Deutsche EuroShop AG / Final Results/Forecast
30.04.2010 10:02
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Deutsche EuroShop on course for growth
- Result 2009: Revenue: EUR 127.6 million, EBIT: EUR 110.7 million
- FFO: EUR 1.49 per share, NAV per share: EUR 26.63
- Earnings: EUR 34.4 million
- Dividend proposal: EUR 1.05 per share
- 7 to 10% increase in revenue and profit in 2010 and 2011 expected
Hamburg, 30 April 2010 - At its annual earnings press conference in Hamburg
today, shopping center investor Deutsche EuroShop AG presented its final
results for the past financial year. The Company exceeded again its own
revenue and earnings forecasts and is well positioned with its shopping
center portfolio.
Consolidated revenue was up 11.0% from EUR115.3 million to EUR127.6 million
in the financial year. The Stadt-Galerie in Hameln, the Stadt-Galerie in
Passau (first full year for both) and the full consolidation of the
property company in Kassel contributed to this growth in revenue. Total
revenue rose by 2.0% on a like-for-like basis.
As in the previous year, the vacancy rate was under 1%. At EUR0.6 million
(2008: EUR0.2 million) or 0.4% (2008: 0.2%), the need for write-downs for
rent losses remained at a very low level.
Net finance costs were up EUR6.5 million to EUR55.9 million (2008: EUR49.4
million). Measurement gains fell by EUR53.0 million year-on-year from
EUR38.2 million to EUR-14.8 million. Measurement of the portfolio
properties led to net measurement losses for the first time; these amounted
to EUR-20.5 million. This corresponds to average depreciation of around
1.1% in the market values of the shopping centers compared with the
previous year.
Earnings before interest and taxes (EBIT) climbed 12.8% from EUR98.1
million to EUR110.7 million in the year under review. The pre-tax profit
(EBT) without valuation result increased from EUR48.7 million by 13% to
EUR54.8 million, including the net measurement losses EBT declined 54% from
EUR87.0 million to EUR40.1 million. Consolidated profit fell by 50% from
EUR68.9 million to EUR34.4 million.
Undiluted earnings per share amounted to EUR0.93 compared with EUR1.96 in
the previous year. Of this amount, EUR1.25 (+13%) was attributable to
operations (2008: EUR1.11) and EUR-0.32 (-138%) to measurement gains/losses
(2008: EUR0.85).
An FFO of EUR54.8 million or EUR1.49 per share was generated in the year
under review, up from EUR49.8 million or EUR1.38 per share in the previous
year.
In view of the successful financial year, the Executive Board and
Supervisory Board will propose to the shareholders at the Annual General
Meeting on 17 June 2010 in Hamburg that an unchanged dividend of EUR1.05
per share be distributed for the 2009 financial year.
Forecast
Deutsche EuroShop is anticipating revenue of between EUR139 million and
EUR142 million for the 2010 financial year. The revenue contribution of the
A10 center (from 1 February 2010) will have a particularly positive effect
in this regard, given that only a small increase in earnings is anticipated
from the other portfolio properties. Revenue should increase to between
EUR149 million and EUR152 million in the 2011 financial year.
Earnings before interest and taxes (EBIT) amounted to EUR110.7 million in
2009. According to the forecast, EBIT will amount to between EUR118 million
and EUR121 million in the current financial year. This is expected to
increase to between EUR127 million and EUR130 million in 2011.
Earnings before tax (EBT) excluding measurement gains and losses amounted
to EUR54.8 million during the year under review. The Company expects the
corresponding figure to be between EUR58 million and EUR60 million for the
2010 financial year and between EUR64 and EUR66 million for the 2011
financial year.
Funds from operations (FFO, undiluted) amounted to EUR1.49 per share in the
year under review. The management expects this figure to be between EUR1.33
and EUR1.38 in 2010 and between EUR1.45 and EUR1.50 in 2011.
Good start into the new financial year: preliminary results Q1 2010
In the first quarter of FY 2010 the revenue amounted to EUR 34.6 million,
9% more than in the period of previous year (EUR 31.8 million). With
earnings before interest and taxes (EBIT) of almost EUR 30.1 million (Q1
2009: EUR 27.1 million) the earnings before taxes (EBT) amounted to approx.
EUR 15.4 million (Q1 2009: EUR 29.6 million). The prior year result was
enhanced by an extra valuation result (City-Point Kassel). The consolidated
profit amounted to EUR 12.8 million (Q1 2009: EUR 24.4 million). The
figures correspond to earnings per share of EUR 0.31 (Q1 2009: EUR 0.66).
The Funds from Operations (FFO) increased by 6% from EUR 0.35 per share to
EUR 0.37.
Webcast of the conference call
Deutsche EuroShop will webcast its English conference call on Friday, 30
April 2010, at 3:00 p.m. CET live on the Internet. The webcast can be
accessed at the Company's website at http://www.deutsche-euroshop.com/ir
Online Annual Report
The annual report is available as interactive online version at
http://ar2009.deutsche-euroshop.de
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 17 European shopping centers in Germany, Austria,
Hungary and Poland.
Key Data of Deutsche EuroShop (IFRS)
|[![CDATA[|[pre|]]]|]
in EUR million 2009 2008 +/-
Revenue 127.6 115.3 11%
EBIT 110.7 98.1 13%
Net finance costs -55.9 -49.4 -13%
EBT 40.1 87.0 -54%
Consolidated profit 34.4 68.9 -50%
Earnings per share (EUR) 1.49 1.38 8%
FFO per share (EUR) 0.93 1.96 -53%
Equity* 1,044.4 977.8 7%
Liabilities 1,067.8 1,029.1 4%
Total assets 2,112.1 2,006.8 5%
Equity ratio (%)* 49.5 48.7
LTV-ratio (%) 46.0 46.0
Gearing (%)* 102 105
Cash and cash equivalents 81.9 41.7 97%
Net asset value 1,006.9 942.8 7%
Net asset value per share (EUR) 26.63 27.43 -3%
Dividend per share (EUR) 1,05** 1.05 0%
|[![CDATA[|[/pre|]]]|]
* incl. Minorities ** proposal
Deutsche EuroShop AG
Investor & Public Relations
Patrick Kiss
Oderfelder Strasse 23
20149 Hamburg
Tel. +49-(0)40-413579-20
Fax +49-(0)40-413579-29
E-Mail: ir@deutsche-euroshop.com
http://www.deutsche-euroshop.com
http://www.facebook.com/desag
http://www.slideshare.net/desag
http://www.twitter.com/des_ag
ISIN: DE 000 748020 4
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Language: English
Company: Deutsche EuroShop AG
Oderfelder StraÃe 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, München, Hannover, Düsseldorf, Hamburg, Stuttgart
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DGAP-News: Deutsche EuroShop on course for growth
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