Deutsche Euroshop Newsroom

Corporate News

14.08.2018

Deutsche EuroShop: First-half results in line with forecast

  • Significant growth in revenue and income due to portfolio expansion in Czech Republic
  • Stable portfolio business in competitive retail environment
  • “At-your-Service” and “Mall Beautification” programmes launched
  • Funds from operations (FFO) up 6.5 %
  • Further increase in dividend expected

The shopping center investor Deutsche EuroShop recorded net operating income (NOI) of €100.5 million in the first half of 2018, almost matching the rise in revenues of 5.5 % year on year to €111.6 million. EBIT climbed by 6.0 % to €98.0 million. This growth was attributable in the main to the Olympia Center in Brno, which has been included in the consolidated figures since 31 March 2017.

The existing portfolio also made a positive contribution to growth, with revenue up by 0.4 % (lfl).

 

Earnings before taxes and excluding measurement gains/losses increased from €73.0 million to €78.9 million (+8.0 %). By contrast, consolidated profit fell -1.7 % to €55.3 million due to measurement losses. “With our ‘At-your-Service’ and ‘Mall Beautification’ programmes, we are investing in the further modernisation and future of our existing centers,” comments CEO Wilhelm Wellner, explaining the impact of measurement gains/losses: “In addition, the fact that we decided not to proceed with the expansion concept for our shopping center in Gdansk to the extent originally planned on account of the current project and approval status meant we had corresponding one-off write-downs on part of the preliminary costs.”

 

Business continued to be stable in terms of operations. EPRA earnings improved significantly from €68.0 million to €73.6 million owing to the portfolio expansion (+8.2%). At the same time, funds from operations (FFO) rose from €70.9 million to €75.5 million, which corresponds to growth of 6.5 %.

The Deutsche EuroShop management team is sticking to its forecast for financial year 2018 and aims to pay a dividend of €1.50 per share for the financial year. The expectation is that the dividend will increase by a further €0.05 for 2019.

 

Full quarterly statement

The full half-year financial report is available as a PDF document and in ePaper format. It can be downloaded fromwww.deutsche-euroshop.com/ir


Webcast of the teleconference

Deutsche EuroShop will hold a conference call for analysts in English at 10:00 a.m. (CET) on Wednesday, 15 August 2018, which will be carried out as a live webcast on

www.deutsche-euroshop.com/ir


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 Group figures

in € million


01.01.-30.06.2018


01.01.-30.06.2017


+/-


Revenue


111.6


105.8


5.5 %


Net operating income (NOI)


100.5


95.3


5.4 %


EBIT


98.0


92.5


6.0 %


EBT (excluding measurement gains / losses)


78.9


73.0


8.0 %


EPRA Earnings


73.6


68.0


8.2 %


FFO


75.5


70.9


6.5 %


Consolidated profit


55.3


56.2


-1.7 %










per share in €


01.01.-30.06.2018


01.01.-30.06.2017


+/-


EPRA earnings per share


1.19


1.20


-0.8 %


FFO per share


1.22


1.25


-2.4 %


Earnings per share


0.89


0.99


-10.1 %


Weighted number of no-par-value shares issued


 61,783,594


 56,754,256


 +8.9 %










in € million


30.06.2018


31.12.2017


+/-


Equity


2,540.8


2,574.9


-1.3 %


Liabilities


2,139.2


2,052.1


4.2 %


Total assets


4,680.0


4,627.0


1.1 %


Equity ratio in %


54.3


55.6




LTV ratio in %*


30.8


32.4




Cash and cash equivalents


168.3


106.6


57.9 %










For explanations regarding the financial figures used, please consult www.deutsche-euroshop.de/des/pages/index/p/210
* The LTV ratio stands at 32.8% after the deduction of the dividend paid out on 3 July 2018


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