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Deutsche EuroShop: 18% revenue growth and 12% increase in earnings in the first quarter of 2014
Deutsche EuroShop AG / Key word(s): Quarter Results/Interim Report
14.05.2014 / 18:10
Deutsche EuroShop: 18% revenue growth and 12% increase in earnings in the first quarter of 2014
- First three months of the year on track
- Full consolidation of the Altmarkt-Galerie Dresden
- Consolidated profit: EUR22.6 million (+12%)
- FFO: EUR0.55 per share (+10%)
Hamburg, 14 May 2014 - The shopping center investor Deutsche EuroShop has published its interim report for the first quarter of 2014, reinforcing the full-year forecasts issued on 21 March with a strong set of results.
Revenue in the first three months of 2014 totalled EUR50.0 million, representing an 18% rise year-on-year (from EUR42.4 million). Correspondingly, net operating income (NOI) climbed 18% to EUR45.6 million, while EBIT rose nearly 19% to EUR44.2 million.
"The main factor behind these significant increases is the full consolidation of the Altmarkt-Galerie Dresden. This center will contribute to results over the whole of 2014, whereas in 2013 it was consolidated only from May onwards, when we increased our shareholding to 100%," explains Claus-Matthias Böge, CEO of Deutsche EuroShop.
Earnings before taxes and measurement gains/losses increased from EUR27.9 million to EUR30.4 million (+9%). Consolidated profit improved by 12%, from EUR20.1 million to EUR22.6 million, taking earnings per share from EUR0.37 to EUR0.42. FFO (funds from operations) improved by 10%, from EUR0.50 to EUR0.55 per share.
Deutsche EuroShop is standing by its recent forecasts for financial year 2014, and expects:
- revenue of between EUR198 million and EUR201 million
- earnings before interest and taxes (EBIT) of between EUR174 million and EUR177 million
- earnings before taxes (EBT) excluding measurement gains/losses of between EUR120 million and EUR123 million
- funds from operations (FFO) per share of between EUR2.14 and EUR2.18
The company envisages paying a dividend of EUR1.30 per share for 2014.
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 in English as a live webcast at 11 a.m. (CET) on Thursday 15 May 2014 at 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)
| in EUR million | 01.01.-31.03. 2014 |
01.01.-31.03. 2013 |
+ / - |
| Revenue | 50.0 | 42.4 | 18% |
| EBIT | 44.2 | 37.3 | 19% |
| Net finance costs | -13.8 | -10.1 | -37% |
| Valuation gains/losses | -1.1 | -1.4 | -25% |
| EBT | 29.3 | 25.8 | 14% |
| Consolidated profit | 22.6 | 20.1 | 12% |
| FFO per share (EUR) | 0.55 | 0.50 | 10% |
| EPRA* earnings per share in EUR | 0.44 | 0.40 | 10% |
| 31.03.2014 | 31.12.2013 | + / - | |
| Equity** | 1,662.1 | 1,642.4 | 1% |
| Liabilities | 1,712.4 | 1,752.5 | -2% |
| Total assets | 3,374.5 | 3,394.9 | -1% |
| Equity ratio (%)** | 49.3 | 48.4 | |
| LTV ratio (%) | 42 | 43 | |
| Gearing (%)** | 103 | 107 | |
| Cash and cash equivalents | 59.0 | 40.8 | 45% |
* European Public Real Estate Association
** incl. third-party interests in equity
End of Corporate News
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