DGAP-News: Deutsche EuroShop AG / Key word(s): Preliminary
Results/Forecast
Deutsche EuroShop: Preliminary figures for 2012 - consolidated profit
up 24% - continued growth in 2013
21.03.2013 / 18:30
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Deutsche EuroShop: Preliminary figures for 2012 - consolidated profit up
24% - continued growth in 2013
- Results for 2012: revenue: EUR211.2 million, EBIT: EUR181.0 million
- FFO: EUR1.68 per share, NAV per share: EUR28.51
- Consolidated profit: EUR123.2 million
- 9% revenue growth and 12% earnings growth anticipated for 2013
Hamburg, 21 March 2013 - Shopping center investor Deutsche EuroShop AG
announced its preliminary figures for the 2012 financial year in Hamburg
today. The company has either achieved or exceeded the targets it set
itself. There was further growth in the portfolio of Deutsche EuroShop in
2012, with the acquisition of Herold-Center in Norderstedt.
Group revenue increased by 11%, from EUR190.0 million to EUR211.2 million,
during the financial year. The Main-Taunus-Zentrum, the Altmarkt-Galerie
Dresden, the A10 Center and the Allee-Center Magdeburg (acquired during the
previous year) contributed significantly to this revenue growth. Revenues
from portfolio properties increased by 2.6% on a like-for-like basis.
Net finance costs increased EUR6.1 million to EUR-85.2 million (2011:
EUR-79.1 million), a development which can largely be attributed to one-off
prepayment compensation for the refinancing of the Main-Taunus-Zentrum as
well as increased interest expense due to expansions and the acquisition of
the Allee-Center Magdeburg. At EUR7.2 million, measurement gains/losses
were down EUR40.3 million on the previous year (2011: measurement gain of
EUR47.5 million). Measurement of the portfolio properties led to
measurement gains of EUR12.4 million, with an average increase in value of
0.6%. Net asset value (EPRA NAV) as at 31 December 2012 was EUR1,538.2
million (+8%), or EUR28.51 per share*.
Earnings before interest and taxes (EBIT) increased by 9% in the year under
review, from EUR165.7 million to EUR181.0 million. Earnings before taxes
and measurement gains/losses (EBT before measurement) rose by 11% from
EUR86.6 million to EUR95.9 million; with measurement gains/losses included,
EBT declined from EUR134.0 million to EUR103.1 million, a drop of 23%.
A portion of the deferred trade tax provisions created during previous
years was released as a result of intra-Group restructuring. This resulted
in tax income in the amount of EUR20.1 million (2011: EUR-35.0 million) in
the profit and loss account.
Consolidated profit improved by 24% to EUR123.2 million (2011: EUR99.0
million). Earnings per share* were EUR2.37, compared with EUR1.92 in the
previous year. The previously-mentioned one-off tax income contributed
EUR0.95 to earnings per share, while the measurement gain contributed
EUR0.03 (2011: EUR0.73). Operations increased their contribution to
earnings per share from EUR1.19 to EUR1.39 (EPRA earnings).
Funds from operations (FFO) rose by 5% from EUR83.1 million to EUR87.3
million. The FFO per share* increased from EUR1.61 to EUR1.68 (+4%).
Excluding one-off effects (refinancing costs for the Main-Taunus-Zentrum,
tax payments in connection with restructuring), the FFO would be EUR1.84
per share (+14%).
Outlook
Deutsche EuroShop anticipates revenue of between EUR170 million and EUR173
million for financial year 2013, which will below the previous year due to
a switch to accounting for joint ventures at-equity; on a like-for-like
basis, the company expects revenue growth of around 9%. The company
forecasts that earnings before interest and taxes (EBIT) will rise to
EUR148-151 million (on a like-for-like basis: +13%) in 2013. Earnings
before taxes and measurement gains/losses (EBT before measurement) should
rise to EUR112-115 million (+18%). Funds from operations (FFO) of between
EUR1.99 and EUR2.03 per share (+20%) are anticipated for 2013.
* For all information stated on a per-share basis it must be kept in mind
that Deutsche EuroShop carried out a capital increase involving 2,314,136
new shares in November 2012.
Publication pursuant to Section 37q (2) (1) of the Wertpapierhandelsgesetz
(WpHG - German Securities Trading Act)
The German Federal Financial Supervisory Authority (BaFin) determined that
the consolidated financial statements of Deutsche EuroShop AG with the
reporting date 31 December 2011 are incorrect:
1. The item 'Measurement gain/loss' indicated in the consolidated income
statement was EUR8.3 million too low because merger-related expenses
connected to the acquisition of the Billstedt-Center Hamburg which
should have been recognised in financial year 2010 were erroneously
recognised in financial year 2011.
This is a violation of IFRS 3.53, which states that the acquirer must
recognise all costs associated with a business combination as an expense
during the periods in which they were incurred.
2. In the 2011 consolidated financial statements, cash inflows in the
amount of EUR155.2 million are recognised in cash flow from operating
activities and cash outflows of the same amount are recognised in cash
flow from investment activities, both in connection with the
acquisition of the Billstedt-Center Hamburg, yet no cash inflows or
outflows in this amount actually took place during the period.
This is a violation of IAS 7.10, which specifies that the statement of cash
flows must only include actual cash flows from the reporting period.
Webcast of the conference call
Deutsche EuroShop will webcast its English conference call on Friday, 22
March 2013, at 11:00 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 20 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 2012 2011 +/-
Revenue 211.2 190.0 +11%
EBIT 181.0 165.7 +9%
Net finance costs -85.2 -79.1 -8%
Measurement gains/losses 7.2 47.5 -85%
EBT 103.1 134.0 -23%
Consolidated profit 123.2 99.0 +24%
FFO per share (EUR) 1.68 1.61 +4%
EPRA** earnings per share (EUR) 1.39 1.19 +17%
Equity*** 1,607.5 1,473.1 +9%
Liabilities 1,941.3 1,752.0 +11%
Total assets 3,548.9 3,225.1 +10%
Equity ratio (%)*** 45.3 45.7
LTV-ratio (%) 44 45
Gearing (%)*** 121 119
Cash and cash equivalents 167.5 64.4 +160%
Net asset value (EPRA) 1,538.2 1,427.3 +8%
Net asset value per share (EUR, EPRA) 28.51 27.64 +3%
Number of shares (year-end) 53,945,536 51,631,400 +4%
Weighted average number of shares 51,934,893 51,631,400 +1%
</pre>
** European Public Real Estate Association
*** incl. non controlling interests
End of Corporate News
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Language: English
Company: Deutsche EuroShop AG
Wandsbeker Str. 3-7
20179 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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204826 21.03.2013
DGAP-News: Deutsche EuroShop: Preliminary figures for 2012 - consolidated profit up 24% - continued growth in 2013
| Source: EQS Group AG