Corporate News
Hier finden Sie Mitteilungen rund um die Deutsche Euroshop
11. Mai 2007
Deutsche EuroShop: Start into FY 2007 according to plan
Deutsche EuroShop AG / Quarter Results
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
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The issuer / publisher is solely responsible for the content of this announcement.
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Deutsche EuroShop: Start into FY 2007 according to plan
- Prior year quarter with one-off effects
- Revenue -1%
- EBIT -2%
- Profit Euro 6.3 million
- Earnings per share Euro 0.37
Hamburg, 11 May 2007 – In the first three months of financial year
2007 Deutsche EuroShop realised with a revenue of Euro 22.6
million nearly on the prior year level (Euro 22.7 million) an EBIT
of Euro 18.7 million (Euro 19.0 million). The contribution to
revenue made by the City Arkaden in Klagenfurt, Austria and
index-linked rent increases came close to offsetting the lost
sources of revenue from the two shopping centres that were sold
in France and Italy. The consolidated profit of Euro 6.3 million
is fully according to plan.
Revenue and expenses maintained at previous year's level
Revenue for the first three months of the 2007 financial year was
Euro 22.6 million and thus at the same level as during the
previous year. Whilst revenue has been lost following the sale of
foreign properties, the like-for-like revenue increased by 2.8%.
Other operating income fell from Euro 0.5 million to Euro 0.3
million. Due to the absence of cost items for the properties that
had been sold, current property expenses fell by Euro 0.2 million
to Euro 3.3 million. On the other hand other operating expenses
amounted to Euro 0.9 million, which represents a slight rise of
Euro 0.2 million on the same period of the previous year.
EBIT almost at previous year's level
Earnings before interest and taxes (EBIT) fell by Euro 0.3
million, from Euro 19.0 million to Euro 18.7 million.
Net finance costs as expected
Net finance costs amounted to Euro 10.1 million, Euro 0.7 million
more than the Euro 9.4 million recorded during the previous year.
This can be attributed to higher interest expenses for the
portfolio properties and, additionally, to the fact that, in the
first quarter of 2006, this item included income from the Polish
investment, an amount that will not be recognised in the accounts
until a later stage during this financial year.
‘Normal’ measurement gains/losses
Measurement gains/losses during the first quarter of last year
were significantly positive affected by consolidation and currency
effects. This has resulted in a fall from Euro 6.2 million to
Euro -0.1 million.
EBT down 47% due to lack of one-off effects
Pre-tax profit (EBT) fell to Euro 8.5 million, Euro 7.4 million
(47%) down on the same period of last year (Euro 15.9 million).
Consolidated profit: Euro 6.3 million
= earnings per share of Euro 0.37
Consolidated profit was Euro 6.3 million, down by Euro 5.2
million (-45%) on the previous year (Euro 11.5 million in Q1).
Earnings per share fell from Euro 0.67 to Euro 0.37 (-45%). Of
this total, Euro 0.38 related to operating profit and Euro -0.01
to measurement gains/losses.
Forecast
Current status of shopping centres under construction
The shopping centre portfolio currently comprises three
construction projects. Galeria Baltycka in Gdansk will be opened
on schedule in autumn 2007, the Hamelin property is due to open
its doors in spring 2008 and the foundation stone of the
Stadtgalerie in Passau was laid in April. This centre is due to
open in autumn 2008. Preletting rates for all three properties
are already satisfactory at 100% for Gdansk, 85% for Hamelin and
70% for Passau.
Shopping centres still a key investor focus
The demand for retail properties remains as high as ever and the
basic parameters have deteriorated further on the yield side. The
Executive Board sticks to the investment target of extending the
portfolio by an average of €100 to 150 million per year, but is
tending towards a reserved approach at the current time.
Investments affecting 2007 result
Based on the result for the first three months of the year, the
Company is upholding its forecast for the 2007 financial year as
a whole. Based on the planning, revenue will be between €92 and
94 million and thus on a par with last year (2006: €92.6 million).
Earnings before interest and taxes (EBIT) should be between €71
and 73 million (2006: €86.3 million). In terms of profit from
ordinary business activity (EBT) excluding measurement gains or
losses, a figure of between €30 million and €32 million (2006:
€45.4 million) is expected.
The Company is optimistic that it will be able to pay a tax-free
dividend of €2.10 per share, or €1.05 per share following the 1:2
share split, for the 2007 financial year.
Webcast of the conference call
Deutsche EuroShop will webcast its English conference call on
Friday, 11 May 2007, at 10:00 a.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 16 European shopping
centers in Germany, Austria, Hungary and Poland.
Key Data of Deutsche EuroShop (IFRS)
01. Jan.-31. Mar. 01. Jan.-31. Mar. +/-
in Euro million 2007 2006
Revenue 22.6 22.7 -1%
EBIT 18.7 19.0 -2%
Net finance costs 10.1 9.4 -8%
EBT 8.5 15.9 -47%
Consolidated profit 6.3 11.5 -45%
EPS (Euro)* 0.37 0.67 -45%
31. Mar. 2007 31. Dec.2006 +/-
Equity 803.0 796.3 1%
Minorities 102.0 101.6 0%
Liabilities 799.5 797.3 0%
Total assets 1,812.7 1,796.2 1%
Equity ratio (%)** 50.0 50.0
Gearing (%) 100 100
Cash and cash equivalents 108.6 96.9 12%
*undiluted **incl. minorities
DGAP 11.05.2007
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Language: English
Issuer: Deutsche EuroShop AG
Oderfelder Straße 23
20149 Hamburg Deutschland
Phone: +49 (0)40 413 579-0
Fax: +49 (0)40 413 579-29
E-mail: ir@deutsche-euroshop.de
www: www.deutsche-euroshop.de
ISIN: DE0007480204
WKN: 748020
Indices: MDAX
Listed: 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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