Deutsche Euroshop Newsroom

Corporate News

12.05.2010

Deutsche EuroShop: Good start into the new financial year

  • Revenue: EUR 34.6 million (+9%), EBIT: EUR 30.1 million (+11%)
  • EBT before valuation: EUR 15.4 million (+20%)
  • EPS: EUR 0.31
  • FFO: EUR 0.37 per share (+6%)

Hamburg, 12 May 2010 – With the publication of the interim report for the first quarter 2010 the shopping center investor Deutsche EuroShop today confirmed the preliminary results previously announced on 30 April.

 

Revenue in the first three months of 2010 totalled EUR 34.6 million, representing a 9% rise year-on-year (from EUR 31.8 million). Net operating income (NOI) improved by 11% to EUR 30.9 million, while EBIT also climbed 11% to EUR 30.1 million.

 

“A significant contribution to these increases was made by the A10 Center in Wildau near Berlin, which we bought for our portfolio in early 2010 following three years of restrained investment”, Deutsche EuroShop’s CEO Claus-Matthias Böge comments.

 

Earnings before taxes and measurement rose from EUR 12.8 million to EUR 15.4 million (+20%). Consolidated profit was down 47% from EUR 24.4 million to EUR 12.8 million. Net earnings per share correspondingly fell from EUR 0.66 to EUR 0.31. Olaf Borkers, CFO of Deutsche EuroShop, comments on the decline: “The consolidated profit was boosted in the first quarter of the previous year by positive exceptional and currency effects on measurement gains. This explains and puts into perspective the sharp decline in the first quarter of 2010. Operationally, everything went according to plan.” The ratio FFO (funds from operations) hence improved by 6% from EUR 0.35 to EUR 0.37 per share.

 

“As far as new investments are concerned, we believe that our prospects of acquiring another shopping center in 2010 are good. With our expansion measures for the A10 Center, the Altmarkt-Galerie and the Main-Taunus-Zentrum, we are also well-positioned to secure additional growth with our existing portfolio”, Claus-Matthias Böge says confidently.

 

Deutsche EuroShop stands by its recently published forecasts for the 2010 financial year and expects:

 

- evenue of between EUR 139 million and EUR 142 million

- earnings before interest and taxes (EBIT) of between EUR 118 million and EUR 121 million

- earnings before taxes (EBT) without measurement gains/losses of between EUR 58 million and EUR 60 million

- funds from operations (FFO) per share of between EUR 1.33 and EUR 1.38

 

The Company intends to maintain its long-term dividend policy geared towards continuity and to distribute a dividend of at least EUR 1.05 per share again for the financial year 2010.

 

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

01.01.-31.03.
2010

01.01.-31.03.
2009

Change

Revenue

34.6

31.8

9%

EBIT

30.1

27.1

11%

Net finance costs

-14.7

-14.2

-4%

EBT before valutation

15.4

12.8

20%

Consolidated profit

12.8

24.4

-47%

FFO per share (EUR)

0.37

0.35

6%

EPS (EUR)

0.31

0.66

-53%

 

31.03.2010

31.12.2009

Change

Equity*

1,181.1

1,044.4

13%

Liabilities

1,190.9

1,067.8

12%

Total assets

2,372.0

2,112.1

12%

Equity ratio (%)*

49.8

49.5

 

LTV-ratio (%)

47.2

46.0

 

Gearing (%)*

101

102

 

Cash and cash equivalents

124.3

81.9

52%


* incl. minorities

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Deutsche EuroShop H1 2017 Interim Report Conference Call Slide Presentation
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