Deutsche EuroShop AG / Key word(s): 9-month figures/Interim Report
Deutsche EuroShop: nine-month result underlines reliability of business model
Hamburg, 13 November 2014 - The Hamburg-based shopping center investor Deutsche EuroShop's result for the first nine months of 2014 confirms its forecast for the year as a whole.
With revenue of EUR149.7 million (+8 %, previous year: EUR138.2 million) and improved net operating income (NOI) of EUR136.0 million (+9%, EUR124.5 million), not least thanks to a further reduction in the cost ratio, the company achieved EBIT of EUR132.3 million (+10%, EUR120.5 million).
"These increases can largely be attributed to the Altmarkt-Galerie Dresden, which has been fully consolidated since 1 May 2013. However, the operational business is also running smoothly, with like-for-like rental income rising by 2.2%," said Executive Board Spokesman Claus-Matthias Böge with satisfaction.
The consolidated profit, adjusted for the sale of the stake in the Galeria Dominikanska in Wroclaw, Poland, in the third quarter of the previous year, has risen by 14 %. The consolidated profit after nine months of EUR69.5 million corresponds to EUR1.29 per share. EPRA earnings per share also rose 14%, from EUR1.19 per share to EUR1.36. Funds from operations (FFO) improved by 10% from EUR1.48 to EUR1.64 per share.
Claus-Matthias Böge commented: "Our business model has demonstrated continued stability. Low outstanding rents and continued low write-downs of rent receivables also reinforce our confidence that we have a well-diversified and resilient mix of some 2,350 rental partners. This is also borne out by our retail occupancy rate of close to 100%."
Deutsche EuroShop is standing by its recent forecasts for financial year 2014, and expects:
The company is still holding out the prospect of an increase in dividend of five cents and hence of a dividend of EUR1.30 per share for 2014.
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Deutsche EuroShop - The shopping center company
Figures for Deutsche EuroShop (IFRS)
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|Company:||Deutsche EuroShop AG|
|Phone:||+49 (0)40 413 579-0|
|Fax:||+49 (0)40 413 579-29|
|Listed:||Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart|
|End of News||DGAP News-Service|