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Deutsche EuroShop: Operational growth and non-recurring tax effect provide significant boost to results in first quarter of 2019

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

15.05.2019 / 17:45
The issuer is solely responsible for the content of this announcement.

Deutsche EuroShop: Operational growth and non-recurring tax effect provide significant boost to results in first quarter of 2019

  • Revenue: EUR56.2 million (+0.3 %)
  • EBIT: EUR49.3 million (+0.6 %)
  • Consolidated profit: EUR39.4 million (+29.8 %)
  • EPRA earnings per share: EUR0.77 per share (+28.3 %)
  • FFO: EUR38.4 million (+1.6 %)

Hamburg, 15 May 2019 - Shopping center investor Deutsche EuroShop recorded revenue of EUR56.2 million in the first three months of the 2019 financial year, up slightly by 0.3 % on the prior-year period. Net operating income (NOI) climbed 1.0 % to EUR50.6 million, and EBIT 0.6 % to EUR49.3 million.

Results in the first quarter were additionally influenced by a positive non-recurring effect. As part of pending appeal proceedings, the Grand Senate of the Federal Fiscal Court (BFH) ruled that it is possible to claim the "extended trade tax deduction" for investments in partnerships that are purely engaged in asset management, such as those held by Deutsche EuroShop. "This decision revises an earlier BFH judgement dating back to 2010, on the basis of which Deutsche EuroShop was denied the exemption of income from trade tax," explains CEO Wilhelm Wellner. "Given the recent decision, we expect that our appeals against the relevant tax assessments from previous years will be granted and that we will receive reimbursements totalling EUR9.7 million."

The solid operating earnings, interest savings arising from favourable refinancing arrangements, and one-off interest income in connection with an expected tax refund boosted earnings before taxes and excluding measurement gains/losses by 7.2 % to EUR42.3 million. Consolidated profit including the expected tax refund was up 29.8 % from EUR30.4 million to EUR39.4 million.

Earnings per share calculated according to EPRA (EPRA earnings) rose to EUR0.77, equating to an increase of 28.3 % (+2.9 % excluding effects from the current BFH decision). Funds from operations (FFO) adjusted for non-recurring effects were 1.6 % higher at EUR 38.4 million, with FFO per share climbing from EUR0.61 to EUR0.62.

Deutsche EuroShop is standing by its recent forecasts for financial year 2019, and expects:

  • Revenue of between EUR222 million and EUR226 million
  • Earnings before interest and taxes (EBIT) of between EUR194 million and EUR198 million
  • Earnings before taxes (EBT) excluding measurement gains/losses of between EUR159 million and EUR162 million
  • Funds from operations (FFO) of between EUR148 million and EUR151 million or between EUR2.40 and EUR2.44 per share

The company envisages paying a dividend of EUR1.55 per share for 2019.

Full quarterly statement

The full quarterly statement is available as a PDF document and in ePaper format. It can be downloaded from

Webcast of the teleconference

Deutsche EuroShop will hold a conference call for analysts in English at 10:00 a.m. (CEST) on Thursday, 16 May 2019, which will be carried out as a live webcast on

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.

Key consolidated figures
in EUR million   01.01.-31.03.2019   01.01.-31.03.2018   +/-
Revenue   56.2   56.0   0.3 %
Net operating income (NOI)   50.6   50.1   1.0 %
EBIT   49.3   49.0   0.6 %
EBT (excluding measurement gains/losses)   42.3   39.5   7.2 %
EPRA earnings   47.6   36.9   29.0 %
FFO   38.4   37.8   1.6 %
Consolidated profit   39.4   30.4   29.8 %
in EUR   01.01.-31.03.2019   01.01.-31.03.2018   +/-
EPRA earnings per share   0.77   0.60   28.3 %
FFO per share   0.62   0.61   1.6 %
Earnings per share   0.64   0.49   30.6 %
Weighted number of no-par-value shares issued   61,783,594   61,783,594   0.0 %
in EUR million   31.03.2019   31.12.2018   +/-
Equity   2,612.8   2,573.4   1.5 %
Liabilities   2,045.8   2,036.8   0.4 %
Total assets   4,658.6   4,610.2   1.0 %
Equity ratio in %   56.1   55.8    
LTV ratio in %   30.9   31.8    
Cash and cash equivalents   156.8   116.3   34.8 %
For explanations regarding the financial figures used, please consult

15.05.2019 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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