Deutsche EuroShop AG / Key word(s): Preliminary Results
Deutsche EuroShop exceeds forecast: Significant growth in operating profit (+14.0%) and FFO per share (+5.4%) in financial year 2017
- Revenue: EUR218.5 million (+6.5%)
- EBIT: EUR192.4 million (+7.7%)
- FFO: EUR2.54 per share (+5.4%)
- EBT excluding measurement gains: EUR153.3 million (+14.0%)
- EUR12.9 million measurement gains
- Dividend proposal (planned): EUR1.45 per share (+3.6%)
Net finance costs totalled EUR-35.1 million in comparison to EUR-13.9 million in the previous year. This figure includes positive valuation effects of EUR4.4 million (2016: EUR28.7 million) due to increases in the values of assets recognised at equity. In combination with the increase in value of Group properties totalling EUR8.5 million (2016: EUR116.8 million) valuation gains stand at EUR12.9 million (2016: EUR145.5 million).
At EUR153.3 million, operating earnings before taxes (EBT excluding measurement gains) were up 14.0% versus the previous year (EUR134.5 million) and exceeded the forecast (EUR145 million to EUR148 million). Consolidated profit totalled EUR134.3 million (2016: EUR221.8 million) and were thus down on the figure recorded in the previous year due to a considerable drop in valuation gains.
Funds from operations (FFO) improved by 14.0% to EUR148.1 million, which represents FFO per share of EUR2.54 (forecast: EUR2.42 to EUR2.46) compared with EUR2.41 in the previous year (+5.4%). EPRA earnings also performed well and rose 5.7% to EUR2.42 per share (2016: EUR2.29). The main reasons for the good result were the contributions of the latest acquisitions and positive effects, some of which were non-recurring in nature, from lower operating and interest costs and lower taxes.
As at 31 December 2017, the EPRA net asset value stood at EUR43.19 per share, on par with the previous year (2016: EUR43.24).
The 2017 Annual Report with the final audited figures will be published as planned on 27 April 2018.
Person making the notification: Nicolas Lissner, Manager Investor & Public Relations
|Company:||Deutsche EuroShop AG|
|Phone:||+49 (0)40 413 579-0|
|Fax:||+49 (0)40 413 579-29|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|End of Announcement||DGAP News Service|