DGAP-News: Deutsche EuroShop: Earnings up 22% in first quarter of 2013
(firmenpresse) - DGAP-News: Deutsche EuroShop AG / Key word(s): Quarter Results/Change
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Deutsche EuroShop: Earnings up 22% in first quarter of 2013
15.05.2013 / 18:00
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Deutsche EuroShop: Earnings up 22% in first quarter of 2013
- Year starts according to plan
- Initial contribution to earnings by the Herold-Center Norderstedt
- Consolidated profit: EUR 20.1 million (+22%)
- Forecast increased following acquisition of additional shares in
Dresden
Hamburg, 15 May 2013 - With the results it posted for the first quarter of
2013, the year has started according to plan for shopping center investor
Deutsche EuroShop. At EUR42.4 million, revenue was 10% higher than during
the first three months of the previous year. Net operating income climbed
12% to EUR38.6 million while EBIT rose 10% to EUR37.3 million.
'This growth is especially due to the contribution of the Herold-Center in
Norderstedt which has been a part of our portfolio since the start of the
year', said Claus-Matthias Böge, Executive Board Spokesman for Deutsche
EuroShop, when explaining this renewed and considerable rise in earnings.
Consolidated profit grew 22% to EUR20.1 million. Earnings per share
increased from EUR0.32 to EUR0.37. EPRA, i.e. the result adjusted for
valuation effects, rose from EUR0.34 to EUR0.40 per share which corresponds
to an increase of 18%. FFO (funds from operations) - an important ratio for
real estate companies - improved by 16% to EUR26.9 million.
Shortly after the end of the reporting period, Deutsche EuroShop increased
its shareholding in the Altmarkt-Galerie Dresden to 100% by acquiring the
remaining 33% of shares from its long-term co-investor. The investment
volume amounts to some EUR132 million including proportionate liabilities
assumed in the amount of EUR62 million.
Following this acquisition of additional shares in the Altmarkt-Galerie
Dresden, the Board of Directors has adjusted its forecast for financial
year 2013 and now anticipates
- revenue of between EUR186 million and EUR189 million (previously:
EUR170-EUR173 million)
- earnings before interest and taxes (EBIT) of between EUR162 million and
EUR165 million (previously: EUR148-EUR151 million)
- earnings before taxes (EBT) without measurement gains/losses of between
EUR113 million and EUR116 million (previously: EUR112-EUR115 million)
and
- funds from operations (FFO) per share unchanged at between EUR1.99 and
EUR2.03.
The company expects to pay a dividend of at least EUR1.20 per share once
again in 2013.
Complete interim report
The complete interim report is available in downloadable PDF format and as
an interactive online version (ePaper) at www.deutsche-euroshop.com/ir
Webcast of the conference call
Deutsche EuroShop will webcast its English conference call on Thursday, 16
May 2013, at 9:00 a.m. CEST live on the Internet. The webcast can be
accessed at the Company's website at 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 theGaleria Baltycka in
Gdansk, among many others.
Key Data of Deutsche EuroShop (IFRS)
01.01.-31.03. 01.01.-31.03.* European Public Real Estate Association
in EUR million 2013 2012 + / -
Revenue 42.4 38.6 10%
EBIT 37.3 33.8 10%
Net finance costs -10.1 -9.4 -7%
Measurement gains/losses -1.4 -0.8 -75%
EBT 25.8 23.6 9%
Consolidated profit 20.1 16.5 22%
FFO per share (EUR) 0.50 0.45 11%
EPRA* earnings per share (EUR) 0.40 0.34 18%
31.03.2013 31.12.2012 + / -
Equity** 1,5503.2 1,528.4 1%
Liabilities 1,536.5 1,630.9 -6%
Total assets 3,086.6 3,159.3 -2%
Equity ratio (%)** 50.2 48.4
LTV-ratio (%) 43 40
Gearing (%)** 99 107
Cash and cash equivalents 82.0 158.2 -48%
** incl. non controlling interests
End of Corporate News
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15.05.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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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: ir(at)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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211337 15.05.2013
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