Deutsche EuroShop AG / Key word(s): Quarter Results/Interim Report
Deutsche EuroShop: 18% revenue growth and 12% increase in earnings in the first quarter of 2014
Hamburg, 14 May 2014 - The shopping center investor Deutsche EuroShop has published its interim report for the first quarter of 2014, reinforcing the full-year forecasts issued on 21 March with a strong set of results.
Revenue in the first three months of 2014 totalled EUR50.0 million, representing an 18% rise year-on-year (from EUR42.4 million). Correspondingly, net operating income (NOI) climbed 18% to EUR45.6 million, while EBIT rose nearly 19% to EUR44.2 million.
"The main factor behind these significant increases is the full consolidation of the Altmarkt-Galerie Dresden. This center will contribute to results over the whole of 2014, whereas in 2013 it was consolidated only from May onwards, when we increased our shareholding to 100%," explains Claus-Matthias Böge, CEO of Deutsche EuroShop.
Earnings before taxes and measurement gains/losses increased from EUR27.9 million to EUR30.4 million (+9%). Consolidated profit improved by 12%, from EUR20.1 million to EUR22.6 million, taking earnings per share from EUR0.37 to EUR0.42. FFO (funds from operations) improved by 10%, from EUR0.50 to EUR0.55 per share.
Deutsche EuroShop is standing by its recent forecasts for financial year 2014, and expects:
The company envisages paying a dividend of EUR1.30 per share for 2014.
Full interim report
Internet broadcast of the teleconference
Deutsche EuroShop - The shopping center company
Figures for Deutsche EuroShop (IFRS)
* European Public Real Estate Association
** incl. third-party interests in equity
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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|