Deutsche Euroshop Newsroom

Corporate News

12.08.2010

Deutsche EuroShop: Solid Midyear Result, Further Growth Planned

  • Revenue: EUR 70.4 million (+12%), EBIT: EUR 60.8 million (+13%)
  • EBT before valuation: EUR 31.2 million (+20%)
  • EPS: EUR 0.60
  • FFO: EUR 0.72 per share

With a revenue of EUR 70.4 million (period of previous year: EUR 63.0 million), an EBIT of EUR 60.8 million (EUR 53.8 million) and a consolidated profit of EUR 26.0 million (EUR 30.4 million) after the first six months the shopping center investor Deutsche EuroShop is fully according to plan to achieve the forecast for 2010.

 

“The net operating income (NOI) improved by around 13% to almost EUR 63.0 million. A significant influencing factor for the growth was the A10 Center in Wildau near Berlin, which contributes to our results since February”, Deutsche EuroShop’s CFO Olaf Borkers comments.

 

Earnings before taxes and valuation came to EUR 31.2 million, almost 20% higher than in the same period last year. Consolidated profit totalled just under EUR 26 million. That corresponds to earnings per share of EUR 0.60 (2009: EUR 0.83). It should be noted here that consolidated profit was boosted in the previous year by positive exceptional and currency effects on measurement gains. FFO (funds from operations), which is an indicator of operating performance, improved from EUR 0.71 to EUR 0.72 per share.

 

“We are still optimistic to acquire another shopping center in the second half of the year. In addition to that we want to increase our shareholdings in shopping centers that already form part of our portfolio. The acquisitions of shares of the centers in Dresden, Kassel and Wuppertal was a first step. On the financing side we see us as very well positioned and could invest up to EUR 300 million”, Olaf Borkers says confidently.

 

Deutsche EuroShop keeps its already end of April published forecasts for the 2010 financial year unchanged. The long-term dividend policy geared towards continuity shall be pursued: The Excecutive Board assumes that a dividend of at least EUR 1.05 per share again can be distributed for the financial year 2010.

 

Webcast of the conference call

Deutsche EuroShop will webcast its English conference call on Thursday, 12 August 2010, at 10:00 a.m. CEST 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 17 European shopping centers in Germany, Austria, Hungary and Poland.

 

Key Data of Deutsche EuroShop (IFRS) 

in EUR million

01.01.-30.06.
2010

01.01.-30.06.
2009

Change

Revenue

70.4

63.0

12 %

EBIT

60.8

53.8

13 %

Net finance costs

-29.6

-27.7

-7 %

EBT before valutation

31.2

26.1

19 %

Consolidated profit

26.0

30.5

-15 %

FFO per share (EUR)

0.72

0.71

1 %

EPS (EUR)

0.60

0.83

-28 %

 

30.06.2010

31.12.2009

Change

Equity*

1,139.4

1,044.4

9 %

Liabilities

1,211.4

1,067.8

13 %

Total assets

2,350.8

2,112.1

11 %

Equity ratio (%)*

48.5

49.5

 

LTV-ratio (%)

47

46

 

Gearing (%)*

106

102

 

Cash and cash equivalents

80.5

81.9

-2%

* incl. minorities

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Deutsche EuroShop H1 2017 Interim Report Conference Call Slide Presentation
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