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ePaper created 2016-05-12, 15:49:36 | version 1.47.00
Financial position and net assets Net assets and liquidity The Deutsche EuroShop Group’s total as- sets rose compared with the previous year by €21.7 million to €3,873.3 million, primarily due to an increase in cash and cash equiva- lents (+€27.2 million) and an increase in re- tained earnings (+€21.1 million). Equity ratio of 53.8% The equity ratio (including shares held by third-party shareholders) has increased by 0.3 percentage points to 53.8% since the last reporting date (53.5%). Liabilities As at 31 March 2016, current and non-current financial liabilities stood at €1,403.1 million, lower than at the end of 2015, primarily due to regular repayments of €4.5 million. Non- current deferred tax liabilities increased by €3.7 million to €313.2 million due to addition- al provisions, while redemption entitlements for third-party shareholders rose by around €0.4 million to €293.5 million. Other current and non-current liabilities and provisions in- creased by €0.9 million. Report on Events after the Balance Sheet Date No further significant events occurred be- tween the balance sheet date of 31 March 2016 and the date of preparation of the finan- cial statements. Outlook Expected results of operations and financial position Now that the first quarter unfolded as planned, we stand by our forecasts for financial year 2016, as published in March, and expect: • revenue of between €200 million and €204 million • earnings before interest and taxes (EBIT) of between €175 million and €179 million • earnings before taxes (EBT) excluding measurement gains/losses of between €127 million and €130 million • funds from operations (FFO) per share of between €2.26 and €2.30 Dividend policy We intend to maintain our long-term, reliable dividend policy and anticipate that we will be able to pay a dividend of €1.40 per share to our shareholders for 2016. Risk Report There have been no significant changes since the beginning of the financial year with regard to the risks associated with future business development. We do not believe the Compa- ny 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 2015 is there- fore still applicable. 2015 2016 Goal 2.26 – 2.30 Result 2.29 Goal 127 – 130 Result 127.0 2015 20162015 2016 Goal 200 – 204 Result 202.9 Goal 175 – 179 Result 176.3 2015 2016 Revenue in € million EBIT in € million EBT excl. valuation in € million FFO per share in € 3 Deutsche EuroShop AG Quarterly Statement 3M 2016 3M 20152016 2015201620152016 20152016