Deutsche Euroshop Newsroom

Corporate News

30.04.2010

Deutsche EuroShop on course for growth

  • Result 2009: Revenue: EUR 127.6 million, EBIT: EUR 110.7 million
  • FFO: EUR 1.49 per share, NAV per share: EUR 26.63
  • Earnings: EUR 34.4 million
  • Dividend proposal: EUR 1.05 per share
  • 7 to 10% increase in revenue and profit in 2010 and 2011 expected

At its annual earnings press conference in Hamburg today, shopping center investor Deutsche EuroShop AG presented its final results for the past financial year. The Company exceeded again its own revenue and earnings forecasts and is well positioned with its shopping center portfolio.

 

Consolidated revenue was up 11.0% from €115.3 million to €127.6 million in the financial year. The Stadt-Galerie in Hameln, the Stadt-Galerie in Passau (first full year for both) and the full consolidation of the property company in Kassel contributed to this growth in revenue. Total revenue rose by 2.0% on a like-for-like basis.

 

As in the previous year, the vacancy rate was under 1%. At €0.6 million (2008: €0.2 million) or 0.4% (2008: 0.2%), the need for write-downs for rent losses remained at a very low level.

 

Net finance costs were up €6.5 million to €-55.9 million (2008: €-49.4 million). Measurement gains fell by €53.0 million year-on-year from €38.2 million to €-14.8 million. Measurement of the portfolio properties led to net measurement losses for the first time; these amounted to €-20.5 million. This corresponds to average depreciation of around 1.1% in the market values of the shopping centers compared with the previous year.

 

Earnings before interest and taxes (EBIT) climbed 12.8% from €98.1 million to €110.7 million in the year under review. The pre-tax profit (EBT) without valuation result increased from €48.7 million by 13% to €54.8 million, including the net measurement losses EBT declined 54% from €87.0 million to €40.1 million. Consolidated profit fell by 50% from €68.9 million to €34.4 million.

 

Undiluted earnings per share amounted to €0.93 compared with €1.96 in the previous year. Of this amount, €1.25 (+13%) was attributable to operations (2008: €1.11) and €-0.32 (-138%) to measurement gains/losses (2008: €0.85).

 

An FFO of €54.8 million or €1.49 per share was generated in the year under review, up from €49.8 million or €1.38 per share in the previous year.

 

In view of the successful financial year, the Executive Board and Supervisory Board will propose to the shareholders at the Annual General Meeting on 17 June 2010 in Hamburg that an unchanged dividend of €1.05 per share be distributed for the 2009 financial year.

 

Forecast

Deutsche EuroShop is anticipating revenue of between €139 million and €142 million for the 2010 financial year. The revenue contribution of the A10 center (from 1 February 2010) will have a particularly positive effect in this regard, given that only a small increase in earnings is anticipated from the other portfolio properties. Revenue should increase to between €149 million and €152 million in the 2011 financial year.

 

Earnings before interest and taxes (EBIT) amounted to €110.7 million in 2009. According to the forecast, EBIT will amount to between €118 million and €121 million in the current financial year. This is expected to increase to between €127 million and €130 million in 2011.

 

Earnings before tax (EBT) excluding measurement gains and losses amounted to €54.8 million during the year under review. The Company expects the corresponding figure to be between €58 million and €60 million for the 2010 financial year and between €64 and €66 million for the 2011 financial year.

 

Funds from operations (FFO, undiluted) amounted to €1.49 per share in the year under review. The management expects this figure to be between €1.33 and €1.38 in 2010 and between €1.45 and €1.50 in 2011.

 

Good start into the new financial year: preliminary results Q1 2010

In the first quarter of FY 2010 the revenue amounted to EUR 34.6 million, 9% more than in the period of previous year (EUR 31.8 million). With earnings before interest and taxes (EBIT) of almost EUR 30.1 million (Q1 2009: EUR 27.1 million) the earnings before taxes (EBT) amounted to approx. EUR 15.4 million (Q1 2009: EUR 29.6 million). The prior year result was enhanced by an extra valuation result (City-Point Kassel). The consolidated profit amounted to EUR 12.8 million (Q1 2009: EUR 24.4 million). The figures correspond to earnings per share of EUR 0.31 (Q1 2009: EUR 0.66). The Funds from Operations (FFO) increased by 6% from EUR 0.35 per share to EUR 0.37.

 

Webcast of the conference call

Deutsche EuroShop will webcast its English conference call on Friday, 30 April 2010, at 3:00 p.m. CET live on the Internet. The webcast can be accessed at the Company's website at http://www.deutsche-euroshop.com/ir

 

Online Annual Report

The annual report is available as interactive online version at http://ar2009.deutsche-euroshop.de


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 17 European shopping centers in Germany, Austria, Hungary and Poland.

 

Key Data of Deutsche EuroShop (IFRS)

in EUR million

2009

2008

+/- 

Revenue

127.6

115.3

11%

EBIT

110.7

98.1

13%

Net finance costs

-55.9

-49.4

-13%

EBT

40.1

87.0

-54%

Consolidated profit

34.4

68.9

-50%

Earnings per share (EUR)

1.49

1.38

8%

FFO per share (EUR)

0.93

1.96

-53%

Equity*

1,044.4

977.8

7%

Liabilities

1,067.8

1,029.1

4%

Total assets

2,112.1

2,006.8

5%

Equity ratio (%)*

49.5

48.7

 

LTV-ratio (%)

46.0

46.0

 

Gearing (%)*

102

105

 

Cash and cash equivalents

81.9

41.7

97%

Net asset value

1,006.9

942.8

7%

Net asset value per share (EUR)

26.63

27.43

-3%

Dividend per share (EUR)

1,05**

1.05

0%


* incl. Minorities ** proposal

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