DGAP-News: Deutsche EuroShop AG / Key word(s): Half Year
Results/Interim Report
Deutsche EuroShop: positive trend continues
14.08.2012 / 07:30
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Deutsche EuroShop: positive trend continues
- Revenue: EUR 104.5 million (+15%), EBIT: EUR 91.2 million (+16%)
- EBT excluding measurement gains/losses: EUR 49.1 million (+24%)
- Earnings per share: EUR 0.63 (+20%)
- FFO: EUR 0.90 per share (+22%)
Hamburg, 14 August 2012 - With revenue of EUR 104.5 million (previous year:
EUR 91.1 million), net operating income (NOI) of EUR 93.6 million (EUR 81.5
million) and EBIT of EUR 91.2 million (EUR 78.4 million), shopping center
investor Deutsche EuroShop is well on track to achieve its full-year
forecast after the first six months of 2012.
Key factors behind this growth were three large center expansions completed
during the past year at Altmarkt-Galerie Dresden, the A10 Center and the
Main-Taunus-Zentrum, as well as the new addition to the Company's
portfolio, the Allee-Center Magdeburg.
The Company further optimised its credit portfolio over the first six
months of 2012. The resulting reduction in interest expense led to
consolidated profit increasing disproportionately by 20% to EUR 32.6
million. Correspondingly, net earnings per share rose from EUR 0.53 to EUR
0.63. Earnings per share adjusted for valuation effects (EPRA earnings)
climbed from EUR 0.54 to EUR 0.66 per share, a rise of 22%. FFO (funds from
operations) also improved by 22% from EUR 0.74 to EUR 0.90 per share.
After optimising its portfolio at the beginning of the year (shareholdings
in the properties Rathaus-Center Dessau, Allee-Center Hamm and
Rhein-Neckar-Zentrum increased to 100%), Deutsche EuroShop made no further
changes to the portfolio. In view of the competitive environment, the
Executive Board does not currently expect to be able to acquire a new
center in the short term.
For financial year 2012 Deutsche EuroShop is maintaining its forecast,
which was revised upwards in May, and still expects to achieve
- revenue of between EUR 207 million and EUR 211 million
- earnings before interest and taxes (EBIT) of between EUR 177 million
and EUR 181 million
- earnings before tax (EBT) excluding measurement gains/losses of between
EUR 94 million and EUR 97 million and
- funds from operations (FFO) per share of between EUR 1.70 and EUR 1.74.
The long-term dividend policy geared towards continuity will be continued:
the Executive Board expects to pay a dividend of EUR 1.10 per share once
again in 2012.
Internet broadcast of the teleconference
On Tuesday, 14 August 2012 at 10 a.m., Deutsche EuroShop will broadcast its
English teleconference as a live webcast on the Internet at
http://www.deutsche-euroshop.de/ir
The full interim report is also available at this address as a PDF document
and in an interactive online format (ePaper).
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)
|[![CDATA[|[pre|]]]|]
in EUR million 01.01.-30.06.2012 01.01.-30.06.2011 + / -
Revenue 104.5 91.1 15%
EBIT 91.2 78.4 16%
Net finance costs -42.1 -38.8 -9%
Measurement gains/losses -1.9 -0.8
EBT 47.2 38.8 22%
Consolidated profit 32.6 27.2 20%
FFO per share (EUR) 0.90 0.74 22%
EPRA* Earnings per share (EUR) 0.66 0.54 22%
30.06.2012 31.12.2011 + / -
Equity** 1,434.6 1,473.1 -3%
Liabilities 1,809.3 1,752.0 3%
Total assets 3,243.9 3,225.1 1%
Equity ratio (%)** 44.2 45.7
LTV-ratio (%) 48 47
Gearing (%)** 126 119
Cash and cash equivalents 91.5 64.4 42%
|[![CDATA[|[/pre|]]]|]
* European Public Real Estate Association
** incl. non controlling interests
End of Corporate News
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14.08.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Deutsche EuroShop AG
Oderfelder StraÃe 23
20149 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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181475 14.08.2012
DGAP-News: Deutsche EuroShop: positive trend continues
| Source: EQS Group AG