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| Datum : | 14.05.2014 |
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DGAP-News: Deutsche EuroShop: 18% revenue growth and 12% increase in earnings in the first quarter of 2014 |
| Meldung : | DGAP-News: Deutsche EuroShop AG / Key word(s): Quarter Results/Interim Report Deutsche EuroShop: 18% revenue growth and 12% increase in earnings in the first quarter of 2014 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) 01.01.-31.03. 01.01.-31.03. In EUR million 2014 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 --------------------------------------------------------------------- 14.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------- 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: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 268510 14.05.2014 |
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