Please activate JavaScript!
Please install Adobe Flash Player, click here for download
ePaper created 2014-05-14, 15:14:44 | version 1.30.01
DEUTSCHE EUROSHOP INTERIM REPORT Q1 2014 03 INCOME TAXES Taxes on income and earnings came to €6.7 million. €1.2 million of this (previous year: €1.0 million) was attributable to taxes to be paid and €5.5 million (previous year: €4.6 million) to deferred taxes. 12% INCREASE IN CONSOLIDATED PROFIT Consolidated profit came to €22.6 million, up 12% year on year. Basic earnings per share were €0.42, compared with €0.37 in the previous year. EPRA earnings rose 10% from €0.40 to €0.44 per share. 31.03.2014 31.03.2013 in € thousand per share (€) in € thousand per share (€) Consolidated profit 22,591 0.42 20,116 0.37 Valuation gains / losses 1,054 0.02 1,397 0.03 Valuation gains / losses for equity-accounted companies 10 0.00 741 0.01 Deferred taxes -238 0.00 -525 -0.01 EPRA earnings 23,417 0.44 21,729 0.40 Weighted no. of shares 53,945,536 53,945,536 FUNDS FROM OPERATIONS (FFO) UP 10% FFO rose from €27.2 million to €29.4 million, or from €0.50 to €0.55 per share (+10%). 31.03.2014 31.03.2013 in € thousand per share (€) in € thousand per share (€) Consolidated profit 22,591 0.42 20,116 0.37 Bond conversion expense 289 0.01 253 0.00 Valuation gains / losses 1,054 0.02 1,397 0.03 Valuation gains / losses for equity-accounted companies 10 0.00 741 0.01 Deferred taxes 5,454 0.10 4,646 0.09 FFO per share 29,398 0.55 27,153 0.50 EPRA EARNINGS FUNDS FROM OPERATIONS RESULTS OF OPERATIONS REVENUE INCREASED BY 18% First-quarter revenue came in at €50.0 million. This is nearly 18% higher than in the same period of the previous year (€42.4 million) and can largely be attributed to the Altmarkt-Galerie in Dresden, which has been fully consolidated since 1 May 2013. Like-for-like revenue from our shopping center portfolio rose by 3.2% year on year. OPERATING AND ADMINISTRATIVE COSTS FOR PROPERTY: 8.7% OF REVENUE Center operating costs were €4.4 million in the reporting period, compared with €3.8 million in the same period of the previous year. Costs therefore stood at 8.7% of revenue (previous year: 9.0%). OTHER OPERATING EXPENSES OF €1.5 MILLION Other operating expenses of €1.5 million were slightly below those of the previous year (€1.8 million), as one-off costs were incurred in the previous year in connection with the withdrawal from DB 12 Immobilienfonds. EBIT UP 19% Earnings before interest and taxes (EBIT) increased by around 19% or €6.9 million, from €37.3 million to €44.2 million. NET FINANCE COSTS DOWN DUE TO THE FULL CONSOLIDATION OF THE ALTMARKT-GALERIE At €-13.8 million, net finance costs were €3.7 million lower than in the previous year (€-10.1 million), which can largely be attributed to the full consolidation of the Altmarkt-Galerie in Dresden. This led not only to higher interest expense, but also to a reduction in the profit share from companies accounted for using the equity method. Other financial expenses (€0.5 million) relate to an interest rate hedge for the Altmarkt-Galerie in Dresden which must be recog- nised in profit or loss. The profit attributable to third-party share- holders rose by around €0.1 million. VALUATION GAINS / LOSSES Valuation losses were €1.1 million (previous year: €1.4 million) and included investment costs for the existing properties in our portfolio. ADJUSTED EBT EXCLUDING MEASUREMENT GAINS / LOSS- ES UP 9% Earnings before taxes (EBT) climbed €3.5 million, from €25.8 million to €29.3 million. After adjustment for measurement gains, this amount rose from €27.9 million to €30.4 million (+9%).