Deutsche Euroshop Newsroom

Ad-hoc News

05.03.2018

Deutsche EuroShop exceeds forecast: Significant growth in operating profit (+14.0%) and FFO per share (+5.4%) in financial year 2017

  • Revenue:218.5 million (+6.5%)
  • EBIT: 192.4 million (+7.7%)
  • FFO: 2.54 per share (+5.4%)
  • EBT excluding measurement gains: 153.3 million (+14.0%)
  • 12.9 million measurement gains
  • Dividend proposal (planned): 1.45 per share (+3.6%)

 

Based on preliminary figures, shopping centre investment firm Deutsche EuroShop closed financial year 2017 with a positive result that met or exceeded its forecast. Consolidated revenue was up 6.5%, from 205.1 million to 218.5 million (forecast: 216 million to 220 million). Earnings before interest and taxes (EBIT) increased by 7.7% in the year under review from 178.6 million to 192.4 million (forecast: 187 million to 191 million).

 

Net finance costs totalled -35.1 million in comparison to -13.9 million in the previous year. This figure includes positive valuation effects of 4.4 million (2016: 28.7 million) due to increases in the values of assets recognised at equity. In combination with the increase in value of Group properties totalling 8.5 million (2016: 116.8 million) valuation gains stand at 12.9 million (2016: 145.5 million).

 

At 153.3 million, operating earnings before taxes (EBT excluding measurement gains) were up 14.0% versus the previous year (134.5 million) and exceeded the forecast (145 million to 148 million). Consolidated profit totalled 134.3 million (2016: 221.8 million) and were thus down on the figure recorded in the previous year due to a considerable drop in valuation gains.

 

Funds from operations (FFO) improved by 14.0% to 148.1 million, which represents FFO per share of 2.54 (forecast: 2.42 to 2.46) compared with 2.41 in the previous year (+5.4%). EPRA earnings also performed well and rose 5.7% to 2.42 per share (2016: 2.29). The main reasons for the good result were the contributions of the latest acquisitions and positive effects, some of which were non-recurring in nature, from lower operating and interest costs and lower taxes.

 

As at 31 December 2017, the EPRA net asset value stood at 43.19 per share, on par with the previous year (2016: 43.24).

 

The 2017 Annual Report with the final audited figures will be published as planned on 27 April 2018.


This notice contains complementary financial figures that are not precisely defined by the relevant accounting standards and that (may) represent alternative performance indicators. These complementary financial figures should not be considered in isolation or as an alternative to the figures presented in the consolidated financial statements and determined in accordance with the relevant accounting standards when evaluating the assets, financial position and results of operations of Deutsche EuroShop. Such alternative performance indicators may be calculated differently but labelled similarly by other companies. For explanations regarding the financial figures used, please consult http://www.deutsche-euroshop.de/des/pages/index/p/210

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Deutsche EuroShop 3M 2018 Quarterly Statement Conference Call Slide Presentation
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