Deutsche Euroshop Newsroom

Corporate News

14.05.2009

Deutsche EuroShop: First Quarter 2009 With Positive Special Effects

  • Revenue: EUR 31.8 million (+18%), EBIT: EUR 27.1 million (+20%)
  • FFO: EUR 0.37 per share (+16%)
  • Earnings: EUR 24.4 million (+139%) 
  • EPS: EUR 0.71

Hamburg, 14 May 2009 – Today the shopping center investor Deutsche EuroShop AG reported about its results for the first three months of FY 2009.

 

Revenue totalled EUR 31.8 million, representing an 18% rise year-on-year (from EUR 26.9 million). The full consolidation of the results of the Kassel center resulted in higher revenue contributions than in the past. In addition, the two centers opened in Hameln and Passau in 2008 also contributed to revenue growth. Additionally revenue from existing properties rose by 2.0% year-on-year.

 

EBIT increased by EUR 4.4 million (+19%) from EUR 22.7 million to EUR 27.1 million. This was chiefly due to contributions to earnings from the recently opened properties in Passau and Hameln and the full inclusion for the first time of the property company in Kassel.

 

Net finance costs totalled EUR 14.2 million, EUR 2.6 million more than the EUR 11.6 million recorded the previous year. This was attributable firstly to the higher interest expense incurred following the consolidation of Kassel, and secondly to the higher interest expense for the Hameln and Passau centers. Interest income declined due to the sharp decline in capital market rates.

 

Measurement gains rose from EUR 1.2 million to EUR 16.8 million, thanks to a special effect related to the first-time full consolidation of the City-Point Kassel and to the unrealised currency gains of EUR 14.6 million because of the depreciation in the Polish zloty and Hungarian forint.

 

EBT rose from EUR 12.3 million to EUR 29.6 million. This corresponds to an increase of EUR 17.3 million or 141% year-on-year and is mainly attributable to the effects already described under measurement gains.

FFO increased by EUR 0.05 from EUR 0.32 to EUR 0.37. This represents an increase of 16%.

 

Consolidated profit totalled EUR 24.4 million, up by EUR 14.2 million versus the first three months of 2008 (EUR 10.2 million). This is equivalent to 139% profit growth. Earnings per share consequently rose from EUR 0.30 to EUR 0.71. Of this, EUR 0.31 resulted from operating profit and EUR 0.40 from the measurement gains.

 

The Executive Board anticipates that the expansions of the Altmarkt-Galerie in Dresden and the Main-Taunus-Zentrum near Frankfurt can start this year. The sales area in the Altmarkt-Galerie is set to increase by approx. 18,000 m˛ (currently approx. 26,000 m˛), allowing some 90 new shops to open, and at the Main-Taunus-Zentrum by approx. 12,000 m˛ (approx. 60 new shops).

 

The results of the first three months confirm the budgeted figures for the whole of 2009. Deutsche EuroShop expects revenue to increase to EUR 125-128 million. EBIT will be EUR 105-108 million this year, on the forecasts, while EBT excluding measurement gains/losses will be EUR 50-52 million. The Company expects funds from operations (FFO) of between EUR 1.45 and EUR 1.50.

 

On this basis, the Executive Board is optimistic that Deutsche EuroShop will once again be able to pay a dividend of EUR 1.05 per share for financial year 2009.

 

Webcast of the conference call

Deutsche EuroShop will webcast its English conference call on Thursday, 14 May 2009, 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.

 

Key Data of Deutsche EuroShop (IFRS) 

in EUR million

01.01.-31.03.2009

01.01.-31.03.2008

Change

Revenue

31.8

26.9

18 %

EBIT

27.1

22.7

19 %

Net finance costs

-14.2

-11.6

-23 %

EBT

29.6

12.3

140 %

Consolidated profit

24.4

10.2

139 %

FFO per share (EUR)

0.37

0.32

16 %

EPS (EUR)

0.71

0.30

139 %

 

31.03.2009

31.12.2008

 

Equity*

992.9

977.8

2 %

Liabilities

1,091.6

1,029.1

6 %

Total assets

2,084.5

2,006.8

4 %

Equity ratio (%)*

47.6

48.7

 

LTV-ratio (%)

47.1

46.1

 

Gearing (%)*

110

105

 

Cash and cash equivalents

50.4

41.7

21 %


* incl. minorities

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