DGAP-News: Deutsche EuroShop AG / Key word(s): Preliminary Results/Final
Results
CORRECTION: Deutsche EuroShop: Preliminary figures for 2015 / record year
thanks to measurement gains / FFO up 2.4% / net asset value of EUR39.12 per
share
23.03.2016 / 07:45
The issuer is solely responsible for the content of this announcement.
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Deutsche EuroShop: Preliminary figures for 2015 / record year thanks to
measurement gains / FFO up 2.4% / net asset value of EUR39.12 per share
- Revenue: EUR202.9 million (+1.0%), EBIT: EUR176.3 million (-0.7%)
- Measurement gains of EUR220.6 million, EPRA NAV up 18.0%
- FFO: EUR2.29 per share (+2.4%)
- Consolidated profit: EUR309.3 million (+74.4%)
- Dividend proposal: EUR1.35 per share (+3.8%)
Hamburg, 23 March 2016 - Shopping center investor Deutsche EuroShop AG,
Hamburg, recorded a record set of results in financial year 2015.
Consolidated revenue was up 1.0% over the year, from EUR200.8 million to
EUR202.9 million. Adjusted for changes to the accounting policy definition
of revenue, like-for-like revenue climbed by EUR0.8 million or 0.4%.
Earnings before interest and taxes (EBIT) decreased slightly in the year
under review, down 0.7% from EUR177.5 million to EUR176.3 million.
Net finance costs were dominated by measurement effects of EUR47.2 million
relating to investees recognised at equity and improved overall by EUR37.7
million to EUR-2.1 million. The Group's measurement gains also improved
substantially to EUR220.6 million (2014: EUR77.0 million). The value of
Group properties increased by 9.4% on average.
"This appreciation in value reflects in particular a further marked
contraction in comparative yields on the transaction market in Germany and
internationally. This trend is very positive for the value of our existing
portfolio, but it represents a major challenge for new acquisitions," says
Wilhelm Wellner, CEO of Deutsche EuroShop.
Net asset value (EPRA NAV) as at 31 December 2015 was EUR2,110.6 million
(+18.0%), or EUR39.12 per share.
At EUR394.7 million, earnings before taxes (EBT) were up 83.9% versus the
previous year (EUR214.7 million). Taxes on income and earnings came to
EUR85.4 million, compared with EUR37.2 million in the previous year.
Consolidated profit rose by 74.3%, from EUR177.4 million to EUR309.3
million. Earnings per share came to EUR5.73, compared with EUR3.29 in the
previous year. Of this amount, EUR1.89 (2014: EUR1.84) was attributable to
operations (EPRA earnings) and EUR3.84 (2014: EUR1.32) to measurement
gains.
Funds from operations (FFO) improved by 2.4% to EUR123.4 million, which
represents FFO per share of EUR2.29, compared with EUR2.23 in the previous
year.
The Executive Board and Supervisory Board will therefore propose to the
shareholders at the Annual General Meeting in Hamburg on 15 June 2016 that
a dividend of EUR1.35 per share, 3.8% or EUR0.05 higher than the previous
year, be distributed for the successful 2015 financial year.
Outlook
Deutsche EuroShop expects stable revenue of between EUR200 million and
EUR204 million for financial year 2016. It then expects to record EUR201
million to EUR205 million in 2017, with rents rising slightly.
The Company forecasts that earnings before interest and taxes (EBIT) will
remain at current levels in 2016 and 2017, coming in within a range of
EUR175 million to EUR179 million.
Earnings before taxes and measurement gains/losses (EBT before measurement)
should rise marginally to between EUR127 million and EUR130 million (+1.2%)
in 2016, and by a further 3.1% to between EUR131 million and EUR134 million
in 2017.
Funds from operations (FFO) of between EUR2.26 and EUR2.30 per share are
anticipated for the current financial year. The Company is then projecting
a 3.5% increase for 2017, taking the figure to EUR2.34 to EUR2.38 per
share.
"The persistently low inflation rates are currently constraining increases
in rental income as a source of growth. At the same time, however, we are
benefiting from these low interest rates, as we enjoy much improved
conditions when taking out new financing," explains Olaf Borkers, Member of
the Executive Board of Deutsche EuroShop. Wilhelm Wellner adds: "In
addition, we expect the transaction market to be very dynamic again in
2016, which may open up opportunities for external growth. We are currently
examining an interesting property that would be a good fit for our
portfolio."
Webcast of the teleconference
Deutsche EuroShop will hold a conference call for analysts in English at 10
a.m. (CET) on Wednesday 23 March 2016, which will be carried as a live
webcast on 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)
in EUR million 2015 2014 +/-
Revenue 202.9 200.8 1%
EBIT 176.3 177.5 -1%
Net finance costs -2.1 -39.8 95%
Measurement gains/losses 220.6 77.0 186%
EBT 394.7 214.7 84%
Consolidated profit 309.3 177.4 74%
FFO per share (EUR) 2.29 2.23 3%
EPRA* earnings per share in EUR 1.89 1.84 3%
Equity** 2,061.0 1,751.2 18%
Liabilities 1,407.6 1,430.1 -2%
Total assets 3,851.6 3,492.2 10%
Equity ratio (%)** 53.5 50.1
LTV ratio (%) 35 40
Gearing (%)** 87 99
Cash and cash equivalents 70.7 58.3 21%
Net asset value (EPRA) 2,110.6 1,789.4 18%
Net asset value per share in EUR (EPRA*) 39.12 33.17 18%
Number of shares at year-end 53,945,536 53,945,536 0%
Weighted average number of shares 53,945,536 53,945,536 0%
* European Public Real Estate Association
** incl. third-party interests in equity
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23.03.2016 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; Terminbörse EUREX
End of News DGAP News Service
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448055 23.03.2016
DGAP-News: CORRECTION: Deutsche EuroShop: Preliminary figures for 2015 / record year thanks to measurement gains / FFO up 2.4% / net asset value of EUR39.12 per share
| Source: EQS Group AG