DGAP-News: Deutsche EuroShop AG / Key word(s): Preliminary
Results/Forecast
Deutsche EuroShop: Preliminary figures for 2013 - consolidated profit
up 41% FFO per share up 26% - net asset value at EUR30.59 per share
(+7%)
20.03.2014 / 19:00
---------------------------------------------------------------------
Deutsche EuroShop: Preliminary figures for 2013 - consolidated profit up
41% FFO per share up 26% - net asset value at EUR30.59 per share (+7%)
* Revenue: EUR188.0 million, EBIT: EUR165.9 million
* FFO: EUR2.10 per share
* Consolidated profit: EUR173.0 million
* Dividend proposal: EUR1.25 per share
* 6% growth in revenue and EBIT anticipated for 2014
Hamburg, 20 March 2014 - Shopping center investor Deutsche EuroShop
announced the preliminary figures for the 2013 financial year in Hamburg
today. The Company can look back on another successful financial year.
Revenue and profit were increased significantly.
Consolidated revenue was up 5.5%, from EUR178.2 million to EUR188.0
million, in the financial year. The Herold-Center Norderstedt, which was
acquired on 1 January 2013, and the Altmarkt-Galerie Dresden, which has
been fully consolidated since 1 May 2013, contributed significantly to this
revenue growth. Rental income from portfolio properties increased by 1.4%
compared with the previous year.
Net finance costs dropped noticeably by EUR28.0 million to EUR34.1 million
(2012: EUR62.1 million). This is attributable to the proceeds from the sale
of Deutsche EuroShop's stake in the Galeria Dominikanska, the positive
contribution to earnings of investments accounted for using the equity
method and the interest rate swap expenses. Measurement gains improved to
EUR56.3 million, EUR42.4 million higher than the previous year (EUR13.9
million). The value of Group properties increased by 2.1% on average. Net
asset value (EPRA NAV) as at 31 December 2013 was EUR1,650.4 million (+7%),
or EUR30.59 per share.
Earnings before interest and taxes (EBIT) climbed 9%, from EUR151.6 million
to EUR165.4 million, in the year under review. At EUR187.6 million, pre-tax
profit (EBT) was 81% up on the previous year (EUR103.4 million). Taxes on
income and earnings amounted to EUR14.6 million compared to tax income of
EUR19.1 million in 2012.
Consolidated profit rose by 41% from EUR122.5 million to EUR173.0 million.
Earnings per share amounted to EUR3.21 compared with EUR2.36 in the
previous year. Of this amount, EUR1.76 (2012: EUR1.36) was attributable to
operations (EPRA earnings) and EUR0.89 (2012: EUR0.05) to measurement
gains. Moreover, one-off effects, such as the sale of shares, led to
earnings per share of EUR0.56 (2012: EUR0.95). Deutsche EuroShop succeeded
in boosting funds from operations (FFO) per share by 26% to EUR2.10.
The Executive Board and Supervisory Board will therefore propose to the
shareholders at the Annual General Meeting in Hamburg on 18 June 2014 that
a dividend of EUR1.25 per share, 4% or EUR0.05 higher than the previous
year, be distributed for the successful 2013 financial year.
Outlook
Deutsche EuroShop expects sales in the 2014 financial year to increase by
six percent to EUR198-201 million, in large part due to the contribution of
the 100% stake in the Altmarkt-Galerie, which will be included in the
full-year results for the first time.
The Company forecasts that earnings before interest and taxes (EBIT) will
rise to EUR174-177 million (+6%) in 2014. Earnings before taxes and
measurement gains/losses (EBT before measurement) should rise similarly to
EUR120-123 million (+7%). Funds from operations (FFO) of between EUR2.14
and EUR2.18 per share are anticipated (+3%).
Within the scope of its approved dividend policy, the Executive Board of
Deutsche EuroShop plans to propose a higher dividend of EUR1.30 per share
for 2014. The Company intends to raise the dividend by EUR0.05 per share in
each of the financial years until 2016.
Webcast of the conference call
Deutsche EuroShop will webcast its English conference call on Friday, 21
March 2014, 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
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 19 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)
<pre>
in EUR million 2013 2012 +/-
Revenue 188.0 178.2 +6%
EBIT 165.9 151.6 +9%
Net finance costs -34.1 -62.1 -45%
Measurement gains/losses 56.3 13.9 +304%
EBT 187.6 103.4 +81%
Consolidated profit 173.0 122.5 +41%
FFO per share (EUR) 2.10 1.66 +26%
EPRA* earnings per share (EUR) 1.76 1.36 +29%
Equity** 1,642.4 1,606.1 +2%
Liabilities 1,752.5 1,741.5 +1%
Total assets 3,394.9 3,347.6 +1%
Equity ratio (%)** 48.4 48.0
LTV-ratio (%) 43 41
Gearing (%)** 107 108
Cash and cash equivalents 40.8 161.0 -75%
Net asset value (EPRA) 1,650.4 1,538.9 +7%
Net asset value per share (EUR, EPRA) 30.59 28.53 +7%
Number of shares (year-end) 53,945,536 53,945,536 0%
Weighted average number of shares 53,945,536 51,934,893 +4%
</pre>
* European Public Real Estate Association
** incl. non controlling interests
End of Corporate News
---------------------------------------------------------------------
20.03.2014 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
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
---------------------------------------------------------------------
258790 20.03.2014
DGAP-News: Deutsche EuroShop: Preliminary figures for 2013 - consolidated profit up 41% FFO per share up 26% - net asset value at EUR30.59 per share (+7%)
| Source: EQS Group AG