Deutsche EuroShop AG Half-Year Financial Report 2016 - Economic Review

Financial result declines slightly More favourable refinancing for the Forum Wetzlar, which had been arranged in the pre- vious summer, as well as ongoing repayments helped reduce interest expense by another €1.2 million to €-27.1 million. The contribution to earnings from at-equity consolidated com- panies moved in the opposite direction, down €1.3 million from the previous year. This is at- tributable to increased investment costs which were €1.7 million higher than the previous year. Additionally, the profit share of third-par- ty shareholders rose slightly by €0.4 million over the previous year. All in all, net finance costs amounted to €-25.5 million compared to €-24.6 million during the same period of the previous year. Measurement gains / losses A valuation loss of €-3.2 million (previous year: valuation loss of €-2.0 million) was recorded, which includes investment costs incurred by our portfolio properties. EBT excluding valuation gains / losses up just over 2.3% Earnings before taxes (EBT) dropped €1.4 mil- lion, from €61.5 million to €60.1 million. Af- ter adjustment for valuation gains, including the share contained in the at-equity profit / loss, this amount rose from €63.6 million to €65.0 million (+2.3%). Income taxes Taxes on income and earnings came to €11.4 million (previous year: €11.9 million). Of this, €2.6 million (previous year: €2.7 mil- lion) was attributable to taxes to be paid and €8.8 million to deferred taxes (previous year: €9.2 million).   Consolidated profit down slightly, ­ earnings up At €48.7 million, consolidated profit was down €1.0 million compared with the previous year (€49.7 million). Basic earnings per share fell from €0.92 to €0.90 (-2.0%). EPRA earnings per share rose 2.3% from €0.95 to €0.97. EPRA Earnings 30.06.2016 30.06.2015 in € thousand per share in € in € thousand per share in € Consolidated profit 48,673 0.90 49,663 0.92 Measurement gains / losses in accordance with IAS 40 3,249 0.06 1,996 0.03 Measurement gains / losses for equity-accounted companies 1,736 0.03 46 0.00 Deferred taxes -1,122 -0.02 -332 0.00 EPRA earnings 52,536 0.97 51,373 0.95 Weighted number of shares 53,945,536 53,945,536 Diluted EPRA Earnings 0.92 0.90 Weighted number of shares 57,211,375 57,105,094 Funds from operations (FFO) up 2.6% FFO rose from €61.3 million to €63.0 million (+2.6%) and from €1.14 to €1.16 per share. Funds from Operations 30.06.2016 30.06.2015 in € thousand per share in € in € thousand per share in € Consolidated profit 48,673 0.90 49,663 0.92 Bond conversion expense 484 0.01 483 0.01 Measurement gains / losses 3,249 0.06 1,996 0.04 Measurement gains /  losses for equity-accounted companies 1,736 0.03 46 0.00 Deferred taxes 8,826 0.16 9,154 0.17 FFO per share 62,968 1.16 61,342 1.14 Revenue in € million H1 2015 H1 2016 101.8 100.6 EBIT in € million 88.8 88.2 H1 2015 H1 2016 EBT excl. valuation in € million 65.0 63.6 H1 2015 H1 2016 FFO per share in € H1 2015 H1 2016 1.16 1.14 3 Deutsche EuroShop AG  Half-year Financial Report 2016 H1 30.06.201630.06.2015 Consolidated profit 48,6730.9049,6630.92 in accordance with IAS 403,2490.061,9960.03 equity-accounted companies 1,7360.03460.00 Deferred taxes -1,122 -0.02 -3320.00 EPRA earnings 52,5360.9751,3730.95 Weighted number of shares 53,945,53653,945,536 Diluted EPRA Earnings 0.920.90 Weighted number of shares 57,211,37557,105,094 30.06.201630.06.2015 Consolidated profit 48,6730.9049,6630.92 Bond conversion expense 4840.014830.01 Measurement gains / losses 3,2490.061,9960.04 companies 1,7360.03460.00 Deferred taxes 8,8260.169,1540.17 FFO per share 62,9681.1661,3421.14

Pages Overview