Please activate JavaScript!
Please install Adobe Flash Player, click here for download

DES Nine-Month Report 2012

/ / / 3  DES Nine-month report 2012 Measurement gains/losses The measurement losses of €  2.9 million during the reporting period stemmed from the excess of identified net assets acquired over cost of acquisition in accordance with IFRS 3 which resulted from the increase in shareholdings in our centers in Dessau, Hamm and Viernheim, as well as investment costs incurred by the portfolio properties. EBT excluding measurement gains / losses up 25% Earnings before taxes (EBT) rose 22% from €  58.0 million to €  71.1 million, while earnings before measurement increased from   59.1 million to €  73.9 million to end 25% higher than the same period of the previous year. Tax ratio at 29.7% Income tax expenses rose from €  18.0 million to €  21.1 million due to better performance. €  4.1 million of this was attributable to income taxes to be paid and €  17.0 million to deferred taxes. The tax ratio of 29.7% is thus slightly lower than the previous year (31%). 25% increase in consolidated profit Consolidated profit amounted to €  49.9 million, €  9.9 million (+25%) higher year-on-year. Earnings per share amounted to €  0.97, compared with €  0.78 last year. EPRA earnings per share rose 25% from €  0.80 per share to €  1.00. Earnings per share   30.09.2012 30.09.2011 in € thousand Per share in € thousand Per share Consolidated profit 49,938 0.97 40,028 0.78 Measurement gains/ losses 2,836 0.05 1,046 0.02 Deferred taxes -793 -0.02 -1 0.00 EPRA* earnings 51,981 1.00 41,072 0.80 * European Public Real Estate Association Funds from operations (FFO) up 23% FFO rose from €  56.8 million to €  69.8 million, or from €  1.10 to €  1.35 per share (+23%). in € thousand  30.09.2012 30.09.2011 adjustment 30.09.2011 after ­adjustment Consolidated profit 49,938 40,028 0 40,028 Measurement gains/losses Equity-accounted associates 0 Measurement gains/losses 2,836 1,298 -253 1,045 Deferred taxes 17,031 16,603 -834 15,769 FFO 69,805 57,929 -1,087 56,842 FFO per share 1.35 1.12 -0.02 1.10 Financial Position and Net Assets   Net assets and liquidity During the reporting period, the Deutsche EuroShop Group’s total assets increased by just €  17.5 million on the figure at the end of 2011 to €  3,242.6 million. Non-current assets increased by €  5.4 million. Receivables and other current assets, on the other hand, declined by €  11.7 million. At €  88.1 million, cash and cash equivalents were €  23.7 million higher than on 31 December 2011 (€  64.4 million). Equity ratio of 44.8% The equity ratio (incl. shares held by third-party shareholders) was down as a result of the dividend paid in June. As at the reporting date, it amounted to 44.8% compared with 45.7% as of 31 December 2011. Liabilities Bank loans and overdrafts amounted to €  1,486.1 million on 30 Septem- ber 2012, €  13.9 million higher than at the end of 2011. This is offset by the significantly higher level of cash and cash equivalents amounting to €  23.7 million. Non-current deferred tax liabilities increased by €  13.5 million to €  224.1 million due to additional provisions. Mean- while, redemption entitlements for third-party shareholders fell by around €  6.5 million as a result of the increase in the shareholding in our properties in Hamm, Viernheim and Dessau and dividend distributions. Other liabilities and provisions increased by €  11.4 million.

Pages