Deutsche EuroShop: Half-year results for 2019 stable and on track
August 15, 2019 at 12:20 pm EDT
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DGAP-News: Deutsche EuroShop AG / Key word(s): Half Year Results/Interim Report
Deutsche EuroShop: Half-year results for 2019 stable and on track
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.
15.08.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
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@deutsche-euroshop.de
Internet:
www.deutsche-euroshop.de
ISIN:
DE0007480204
WKN:
748020
Indices:
MDAX
Listed:
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
Deutsche Euroshop AG is a Germany-based company that invests in retail centers and shopping malls in cities. It focuses on retail centers in Germany, such as in Wildau, Norderstedt, Dessau, Dresden, Hamburg, Hameln, Magdeburg, Wolfsburg and Wuppertal, but also owns retail centers in Gdansk, Poland, in Klagenfurt, Austria and in Pecs, Hungary.
DEUTSCHE EUROSHOP AG 
