Corporate News
Here you will find announcements about Deutsche Euroshop.
20. April 2006
Deutsche EuroShop AG: Group with all-time record in FY 2005
Deutsche EuroShop AG / Final Results
Corporate-announcement transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Deutsche EuroShop: Group with all-time record in FY 2005
- Revenue: Euro 72.1 million (+17%),
EBIT: Euro 57.5 million (+16%)
- Profit: Euro 48.7 million (+76%)
- Tax-free dividend increased to Euro 2.00 Euro per share (+4%)
- Net Asset Value per share: Euro 46.22 Euro (+5%)
- Forecast 2006: Further increase of revenue and
net profit of more than 20%
- Disposal of the center Shopping Etrembières
Hamburg, 20 April 2006 – Deutsche EuroShop AG today looked back
on the best financial year in its existence and disclosed the
results for FY 2005 on its annual earnings press and analysts'
conference in Hamburg.
Consolidated revenue up by 17.4%
Consolidated revenue was up by 17.4% from Euro 61.4 million to
Euro 72.1 million in financial year 2005. This development is
mainly attributable to the newly opened shopping centers. The
Pécs Árkád in Hungary and the Phoenix-Center Hamburg were opened
during 2004 and thus made a contribution to Group revenue during
the whole of the year under review. Forum Wetzlar, which opened
in February 2005, generated revenue for the first time.
Vacancy rate remained under 1%
As in the previous year, the vacancy rate was under 1%. The need
for write-downs for rent losses was, at around Euro 0.2 million
or 0.3% of revenue, at a level which impressively confirms the
quality of center management.
Net finance costs increase due to investments
Net finance costs increased by Euro 5.8 million to Euro -26.4
million. Firstly, interest income declined substantially by
around Euro 0.4 million to Euro 2.2 million due to increased
investment activity and the resulting reduction in cash funds.
Secondly, interest expenses from the recognition of the borrowing
costs for our newly opened properties rose by Euro 5.6 million to
Euro 33.6 million. Income from investments was Euro 0.2 million
above the previous year’s income because the Polish investee in
Wroclaw distributed more income than in the preceding year.
Gains on measurements rose to Euro 49.9 million
Gains on fair value adjustments rose year-on-year by Euro 41.9
million from Euro 8.0 million to Euro 49.9 million. The newly
opened centers in Hamburg and Wetzlar were recognised at their
market values for the first time. This made possible the
recognition of measurement gains amounting to Euro 33.8 million.
The revaluation of existing properties also led to materially
higher Group income. These properties recorded increases in value
of Euro 25.2 million. Only one German property was written down
by Euro 6.6 million. The expenses of Euro 2.5 million associated
with investment in these properties incurred in the year under
review are deducted from this amount.
Profit increased by 76%
In the year under review, earnings before income and taxes (EBIT)
increased by 15.6% from Euro 49.8 million to Euro 57.5 million,
while EBT (profit before taxes) grew by 117.6% from Euro 37.3
million to Euro 81,1 million. After deducting income taxes
amounting to Euro 19.3 million and other taxes amounting to
Euro 0.1 million, consolidated net profit reached Euro 61.7
million (previous year: Euro 26.4 million). Of this, Euro 48.7
million (previous year: Euro 27.7 million) is attributable to
Group shareholders. This comes up to an increase of 76%.
Earnings per share increased
Earnings per share (undiluted) amounted to Euro 3.09 compared with
Euro 1.78 in the previous year. Of this amount, Euro 1.24 per
share (2004: Euro 1.32) is attributable to operations (-6%) and
Euro 1.85 (2004: Euro 0.46) to gains on measurements of financial
instruments and properties (+302%). The reduction in operating
profit is explained by the one-time disposal and exchange rate
gains generated in the previous year.
Dividend proposal: Euro 2.00 per share
The Executive and Supervisory Boards will propose to the
shareholders at the Annual General Meeting on 22 June 2006 in
Hamburg that a tax-free dividend of Euro 2.00 per share be
distributed for financial year 2005.
Net asset value rises
Based on the consolidated financial statements, the Group’s net
asset value as at 31 December 2005 was Euro 794.5 million (Euro
46.22 per share) compared with Euro 686.8 million (Euro 43.96 per
share) in the previous year (+5%).
Forecast
Revenue increase of 26 to 30% anticipated
Deutsche EuroShop anticipates revenue of between Euro 91 and Euro
94 million in financial year 2006 (2005: Euro 72.1 million).
Further improvement in EBIT and EBT planned
In the case of earnings before interest and taxes (EBIT), an
increase to Euro 72 to Euro 75 million compared with Euro 57.5
million in 2005 is expected, and for financial year 2007 a further
rise to Euro 75 to Euro 78 million is anticipated. Profit before
taxes (EBT without gains/losses on measurements) is expected to
reach Euro 37 - Euro 40 million in financial year 2006 and Euro 40
to Euro 43 million in financial year 2007. By way of comparison:
2005 EBT was Euro 31.2 million.
Shopping center in France sold
Deutsche EuroShop has sold its center Shopping Etrembières in
Annemasse to French investors in mid-April 2006 on the basis of
a share deal. From this transaction the Company expects a
additional contribution to its net profit of a least Euro 3.5
million in the second quarter.
Webcast of the conference call
Deutsche EuroShop will webcast its English conference call on
Thursday, 20 April 2006, at 05:00 p.m. CET live on the Internet.
The webcast can be accessed at the Company's website at
http://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 15 European shopping
centers in Germany, Austria, Hungary, Italy and Poland.
Key Data of Deutsche EuroShop (IFRS)
in Euro million 2005 2004 +/-
Revenue 72.1 61.4 17%
Income from investments 5.0 4.8 4%
Net interest expense -31.4 -25.3 24%
EBIT 57.5 49.8 16%
EBT 81.1 37.3 118%
Share of consolidated profit
attributable to Group
shareholders 48.7 27.7 76%
Earnings per share (Euro)* 3.09 1.78 74%
Equity 787.4 684.4 15%
Liabilities 677.1 612.6 11%
Total assets 1.543.6 1.370.2 13%
Equity ratio (%) 51.0 49.9
Gearing (%) 96 100
Net asset value 794.5 686.8 16%
Net asset value
per share (Euro) 46.22 43.96 5%
Number of shares 17,187,499 15,625,000
Cash and cash equivalents 197.2 150.3 31%
Dividend per share (Euro) 2.00** 1.92 4%
*undiluted **proposal
DGAP 20.04.2006
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language: English
company: Deutsche EuroShop AG
Oderfelder Straße 23
20149 Hamburg Deutschland
phone: +49 (0)40 413 579-0
fax: +49 (0)40 413 579-29
email: kiss@deutsche-euroshop.de
WWW: www.deutsche-euroshop.de
ISIN: DE0007480204
WKN: 748020
indices:
stockmarkets: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in
Berlin-Bremen, Hannover, München, Hamburg, Düsseldorf,
Stuttgart
End of News DGAP News-Service
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