Deutsche Euroshop Newsroom

Corporate News

12.11.2009

Deutsche EuroShop with Stable Growth

  • Revenue: EUR 94.4 million (+12%), EBIT: EUR 80.9 million (+15%)
  • FFO: EUR 1.11 per share (+8%)
  • Earnings: EUR 38.5 million (+23%)
  • EPS: EUR 1.09

With the today published interim report Q1-3 2009 Deutsche EuroShop demonstrates the stability of its business model.

 

The MDAX-listed shopping center investor again managed to achieve the long-term forecast results. Revenue was up 12% year-on-year at €94.4 million. Net operating income (NOI) rose 14% to €83.8 million, while EBIT climbed 15% to €80.9 million.

 

“We have not yet identified any significant deterioration in consumer behaviour or in retail spending at our shopping centers. Our overdue rents and write-downs on rent receivables remain low”, Claus-Matthias Böge, CEO of Deutsche EuroShop, said. “The occupancy rate is still high, at almost 100%.”

 

The increase in earnings was mainly generated by the contributions made by the shopping centers opened in Hameln and Passau in 2008. The “Kassel effect” also had an impact; the increase in Deutsche EuroShop’s share in City-Point in Kassel from 40% to 90% at the start of 2009 led to the full consolidation of this center, with corresponding effects on the balance sheet and income statement.

 

The solid operating performance is also borne out by an 8% improvement in funds from operations (FFO) from €1.02 to €1.11 per share (undiluted, i.e. the capital increase conducted on 7 July was taken into account pro rata).

 

Consolidated profit, boosted by positive exceptional and currency effects on measurement gains, rose 23% from €31.3 million to €38.5 million. (Undiluted) earnings per share increased accordingly from €0.91 to €1.09 (+20%).

 

Deutsche EuroShop sees itself as well-placed, following the debt and equity financing measures implemented at the start of the third quarter, to be able to exploit any investment opportunities. The Company is currently examining several offers in terms of the profitable contributions they can make to growth for its shopping center portfolio.

 

The guidance for the full year remains unchanged: revenue EUR 125-128 million, EBIT EUR 105-108 million, EBT excluding measurement gains/losses EUR 50-52 million, FFO EUR 1.38-1.43 per share. On the strength of the performance to date, the Executive Board expects a stable dividend of at least €1.05 per share.

 

Webcast of the conference call

Deutsche EuroShop will webcast its English conference call on Thursday, 12 November 2009, at 4:00 p.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

1 Jan.-30 Sep. 2009

1 Jan.-30 Sep.
2008

Change

Revenue

94.4

84.1

12 %

EBIT

80.9

70.5

15 %

Net finance costs

-41.6

-35.1

-18 %

EBT

46.2

37.9

22 %

Consolidated profit

38.5

31.3

23 %

FFO per share (EUR), undiluted

1.11

1.02

9 %

EPS (EUR), undiluted

1.09

0.91

20 %

 

30 Sep. 2009

31 Dec. 2008

Change

Equity*

1,051.1

977.8

8 %

Liabilities

1,059.5

1,029.1

3 %

Total assets

2,110.6

2,006.8

5 %

Equity ratio (%)*

49.8

48.7

 

LTV-ratio (%)

45.6

46.1

 

Gearing (%)*

101

105

 

Cash and cash equivalents

70.1

41.7

68 %


* 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