Deutsche Euroshop Newsroom

Corporate News

04.11.2010

Deutsche EuroShop reports positive nine-month result

  • Revenue: EUR106.6 million (+13%), EBIT: EUR91.5 million (+13%)
  • EBT before measurement: EUR46.9 million (+20%)
  • Earnings per share: EUR0.87
  • FFO: EUR1.06 per share
  • Revised forecast for 2010 
With revenue of EUR106.6 million (previous year: EUR94.4 million), EBIT of EUR91.5 million (EUR80.9 million) and consolidated profit of EUR38.3 million (EUR38.5 million), shopping center investor Deutsche EuroShop is above plan for the year as a whole after the first nine months of 2010 and has revised its forecast upwards. At the same time, a dividend increase to EUR1.10 per share is envisaged.
 

“Revenue, net operating income and EBIT all improved by around 13%. This is chiefly due to the contribution to earnings from the A10 Center in Wildau, which was acquired at the beginning of 2010,” explains Claus-Matthias Böge, CEO of Deutsche EuroShop.

 

Earnings before taxes and measurement came to EUR46.9 million, almost 20% higher than in the same period last year. Consolidated profit totalled EUR38.3 million (prior-year period: EUR38.5 million), which corresponds to earnings per share of EUR0.87 (2009: EUR1.05). It should be noted here that consolidated profit was boosted in the previous year by positive exceptional and currency effects on measurement gains. The weighted number of shares also increased by 20%. FFO (funds from operations) improved by 18% from EUR39.3 million to EUR46.5 million (EUR1.06 per share).

 

Based on the results for the first nine months, Deutsche EuroShop has increased its forecast for 2010 as a whole and anticipates revenue of EUR140-144 million (previously: EUR139-142 million, 2009: EUR127.6 million), earnings before interest and taxes (EBIT) of EUR120-123 million (previously EUR118-121 million, 2009: EUR110.7 million), earnings before taxes (EBT) without measurement gains/losses of EUR61-63 million (previously: EUR58-60 million, 2009: EUR54.9 million) and FFO per share between EUR1.37 and EUR1.40 (previously EUR1.33-1.38, 2009: EUR1.49).

 

On the basis of the successful business performance in the first three quarters, the Board of Directors expects to be able to propose at next year's Annual General Meeting a dividend increase for the 2010 financial year to EUR1.10 per share.

 

Internet broadcast of the teleconference

On Thursday 4 November 2010 at 9:30 am, Deutsche EuroShop will broadcast its English teleconference as a live webcast on the Internet at www.deutsche-euroshop.de/ir
The full nine-month report is available to download as a PDF file from this address.

 

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

 

Key Data of Deutsche EuroShop (IFRS) 

in EUR million

01.01.-30.09.
2010

01.01.-30.09.
2009

Change

Revenue

106.6

94.4

13%

EBIT

91.5

80.9

13%

Net finance costs

-44.6

-41.6

-7%

EBT before valutation

46.9

39.3

20%

Consolidated profit

38.3

38.5

0%

FFO per share (EUR)

1.06

1.07

-1%

EPS (EUR)

0.87

1.05

-17%

 

30.09.2010

31.12.2009

Change

Equity*

1,172.4

1,044.4

12%

Liabilities

1,238.0

1,067.8

16%

Total assets

2,410.4

2,112.1

14%

Equity ratio (%)*

48.6

49.5

 

LTV-ratio (%)

47

46

 

Gearing (%)*

106

102

 

Cash and cash equivalents

48.2

81.9

-41%


* incl. minorities

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