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ePaper created 2014-11-14, 10:54:05 | version 1.33.01
Interim Report 9M 2014 Letter from the Executive Board DEAR SHAREHOLDERS, DEAR READERS, Our business model has demonstrated continued stability. Low out- standing rents and continued low write-downs of rent receivables also reinforce our confidence that we have a well-diversified and resilient mix of some 2,350 rental partners. This is also borne out by our retail occupancy rate of close to 100%. In view of this, we were able to generate revenue of €149.7 million in the first nine months of the year. This represents an increase of 8% over the same period the previous year (€138.2 million). Net operat- ing income (NOI) improved by 9% to €136.0 million, thanks to a fur- ther reduction in the cost ratio, while EBIT climbed 10% to €132.3 mil- lion. These increases can largely be attributed to the Altmarkt-Galerie Dresden, which has been fully consolidated since 1 May 2013. How- ever, the operational business is also running smoothly, with like- for-like rental income rising by 2.2%. Consolidated profit needs to be adjusted for the sale of our stake in the Galeria Dominikanska in Wroclaw, Poland, in the third quarter of last year, on which basis it is up 14%. The consolidated profit after nine months of €69.5 million corresponds to €1.29 per share. EPRA earnings per share also rose 14%, from €1.19 per share to €1.36. Funds from operations (FFO) improved by 10% from €1.48 to €1.64 per share. The plans for the expansion of the Phoenix-Center in Hamburg were revised following publication of our Interim Report in August. In con- junction with our two investment partners, we decided to create a food court as part of the expansion, which will push the costs up to around €30.5 million; without the food court we had budgeted on around €25 million. The higher costs will not translate into signifi- cant additional rental income, but the long-term safeguarding of the shopping center’s attractiveness through the addition of a modern food court was more important to us in this case than the return. Building has started and should be completed by spring 2016. Our full-year forecasts are unchanged overall. Based on our busi- ness performance to date, our shareholders can assume a dividend of €1.30 per share for financial year 2014, 5 cents higher than the previous year. Hamburg, November 2014 Claus-Matthias Böge Olaf Borkers KEY GROUP DATA 01.01. – 30.09.2014 01.01.– 30.09.2013 +/- Revenue 149.7 138.2 8 % EBIT 132.3 120.5 10 % Net finance costs -41.7 -25.1 -66 % Measurement gains/losses -4.4 -7.4 -40 % EBT 86.2 88.1 -2 % Consolidated profit 69.5 73.2 -5 % FFO per share (€) 1.64 1.48 10 % Earnings per share (€, undiluted) 1.29 1.36 -5 % 30.09.2014 31.12.2013 +/- Equity* 1,634.6 1,642.4 0 % Liabilities 1,745.6 1,752.5 0 % Total assets 3,380.2 3,394.9 0 % Equity ratio (%)* 48.4 48.4 LTV-ratio (%) 42 43 Gearing (%)* 107 107 Cash and cash equivalents 63.6 40.8 56 % * incl. non controlling interests IN € MILLION Revenue 149.7138.28 % EBIT 132.3120.510 % EBT 86.288.1 -2 % Consolidated profit 69.573.2 -5 % FFO per share (€) 1.641.4810 % (€, undiluted) 1.291.36 -5 % 30.09.201431.12.2013 +/- Equity* 1,634.61,642.40 % Liabilities 1,745.61,752.50 % Total assets 3,380.23,394.90 % Equity ratio (%)* 48.448.4 LTV-ratio (%) 4243 Gearing (%)* 107107 Cash and cash equivalents 63.640.856 %