Deutsche EuroShop AG / Quarter Results/Change in Forecast
11.11.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Deutsche EuroShop: Forecast raised after good nine-month result 2008
- Revenue: EUR 84.1 million (+22%)
- EBIT: EUR 69.5 million (+25%)
- Profit: EUR 31.3 million (adjusted +51%)
- Earnings per share: EUR 0.91
Hamburg, 11 November 2008 The shopping center investor Deutsche EuroShop
AG today reported about the results of the first nine months of 2008.
Revenue totalled EUR 84.1 million, representing a 22% rise year-on-year
(EUR 68.9 million). Besides Galeria Baltycka, which opened in Gdansk back
in October 2007, the two properties which opened in March and September
this year in Hamelin and Passau contributed to the positive development in
revenue. Revenue from existing properties climbed 2.1%.
EBIT increased by EUR 13.9 million (+25%) from EUR 55.6 million to EUR 69.5
million.
Net finance costs amounted to EUR 36.0 million, EUR 6.3 million more than
the EUR 29.7 million recorded during the previous year. This results
firstly from interest expense incurred for the first time due to the new
centers and secondly from the higher profit/loss attributable to minority
shareholders.
Measurement losses of EUR -0.3 million moved to become measurement gains of
EUR 4.4 million. The change of EUR 4.7 million is attributable exclusively
to unrealised currency effects from the Polish and Hungarian property
companies.
EBT rose from EUR 25.6 million to EUR 37.9 million. This corresponds to an
increase of EUR 12.3 million or 48% compared with the same period of the
previous year.
Consolidated profit totalled EUR 31.3 million, down by EUR 13.2 million
year-on-year (EUR 44.5 million). Last years net profit was positively
impacted by the reversal of the deferred tax item in the amount of EUR 23.8
million due to the German business tax reform. Adjusted for this one-time
effect, consolidated profit grew by EUR 10.6 million. This is equivalent to
a profit increase of 51%. Earnings per share thus rose from EUR 0.60 to EUR
0.91 adjusted for tax. Of this, EUR 0.83 resulted from operating profit and
EUR 0.08 from measurement gains.
Despite all the advantages of investing in retail property, the number of
transactions has fallen sharply recently on account of the overall climate
of uncertainty. The market has almost come to a complete standstill. For
the time being Deutsche EuroShop will be proceeding with great caution with
regard to new acquisitions. The Company is no longer pursuing the objective
of investing EUR 150-200 million this year. The investments will therefore
remain at the EUR 75 million announced for the expansion of the
Altmarkt-Galerie Dresden and some smaller capital expenditures in the
portfolio. Nevertheless, a credit line of EUR 100 million will enable
Deutsche EuroShop to act at any time should an attractive investment
proposition arise.
On the basis of the earnings generated in the first nine months, the
Executive Board is increasing the forecast for 2008 as a whole: it expects
revenue of EUR 113 to EUR 115 million (previously EUR 110 to EUR 113
million; 2007: EUR 95.8 million), EBIT of EUR 93 to EUR 95 million
(previously EUR 90 to EUR 92 million; 2007: EUR 77.2 million) and EBT
excluding measurement gains/losses of EUR 45 to EUR 47 million (previously
EUR 43 to EUR 45 million; 2007: EUR 37.7 million).
The forecast for 2009 remains unchanged: revenue of EUR 119 to EUR 121
million, EBIT of EUR 100 to EUR 102 million and EBT of EUR 49 to EUR 51
million excluding measurement gains/losses.
The Executive Board continues to expect a tax-free dividend of EUR 1.05 per
share for the 2008 financial year.
Key Data of Deutsche EuroShop (IFRS)
01.01.-30.09. 01.01.-30.09. +/-
in Euro million 2008 2007
Revenue 84.1 68.9 22%
EBIT 69.5 55.6 25%
Net interest expense -36.0 -29.7 -21%
EBT 37.9 25.6 48%
Consolidated profit 31.3 44.5 -30%
FFO per share (EUR) 1.00 0.76 32%
Earnings per share (EUR) 0.91 1.29 47%
30.09.2008 31.12.2007 +/-
Equity 961.4 974.0 -1%
Liabilities 1,000.3 1,002.3 0%
Total assets 1,961.7 1,976.3 -1%
Equity ratio (%) 49.0 49.3
LTV ratio (%) 47.4 48.7
Webcast of the conference call
Deutsche EuroShop will webcast its English conference call on
Thursday, 11 November 2008, at 10:00 a.m. CET live on the
Internet. The webcast can be accessed at the Company's website at
http://www.deutsche-euroshop.com/ir
At the same internet address the complete Interim Report is
available as PDF file and as interactive online version.
Deutsche EuroShop The Shopping Center Company
Deutsche EuroShop is Germanys only public company, that invests
solely in shopping centers in prime locations. The MDAX-listed
Company currently has equity interests in 16 European shopping
centers in Germany, Austria, Hungary and Poland.
DGAP 11.11.2008
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Language: English
Issuer: Deutsche EuroShop AG
Oderfelder Straße 23
20149 Hamburg
Deutschland
Phone: +49 (0)40 413 579-0
Fax: +49 (0)40 413 579-29
E-mail: ir@deutsche-euroshop.de
Internet: www.deutsche-euroshop.de
ISIN: DE0007480204
WKN: 748020
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hannover, München, Hamburg, Düsseldorf, Stuttgart
End of News DGAP News-Service
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DGAP-News: Deutsche EuroShop: Forecast raised after good nine-month result 2008
| Source: EQS Group AG