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Deutsche EuroShop: First half of 2014 solid and on track

Deutsche EuroShop AG / Key word(s): Half Year Results/Interim Report

12.08.2014 / 18:00

Deutsche EuroShop: First half of 2014 solid and on track

  • Revenue: EUR99.7 million (+12%), EBIT: EUR88.3 million (+14%)
  • EBT: EUR57.4 million (+24%)
  • Consolidated profit: EUR46.3 million (+23%)
  • FFO: EUR1.09 per share (+16%)

Hamburg, 12 August 2014 - After generating EUR99.7 million in revenue (previous year: EUR88.8 million) and an EBIT of EUR88.3 million (EUR77.2 million) during the first six months of 2014, the shopping center investor Deutsche EuroShop is right on track to fulfilling its forecast for the year as a whole.

Claus-Matthias Böge, Executive Board Spokesman of Deutsche EuroShop, explains: "The considerable increases can largely be attributed to the Altmarkt-Galerie Dresden, which we began to fully consolidate in May 2013 after increasing our shareholding to 100 percent."

Consolidated profit experienced an increase year-on-year of just around 23% to EUR46.3 million. Correspondingly, earnings per share rose to EUR0.86 and EPRA earnings per share adjusted for valuation effects were 19% higher at EUR0.91. Funds from operations (FFO) improved by 16% from EUR0.94 to EUR1.09 per share.

Deutsche EuroShop is standing its forecast and envisages paying a dividend of EUR1.30 per share for financial year 2014.

Full interim report
The full interim report is available as a PDF document and in ePaper format. It can be downloaded from

Internet broadcast of the teleconference
Deutsche EuroShop will hold a conference call in English as a live webcast at 10:30 a.m. (CEST) on Wednesday, 13 August 2014 at

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 19 shopping centers in Germany, Austria, Poland and Hungary. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk.

Figures for Deutsche EuroShop (IFRS)

In EUR million 01.01.-30.06.
+ / -
Revenue 99.7 88.8 12%
EBIT 88.3 77.2 14%
Net finance costs -28.0 -27.7 -1%
Valuation gains/losses -2.9 -3.1 -6%
EBT 57.4 46.4 24%
Consolidated profit 46.3 37.7 23%
FFO per share (EUR) 1.09 0.94 16%
Earnings per share in EUR (undiluted) 0.86 0.70 23%
  30.06.2014 31.12.2013 + / -
Equity* 1,613.3 1,642.4 -2%
Liabilities 1,771.4 1,752.5 1%
Total assets 3,384.7 3,394.9 0%
Equity ratio (%)** 47.7 48.4  
LTV ratio (%) 43 43  
Gearing (%)** 110 107  
Cash and cash equivalents 71.8 40.8   76%

* incl. third-party interests in equity

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