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ePaper created 2014-05-14, 15:14:44 | version 1.30.01
DEUTSCHE EUROSHOP INTERIM REPORT Q1 2014 04 EXPECTED RESULTS OF OPERATIONS AND FINANCIAL POSITION After the first quarter was on track, we stand by our forecasts for financial year 2014, as published in March, and expect: • revenue of between €198 million and €201 million • earnings before interest and taxes (EBIT) of between €174 million and €177 million • earnings before taxes (EBT) excluding measurement gains / losses of between €120 million and €123 million • funds from operations (FFO) per share of between €2.14 and €2.18 DIVIDEND POLICY We intend to maintain our long-term, reliable dividend policy and anticipate that we will be able to pay a dividend of €1.30 per share to our shareholders for 2014. Risk Report There have been no significant changes since the beginning of the financial year with regard to the risks associated with future busi- ness development. We do not believe the Company faces any risks capable of jeopardising its continued existence. The information provided in the risk report of the consolidated financial statements as at 31 December 2013 is therefore still applicable. FINANCIAL POSITION AND NET ASSETS NET ASSETS AND LIQUIDITY The Deutsche EuroShop Group’s total assets decreased by €20.4 mil- lion versus the end-2013 figure, to €3,374.5 million. Whereas non- current assets have decreased by €32.2 million and other current assets by €3.3 million, cash and cash equivalents have risen €18.2 million to €59.0 million since 31 December 2013 (€40.8 million). EQUITY RATIO OF 49.3% The equity ratio (including the shares of third-party shareholders) was 49.3%, 0.9 percentage points higher than on the last balance sheet date (48.4%). LIABILITIES As at 31 March 2014, financial liabilities stood at €1,443.6 million, which was €43.2 million lower than at the end of 2013. The reduction was mainly attributable to the repayment of a short-term credit line. Non-current deferred tax liabilities increased by €4.2 million to €202.7 million, after additional provisions were created. Redemption entitlements for third-party shareholders rose by around €0.7 mil- lion. Other liabilities and provisions decreased by €11.1 million. Report on Events after the Balance Sheet Date No further significant events occurred between the balance sheet date of 31 March 2014 and the date of preparation of the financial statements. Outlook ECONOMIC CONDITIONS The economic review produced by the federal government predicts positive growth for Germany in 2014, although economic imbalances are expected to persist within the eurozone. Gross domestic product (GDP) is forecast to grow by 1.8%. Growth is likely to be driven by sustained strong domestic demand and a sharp rise in exports. The unemployment rate is set to remain at the current level, while infla- tion will be modest. Economic activity could rise slightly again – to 42.1 million people in employment – and salaries may increase slightly. The German Retail Federation (HDE) predicts that retail sales will advance by 1.1%. In light of this, we expect Deutsche EuroShop’s business to once again perform positively and according to plan this year.