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Deutsche EuroShop: Half-year results for 2019 stable and on track

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

15.08.2019 / 18:15
The issuer is solely responsible for the content of this announcement.

Deutsche EuroShop: Half-year results for 2019 stable and on track

  • Revenue: EUR111.9 million (+0.3%)
  • EBIT: EUR98.2 million (+0.2%)
  • Consolidated profit: EUR66.2 million (+19.8%)
  • EPRA earnings per share: EUR1.37 per share (+15.1%)
  • FFO: EUR75.0 million (-0.7%)

Hamburg, 15 August 2019 - Shopping center investor Deutsche EuroShop can look back on a stable first half of its 2019 financial year. Revenue was up slightly by 0.3% to EUR111.9 million on the prior-year period, net operating income (NOI) was nearly unchanged at EUR100.4 million, and earnings before interest and taxes (EBIT) improved by 0.2% to EUR98.2 million.

Including the positive non-recurring effects from tax refunds for previous years of the first quarter of 2019, which the management of Deutsche EuroShop expects in connection with a current ruling by the Grand Senate of the Federal Finance Court (BFH), earnings before taxes (EBT) excluding valuation rose by 3.8% to EUR81.9 million in the first half of the year (excluding non-recurring effects +0.4%). For this reason, consolidated profit also increased significantly by 19.8% to EUR66.2 million (excluding non-recurring effects +2.2%); EPRA earnings rose by 14.5% to EUR 84.3 million (excluding non-recurring effects +1.3%). Funds from operations (FFO) adjusted for valuation and non-recurring effects were slightly lower than the first half of the previous year at EUR75.0 million (-0.7%) due to higher tax payments. This represents FFO per share of EUR1.21.

The Deutsche EuroShop management team is sticking to its guidance for financial year 2019 and aims to pay a dividend of EUR1.55 per share for the financial year. The expectation is that the dividend will increase by a further EUR0.05 for 2020.


Full interim report

The full interim report 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 Friday, 16 August 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.-30.06.2019   01.01.-30.06.2018   +/-
Revenue   111.9   111.6   0.3%
Net operating income (NOI)   100.4   100.5   -0.1%
EBIT   98.2   98.0   0.2%
EBT (excluding valuation1)   81.9   78.9   3.8%
EPRA2 earnings5   84.3   73.6   14.5%
FFO   75.0   75.5   -0.7%
Consolidated profit   66.2   55.3   19.8%
in EUR   01.01.-30.06.2019   01.01.-30.06.2018   +/-
EPRA2 earnings per share5   1.37   1.19   15.1%
FFO per share   1.21   1.22   -0.8%
Earnings per share   1.07   0.89   20.2%
Weighted number of no-par-value shares issued   61,783,594   61,783,594   0.0%
in EUR million   30.06.2019   31.12.2018   +/-
Equity3   2,545.6   2,573.4   -1.1%
Liabilities   2,046.7   2,036.8   0.5%
Total assets   4,592.3   4,610.2   -0.4%
Equity ratio in %3   55.4   55.8    
LTV ratio in %4   32.3   31.8    
Cash and cash equivalents   88.0   116.3   -24.4%
1 Including the share attributable to equity-accounted joint ventures and associates
2 European Public Real Estate Association            
3 Incl. third-party interests in equity            
4 Loan-to-value ratio (LTV ratio): ratio of net financial liabilities (financial liabilities less cash and cash equivalents) to non-current assets (investment properties and investments accounted for using the equity method)
5 EPRA earnings include a one-off tax refund in the period under review, including interest accrued for previous years. Without this tax refund, EPRA earnings would total EUR74.5 million (+1.3%) or EUR1.21 per share.

15.08.2019 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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