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Deutsche EuroShop: Half-year results for 2019 stable and on track
DGAP-News: Deutsche EuroShop AG / Key word(s): Half Year Results/Interim Report
15.08.2019 / 18:15
The issuer is solely responsible for the content of this announcement.
Deutsche EuroShop: Half-year results for 2019 stable and on track
- Revenue: EUR111.9 million (+0.3%)
- EBIT: EUR98.2 million (+0.2%)
- Consolidated profit: EUR66.2 million (+19.8%)
- EPRA earnings per share: EUR1.37 per share (+15.1%)
- FFO: EUR75.0 million (-0.7%)
Hamburg, 15 August 2019 - Shopping center investor Deutsche EuroShop can look back on a stable first half of its 2019 financial year. Revenue was up slightly by 0.3% to EUR111.9 million on the prior-year period, net operating income (NOI) was nearly unchanged at EUR100.4 million, and earnings before interest and taxes (EBIT) improved by 0.2% to EUR98.2 million.
Including the positive non-recurring effects from tax refunds for previous years of the first quarter of 2019, which the management of Deutsche EuroShop expects in connection with a current ruling by the Grand Senate of the Federal Finance Court (BFH), earnings before taxes (EBT) excluding valuation rose by 3.8% to EUR81.9 million in the first half of the year (excluding non-recurring effects +0.4%). For this reason, consolidated profit also increased significantly by 19.8% to EUR66.2 million (excluding non-recurring effects +2.2%); EPRA earnings rose by 14.5% to EUR 84.3 million (excluding non-recurring effects +1.3%). Funds from operations (FFO) adjusted for valuation and non-recurring effects were slightly lower than the first half of the previous year at EUR75.0 million (-0.7%) due to higher tax payments. This represents FFO per share of EUR1.21.
The Deutsche EuroShop management team is sticking to its guidance for financial year 2019 and aims to pay a dividend of EUR1.55 per share for the financial year. The expectation is that the dividend will increase by a further EUR0.05 for 2020.
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
Webcast of the teleconference
Deutsche EuroShop will hold a conference call for analysts in English at 10:00 a.m. (CEST) on Friday, 16 August 2019, which will be carried out 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 21 shopping centers in Germany, Austria, Poland, the Czech Republic and Hungary. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among many others.
Key consolidated figures
| in EUR million | 01.01.-30.06.2019 | 01.01.-30.06.2018 | +/- | |||
| Revenue | 111.9 | 111.6 | 0.3% | |||
| Net operating income (NOI) | 100.4 | 100.5 | -0.1% | |||
| EBIT | 98.2 | 98.0 | 0.2% | |||
| EBT (excluding valuation1) | 81.9 | 78.9 | 3.8% | |||
| EPRA2 earnings5 | 84.3 | 73.6 | 14.5% | |||
| FFO | 75.0 | 75.5 | -0.7% | |||
| Consolidated profit | 66.2 | 55.3 | 19.8% | |||
| in EUR | 01.01.-30.06.2019 | 01.01.-30.06.2018 | +/- | |||
| EPRA2 earnings per share5 | 1.37 | 1.19 | 15.1% | |||
| FFO per share | 1.21 | 1.22 | -0.8% | |||
| Earnings per share | 1.07 | 0.89 | 20.2% | |||
| Weighted number of no-par-value shares issued | 61,783,594 | 61,783,594 | 0.0% | |||
| in EUR million | 30.06.2019 | 31.12.2018 | +/- | |||
| Equity3 | 2,545.6 | 2,573.4 | -1.1% | |||
| Liabilities | 2,046.7 | 2,036.8 | 0.5% | |||
| Total assets | 4,592.3 | 4,610.2 | -0.4% | |||
| Equity ratio in %3 | 55.4 | 55.8 | ||||
| LTV ratio in %4 | 32.3 | 31.8 | ||||
| Cash and cash equivalents | 88.0 | 116.3 | -24.4% | |||
| 1 Including the share attributable to equity-accounted joint ventures and associates | ||||||
| 2 European Public Real Estate Association | ||||||
| 3 Incl. third-party interests in equity | ||||||
| 4 Loan-to-value ratio (LTV ratio): ratio of net financial liabilities (financial liabilities less cash and cash equivalents) to non-current assets (investment properties and investments accounted for using the equity method) 5 EPRA earnings include a one-off tax refund in the period under review, including interest accrued for previous years. Without this tax refund, EPRA earnings would total EUR74.5 million (+1.3%) or EUR1.21 per share. |
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15.08.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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