27.02.2019 Deutsche EuroShop AG  DE0007480204

DGAP-News: Deutsche EuroShop: Positive operating performance - preliminary results for 2018 ahead of forecast


 

DGAP-News: Deutsche EuroShop AG / Key word(s): Preliminary Results/Annual Results
Deutsche EuroShop: Positive operating performance - preliminary results for 2018 ahead of forecast

27.02.2019 / 18:30
The issuer is solely responsible for the content of this announcement.


Deutsche EuroShop: Positive operating performance - preliminary results for 2018 ahead of forecast

  • Revenue: EUR225.0 million (+3.0%)
  • EBIT: EUR199.1 million (+3.5%)
  • FFO: EUR150.4 million (+1.5%)
  • EBT excluding valuation: EUR160.9 million (+5.0%)
  • NAV stable: EUR43.17 per share
  • Dividend proposal (planned): EUR1.50 per share (+3.4%)

Hamburg, 27 February 2019 - Based on preliminary figures, shopping center investment firm Deutsche EuroShop closed financial year 2018 with good operating figures that met or exceeded forecast. Consolidated revenue was up 3.0%, from EUR218.5 million to EUR225.0 million (forecast: EUR220 to EUR224 million). Earnings before interest and taxes (EBIT) increased by 3.5% from EUR192.4 million to EUR199.1 million (forecast: EUR193 to 197 million).

"We are pleased with the positive trend in the operating figures, which were achieved in a market environment which remains challenging for bricks-and-mortar retailing. Our occupancy rate remains very high at around 99% and in addition to the positive impact of the portfolio expansion, revenues from the other shopping centers were up slightly by 0.4%," explained Wilhelm Wellner, CEO of Deutsche EuroShop.

Net finance costs (excl. valuation) came to EUR-38.2 million after EUR-39.1 million the previous year, as interest expense fell. At EUR160.9 million, operating earnings before taxes (EBT excluding valuation) were up 5.0% versus the previous year (EUR153.3 million) and exceeded the forecast (EUR154 to EUR157 million).

The remeasurement of the property portfolio resulted in a EUR-58.3 million lower valuation (2017: +EUR13.1 million). Of this, EUR-55.7 million related to Group properties (2017: EUR+8.7 million) and EUR-2.6 million (2017: EUR+4.4 million) to investees recognised at-equity. A slight increase in acquisition yields for shopping centers in Germany, higher investment in modernising and positioning the existing portfolio and changes to expected rental trends resulted in slightly lower real estate values on average (-1.4%).

The lower valuation result meant that the consolidated profit of EUR79.4 million was well below the EUR134.3 million seen last year.

Funds from operations (FFO) improved by 1.5% to EUR150.4 million, which represents FFO per share of EUR2.43 (forecast: between EUR2.35 and EUR2.39). EPRA earnings also performed well and rose 4.3% to EUR147.4 million (2017: EUR141.3 million).

EPRA NAV as at 31 December 2018 was EUR43.17 per share, in line with last year (2017: EUR43.19).

The 2018 Annual Report with the final audited figures is scheduled to be published on 29 April 2019.

Webcast of the teleconference
Deutsche EuroShop will hold a conference call for analysts in English at 11:30 a.m. (CET) on Thursday, 28 February 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   Forecast
for 2018
  01.01.-
31.12.2018
  01.01.-
31.12.2017
  +/-
Revenue   220 - 224   225.0   218.5   3.0%
EBIT   193 - 197   199.1   192.4   3.5%
EBT (excluding valuation)   154 - 157   160.9   153.3   5.0%
EPRA earnings       147.4   141.3   4.3%
FFO   145 - 148   150.4   148.1   1.5%
Equity ratio in %       55.8   55.6    
LTV ratio in %       31.8   32.4    
                 
in EUR   Forecast
for 2018
  01.01.-
31.12.2018
  01.01.-
31.12.2017
  +/-
EPRA earnings per share       2.39   2.42   -1.2%
FFO per share   2.35-2.39   2.43   2.54   -4.3%
EPRA NAV per share       43.17   43.19   0.0%
Weighted number of
no-par-value shares issued1
      61,783,594   58,248,007   6.1%

For explanations regarding the financial figures used, please consult www.deutsche-euroshop.de/des/pages/index/p/210

1 Used to calculate EPRA earnings and FFO per share, to calculate EPRA NAV per share the number of no-par-value shares in issue on the reporting date was used, which was 61,783,594 in 2017 and 2018.



27.02.2019 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.
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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: [email protected]
Internet: www.deutsche-euroshop.de
ISIN: DE0007480204, DE000A1R0W05
WKN: 748020
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

 
End of News DGAP News Service

781867  27.02.2019 

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Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 218,49 225,05 225,94 224,10 211,75 212,81 0,00
EBITDA1,2 192,42 199,19 197,64 190,46 152,67 160,56 0,00
EBITDA-Marge3 88,07 88,51 87,47 84,99 72,10 75,45
EBIT1,4 192,37 199,14 197,47 161,24 152,50 152,43 0,00
EBIT-Marge5 88,05 88,49 87,40 71,95 72,02 71,63 0,00
Jahresüberschuss1 134,33 79,40 112,09 -251,72 59,95 21,36 0,00
Netto-Marge6 61,48 35,28 49,61 -112,32 28,31 10,04 0,00
Cashflow1,7 156,02 159,20 170,21 111,09 172,67 140,63 0,00
Ergebnis je Aktie8 2,31 1,29 1,81 -4,07 0,97 0,35 1,35
Dividende8 1,45 1,50 0,00 0,04 1,00 2,50 1,40
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2022 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: BDO

INVESTOR-INFORMATIONEN
©boersengefluester.de
Deutsche EuroShop
WKN Kurs in € Einschätzung Börsenwert in Mio. €
748020 19,040 Kaufen 1.455,88
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
10,46 13,68 0,76 11,18
KBV KCV KUV EV/EBITDA
0,71 10,35 6,84 16,72
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
2,50 1,65 8,67 25.06.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
14.05.2024 14.08.2024 14.11.2023 26.04.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-1,23% -5,23% -15,57% 4,67%
    
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Immobilien (Gewerbe) , 748020 , DEQ , XETR:DEQ