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Deutsche EuroShop: 18% revenue growth and 12% increase in earnings in the first quarter of 2014

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

14.05.2014 / 18:10

Deutsche EuroShop: 18% revenue growth and 12% increase in earnings in the first quarter of 2014

  • First three months of the year on track
  • Full consolidation of the Altmarkt-Galerie Dresden
  • Consolidated profit: EUR22.6 million (+12%)
  • FFO: EUR0.55 per share (+10%)

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:

  • revenue of between EUR198 million and EUR201 million
  • earnings before interest and taxes (EBIT) of between EUR174 million and EUR177 million
  • earnings before taxes (EBT) excluding measurement gains/losses of between EUR120 million and EUR123 million
  • funds from operations (FFO) per share of between EUR2.14 and EUR2.18

The company envisages paying a dividend of EUR1.30 per share for 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 11 a.m. (CET) on Thursday 15 May 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.-31.03.
+ / -
Revenue 50.0 42.4 18%
EBIT 44.2 37.3 19%
Net finance costs -13.8 -10.1 -37%
Valuation gains/losses -1.1 -1.4 -25%
EBT 29.3 25.8 14%
Consolidated profit 22.6 20.1 12%
FFO per share (EUR) 0.55 0.50 10%
EPRA* earnings per share in EUR 0.44 0.40 10%
  31.03.2014 31.12.2013 + / -
Equity** 1,662.1 1,642.4 1%
Liabilities 1,712.4 1,752.5 -2%
Total assets 3,374.5 3,394.9 -1%
Equity ratio (%)** 49.3 48.4  
LTV ratio (%) 42 43  
Gearing (%)** 103 107  
Cash and cash equivalents 59.0 40.8 45%

* European Public Real Estate Association
** incl. third-party interests in equity

End of Corporate News

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