DGAP-News: Deutsche EuroShop AG / Key word(s): Interim Report/Quarter
Results
Deutsche EuroShop reports solid performance
13.11.2012 / 17:50
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Deutsche EuroShop reports solid performance
- Revenue: EUR157.1 million (+14%), EBIT: EUR137.3 million (+16%)
- Consolidated profit: EUR49.9 million (+25%)
- Earnings per share: EUR0.97 (+25%)
- FFO: EUR1.35 per share (+23%)
Hamburg, 13 November 2012 - Shopping center investor Deutsche EuroShop's
business performance has continued to fully and comfortably meet
expectations. The 2011 center expansions in Dresden (Altmarkt-Galerie),
Wildau (A10 Center) und Sulzbach (Main-Taunus-Zentrum) have made a good
start. Together with the Allee-Center Magdeburg, which was acquired last
year, and the existing portfolio, whose like-for-like rental income rose
2.5%, they generated revenue of around EUR157.1 million in the first three
quarters of 2012. This represents an increase of around 14% compared with
the same period of the previous year (EUR138 million).
At EUR137.3 million, earnings before interest and taxes (EBIT) were up 16%
on the same period last year (EUR117.9 million). The refinancing of several
existing loans at more favourable terms meant interest expenses increased
only slightly, which had a positive impact on net finance costs.
Accordingly, consolidated profit rose disproportionately by just under 25%
to EUR49.9 million, bringing earnings per share to EUR0.97. Funds from
operations (FFO) improved by 23% from EUR1.10 to EUR1.35 per share.
Contrary to expectations expressed in August 2012, Deutsche EuroShop looks
set to continue expanding: 'In late summer, we were offered a shopping
center in Germany that would deliver the returns we require and meet our
usual acquisition criteria. We expect to be able to make this acquisition
in the near future,' states Claus-Matthias Böge, Executive Board spokesman,
Deutsche EuroShop.
Based on business performance so far this year and continuing prospects,
the Executive Board is maintaining its earlier forecast and expects a
slight increase in dividend from the former EUR1.10 per share.
Internet broadcast of the teleconference
On Tuesday 13 November 2012 at 6:30 pm, Deutsche EuroShop will broadcast
its English teleconference as a live webcast on the Internet at
www.deutsche-euroshop.de/ir
The full interim report is also available in downloadable PDF format and as
an interactive online version (ePaper) from this address.
Deutsche EuroShop - The shopping center company
Deutsche EuroShop is the only public company in Germany to invest solely in
shopping centers in prime locations. The MDAX-listed company currently has
investments in 19 shopping centers in Germany, Austria, Poland and Hungary.
The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the
Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among
others.
Figures for Deutsche EuroShop (IFRS)
<pre>
In EUR millions 01.01-30.09.2012 01.01-30.09.2011 + / -
Revenue 157.1 138.0 14%
EBIT 137.3 117.9 16%
Net finance costs -63.4 -58.9 -8%
Measurement gains/losses -2.8 -1.0
EBT 71.1 58.0 22%
Consolidated profit 49.9 40.0 25%
FFO per share in EUR 1.35 1.10 23%
EPRA* earnings per share EUR 1.00 0.80 25%
30.09.2012 31.12.2011 + / -
Equity** 1,451.7 1,473.1 -1%
Liabilities 1,790.9 1,752.0 2%
Net financial liabilities 1,397.9 1,407.7 -1%
Total assets 3,242.6 3,225.1 1%
Equity ratio (%)** 44.8 45.7
LTV ratio (%) 47 47
Gearing (%)** 123 119
Cash and cash equivalents 88.2 64.4 37%
</pre>
* European Public Real Estate Association
** incl. third-party interests in equity
End of Corporate News
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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
Indices: MDAX
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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192989 13.11.2012
DGAP-News: Deutsche EuroShop reports solid performance
| Source: EQS Group AG