07.03.2017
Deutsche EuroShop AG DE0007480204
DGAP-News: Deutsche EuroShop AG signs a purchase agreement for a shopping center in the Czech Republic and approves a capital increase excluding subscription rights of up to 4.7 million new shares as well as the publication of the preliminary results for
DGAP-News: Deutsche EuroShop AG / Key word(s): Preliminary
Results/Acquisition
Deutsche EuroShop AG signs a purchase agreement for a shopping center in the
Czech Republic and approves a capital increase excluding subscription rights
of up to 4.7 million new shares as well as the publication of the
preliminary results for the 2016 financial year
07.03.2017 / 17:48
The issuer is solely responsible for the content of this announcement.
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- Not for distribution, publication or forwarding in the USA, Canada, Japan
or Australia, not in any other country in which the offer or sale of the
securities is not permitted -
Deutsche EuroShop AG signs a purchase agreement for a shopping center in
the Czech Republic and approves a capital increase excluding subscription
rights of up to 4.7 million new shares as well as the publication of the
preliminary results for the 2016 financial year
Hamburg, 7 March 2017 - The Executive Board of Deutsche EuroShop AG,
Hamburg (ISIN DE0007480204), (the "Company") today signed a purchase
agreement for the acquisition of a shopping center in the Czech Republic.
Located in Brno, the Olympia Center has approximately 85,000 sqm of
leasable space, more than 200 tenants and an occupancy rate of around
98.5%. The total investment volume of around EUR382 million will be funded
by assuming existing loans and taking out new ones, and with cash from a
capital increase. The acquisition is planned to be completed during the
first half of 2017 and will have a positive impact on funds from operations
(FFO). At an NOI return of 5.1%, the acquisition is expected to produce FFO
growth of approximately 3 cents per share, calculated on the basis of a
full financial year and on the total number of outstanding shares after the
capital increase has been completed.
Immediately after signing the purchase agreement and for the purpose of
financing the cash portion, the company's Executive Board decided, with the
Supervisory Board's approval, to increase the company's share capital by
utilising up to EUR 4,700,000.00 of the authorised capital through the
issue of up to 4,700,000 registered shares with dividend rights from 1
January 2016 (the "New Shares") for cash. This is equal to approximately
8.7% of the company's current share capital. Shareholders' subscription
rights are excluded.
These New Shares will be offered in a private placement by way of
accelerated bookbuilding exclusively to institutional investors in Germany,
the rest of Europe and selected other countries (the "Share Offer").
Alexander Otto has expressed an interest to the company in participating in
the capital increase through a holding company controlled by him.
The price for the offered shares is expected to be determined by no later
than 8 March 2017, with delivery against payment on or around 13 March
2017. The New Shares will be admitted for trading without a sales
prospectus in the regulated market of the Frankfurt Stock Exchange with a
simultaneous listing in the Prime Standard segment of the Frankfurt Stock
Exchange, which has enhanced disclosure obligations.
Positive preliminary results for the 2016 financial year
Furthermore, Deutsche EuroShop AG is already publishing preliminary figures
for the 2016 financial year today.
- Revenue: EUR205.1 million (+1.1%)
- EBIT: EUR178.6 million (+1.3%)
- EUR145.5 million measurement gains
- EPRA NAV up 9.2% at EUR43.24 per share
- FFO: EUR2.41 per share (+5.3%)
- EBT excluding valuation gains: EUR134.5 million (+5.9%)
- Proposed dividend: EUR1.40 per share (+3.7%)
Shopping center investment firm Deutsche EuroShop closed the 2016 financial
year with a positive result that met or slightly exceeded its forecast.
Consolidated revenue was up 1.1%, from EUR202.9 million to EUR205.1
million, in the financial year (forecast: EUR200 to EUR204 million).
Earnings before interest and taxes (EBIT) increased by 1.3% in the year
under review from EUR176.3 million to EUR178.6 (forecast: EUR175 to EUR179
million).
The 2016 financial result was again impacted by positive measurement
effects in the amount of EUR28.7 million (2015: EUR47.2 million) relating
to investees recognised at equity, and totalled EUR-13.9 million (2015:
EUR-2.1 million). At Group level, too, the value of properties increased,
with shopping centers appreciating by 4.6% on average or EUR116.8 million
(2015: EUR220.5 million).
At EUR134.5 million, operating earnings before taxes (EBT excluding
measurement gains) were up 5.9% versus the previous year (EUR127.0
million). Adjusted for the contribution from the stake in the Saarpaark-
Center acquired in the fourth quarter of 2016, EBT excluding valuation
gains/losses totalled EUR133.0 million, exceeding the forecast of EUR127 to
130 million. At EUR281.5 million, earnings before taxes (EBT) were down
versus the previous year (EUR394.7 million), which saw significantly higher
measurement gains of EUR267.7 million.
Funds from operations (FFO) improved by 5.3% to EUR129.9 million, which
represents FFO per share of EUR2.41, compared with EUR2.29 in the previous
year. At EUR2.39 per share, FFO adjusted for the contribution from the
Saarpark-Center was also above the forecast of EUR2.26 to 2.30.
EPRA earnings also performed well and rose 5.0% to EUR2.29 per share (2015:
EUR2.18). Net asset value (EPRA NAV) as at 31 December 2016 was EUR2,332.6
million (+9.2%), or EUR43.24 per share (2015: EUR39.58). The method used to
determine EPRA earnings was updated for the 2016 financial year and the
prior-year values restated accordingly (previously reported figures per
share: EPRA earnings EUR1.89, EPRA NAV EUR39.12). The increase in the
prior-year values is the result of the adjusted recognition of deferred
taxes in the calculation of these figures.
The 2016 Annual Report with the final audited figures for the 2016
financial year will be published as planned on 28 April 2017.
Additional information on the acquisition of the Olympia shopping center in
Brno, Czech Republic
Under the purchase agreement signed today, Deutsche EuroShop AG is
acquiring 100% of the shares in a property company that is the owner of the
Olympia Center in Brno. The company is being sold by two funds managed by
Rockspring Property Investment Managers and ECE Real Estate Partners
respectively. The acquisition is expected to be completed during the first
half of 2017. The acquisition will increase Deutsche EuroShop's portfolio
to 21 shopping centers, with a market value of some EUR5.1 billion (100%
perspective).
Located in the second largest town in the Czech Republic, the Olympia
Center opened its doors in 1999 and is one of the country's biggest
shopping centers. Following a reorganisation between 2014 and 2016, it
houses more than 200 specialist stores across 85,000 m2 over two floors.
Anchor tenants include hypermarket Albert, H&M, Intersport and P&C
Düsseldorf. The center also features a cinema and entertainment park, as
well as more than 4,000 parking spaces. It is very well connected in terms
of both road links and public transport. The shopping center is managed by
ECE Projektmanagement, and some 1.2 million people live in its catchment
area. The Olympia Center welcomes more than 23,000 customers every day and
more than 8 million every year.
It is expected to generate EUR20.1 million in rental income in 2017.
Anticipated NOI is EUR19.1 million.
Facts & figures on the Olympia Center
Location Brno, Czech Republic
Future DES shareholding 100%
Rental space in sqm approx. 85,000
Parking spaces approx. 4,000
Number of shops approx. 200
Occupancy rate approx. 98.5%
Catchment area 1.2 million residents
Opened/restructured 1999/2014-2016
Website www.olympia-centrum.cz/en
Note to editorial staff
You can request digital images by sending an e-mail to ir@deutsche-
euroshop.de
This notice contains complementary financial figures that are not precisely
defined by the relevant accounting standards and that (may) represent
alternative performance indicators. These complementary financial figures
should not be considered in isolation or as an alternative to the figures
presented in the consolidated financial statements and determined in
accordance with the relevant accounting standards when evaluating the
assets, financial position and results of operations of Deutsche EuroShop.
Such alternative performance indicators may be calculated differently but
labelled similarly by other companies. For explanations regarding the
financial figures used, please consult http://www.deutsche-euroshop.de/des/
pages/index/p/210
This publication constitutes neither an offer to sell nor the solicitation
of an offer to buy securities. In particular, this document constitutes
neither an offer to sell nor the solicitation of an offer to purchase
securities in the United States. The shares in Deutsche EuroShop AG (the
"Securities") may not be offered or sold in the United States of America
absent registration or an exemption from registration under the U. S.
Securities Act of 1933, as amended (the "Securities Act"). The Securities
have not been and will not be registered under the Securities Act. There
will be no public offering of the Securities in the United States of
America.
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07.03.2017 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.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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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: [email protected]
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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551365 07.03.2017
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