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ePaper created 2015-05-12, 17:40:26 | version 1.38.0
Management ReportDeutsche EuroShop 3 Interim report Q1 2015 In this light, we remain optimistic that Deutsche EuroShop’s business will continue to perform positively and in line with our plan this year. Expected results of operations and financial position After a first quarter that was on track, we are maintaining our forecasts for financial year 2015, as published in March, and expect: • revenue of between €201 million and €204 million • earnings before interest and taxes (EBIT) of between €177 million and €180 million • earnings before taxes (EBT) excluding measurement gains / losses of between €126 million and €129 million • funds from operations (FFO) per share of between €2.24 and €2.28 Dividend policy We intend to maintain our long-term, reliable dividend policy and anticipate that we will be able to pay a dividend of €1.35 per share to our shareholders for 2015. Risk Report There have been no significant changes since the beginning of the financial year with regard to the risks associated with future business develop- ment. We do not believe the Company faces any risks capable of jeopardising its continued exist- ence. The information provided in the risk re- port of the consolidated financial statements as at 31 December 2014 is therefore still applicable. Report on Events after the Balance Sheet Date No further significant events occurred between the balance sheet date of 31 March 2015 and the date of preparation of the financial statements. Outlook Economic conditions The German federal government increased its growth forecast for gross domestic product in the current year from 1.5% to 1.8%. Upbeat con- sumer sentiment, surging foreign trade and the positive job market will again lend momentum to the German economy in 2015. The German Retail Federation (HDE) predicts that retail sales will rise by 1.5% in 2015. Nonetheless, trouble spots continue to exist and Greece’s debt problems remain unresolved. Were Greece to leave the eurozone, the conse- quences for the financial markets and the overall economywouldbeunforeseeable.Webelievethat the associated risks for the economy remain high. Funds from operations (FFO) up 4% FFO rose from €29.4 million to €30.7 million, or from €0.55 to €0.57 per share (+4%). Financial position and net assets Net assets and liquidity The Deutsche EuroShop Group’s total assets in- creased by €22.0 million compared with the last year-end figure to €3,514.2 million. Whereas non- current assets increased by €2.4 million, receiv- ables and other current assets decreased by €2.8 million. Cash and cash equivalents rose by €22.5 million to €80.8 million compared with the level at 31 December 2014 (€58.3 million). Equity ratio of 50.5% The equity ratio (including shares held by third- party shareholders) increased to 50.5%, which is 0.4% than the level at the last reporting date (50.1%). Liabilities As at 31 March 2015, financial liabilities stood at €1,425.1 million, which was €5.0 million lower than at the end of 2014. Non-current de- ferred tax liabilities increased by €3.9 million to €231.3 million due to additional provisions, while redemption entitlements for third-par- ty shareholders rose by around €0.8 million to €227.7 million. Conversely, other current and non-current liabilities and provisions shrank by €0.1 million. Funds from Operations 31.03.2015 31.03.2014 in € thousand per share in € in € thousand per share in € Consolidated profit 25,319 0.47 22,591 0.42 Bond conversion expense 289 0.00 289 0.01 Valuation gains/losses 451 0.01 1,054 0.02 Valuation gains/losses for equity-accounted companies 7 0.00 10 0.00 Deferred taxes 4,675 0.09 5,454 0.10 FFO per share 30,741 0.57 29,398 0.55 Stadt-Galerie, Passau City-Arkaden, Klagenfurt, Austria Funds from Operations 31.03.201531.03.2014 Consolidated profit 25,3190.4722,5910.42 Bond conversion expense 2890.002890.01 Valuation gains/losses 4510.011,0540.02 Valuation gains/losses for equity-accounted companies 70.00100.00 Deferred taxes 4,6750.095,4540.10 FFO per share 30,7410.5729,3980.55