Please activate JavaScript!
Please install Adobe Flash Player, click here for download
ePaper created 2014-08-13, 09:54:36 | version 1.32.01
deutsche euroshoP Interim Report H1 2014 04 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. The labour force participation rate 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. Expected results of operations and financial position After the first half of the year was on track, we stand by our forecasts for financial year 2014 and expect: • revenue of between €198 million and €201 million • earnings before interest and taxes (EBIT) of between €174 mil- lion and €177 million • earnings before taxes (EBT) excluding valuation 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. Financial position and net assets Net assets and liquidity The Deutsche EuroShop Group’s total assets decreased by €10.2 mil- lion compared with the year-end figure in 2013 to €3,384.7 million. Whereas non-current assets have decreased by €32.8 million and other current assets by €5.5 million, cash and cash equivalents have risen €31.0 million to €71.8 million since 31 December 2013 (€40.8 million). Equity ratio of 47.7% The equity ratio (including the shares of third-party shareholders) was 47.7%, 0.7 percentage points lower than on the last balance sheet date (48.4%) as a result of the dividend payment made in June. Liabilities As at 30 June 2014, current and non-current financial liabilities stood at €1,498.0 million on the balance sheet date and were thus €11.3 million higher than at the end of 2013. Non-current deferred tax liabilities increased by €5.9 million to €204.4 million due to addi- tional provisions. Redemption entitlements for third-party share- holders, on the other hand, fell by around €0.1 million. Other current and non-current liabilities and provisions were increased by €1.7 million. Report on Events after the Balance Sheet Date No further significant events occurred between the balance sheet date of 30 June 2014 and the date of preparation of the financial statements. 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.