Deutsche Euroshop Newsroom

Corporate News

14.11.2018

Deutsche EuroShop: Continued positive business performance

  • Revenue: €167.0 million (+3.8%)
  • EBIT: €146.5 million (+4.4%)
  • Consolidated profit: €82.2 million (-3.6%)
  • EPRA earnings: €107.8 million (+4.7%)
  • FFO: €110.7 million (+2.9%)

Shopping center investor Deutsche EuroShop today published its report for the quarter ending 30 September 2018. The company’s positive business performance continued into the third quarter. Revenue increased by 3.8% to €167.0 million, which was largely attributable to the acquisition of the Olympia Center in the Czech city of Brno. The revenue from the remaining asset portfolio also made a small contribution towards growth in the first nine months of the current financial year, at 0.3%.

 

Net operating income climbed 3.9% to €150.0 million, and EBIT 4.4% to €146.5 million. EPRA earnings, i.e. operating earnings adjusted for valuation effects, rose by €4.8 million to €107.8 million, an increase of 4.7%. Funds from operations (FFO) also recorded growth and increased by 2.9% to €110.7 million.

 

“The reduction in financing costs also had a positive effect on the results. During the course of the year, we further reduced the average interest rates for our financing from 2.89% to 2.73%, and we are currently seeing further potential for reductions in the upcoming follow-up financing,” explained Olaf Borkers, CFO.

 

The consolidated profit in the first nine months of 2018 was down 3.6% compared with the same period in the previous year, at €82.2 million. “The key drivers behind this development were the higher ongoing investments in our shopping centers, which impacted measurement gains/losses. This includes in particular our “At-your-Service” and “Mall Beautification” investment programmes, with which we are currently increasing the appeal of our shopping centers even further,” stated Wilhelm Wellner, CEO.

 

Deutsche EuroShop reaffirms its forecast for financial year 2018 and continues to expect

 

revenue of between €220 million and €224 million

  • earnings before interest and taxes (EBIT) of between €193 million and €197 million
  • earnings before taxes (EBT) excluding measurement gains/losses of between €154 million and €157 million
  • funds from operations (FFO) per share of between €2.35 and €2.39

The company plans to increase dividends for 2018 by five cents, paying out €1.50 per share.


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 Thursday, 15 November 2018, which will be carried out as a live webcast on www.deutsche-euroshop.com/ir

 

Key Group figures

in € million


01.01.-30.09.2018


01.01.-30.09.2017


+/-


Revenue


167.0


161.0


3.8%


Net operating income (NOI)


150.0


144.4


3.9%


EBIT


146.5


140.2


4.4%


EBT (excluding measurement gains / losses)


118.1


111.0


6.4%


EPRA Earnings


107.8


103.0


4.7%


FFO


110.7


107.6


2.9%


Consolidated profit


82.2


85.2


-3.6%










per share in €


01.01.-30.09.2018


01.01.-30.09.2017


+/-


EPRA earnings per share


1.74


1.79


-2.8%


FFO per share


1.80


1.88


-4.3%


Earnings per share


1.33


1.49


-10.7%


Weighted number of no-par-value shares issued


61,783,594


 57,376,321


7.7%










in € million


30.09.2018


31.12.2017


+/-


Equity


2,570.8


2,574.9


-0.2%


Liabilities


2,049.0


2,052.1


-0.2%


Total assets


4,619.7


4,627.0


-0.2%


Equity ratio in %


55.6


55.6




LTV ratio in %


32.0


32.4




Cash and cash equivalents


107.7


106.6


1.0%










For explanations regarding the financial figures used, please consult www.deutsche-euroshop.de/des/pages/index/p/210


 

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Deutsche EuroShop 9M 2018 Quarterly Statement Conference Call Slide Presentation
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