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ePaper created 2014-04-29, 17:58:02 | version 1.30.00
DEUTSCHEEUROSHOPANNUALREPORT2013/GROUPMANAGEMENTREPORT 124 SIGNIFICANT INCREASE IN CONSOLIDATED PROFIT Earnings before interest and taxes (EBIT) climbed 9.4%, from €151.6 million to €165.8 million, in the year under review. At €187.6 million, earnings before taxes (EBT) were 81% higher than in the previous year (€103.4 million) for the reasons given above. Con- solidated profit amounted to €171.0 million, up 40% against 2012 (€122.5 million). STRONG OPERATIONS DRIVE EARNINGS PER SHARE Earnings per share (consolidated net profit per share) amounted to €3.17 in the reporting year, compared with €2.36 in 2012, an increase of 34% Of this amount, €1.74 was attributable to operations (2012: €1.36) and €0.87 to valuation gains/losses (€0.05). Earnings per share were also boosted by €0.27 in tax income (2012: €0.95) and proceeds from sales at €0.29 in 2013. 165.8 2013 151.6 2012 EBIT € MILLION Operating profit Extraordinary tax effect Valuation gains/losses Extraordinary revenue EARNINGS PER SHARE €, UNDILUTED 3.17 2013 2.36-0.170.88 1.92 2010 2011 20122009 1.18 0.54 0.73 0.95 0.29 -0.30 0.98 1.19 0.05 0.27 -1.70 1.36 1.74 0.87 2013 2012 Consolidated net profit 3.17 2.36 Valuation in accordance with IAS 40 -1.03 -0.27 Valuation gains/losses for equity-accounted companies -0.04 0.12 Deferred taxes 0.20 0.10 Tax income from past years -0.27 -0.95 Proceeds from sales -0.29 0.00 EPRA* earnings 1.74 1.36 Weighted no. of shares in thousands 53,946 51,935 * European Public Real Estate Association FUNDS FROM OPERATIONS (FFO) UP 24% Funds from operations (FFO) are used to finance our ongoing invest- ments in portfolio properties, scheduled repayments on our long- term bank loans and the distribution of dividends. During the year under review, FFO of €112.0 million was generated (2012: €87.0 mil- lion). The FFO per share rose by 24% from €1.68 to €2.08. 2013 2012 Consolidated profit 171,043 122,484 Proceeds from sales -15,799 0 Valuation gains/losses -55,982 -13,934 Valuation gains/losses for equity-accounted companies -2,410 6,029 Bond conversion expense 940 0 Deferred taxes 14,208 -27,545 FFO 112,000 87,034 FFO per share 2.08€ 1.68€ DIVIDEND PROPOSAL: €1.25 PER SHARE Based on a successful financial year, we are able to maintain our dividend policy, which is geared towards the long term and continuity. The Executive Board and Supervisory Board will therefore propose to the shareholders at the Annual General Meeting in Hamburg on 18 June 2014 that a dividend of €1.25 per share be distributed for the financial year 2013, an increase of 4% or €0.05 year-on-year. An esti- mated €0.40 per share of the dividend will be deductible as capital gains tax. € PER SHARE € THOUSAND