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Deutsche EuroShop: Start to the new financial year according to plan

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

2015-05-12 / 18:05

Deutsche EuroShop: Start to the new financial year according to plan

  • Revenue: EUR50.6 million (+1%), EBIT: EUR44.6 million (+1%)
  • Consolidated profit: EUR25.3 million (+12 %)
  • EPRA earnings per share: EUR0.48 per share (+9%)
  • FFO: EUR0.57 per share (+4%)
  • Forecasts for 2015 confirmed

Hamburg, 12 May 2015 - The shopping center investor Deutsche EuroShop has published its interim report for the first quarter of 2015 and confirmed the full-year forecasts issued on 19 March.

Revenue in the first three months of 2015 totalled EUR50.6 million, representing a small year-on-year rise of 1% (from EUR50.0 million). Correspondingly, net operating income (NOI) climbed 1% to EUR46.1 million, while EBIT also rose 1% to EUR44.6 million.

Earnings before taxes and measurement gains/losses increased from EUR30.4 million to EUR31.8 million (+5%). Consolidated profit improved by 12%, from EUR22.6 million to EUR25.3 million. Claus-Matthias Böge, CEO of Deutsche EuroShop, declared: "The main factors behind the improved consolidated profit were a reduction in interest expense, improved measurement gains and lower taxes."

Correspondingly, earnings per share were also 12% higher, climbing from EUR0.42 to EUR0.47. Earnings per share calculated on an EPRA basis rose 9%, from EUR0.44 to EUR0.48. Funds from operations (FFO) improved by 4% from EUR0.55 to EUR0.57 per share.

Deutsche EuroShop is standing by its recent forecasts for financial year 2015, and expects:

  • revenue of between EUR201 million and EUR204 million
  • earnings before interest and taxes (EBIT) of between EUR177 million and EUR180 million
  • earnings before taxes (EBT) excluding measurement gains/losses of between EUR126 million and EUR129 million
  • funds from operations (FFO) per share of between EUR2.24 and EUR2.28

The company envisages paying a dividend of EUR1.35 per share for 2015.

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 11 a.m. (CET) on Thursday 13 May 2015 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.-31.03.
+ / -
Revenue 50.6 50 1%
EBIT 44.6 44.2 1%
Net finance costs -12.9 -13.8 7%
Valuation gains/losses -0.5 -1.1 57%
EBT 31.3 29.3 7%
Consolidated profit 25.3 22.6 12%
EPRA* Earnings per share in EUR 0.48 0.44 9%
FFO per share (EUR) 0.57 0.55 4%
  31.03.2015 31.12.2014 + / -
Equity** 1.774.5 1.751.2 1%
Liabilities 1.739.8 1.741.0 0%
Total assets 3.514.2 3.492.2 1%
Equity ratio (%)** 50.5 50.1  
LTV ratio (%) 39 40  
Gearing (%)** 98 99  
Cash and cash equivalents 80.8 58.3 39%
* European Public Real Estate Association
** incl. third-party interests in equity

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