Deutsche EuroShop AG / Key word(s): Interim Report/Change in Forecast
04.11.2010 07:32
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Deutsche EuroShop reports positive nine-month result
- Revenue: EUR106.6 million (+13%), EBIT: EUR91.5 million (+13%)
- EBT before measurement: EUR46.9 million (+20%)
- Earnings per share: EUR0.87
- FFO: EUR1.06 per share
- Revised forecast for 2010
Hamburg, 4 November 2010 - With revenue of EUR106.6 million (previous year:
EUR94.4 million), EBIT of EUR91.5 million (EUR80.9 million) and
consolidated profit of EUR38.3 million (EUR38.5 million), shopping center
investor Deutsche EuroShop is above plan for the year as a whole after the
first nine months of 2010 and has revised its forecast upwards. At the same
time, a dividend increase to EUR1.10 per share is envisaged.
'Revenue, net operating income and EBIT all improved by around 13%. This is
chiefly due to the contribution to earnings from the A10 Center in Wildau,
which was acquired at the beginning of 2010,' explains Claus-Matthias Böge,
CEO of Deutsche EuroShop.
Earnings before taxes and measurement came to EUR46.9 million, almost 20%
higher than in the same period last year. Consolidated profit totalled
EUR38.3 million (prior-year period: EUR38.5 million), which corresponds to
earnings per share of EUR0.87 (2009: EUR1.05). It should be noted here that
consolidated profit was boosted in the previous year by positive
exceptional and currency effects on measurement gains. The weighted number
of shares also increased by 20%. FFO (funds from operations) improved by
18% from EUR39.3 million to EUR46.5 million (EUR1.06 per share).
Based on the results for the first nine months, Deutsche EuroShop has
increased its forecast for 2010 as a whole and anticipates revenue of
EUR140-144 million (previously: EUR139-142 million, 2009: EUR127.6
million), earnings before interest and taxes (EBIT) of EUR120-123 million
(previously EUR118-121 million, 2009: EUR110.7 million), earnings before
taxes (EBT) without measurement gains/losses of EUR61-63 million
(previously: EUR58-60 million, 2009: EUR54.9 million) and FFO per share
between EUR1.37 and EUR1.40 (previously EUR1.33-1.38, 2009: EUR1.49).
On the basis of the successful business performance in the first three
quarters, the Board of Directors expects to be able to propose at next
year's Annual General Meeting a dividend increase for the 2010 financial
year to EUR1.10 per share.
Internet broadcast of the teleconference
On Thursday 4 November 2010 at 9:30 am, Deutsche EuroShop will broadcast
its English teleconference as a live webcast on the Internet at
www.deutsche-euroshop.de/ir
The full nine-month report is available to download as a PDF file from this
address.
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 18 European shopping centers in Germany, Austria,
Hungary and Poland.
Key Data of Deutsche EuroShop (IFRS)
|[![CDATA[|[pre|]]]|]
in EUR million 01.01.-30.09.2010 01.01.-30.09.2009 Change
Revenue 106.6 94.4 13%
EBIT 91.5 80.9 13%
Net finance costs -44.6 -41.6 -7%
EBT before valutation 46.9 39.3 20%
Consolidated profit 38.3 38.5 0%
FFO per share (EUR) 1.06 1.07 -1%
EPS (EUR) 0.87 1.05 -17%
30.09.2010 31.12.2009 Change
Equity* 1,172.4 1,044.4 12%
Liabilities 1,238.0 1,067.8 16%
Total assets 2,410.4 2,112.1 14%
Equity ratio (%)* 48.6 49.5
LTV-ratio (%) 47 46
Gearing (%)* 106 102
Cash and cash equivalents 48.2 81.9 -41%
|[![CDATA[|[/pre|]]]|]
* incl. minorities
04.11.2010 07:32 Dissemination of a Corporate News, transmitted by DGAP -
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Language: English
Company: Deutsche EuroShop AG
Oderfelder StraÃe 23
20149 Hamburg
Deutschland
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 Hamburg, München, Düsseldorf, Berlin, Hannover, Stuttgart
End of Announcement DGAP News-Service
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DGAP-News: Deutsche EuroShop reports positive nine-month result
| Source: EQS Group AG