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Deutsche EuroShop: presentation of the 2018 Annual Report / earnings and dividend forecast for 2019 and 2020

DGAP-News: Deutsche EuroShop AG / Key word(s): Annual Results/Forecast

29.04.2019 / 14:30
The issuer is solely responsible for the content of this announcement.

Deutsche EuroShop: presentation of the 2018 Annual Report / earnings and dividend forecast for 2019 and 2020

Hamburg, 29 April 2019 - Shopping center investor Deutsche EuroShop AG, Hamburg, today presented the audited results for the 2018 financial year and confirmed the preliminary results published at the end of February. The Annual Report published under the motto "Show & Room" is now available for download at

Figures for Deutsche EuroShop (IFRS)

in EUR million 2018 2017 +/-
Revenue 225.0 218.5 3%
EBIT 199.1 192.4 4%
Financial gains or losses -41.3 -35.1 -18%
Measurement gains/losses -55.7 8.6  
EBT 102.1 165.8 -38%
Consolidated profit 79.4 134.3 -41%
FFO per share in EUR 2.43 2.54 -4%
Earnings per share in EUR* 1.29 2.31 -44%
EPRA earnings per share in EUR* 2.39 2.42 -1%
Equity** 2,573.4 2,574.9 0%
Liabilities 2,036.8 2,052.1 -1%
Total assets 4,610.2 4,627.0 0%
Equity ratio in %** 55.8 55.6  
LTV ratio in % 31.8 32.4  
Cash and cash equivalents 116.3 106.6 9%
Net asset value (EPRA) 2,667.5 2,668.4 0%
Net asset value per share in EUR (EPRA) 43.17 43.19 0%
Dividend per share in EUR 1.50*** 1.45 3%

* basic
** incl. third-party interests in equity
*** proposal

Explanations of the key financial indicators used can be downloaded at

Forecast for 2019 and 2020

Assuming that rental income remains stable, Deutsche EuroShop is expecting revenue to lie within a range of EUR222-226 million in both 2019 and 2020.

The Company is forecasting that earnings before interest and taxes (EBIT) will be between EUR194 and 198 million in both 2019 and 2020.

For 2019, Deutsche EuroShop is raising its forecast for earnings before taxes and measurement gains/losses (EBT excl. measurement gains/losses) slightly from EUR159 to 162 million (previous forecast: EUR158 to 161 million) due to additional interest income in connection with unscheduled tax refunds for previous years. For 2020, EBT excl. measurement gains/losses is expected to come in between EUR161 and 164 million.

For funds from operations (FFO), EUR2.40-2.44 per share is forecast for 2019 and EUR2.43-2.47 per share for 2020.

Continuation of attractive dividend policy

Based on the results for the financial year 2018, a dividend of EUR1.50 per share, which is 3.4 % or EUR0.05 higher than in the previous year, will be proposed to the Annual General Meeting to be held in Hamburg on 12 June 2019. EUR0.57 per share of the dividend will be subject to a capital gains tax deduction.

Deutsche EuroShop's Executive Board and Supervisory Board also intend to increase the dividend for financial years 2019 and 2020 by EUR0.05 per share in each of those years.

Financial report publication dates in 2019

Deutsche EuroShop will publish its financial reports for the current financial year on the following dates after close of trading:

- Q1 Quarterly statement: 15 May 2019

- Interim report: 15 August 2019

- Q3 Quarterly statement: 13 November 2019

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 21 shopping centers in Germany, Austria, Poland, the Czech Republic and Hungary. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among many others.

29.04.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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