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ePaper created 2012-05-14, 19:36:25 | version 1.23.5
Interim report, Q1 2012 Q1 In light of the positive business performance, we are increasing our early forecast for the year as a whole slightly by 4 %. We envisage being able to pay you a stable dividend of € 1.10 per share for the current finan- cial year and thank you for placing your trust in Deutsche EuroShop. Hamburg, May 2012 Claus-Matthias Böge Olaf Borkers Letter from the Executive Board Dear Shareholders, Dear Readers, Deutsche EuroShop got the 2012 financial year off to a good start. Revenue, at € 51.9 million, was 17 % higher than in the first three months of 2011. Net operating income climbed 16 % to € 46.6 million while EBIT climbed 19 % to € 45.9 million. Consolidated profit grew 24 % to € 16.5 million. Correspondingly, net earnings per share rose from € 0.26 to € 0.32. EPRA (earnings per share), i.e. the result adjusted for valuation effects, increased from € 0.27 to € 0.34 per share which corresponds to an increase of 26 %. FFO (funds from operations) – also an important ratio in the real estate world – improved by 25 % from € 0.36 to € 0.45 per share. These considerable increases are mainly attributable to three large center expansions completed during the past year at Altmarkt-Galerie Dres- den, the A10 Center and the Main-Taunus-Zentrum as well as the new addition to our portfolio, the Allee-Center Magdeburg. Moreover, the refinancing of several existing loans at better terms during the previous year had a positive impact during the reporting period. Our shopping center portfolio began taking small steps along the path toward growth in 2012: At the begin- ning of the year we increased our shareholdings in the shopping centers in Dessau (Rathaus- Center), Hamm (Allee- Center) and Viernheim (Rhein-Neckar-Zentrum) to 100 %. This entailed investments of around € 15 million. The supply side of the shopping center transaction market remains brisk and opportunities could continue to arise; we will examine those opportuni- ties diligently and, if appropriate, uti- lise them flexibly. Key Group Data in D million 01.01. – 31.03.2012 01.01. – 31.03.2011 +/- Revenue 51.9 44.4 17 % EBIT 45.9 38.6 19 % Net finance costs -21.4 -19.1 -12 % Measurement gains / losses -0.9 -0.3 EBT 23.6 19.2 23 % Consolidated profit 16.5 13.4 24 % FFO per share D 0.45 0.36 25 % EPRA * Earnings per share D 0.34 0.27 26 % 31.03.12 31.12.11 +/- Equity ** 1,477.1 1,473.1 0 % Liabilities 1,751.6 1,752.0 0 % Total assets 3,228.7 3,225.1 0 % Equity ratio (%) ** 45,7 45,7 LTV-ratio (%) 47 47 Gearing (%) ** 119 119 Cash and cash equivalents 78.1 64.4 21 % * European Public Real Estate Association ** incl. non controlling interests T-shirt with vintage print from s.Oliver, e.g. available in A10 Center, Wildau / Berlin Leather jacket from Marc Cain, as seen in Altmarkt-Galerie Dresden