DGAP-News: Deutsche EuroShop AG / Key word(s): Half Year Results/Interim
Report
Deutsche EuroShop: positive first half of 2016 in line with expectations
15.08.2016 / 18:30
The issuer is solely responsible for the content of this announcement.
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Deutsche EuroShop: positive first half of 2016 in line with expectations
- Revenue: EUR101.8 million, EBIT: EUR88.8 million
- EBT excluding measurement gains/losses: EUR65.0 million
- Earnings per share: EUR0.90
- FFO: EUR1.16 per share
Hamburg, 15 August 2016 - The shopping centre investor Deutsche EuroShop
recorded net operating income (NOI) of EUR91.7 million in the first half of
2016, virtually unchanged compared to the prior year, on revenues of
EUR101.8 million (+1.2% year on year). EBIT climbed by 0.7% to EUR88.8
million.
Earnings before taxes (EBT) declined from EUR61.5 million to EUR60.1
million (-2.3%). Commenting on the results, Executive Board member Olaf
Borkers said: "Our valuation gain is impacted in particular by investment
costs in our centers over the course of the year, which are slightly up on
the same period of the previous year. This impact on results will by offset
again at the end of the year in the valuation of properties. EBT excluding
valuation gains/losses rose by 2.3% from EUR63.6 million to EUR65.0
million."
Consolidated profit fell accordingly by 2.0%, from EUR49.7 million to
EUR48.7 million. Earnings per share now stand at EUR0.90, after falling
from EUR0.92. EPRA earnings per share, i.e. the result adjusted for
valuation effects, rose from EUR0.95 to EUR0.97 per share, an increase of
2.3%. Funds from operations improved from EUR1.14 to EUR1.16 per share.
"The results are good and in line with our expectations. We want to expand
our stable portfolio and are in serious negotiations to purchase a 50%
stake in an established center in Germany. We are also still involved in
the bidding process for a major shopping center in Central Europe,"
explained Wilhelm Wellner, CEO.
The Deutsche EuroShop management team is sticking to its forecast for
financial year 2016 and aims to pay a dividend of EUR1.40 per share.
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
Webcast of the teleconference
Deutsche EuroShop will hold a conference call for analysts in English at 10
a.m. on Tuesday, 16 August 2016, which will be carried out as a live
webcast 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>
in Mio. EUR 01.01.-30.06. 01.01.-30.06. +/-
2016 2015
Revenue 101.8 100.6 1 %
Net operating income 91.7 91.8 0 %
EBIT 88.8 88.2 1 %
Financial result -25.5 -24.7 -4 %
Valuation gains/losses -3.2 -2.0 -63 %
EBT 60.1 61.5 -2 %
Consolidated profit 48.7 49.7 -2 %
EPRA* Earnings per share 0.97 0.95 2 %
(EUR)
FFO per share (EUR) 1.16 1.14 2 %
30.06.2016 31.12.2015 +/-
Equity** 2,030.7 2,061.0 -1 %
Liabilities 1,818.5 1,790.6 2 %
Total assets 3,849.2 3,851.6 0 %
Equity ratio (%)** 52.8 53.5
LTV ratio (%) 36.0 35.5
Gearing (%)** 89.6 86.9
Cash and cash equivalents 70.7 70.7 0 %
</pre>
* European Public Real Estate Association
** incl. third-party interests in equity
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15.08.2016 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, DE000A1R0W05
WKN: 748020
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange
End of News DGAP News Service
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492825 15.08.2016
DGAP-News: Deutsche EuroShop: positive first half of 2016 in line with expectations
| Source: EQS Group AG