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ePaper created 2013-11-14, 12:27:20 | version 1.25.20
Nine-month report 2013 DES Nine-month report 2013 { 3 } Adjusted EBT excluding measurement gains / losses up 17% Earnings before taxes (EBT) climbed 31%, from € 71.0 million to € 93.7 million. Adjusted for the effect on results from the disposal of the Polish shareholding (€ 15.7 million) and measurement gains / losses, EBT rose from € 73.8 million to € 86.1 million (+17%). Included in these figures were measurement losses of € 6.8 million from fully-con- solidated shareholdings and € 1.4 million for shareholdings accounted for using the equity method. Income taxes down on previous year Taxes on income and earnings declined as a result of last year’s restructur- ing. Overall, the tax ratio fell from 30% to 21%. Tax expense amounted to € 16.5 million. € 1.9 million of this (previous year: € 4.0 million) was attributable to taxes to be paid and € 14.6 million (previous year: € 17.0 million) to deferred taxes. Consolidated profit up 55% due to special effect Consolidated profit amounted to € 77.2 million, 55% higher year- on-year. Stripped of the income earned through the disposal of the Polish shareholding, year-on-year profit would have been 23% higher. Earnings per share (basic) amounted to € 1.43, compared with € 0.96 in the previous year. EPRA earnings per share rose 25% from € 1.00 per share to € 1.25. Earnings per share 01.01. – 30.09.2013 01.01. – 30.09.2012 in € thou- sands per share in € in € thou- sands per share in € Consolidated profit 77,211 1.43 49,938 0.96 Measurement gains / losses 6,784 0.13 2,741 0.05 Measurement gains / losses for equity-accounted companies 1,391 0.03 95 0.00 Proceeds from sales -15,746 -0.29 0 0.00 Deferred taxes -1,944 -0.04 -793 -0.02 EPRA * earnings 67,696 1.25 51,981 1.00 Weighted no. of shares in thousands 53,945 51,935 * European Public Real Estate Association Funds from operations (FFO) up 17% FFO rose from € 69.8 million to € 85.0 million, or from € 1.34 to € 1.58 per share (+17%). in € thousands 01.01. – 30.09.2013 01.01. – 30.09.2012 Consolidated profit 77,211 49,938 Measurement gains / losses 6,784 2,741 Measurement gains / losses for equity-accounted companies 1,391 95 Proceeds from sales -15,746 0 Bond conversion expense 834 0 Deferred taxes 14,619 17,031 FFO 85,093 69,805 per share (€) 1.58 1.34 Financial Position and Net Assets Net assets and liquidity The Deutsche EuroShop Group’s total assets increased by € 154.3 mil- lion compared with the year-end figure in 2012 to € 3,313.6 million. Non-current assets increased by € 262.6 million. This is particularly attributable to the first full consolidation of the Altmarkt-Galerie Dresden. Receivables and other current assets decreased by € 1.9 mil- lion. At € 51.7 million, cash and cash equivalents were € 106.5 mil- lion lower than on 31 December 2012 (€ 158.2 million), which can largely be attributed to the acquisition of the 33% stake in the Alt- markt-Galerie Dresden and the dividend payment in June. Equity ratio of 46.3% As a result of the dividend paid in June (€ 64.7 million) the equity ratio (incl. shares held by third-party shareholders) decreased by 2.1 percentage points. It amounted to 46.3% on the reporting date compared to 48.4% on 31 December 2012. Liabilities As at 30 September 2013, financial liabilities stood at € 1,509.0 mil- lion and were thus € 151.3 million higher than at the end of 2012. The increase can also be mainly attributed to the first full consolidation of the Altmarkt-Galerie Dresden. Non-current deferred tax liabilities increased by € 16.5 million to € 197.0 million due to additional pro- visions. Redemption entitlements for third-party shareholders rose by around € 0.8 million. Other liabilities and provisions were reduced by € 19.7 million, primarily due to tax payments made.