12.11.2015
Deutsche EuroShop AG DE0007480204
DGAP-News: Deutsche EuroShop: Third-quarter results broadly as expected
DGAP-News: Deutsche EuroShop AG / Key word(s): 9-month figures/Interim
Report
Deutsche EuroShop: Third-quarter results broadly as expected
12.11.2015 / 18:00
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Deutsche EuroShop: Third-quarter results broadly as expected
- Revenue: EUR151.0 million, EBIT: EUR131.0 million
- EBT before measurement: EUR93.9 million (+3.3%)
- Earnings per share: EUR1.37 (+6.2%)
- FFO: EUR1.68 per share (+2.4%)
- Update for 2015 estimate and small adjustment to 2016 forecast
Hamburg, 12 November 2015 - Business operations for the first nine months
were in line with management expectations at Deutsche EuroShop. The
shopping center investor recorded net operating income of EUR135.9 million
(unchanged) and a 0.9% decrease in EBIT (EUR131.0 million) - primarily
because of one-off costs - on revenues of EUR151.0 million (+0.9% year on
year).
A EUR4.5 million improvement in the financial result meant that earnings
before taxes and measurement (EBT before measurement) rose from EUR90.0
million to EUR93.9 million (+3.3%). "The EUR2 million reduction in interest
expense had a significant positive effect on net finance costs. In
addition, a valuation effect from interest rate hedging contributed to the
increase in earnings," said Wilhelm Wellner, CEO.
Consolidated profit increased by 5.9% year on year to EUR73.6 million.
Earnings per share rose to EUR1.37, while EPRA earnings per share were 3.7%
higher at EUR1.41. Funds from operations (FFO) improved by 2.4%, from
EUR1.64 to EUR1.68 per share.
Our forecast for financial year 2015 was originally based, among other
things, on an expectation that inflation would average 1.0%. The actual
annual inflation rate for 2015 to date (January to September) is only 0.3%.
Nonetheless, the Executive Board maintains its forecast, with the exception
of operating profit before interest and taxes (EBIT), and expects a result
at the lower end of its target range. Because of one-off factors affecting
other operating expenses and slightly higher property costs, we anticipate
an EBIT result that is somewhat below the previous range:
- Revenue: EUR201 to 204 million
- Earnings before interest and taxes (EBIT): EUR175 to 178 million
(previously: EUR177 to 180 million)
- Earnings before taxes (EBT) excluding valuation gains/losses: EUR126 to
129 million
- Funds from operations (FFO) per share: EUR2.24 to EUR2.28
Based on the forecast for the current financial year and in particular
against the backdrop of changes to the baseline data for the inflation
trend and expectations, the Executive Board is making a slight change to
its forecast for 2016 and predicts the following ranges:
- Revenue: EUR200 to 204 million (previously: EUR203 to 206 million)
- Earnings before interest and taxes (EBIT): EUR175 to 179 million
(EUR179 to 182 million)
- Earnings before taxes (EBT) excluding valuation gains/losses: EUR127 to
130 million (EUR130 to 133 million)
- Funds from operations (FFO) per share: EUR2.26 to EUR2.30 (EUR2.30 and
EUR2.34)
The company still foresees an increase in the dividend of five cents to
EUR1.35 per share for 2015.
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
Internet broadcast of the teleconference
Deutsche EuroShop will hold a conference call for analysts in English at 10
a.m. on Friday 13 November 2015, which will be carried as a live webcast on
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.
Figures for Deutsche EuroShop (IFRS)
01.01.-30.09. 01.01.-30.09. in EUR m 2015 2014 +/- Revenue 151.0 149.7 1 % EBIT 131.0 132.3 -1 % Financial result -37.2 -41.7 11 % Valuation gains/losses -2.8 -4.4 36 % EBT 91.0 86.2 6 % Consolidated profit 73.6 69.5 6 % FFO per share (EUR) 1.68 1.64 2 % Earnings per share (undiluted) 1.37 1.29 6 % 30.09.2015 31.12.2014 +/- Equity* 1,759.2 1,751.2 0 % Liabilities 1,733.0 1,741.0 0 % Total assets 3,492.1 3,492.2 0 % Equity ratio (%)* 50.4 50.1 LTV ratio (%) 40 40 Gearing (%)* 99 99 Cash and cash equivalents 56.9 58.3 -2 %* incl. third-party interests in equity --------------------------------------------------------------------- 12.11.2015 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. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 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 WKN: 748020 Indices: MDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart End of News DGAP News Service --------------------------------------------------------------------- 412639 12.11.2015
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