Deutsche Euroshop Newsroom

Corporate News

15.08.2017

Deutsche EuroShop posts marked increase in earnings in the first half of 2017

15.08.2017

  • Revenue:EUR 105.8 million (+3.9%)
  • EBIT:EUR 92.5 million (+4.1%)
  • Consolidatedprofit: EUR 56.2 million (+15.5%)
  • EPRAearnings per share: EUR 1.20 per share (+8.1%)
  • FFO:EUR 1.25 per share (+7.8%)

The shopping center investor Deutsche EuroShop recorded net operating income (NOI) of EUR 95.3 million (+4.0%) in the firsthalf of 2017, on revenues of EUR 105.8 million (+3.9% year on year). Earnings before interest and taxes (EBIT) increased by 4.1% to EUR 92.5 million.

 

"The Deutsche EuroShop business model once again proved itsreliability in the first six months of 2017. In comparison with the previousyear's period, we posted a considerable improvement in earnings along with keyfigures that developed as planned," said Wilhelm Wellner, CEO.

 

Earnings before taxes and measurement (EBT excl. measurement gains/losses) increased from EUR 65.0 million to EUR 73.0 million (+12.3%). Consolidated profit increased by 15.5% from EUR 48.7 million to EUR 56.2 million. Earnings pershare increased from EUR 0.90 to EUR 0.99.

 

EPRA earnings, i.e. operating earnings adjusted for valuation effects, rose from EUR1.11 to EUR 1.20 per share, which corresponded to an increase of 8.1%. Funds from operations (FFO) also rose markedly by 7.8% to EUR 1.25 per share (2016: EUR1.16) and in absolute terms stood at EUR  70.9 million, which is 12.7% above theprevious year's period.

 

Wilhelm Wellner provided the reasons for the positive earnings development: "Alongside lower interest costs, new additions to theportfolio - Saarpark-Center Neunkirchen and the Olympia Center Brno - in particular contributed to growth."

 

The Deutsche EuroShop management team is sticking to its guidancefor financial year 2017 and is confident of being able to pay a dividend of EUR 1.45 per share.

 

 

Full half-year financial report

The full half-year financial 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 Wednesday, 16 August 2017, 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 toinvest 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.

 

Figures for Deutsche EuroShop (IFRS)


in EUR  million

 

01.01.-
30.06.2017

 

01.01.-
30.06.2016

 


+/-

Revenue


105.8


101.8


3.9%

NOI


95.3


91.7


4.0%

EBIT


92.5


88.8


4.1%

Consolidatedprofit


73.0


65.0


12.3%

EBT(excluding measurement gains/losses*)


56.2


48.7


15.5%

EPRA**earnings per share in EUR


1.20


1.11


8.1%

FFOper share in EUR


1.25


1.16


7.8%

Earningsper share in EUR  (undiluted)


0.99


0.90


10.0%








in EUR  million

 

30.06.2017

 

31.12.2016

 

+/-

Equity***


2,383.0


2,240.7


6.4%

Netfinancial liabilities


2,221.8


1,873.8


18.6%

Totalassets


4,604.8


4,114.5


11.9%

Equityratio (%)***


51.7


54.5



Loanto value ratio (%)


34.5


34.2



Cashand cash equivalents


127.2


64.0


98.6%








*      Includingthe share attributable to equity-accounted joint ventures and associates

**     European Public RealEstate Association

***    incl. third-party interests in equity

****   Loan to Value (LTV): the ratio between netdebt (financial liabilities less cash and cash equivalents) and non-current assets (investment properties and at-equity investments)


For explanations regarding the financial figures used, please consult

http://www.deutsche-euroshop.de/des/pages/index/p/210

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