Deutsche EuroShop AG / Quarter Results
14.05.2009
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: First Quarter 2009 With Positive Special Effects
- Revenue: EUR 31.8 million (+18%), EBIT: EUR 27.1 million (+20%)
- FFO: EUR 0.37 per share (+16%)
- Earnings: EUR 24.4 million (+139%)
- EPS: EUR 0.71
Hamburg, 14 May 2009 - Today the shopping center investor Deutsche EuroShop
AG reported about its results for the first three months of FY 2009.
Revenue totalled EUR 31.8 million, representing an 18% rise year-on-year
(from EUR 26.9 million). The full consolidation of the results of the
Kassel center resulted in higher revenue contributions than in the past. In
addition, the two centers opened in Hameln and Passau in 2008 also
contributed to revenue growth. Additionally revenue from existing
properties rose by 2.0% year-on-year.
EBIT increased by EUR 4.4 million (+19%) from EUR 22.7 million to EUR 27.1
million. This was chiefly due to contributions to earnings from the
recently opened properties in Passau and Hameln and the full inclusion for
the first time of the property company in Kassel.
Net finance costs totalled EUR 14.2 million, EUR 2.6 million more than the
EUR 11.6 million recorded the previous year. This was attributable firstly
to the higher interest expense incurred following the consolidation of
Kassel, and secondly to the higher interest expense for the Hameln and
Passau centers. Interest income declined due to the sharp decline in
capital market rates.
Measurement gains rose from EUR 1.2 million to EUR 16.8 million, thanks to
a special effect related to the first-time full consolidation of the
City-Point Kassel and to the unrealised currency gains of EUR 14.6 million
because of the depreciation in the Polish zloty and Hungarian forint.
EBT rose from EUR 12.3 million to EUR 29.6 million. This corresponds to an
increase of EUR 17.3 million or 141% year-on-year and is mainly
attributable to the effects already described under measurement gains.
FFO increased by EUR 0.05 from EUR 0.32 to EUR 0.37. This represents an
increase of 16%.
Consolidated profit totalled EUR 24.4 million, up by EUR 14.2 million
versus the first three months of 2008 (EUR 10.2 million). This is
equivalent to 139% profit growth. Earnings per share consequently rose from
EUR 0.30 to EUR 0.71. Of this, EUR 0.31 resulted from operating profit and
EUR 0.40 from the measurement gains.
The Executive Board anticipates that the expansions of the Altmarkt-Galerie
in Dresden and the Main-Taunus-Zentrum near Frankfurt can start this year.
The sales area in the Altmarkt-Galerie is set to increase by approx. 18,000
m² (currently approx. 26,000 m²), allowing some 90 new shops to open, and
at the Main-Taunus-Zentrum by approx. 12,000 m² (approx. 60 new shops).
The results of the first three months confirm the budgeted figures for the
whole of 2009. Deutsche EuroShop expects revenue to increase to EUR 125-128
million. EBIT will be EUR 105-108 million this year, on the forecasts,
while EBT excluding measurement gains/losses will be EUR 50-52 million. The
Company expects funds from operations (FFO) of between EUR 1.45 and EUR
1.50.
On this basis, the Executive Board is optimistic that Deutsche EuroShop
will once again be able to pay a dividend of EUR 1.05 per share for
financial year 2009.
Webcast of the conference call
Deutsche EuroShop will webcast its English conference call on Thursday, 14
May 2009, 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.
Key Data of Deutsche EuroShop (IFRS)
01.01.-31.03. 01.01.-31.03.
in EUR million 2009 2008 +/-
Revenue 31.8 26.9 18%
EBIT 27.1 22.7 19%
Net finance costs -14.2 -11.6 -23%
EBT 29.6 12.3 140%
Consolidated profit 24.4 10.2 139%
FFO per share (EUR) 0.37 0.32 16%
Earnings per share (EUR) 0.71 0.30 139%
31.03.2009 31.12.2008
Equity* 992.9 977.8 2%
Liabilities 1,091.6 1,029.1 6%
Total assets 2,084.5 2,006.8 4%
Equity ratio (%)* 47.6 48.7
LTV-ratio (%) 47.1 46.1
Gearing (%)* 110 105
Cash and cash equivalents 50.4 41.7 21%
*incl. Minorities
Deutsche EuroShop - The Shopping Center Company
Deutsche EuroShop is Germany's 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 14.05.2009
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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: First Quarter 2009 With Positive Special Effects
| Source: EQS Group AG