DGAP-News: Deutsche EuroShop AG / Key word(s): Half Year Results/Interim Report
Deutsche EuroShop: Half-year results for 2019 stable and on track
Hamburg, 15 August 2019 - Shopping center investor Deutsche EuroShop can look back on a stable first half of its 2019 financial year. Revenue was up slightly by 0.3% to EUR111.9 million on the prior-year period, net operating income (NOI) was nearly unchanged at EUR100.4 million, and earnings before interest and taxes (EBIT) improved by 0.2% to EUR98.2 million.
Including the positive non-recurring effects from tax refunds for previous years of the first quarter of 2019, which the management of Deutsche EuroShop expects in connection with a current ruling by the Grand Senate of the Federal Finance Court (BFH), earnings before taxes (EBT) excluding valuation rose by 3.8% to EUR81.9 million in the first half of the year (excluding non-recurring effects +0.4%). For this reason, consolidated profit also increased significantly by 19.8% to EUR66.2 million (excluding non-recurring effects +2.2%); EPRA earnings rose by 14.5% to EUR 84.3 million (excluding non-recurring effects +1.3%). Funds from operations (FFO) adjusted for valuation and non-recurring effects were slightly lower than the first half of the previous year at EUR75.0 million (-0.7%) due to higher tax payments. This represents FFO per share of EUR1.21.
The Deutsche EuroShop management team is sticking to its guidance for financial year 2019 and aims to pay a dividend of EUR1.55 per share for the financial year. The expectation is that the dividend will increase by a further EUR0.05 for 2020.
Full interim report
The full interim report is available as a PDF document and in ePaper format. It can be downloaded from www.deutsche-euroshop.com/ir
Deutsche EuroShop will hold a conference call for analysts in English at 10:00 a.m. (CEST) on Friday, 16 August 2019, which will be carried out as a live webcast on www.deutsche-euroshop.com/ir
Deutsche EuroShop - The shopping center company
Deutsche EuroShop is the only public company in Germany to invest solely in shopping centers in prime locations. The MDAX-listed company currently has investments in 21 shopping centers in Germany, Austria, Poland, the Czech Republic and Hungary. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among many others.
|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|
|EQS News ID:||858449|
|End of News||DGAP News Service|