DGAP-News: Deutsche EuroShop AG / Key word(s): Preliminary
Results/Final Results
Deutsche EuroShop: Preliminary figures for 2014 / record year / FFO up
7.6% / net asset value at EUR33.17 per share (+8.4%)
18.03.2015 / 18:05
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Deutsche EuroShop: Preliminary figures for 2014 / record year / FFO up 7.6%
/ net asset value at EUR33.17 per share (+8.4%)
- Revenue: EUR200.8 million (+6.8%), EBIT: EUR177.5 million (7.0%)
- FFO: EUR2.23 per share
- Consolidated profit: EUR177.4 million (+3.7%)
- Dividend proposal: EUR1.30 per share
Hamburg, 18 March 2015 - Shopping center investor Deutsche EuroShop
announced the preliminary figures for the 2014 financial year in Hamburg
today. Executive Board Spokesman Claus-Matthias Böge, who will be leaving
the company at the end of June, can celebrate a record result just before
his departure: all key figures improved yet again.
"I'm very happy that we once again succeeded in outperforming - if slightly
- expectations. Deutsche EuroShop is a solid, healthy company and I am
proud to have played a part in its development over the past 13 years. It's
in a great place," says Claus-Matthias Böge, looking back with pride.
Consolidated revenue was up 6.8%, from EUR188.0 million to EUR200.8
million, in the financial year, with a positive contribution coming from
the Altmarkt-Galerie Dresden, which was fully consolidated for the first
time this year (eight months in 2013). Rental income from portfolio
properties increased by 2.3% compared with the previous year.
The financial result declined, as predicted, by EUR5.7 million to EUR-39.8
million compared with the previous year, in which proceeds from the sale of
the interest in Galeria Dominikanska amounting to EUR15.8 million had an
exceptional positive impact on profit. Valuation gains were up EUR21.0
million year-on-year at EUR77.0 million (2013: EUR56.0 million). The value
of Group properties increased by 3.0% on average. Net asset value (EPRA
NAV) as at 31 December 2014 was EUR1,789.4 million (+8.4%), or EUR33.17 per
share.
Earnings before interest and taxes (EBIT) climbed 7.0%, from EUR165.8
million to EUR177.5 million, in the year under review. At EUR214.7 million,
earnings before taxes (EBT) were 14.4% up on the previous year (EUR187.6
million). Taxes on income and earnings amounted to EUR37.2 million compared
to EUR16.6 million in the previous year.
Consolidated profit rose by 3.7% from EUR171.0 million to EUR177.4 million.
Earnings per share amounted to EUR3.29 compared with EUR3.17 in the
previous year. Of this amount, EUR1.84 (2013: EUR1.74) was attributable to
operations (EPRA earnings) and EUR1.32 (2013: EUR0.87) to valuation gains.
Moreover, earnings per share for the financial year 2014 was positively
impacted by tax income in the amount of EUR0.13 per share (2013: EUR0.27).
The one-off effect from the sale of interests in the previous year resulted
in additional earnings per share of EUR0.29. Funds from operations (FFO)
improved by 7.6% to EUR120.5 million, which represents FFO per share of
EUR2.23, compared with EUR2.08 last year.
The Executive Board and Supervisory Board will therefore propose to the
shareholders at the Annual General Meeting in Hamburg on 18 June 2015 that
a dividend of EUR1.30 per share, 4% or EUR0.05 higher than the previous
year, be distributed for the successful 2014 financial year.
Outlook
Deutsche EuroShop anticipates moderately higher revenue of between EUR201
million and EUR204 million for the 2015 financial year and revenue of
between EUR203 million and EUR206 million in 2016.
The Company forecasts that earnings before interest and taxes (EBIT) will
rise only slightly year-on-year, to between EUR177 million and EUR180
million in 2015 and between EUR179 million and EUR182 million in 2016.
Earnings before taxes and measurement gains/losses (EBT before measurement)
should rise similarly to between EUR126 million and EUR129 million (+2.0 %)
in 2015, and a further 3.1 % to between EUR130 million and EUR133 million
in 2016. Funds from operations (FFO) of between EUR2.24 and EUR2.28 per
share (+1.3 %) are anticipated for the current year. For 2016, the Company
expects between EUR2.30 and EUR2.34 per share.
In the words of Claus-Matthias Böge with reference to the outlook: "No one
should be disappointed if, in this environment of very low inflation, the
Company grows a little more slowly this year."
Webcast of the conference call
Deutsche EuroShop will webcast its English conference call on Thursday, 19
March 2015, 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 2014 2013 +/-
Revenue 200.8 188.0 +7%
EBIT 177.5 165.8 +7%
Net finance costs -39.8 -34.1 -17%
Measurement gains/losses 77.0 56.0 +38%
EBT 214.7 187.6 +14%
Consolidated profit 177.4 171.0 +4%
FFO per share (EUR) 2.23 2.08 +7%
EPRA* earnings per share (EUR) 1.84 1.74 +6%
Equity** 1,751.2 1,642.4 +7%
Liabilities 1,430.1 1,486.8 -4%
Total assets 3,492.2 3,394.9 +3%
Equity ratio (%)** 50.1 48.4
LTV-ratio (%) 40 43
Gearing (%)** 99 107
Cash and cash equivalents 58.3 40.8 +43%
Net asset value (EPRA) 1,789.4 1,650.4 +8%
Net asset value per share (EUR, EPRA) 33.17 30.59 +8%
Number of shares (year-end) 53,945,536 53,945,536 0%
Weighted average number of shares 53,945,536 53,945,536 0%
</pre>
* European Public Real Estate Association
** incl. non controlling interests
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18.03.2015 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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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: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart
End of News DGAP News-Service
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334735 18.03.2015
DGAP-News: Deutsche EuroShop: Preliminary figures for 2014 / record year / FFO up 7.6% / net asset value at EUR33.17 per share (+8.4%)
| Source: EQS Group AG