In € million

2016

2015

+/-

Revenue

205.1

202.9

1%

EBIT

178.6

176.3

1%

Net finance costs

-13.9

-2.1

-548%

Measurement gains/losses

116.8

220.6

-47%

EBT

281.5

394.7

-29%

Consolidated profit

221.8

309.3

-28%

FFO per share in €

2.41

2.29

5%

Earnings per share in €*

4.11

5.73

-28%

EPRA earnings per share in €*

2.29

2.18

5%

Equity**

2,240.7

2,061.0

9%

Liabilities

1,873.8

1,790.6

5%

Total assets

4,114.5

3,851.6

7%

Equity ratio in %**

54.5

53.5


LTV ratio in %

34.2

35.5


Cash and cash equivalents

64.0

70.7

-9%

Net asset value (EPRA)

2,332.6

2,135.2

9%

Net asset value per share in € (EPRA)

43.24

39.58

9%

Dividend per share in €

1.40***

1.35

4%

* undiluted

** incl. third-party interests in equity
*** proposal

 

Dividend increase

Based on these results, a proposal will be submitted to the Annual General Meeting on 28 June 2017 in Hamburg for the distribution of a dividend in financial year 2016 in the amount of €1.40, which represents an increase of €0.05 or 3.7% over the previous year. A €0.60 per share portion of the dividend is subject to capital gains tax.


Forecast

Deutsche EuroShop expects the following ranges for the 2017 and 2018 financial years:

 


In € million

2017

2018

Revenue

216–220

220–224

Earnings before interest and tax (EBIT)

187–191

193–197

Earnings before tax (EBT) excluding measurement gains

145–148

154–157

Funds from operations (FFO)

140–143

145–148

Funds from operations (FFO) per share in €

2.42–2.46

2.35–2.39

Underlying, weighted number of shares*

57,975,280

61,784,460


*  Taking into account the cash capital increase conducted in March 2017 and the assumption that the convertible bond will be fully converted at the end of its term in November 2017 (pro rata in each case).

Reporting dates in 2017

Deutsche EuroShop will publish its financial reports for the current financial year after the close of trading on the following dates:

 

  • 3M quarterly statement: 11 May 2017
  • H1 2017 interim report: 15 August 2017
  • 9M quarterly statement: 15 November 2017
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 21 shopping centers in Germany, Austria, Poland, the Czech Republic 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.

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