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ePaper created 2014-08-13, 09:54:36 | version 1.32.01
Interim Report H1 2014 Letter from the Executive Board dEAR shAREhOldERs, dEAR REAdERs, We are delighted to be able to report that the first half of 2014 went well and according to plan for Deutsche EuroShop. We generated revenue of €99.7 million compared to the previous year’s figure of €88.8 million. Net operating income (NOI) climbed by 13% to €t90.5 million, while earnings before interest and tax (EBIT), at €88.3 million, were 14% higher than the figure in the same period in 2013 (€77.2 million). The considerable increases can largely be attributed to the Altmarkt-Galerie Dresden, which has been fully consolidated since 1 May 2013. Consolidated profit experienced an increase year-on-year of just around 23% to €46.3 million. This pushed earnings per share up to €0.86; and EPRA earnings per share adjusted for valuation effects were 19% higher at €0.91. Funds from operations (FFO) improved by 16% from €0.94 to €1.09 per share. Plus there is another piece of good news regarding the shopping center portfolio: The building permit for the expansion of the Phoe- nix-Center in Hamburg has been issued. We aim to reach a realisa- tion decision with our co-shareholders by the end of August. Work on the expansion, which would cost a total of around €25 million, is then scheduled to begin in the coming weeks. According to plans, 17-20 new shops will move into an area covering around 5,000 m². We expect the expansion to be completed for autumn 2015. We paid a dividend of €67.4 million or €1.25 per share in June for the 2013 financial year. After the first six months of the year have gone according to plan, we confirm our forecast for the year as a whole. We plan to pay a dividend of €1.30 per share for the 2014 financial year, another 5 cents higher than the previous year. Hamburg, August 2014 Claus-Matthias Böge Olaf Borkers kEy gRouP dAtA 01.01. – 30.06.2014 01.01.– 30.06.2013 +/- Revenue 99.7 88.8 12% EBIT 88.3 77.2 14% Net finance costs -28.0 -27.7 -1% Measurement gains/losses -2.9 -3.1 -6% EBT 57.4 46.4 24% Consolidated profit 46.3 37.7 23% FFO per share (€) 1.09 0.94 16% Earnings per share (€, undiluted) 0.86 0.70 23 % 30.06.2014 31.12.2013 +/- Equity* 1,613.3 1,642.4 -2% Liabilities 1,771.4 1,752.5 1% Total assets 3,384.7 3,394.9 0% Equity ratio (%)* 47.7 48.4 LTV-ratio (%) 43 43 Gearing (%)* 110 107 Cash and cash equivalents 71.8 40.8 76% * incl. non controlling interests In € mIllIon