DGAP-News: Deutsche EuroShop AG / Key word(s): Interim Report/Change
in Forecast
Deutsche EuroShop: Forecast increased following positive nine-month
result
13.11.2013 / 18:00
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Deutsche EuroShop: Forecast increased following positive nine-month result
- Revenue: EUR138.2 million (+18 %), EBIT: EUR120.5 million (+19 %)
- EBT: EUR93.7 million (+31 %)
- Consolidated profit: EUR77.2 million (+55 %)
- FFO: EUR1.58 per share (+17 %)
- Increase in EBT and FFO forecast
Hamburg, 13 November 2013 - Based on the results for the first nine months,
Deutsche EuroShop has raised its forecast for the year as a whole. The
shopping center investor recorded net operating income of EUR124.5 million
(+19 %) and a 19 % increase in EBIT (EUR120.5 million) on revenues of
EUR138.2 million (+18 % year-on-year).
These increases can be attributed to two main reasons: firstly, the
Herold-Center contributed to the results for the first time. Its
contribution applies since the start of the year. Secondly, Deutsche
EuroShop increased its shareholding in the Altmarkt-Galerie Dresden to 100%
at the end of April.
'We completed the sale of our 33% stake in the Galeria Dominikanska in
Wroclaw, Poland, at the end of August. That enabled us to further optimise
our portfolio and generate income in the amount of EUR15.7 million,'
explained Claus-Matthias Böge, Executive Board Spokesman.
Earnings before taxes (EBT) climbed 31 %, from EUR71.0 million to EUR93.7
million. Funds from operations (FFO), which do not include proceeds from
the sale, rose by 17 % from EUR1.35 to EUR1.58 per share - in absolute
terms, the FFO exceeded the figure for the same period of the previous year
by 22 %. Consolidated profit increased by 55 % from EUR49.9 million to
EUR77.2 million and earnings per share were up from EUR0.96 to EUR1.43.
The special effect that arose from the sale of the investment enabled
forecasts for both earnings before taxes without measurement gains/losses
and funds from operations to be increased. For financial year 2013,
Deutsche EuroShop now expects
- revenue of between EUR186 million and EUR189 million and
- earnings before interest and taxes (EBIT) of between EUR162 million and
EUR165 million
- earnings before taxes (EBT) without measurement gains/losses of between
EUR130 million and EUR132 million (previously: between EUR113 and
EUR116 million) and
- funds from operations (FFO) per share of between EUR2.06 and
EUR2.09 (previously: between EUR1.99 and EUR2.03).
On the subject of a potential dividend increase, Böge explained, 'We will
examine the possibility of increasing the dividend, most recently at
EUR1.20 per share, so that our shareholders can share in Deutsche
EuroShop's upward business trend.'
Full interim report
The full interim report is available as a PDF document and in ePaper
format. It can be downloaded from www.deutsche-euroshop.com/ir
Internet broadcast of the teleconference
On Thursday 14 November 2013 at 10 a.m. (CET), Deutsche EuroShop will
broadcast its English teleconference as a live webcast on the Internet at
www.deutsche-euroshop.com/ir
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 many
others.
Figures for Deutsche EuroShop (IFRS)
<pre>
01.01.- 01.01.-
30.09. 30.09.
in EUR millions 2013 2012 + / -
Revenue 138.2 117.0 18 %
EBIT 120.5 101.0 19 %
Net finance costs -20.0 -27.2 26 %
Measurement gains/losses -6.8 -2.7 -147 %
EBT 93.7 71.0 32 %
Consolidated profit 77.2 49.9 55 %
FFO per share in EUR 1.58 1.34 18 %
EPRA* earnings per share in EUR 1.25 1.00 25 %
(undiluted)
30.09.2013 31.12.2012 + / -
Equity** 1,534.6 1,528.4 0 %
Liabilities 1,778.9 1,630.9 9 %
Total assets 3,313.6 3,159.3 5 %
Equity ratio (%)** 46.3 48.4
LTV ratio (%) 45 40
Gearing (%)** 116 107
Cash and cash equivalents 51.7 158.2 -67 %
</pre>
* European Public Real Estate Association
** Incl. third-party interests in equity
End of Corporate News
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13.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
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Language: English
Company: Deutsche EuroShop AG
Heegbarg 36
22391 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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239769 13.11.2013
DGAP-News: Deutsche EuroShop: Forecast increased following positive nine-month result
| Source: EQS Group AG