Deutsche Euroshop Newsroom

Corporate News

13.08.2009

Deutsche EuroShop: First half of FY 2009 according to plan

  • Revenue: EUR 63.0 million (+14%), EBIT: EUR 53.8 million (+15%)
  • FFO: EUR 0.76 per share (+9%)
  • Earnings: EUR 30.5 million (+41%)
  • EPS: EUR 0.89

The shopping center investor Deutsche EuroShop’s operational business went according to plan in the first half of FY 2009. Additionally the result was affected by positive exceptional and currency effects.

 

Revenue in the first half of 2009 totalled EUR 63.0 million, representing a 14% rise year-on-year (EUR 55.2 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. Revenue from existing properties climbed 1.4% year-on-year.

 

EBIT increased by EUR 6.9 million (+15%) from EUR 46.9 million to EUR 53.8 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 27.7 million, EUR 4.9 million more than the EUR 22.8 million recorded the previous year. This was attributable firstly to the higher interest expense incurred following the consolidation of Kassel, and secondly to the interest expense for the Hameln and Passau centers. Interest income declined due to the sharp fall in capital market rates.

 

Measurement gains rose from EUR 2.2 million to EUR 10.8 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 7.3 million because of the depreciation in the Polish zloty and Hungarian forint.

 

EBT rose from EUR 26.3 million to EUR 36.9 million. This corresponds to a year-on-year increase of EUR 10.6 million or 40%.

 

FFO (funds from operations) increased by EUR 0.06 from EUR 0.70 to EUR 0.76 per share (number of shares as at 30 June 2009). This represents an increase of 9%.

 

Consolidated profit totalled EUR 30.5 million, up by EUR 8.9 million versus the first six months of 2008 (EUR 21.6 million). This is equivalent to profit growth of 41%. Earnings per share consequently rose from EUR 0.63 to EUR 0.89 (number of shares as at 30 June 2009). Of this, EUR 0.63 resulted from operating profit and EUR 0.26 from the measurement gains.

 

The results of the first six months confirm the budgeted figures for the whole of 2009. The Executive Board 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 1.38 and EUR 1.43 per share, taking into account the capital increase that was conducted.

 

On this basis, the Executive Board remains optimistic that we 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, 13 August 2009, at 10:00 a.m. CET live on the Internet. The webcast can be accessed at the Company's website at

/des/pages/index/p/166.

 

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

1 Jan.-30 June
2009

1 Jan.-30 June
2008

Change

Revenue

63.0

55.2

14 %

EBIT

53.8

46.9

15 %

Net finance costs

-27.7

-22.8

-21 %

EBT

36.9

26.3

40 %

Consolidated profit

30.5

21.6

41 %

FFO per share (EUR)

0.76

0.70

9 %

EPS (EUR)

0.89

0.63

41 %

 

30.06.2009

31.12.2008

 

Equity*

1,009.9

977.8

3 %

Liabilities

1,122.0

1,029.1

9 %

Total assets

2,131.9

2,006.8

6 %

Equity ratio (%)*

47.4

48.7

 

LTV-ratio (%)

48.6

46.1

 

Gearing (%)*

111

105

 

Cash and cash equivalents

61.3

41.7

47 %


* incl. minorities

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