DGAP-News: Deutsche EuroShop AG / Key word(s): Half Year
Results/Interim Report
Deutsche EuroShop: Business as usual, attractive follow-up financings
11.08.2011 / 07:30
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Deutsche EuroShop: Business as usual, attractive follow-up financings
- Revenue: EUR 91.1 million (+29%), EBIT: EUR 78.4 million (+29%)
- EBT before valuation: EUR 39.6 million (+27%)
- EPS: EUR 0.63 (+10%)
- FFO: EUR 0.77 per share (+12%)
- Interest rate of loan portfolio reduced to 4.83% (-20bps)
Hamburg, 11 August 2011 - In the first half of financial year 2011 the
shopping center investor Deutsche EuroShop realised a revenue of EUR 91.1
million (+29% year-on-year) and a net operating income (NOI) of EUR 81.5
million (+29%). EBIT also climbed 29% to EUR 78.4 million.
Earnings before taxes and measurement (EBT before valuation) rose from EUR
31.2 million to EUR 39.6 million (+27%). Consolidated profit was up 24%
from EUR 26.0 million to EUR 32.3 million. Net earnings per share
correspondingly increased from EUR 0.57 to EUR 0.63. The ratio FFO (funds
from operations) improved by 12% from EUR 0.68 to EUR 0.77 per share.
'In addition to the good operating performance we were able to achieve
positive results on the financing side', Olaf Borkers, member of Deutsche
EuroShop's Executive Board, explains. 'In the first half of 2011 we have
already prematurely extended loans with a volume of EUR212 million for a
period of ten years. This has made it possible to reduce the average
interest rate of our loan portfolio from 5.03% as at the end of 2010 to its
current level of 4.83%. At present we are negotiating the premature
extension of some other loans and also expect to conclude this financing at
more favourable interest rate conditions.'
Deutsche EuroShop currently examines various offers both in Germany and
abroad. 'We have reached an advanced stage of the bidding process for a
German shopping center, which would be an attractive addition to our
portfolio', CEO Claus-Matthias Böge says confidently.
Deutsche EuroShop's management stands by its forecasts for the 2011
financial year and remains confident to be able to distribute a stable
dividend of EUR 1.10 per share for financial year 2011.
Conference Call
Deutsche EuroShop hosts an English conference call on Thursday, 11 August
2011, at 3:00 p.m. CEST. The dial-in number for this conference call is +49
(0)69 9897 2633 (listen-only mode), the access code is 1305314. The
conference call will be live webcasted on the Internet as usual at
http://www.deutsche-euroshop.com/ir
Complete Interim Report
The complete Interim Report is available as PDF file and as interactive
online version at http://www.deutsche-euroshop.com/ir
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 18 European shopping centers in Germany, Austria,
Hungary and Poland. The portfolio includes the Main-Taunus-Zentrum near
Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in
Gdansk, among many others.
Key Data of Deutsche EuroShop (IFRS)
|[![CDATA[|[pre|]]]|]
EUR million 01.01.-30.06.2011 01.01.-30.06.2010 + / -
Revenue 91.1 70.4 29%
EBIT 78.4 60.8 29%
Net finance costs -38.8 -29.6 -31%
EBT before valuation 39.6 31.2 27%
Measurement gains/losses -0.9 0
EBT 38.7 31.2 24%
Consolidated profit 32.3 26.0 24%
FFO per share (EUR) 0.77 0.68 13%
EPS (EUR) 0.63 0.57 11%
EUR million 30.06.2011 31.12.2010
Equity* 1,502.7 1,527.4 -2%
Liabilities 1,507.5 1,436.1 5%
Total assets 3,010.2 2,963.6 2%
Equity ratio (%)* 49.9 51.5
LTV-ratio (%) 47 47
Gearing (%)* 100 94
Cash and cash equivalents 69.9 65.8 6%
|[![CDATA[|[/pre|]]]|]
* incl. non controlling interests
End of Corporate News
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11.08.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
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Language: English
Company: Deutsche EuroShop AG
Oderfelder StraÃe 23
20149 Hamburg
Germany
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
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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135183 11.08.2011
DGAP-News: Deutsche EuroShop: Business as usual, attractive follow-up financings
| Source: EQS Group AG