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ePaper created 2016-08-15, 17:47:44 | version 1.48.03
FINANCIAL POSITION AND NET ASSETS Net assets and liquidity The Deutsche EuroShop Group’s total assets decreased by €2.4 million to €3,849.2 mil- lion compared with the last reporting date. While the value of the investment properties increased by a total of €7.5 million, particu- larly as a result of the acquisition of the Kar- stadt property in Dessau on 1 April 2016, there was a €5.0 million decrease in at-equity in- vestments due to cash payments received. Furthermore, trade receivables and other current assets decreased by €4.9 million on the reporting date. Cash and cash equivalents amounted to €70.7 million as at the reporting date and were thus on a par with the value re- ported on 31 December 2015. Equity ratio of 52.8% The equity ratio (including shares held by third-party shareholders) has declined by 0.7 percentage points to 52.8% since the last reporting date (53.5%) as a result of the divi- dend payment made in June 2016. Liabilities Current and non-current financial liabilities totalled €1,429.9 million as at 30 June 2016. This was €22.3 million higher than at the end of 2015, mainly because of the short-term utilisation of a credit line in the amount of €30.0 million. Non-current deferred tax liabili- ties increased by €7.4 million to €316.9 million due to additional provisions, while redemption entitlements for third-party shareholders fell by around €1.1 million to €292.0 million. Other current and non-current liabilities and provi- sions decreased by €1.8 million. Report on Events after the Balance Sheet Date No further significant events occurred be- tween the balance sheet date of 30 June 2016 and the date of preparation of the financial statements. Outlook ECONOMIC CONDITIONS The ifo Institute revised its GDP forecast up- ward for 2016, from 1.5% to 1.9% during the current year. Positive consumer sentiment, flourishing foreign trade and the positive sit- uation on the job market will stimulate the German economy again in 2016. With regard to bricks-and-mortar retailing, the GfK market research institute expects nominal growth of 0.8% for Germany as a whole. At the global level, the economy is only ex- pected to improve slightly in countries with advanced economies; the financial situation in the public sector remains tense in many coun- tries and particularly in the EU. The decision reached by the British population in favour of the United Kingdom’s withdrawal from the Eu- ropean Union is currently leading to further political uncertainty throughout the EU. It is still impossible to anticipate what economic impact this vote will have. All in all and in light of the good economic conditions in our core market of Germany, we remain cautiously optimistic and expect that Deutsche EuroShop’s business will continue to perform positively and according to plan this year. EXPECTED RESULTS OF OPERA- TIONS AND FINANCIAL POSITION Now that the first half of the year has unfold- ed 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 tax- es (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 de- velopment.We do not believe the Company fac- es any risks capable of jeopardising its contin- ued existence. The information provided in the risk report of the consolidated financial state- ments as at 31 December 2015 is therefore still applicable (2015 Annual Report, pg. 129 ff.). 2015 2016 Goal 2.26 – 2.30 Result 2.29 Goal 127 – 130 Result 127.0 2015 2016 2015 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 € 4 Deutsche EuroShop AG Half-year Financial Report 2016 H1 20152016 20152016 20152016 20152016