This document is the 9-month report from Deutsche EuroShop for 2011. It provides the following key information:
1) Business has remained stable despite cautious German consumption, with high occupancy rates and low rent receivables. Revenue increased 29% to €138 million compared to the same period last year.
2) Funds from operations per share increased 10% to €1.12, while earnings per share dropped 7% to €0.78 due to higher tax expenses.
3) Deutsche EuroShop acquired a 50% stake in the Allee-Center shopping center in Magdeburg for €118 million, increasing its portfolio to 19 centers valued at €3.6 billion.
The interim report summarizes Deutsche EuroShop's financial performance for the first half of 2009. Revenue increased 14% to 163 million euros due to contributions from newly opened shopping centers and increasing ownership of an existing center. Earnings per share grew 41% to 0.89 euros, driven by higher operating income and measurement gains. After the reporting period, Deutsche EuroShop refinanced loans and increased its share capital to fund further growth.
The executive board letter summarizes the company's financial results for the first three quarters of 2009. Revenue increased 12% to 194.4 million due to contributions from new shopping centers and the increased ownership stake in an existing center. Earnings before interest and taxes rose 15% to 180.9 million. Consolidated profit increased 23% to 138.5 million. Funds from operations per share increased 9% to 11.11. The company remains on track to achieve its full-year guidance and expects to pay a stable dividend of at least 11.05 per share.
The company reported strong financial results for the first nine months of 2012. Revenue increased 14% compared to the same period in 2011, reaching €157.1 million. Net operating income rose 15% to €41.1 million and earnings before interest and taxes grew 16% to €37.3 million. Consolidated profit increased nearly 25% to €49.9 million. The company expects to slightly increase its dividend and continues its strategy of investing in shopping centers.
The newsletter provides updates on tax, legal, and business issues relevant to accountants and their clients. The main articles discuss the economic recovery underway in 2010 and outlook for investment returns, noting continued risks but momentum in risk assets. It also covers opportunities and challenges of cloud computing for small businesses. Brief sections cover upcoming tax filing dates and amendments, and new rules to benefit small businesses regarding tax filing frequencies and redundancy rebates.
WH Smith PLC reported preliminary results for the 2009 fiscal year. While total revenue declined 1% due to challenging market conditions, profit from trading operations increased 10% through cost controls and efficiency measures. The Travel division saw profit growth of 17% despite a 2% decline in like-for-like sales. The company generated strong free cash flow of £89 million and announced a £35 million return of cash to shareholders. Leadership stated the business is well positioned for a recovery in consumer spending.
Eternit S.A., a Brazilian construction materials company, announced strong financial results for the fourth quarter and full year of 2010. Gross consolidated revenue reached R$280 million in 4Q10, a 41% increase over 4Q09. For the full year 2010, gross revenue was R$991 million, a 33% increase over 2009. Eternit achieved its goal of R$1 billion in annual revenue one year earlier than planned due to domestic market growth and investments made in recent years. Net income for 4Q10 was R$29 million, a 68% increase over 4Q09, with a net margin of 14%. Eternit expects continued growth in 2011 given ongoing government construction programs and expanding home mortgage
The document provides a disclaimer and forward-looking statements regarding a presentation by Banco Santander Totta, S.A. and Banco Santander, S.A. It cautions that the presentation contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. It also states that the information in the presentation should be read in conjunction with other public disclosures and does not constitute an offer to buy or sell securities.
This document provides an overview of Deutsche EuroShop AG, a German company that invests solely in shopping centers. Some key points:
- Deutsche EuroShop owns interests in 19 shopping centers located in Germany, Poland, Austria and Hungary, with a total lettable space of approximately 905,000 square meters.
- The company focuses on long-term growth and stable increases in portfolio value through a "buy and hold" strategy. It aims to extend its portfolio by 10% annually.
- Shopping centers provide stable returns through long-term lease agreements with mostly well-known retailers. Rents are linked to sales volumes and inflation.
- Financial results have shown steady growth in revenue, earnings, and
The interim report summarizes Deutsche EuroShop's financial performance for the first half of 2009. Revenue increased 14% to 163 million euros due to contributions from newly opened shopping centers and increasing ownership of an existing center. Earnings per share grew 41% to 0.89 euros, driven by higher operating income and measurement gains. After the reporting period, Deutsche EuroShop refinanced loans and increased its share capital to fund further growth.
The executive board letter summarizes the company's financial results for the first three quarters of 2009. Revenue increased 12% to 194.4 million due to contributions from new shopping centers and the increased ownership stake in an existing center. Earnings before interest and taxes rose 15% to 180.9 million. Consolidated profit increased 23% to 138.5 million. Funds from operations per share increased 9% to 11.11. The company remains on track to achieve its full-year guidance and expects to pay a stable dividend of at least 11.05 per share.
The company reported strong financial results for the first nine months of 2012. Revenue increased 14% compared to the same period in 2011, reaching €157.1 million. Net operating income rose 15% to €41.1 million and earnings before interest and taxes grew 16% to €37.3 million. Consolidated profit increased nearly 25% to €49.9 million. The company expects to slightly increase its dividend and continues its strategy of investing in shopping centers.
The newsletter provides updates on tax, legal, and business issues relevant to accountants and their clients. The main articles discuss the economic recovery underway in 2010 and outlook for investment returns, noting continued risks but momentum in risk assets. It also covers opportunities and challenges of cloud computing for small businesses. Brief sections cover upcoming tax filing dates and amendments, and new rules to benefit small businesses regarding tax filing frequencies and redundancy rebates.
WH Smith PLC reported preliminary results for the 2009 fiscal year. While total revenue declined 1% due to challenging market conditions, profit from trading operations increased 10% through cost controls and efficiency measures. The Travel division saw profit growth of 17% despite a 2% decline in like-for-like sales. The company generated strong free cash flow of £89 million and announced a £35 million return of cash to shareholders. Leadership stated the business is well positioned for a recovery in consumer spending.
Eternit S.A., a Brazilian construction materials company, announced strong financial results for the fourth quarter and full year of 2010. Gross consolidated revenue reached R$280 million in 4Q10, a 41% increase over 4Q09. For the full year 2010, gross revenue was R$991 million, a 33% increase over 2009. Eternit achieved its goal of R$1 billion in annual revenue one year earlier than planned due to domestic market growth and investments made in recent years. Net income for 4Q10 was R$29 million, a 68% increase over 4Q09, with a net margin of 14%. Eternit expects continued growth in 2011 given ongoing government construction programs and expanding home mortgage
The document provides a disclaimer and forward-looking statements regarding a presentation by Banco Santander Totta, S.A. and Banco Santander, S.A. It cautions that the presentation contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. It also states that the information in the presentation should be read in conjunction with other public disclosures and does not constitute an offer to buy or sell securities.
This document provides an overview of Deutsche EuroShop AG, a German company that invests solely in shopping centers. Some key points:
- Deutsche EuroShop owns interests in 19 shopping centers located in Germany, Poland, Austria and Hungary, with a total lettable space of approximately 905,000 square meters.
- The company focuses on long-term growth and stable increases in portfolio value through a "buy and hold" strategy. It aims to extend its portfolio by 10% annually.
- Shopping centers provide stable returns through long-term lease agreements with mostly well-known retailers. Rents are linked to sales volumes and inflation.
- Financial results have shown steady growth in revenue, earnings, and
The document provides an overview and financial results of Deutsche Telekom for Q3 2011. Key highlights include:
- Group revenue decreased 4.1% to €11 billion, adjusted EBITDA decreased 2.7% to €3.9 billion.
- Germany achieved the highest adjusted EBITDA margin of 41.5% due to opex reductions of €0.3 billion.
- The US saw adjusted EBITDA growth of 9.2% and an improved adjusted EBITDA margin of 27.8%.
- Full year 2011 guidance was re-iterated.
Umpqua Holdings Corporation reported financial results for the third quarter of 2009. Key highlights included a net loss of $7.1 million and net loss available to common shareholders of $0.14 per share. Non-performing assets as a percentage of total assets declined slightly. Deposits increased $401 million during the quarter. The provision for loan losses was $52.1 million and net charge-offs totaled $47.3 million. The allowance for credit losses increased and the tangible common equity ratio improved.
Continental's share price rose in early 2010 due to strong investor interest in a capital increase. However, concerns over government debt in southern European countries caused the share price to fall. The company's preliminary 2009 results and an EU rescue package boosted the share price recovery. By mid-2010, Continental's share price had risen 17% year-to-date, outperforming industry indexes. Continental also successfully issued a €750 million eurobond, using proceeds to repay debt and receiving a credit rating upgrade.
Gactel Turnkey Projects Limited is an Indian company that provides cooling towers and systems. It has experienced growth but has faced financial losses in recent years due to high expenses outpacing revenue. Expenses as a percentage of revenue have exceeded 100% for the past three years. Borrowing increased dramatically in 2010, contributing to higher interest payments that have exceeded operating profits. The company has high debt relative to assets, indicating weak solvency. To improve its financial position, the company needs to control expenses, borrowing, and interest costs in order to generate positive cash flow.
Gactel Turnkey Projects Limited is an Indian company that provides cooling towers and systems. It has experienced losses for the past three years due to total revenue being less than total costs. Expenses as a percentage of revenue and raw material expenses as a percentage of sales have increased significantly. The company also struggles with generating positive cash flow regularly and a high debt burden that exceeds assets. To improve performance, the company needs to reduce expenses, control raw material costs and borrowing to reduce interest payments, while pursuing aggressive sales to utilize growth opportunities in the market.
The document provides a summary of Williams Partners L.P.'s first quarter 2009 earnings results. Key points include:
- Net income was $18.7 million compared to $43.6 million in first quarter 2008 due to lower NGL margins.
- Distributable cash flow was $29.4 million, down from $38.8 million in first quarter 2008. The cash distribution coverage ratio was 0.9x.
- Volumes were up at West processing facilities and the Discovery plant is fully repaired with new fee-based volumes coming online in the second quarter.
- Management remains confident in 2009 guidance and the ability to maintain distributions despite challenging commodity prices.
T-Mobile's integration of Sprint is going well and risks are narrowing. The company is on track to cover over 200M people with mid-band 5G by the end of 2021. The author projects strong subscriber growth for T-Mobile and market share gains over the next several years as its 5G network coverage expands. New opportunities in fixed wireless broadband and mobile edge computing could further increase T-Mobile's valuation beyond current estimates that only consider its traditional wireless business. The author's "Home Run Scenario" values T-Mobile reaching $294 per share by 2024 based on robust growth across both its core wireless segments and new 5G markets.
The document provides an interim report for Deutsche EuroShop AG for the first quarter of 2009. Some key highlights include:
- Revenue increased 18% to €31.8 million compared to Q1 2008. Net operating income rose 20% to €27.9 million.
- Earnings per share increased substantially to €0.71 compared to €0.30 in Q1 2008.
- Total assets grew 4% to €2.08 billion while equity ratio declined slightly to 47.6% from 48.7% at the end of 2008.
- The company acquired a majority 90% stake in the City-Point shopping center in Kassel for €53 million and expects to redesign parts of the center
Telecom Italia key takeaways and plan targets document outlines the following:
1) Telecom Italia operates in both mature and emerging economies, with Italy as a cash cow market and Latin America providing growth opportunities.
2) Between 2011-2013, Telecom Italia generated over 22 billion Euros in operating free cash flow while stabilizing revenues and EBITDA.
3) The plan targets continued capital discipline with a focus on debt reduction to below 28 billion Euros and yearly dividend growth of around 15%.
4) For 2011 specifically, the plan updates project broadly stable revenues and EBITDA versus 2010, with capex of around 4.8 billion Euros.
Second Quarter Earnings Conference Call Transcriptfinance4
WellPoint reported strong financial results for Q2 2005, meeting earnings guidance for the 15th consecutive quarter. Revenue increased 146% year-over-year and 8% on a comparable basis, driven by membership growth and pricing discipline. Membership increased 4% from year-end to over 28.8 million, and grew 6% compared to a year ago on a comparable basis across all regions and customer types. The company resolved two lawsuits with physicians through an agreement that included a one-time $103 million pre-tax charge. WellPoint continues developing new products and expanding into underserved markets to provide affordable healthcare coverage and reduce the number of uninsured Americans.
The Future of U.S. Pension Financing — Lessons From Europe welshms
This Towers Perrin presentation examines alternative risk financing techniques being implemented by companies in Europe with defined benefit (DB) pension plans. These techniques offer insights into the future of financing global pensions, both in the U.S. and elsewhere.
The document provides financial highlights for Westamerica Bancorporation for the first quarter of 2009 compared to the first quarter of 2008 and the fourth quarter of 2008. Some key figures:
- Net income increased 97.3% from the prior year quarter and 153.8% from the previous quarter.
- Net interest income increased 23.7% from the prior year and 19.1% from the previous quarter.
- Basic and diluted earnings per share increased around 95% from the prior year.
- Returns on assets and equity increased substantially from the prior year and previous quarter.
This document provides comparative highlights and financial data for Omnicom for 1999 and 1998. It summarizes that worldwide billings increased 19% to $35.7 billion in 1999. Net income increased 30% to $362.9 million and earnings per share increased 29% to $2.07. It also provides an overview of the strong performance of Omnicom's advertising and marketing services brands in 1999.
The document provides an interim report for Deutsche EuroShop AG for the first three quarters of 2009. Some key points:
- Portfolio expansion projects are underway at Main-Taunus-Zentrum and Altmarkt-Galerie shopping centers. Restructuring measures were completed in Hamm and Kassel.
- Financial highlights show increases in revenue, net operating income, EBIT, consolidated profit, and earnings per share compared to the first three quarters of 2008.
- Forecasts for 2009 and 2010 project continued revenue, EBIT, EBT, and FFO per share growth.
- Contact information is provided for Deutsche EuroShop's investor and public relations department.
Once a year Intrum Justitia conducts a comprehensive survey of payment habits in Europe. Called the European Payment Index (EPI), it is the largest survey of its kind.
This document is the annual report for Omnicom for 1998. It provides financial highlights and comparisons for 1998 versus 1997, showing increases in billings, commissions and fees, operating expenses, and net income both domestically and internationally. The report discusses record results for the 12th consecutive year, with worldwide revenues from commissions and fees increasing 31% to $4.1 billion. Net income reached $285 million, a 28% increase. The report also provides an overview of Omnicom's advertising agency brands and their performance in 1998, including new business wins and awards received. It discusses acquisitions and growth across Omnicom's network of marketing services companies.
The document provides valuation and financial ratios for a company. It includes ratios such as P/E ratio, price to cash flow ratio, price to sales ratio, and price to book ratio. It also lists per share ratios, profit margins, growth rates, financial strength metrics, efficiency metrics, and notes the data source. The ratios indicate negative operating and net profit margins, and negative returns on equity, assets, and invested capital.
The document provides key financial data for Deutsche EuroShop AG for 2011 and 2010, including a 34% increase in EBIT to €165.7 million and revenue growth of 32% to €190 million. Total assets increased 9% to €3.225 billion. The equity ratio was 45.7% and net asset value per share grew 5% to €27.64. The company proposes a dividend of €1.10 per share, unchanged from 2010.
The document discusses the common order and elements included in opening credits sequences for films. It provides examples of the opening titles for four films - Gattaca, The Girl With The Dragon Tattoo, Casino Royale, and Seven - analyzing the production companies and individuals credited, timing of the titles, color and style of text used, and how the titles are displayed on screen. The purpose is to understand what information is typically conveyed in opening credits and how different creative choices can reflect elements of the story being told.
The document discusses conventions used in thriller films. It provides examples of conventions like false endings, innocent victims, escaped convicts, and villains/victims. False endings purpose is to keep audiences thinking with a cliffhanger. Innocent victims make audiences feel sympathy and shock when the victim kills the villain. Escaped convicts show how smart and cunning they are in planning their escape. Villains/victims keep the villain a mystery while showing victims get hurt to disturb audiences.
Listening to the Earth: An Environmental Audit For Benedictine Communities Z2P
This document provides an environmental audit for Benedictine communities. It contains information on assessing and inventorying various environmental practices within Benedictine communities, with a focus on air pollution, drinking water, water conservation, and sanitation. The document includes sections on outdoor air pollution, indoor air pollution, drinking water quality and sources, water conservation, and sanitation. Each section provides questions to consider in assessing current practices, and templates to complete when inventorying practices and sources. The overall aim is to evaluate how Benedictine communities can improve their environmental stewardship.
The document provides an overview and financial results of Deutsche Telekom for Q3 2011. Key highlights include:
- Group revenue decreased 4.1% to €11 billion, adjusted EBITDA decreased 2.7% to €3.9 billion.
- Germany achieved the highest adjusted EBITDA margin of 41.5% due to opex reductions of €0.3 billion.
- The US saw adjusted EBITDA growth of 9.2% and an improved adjusted EBITDA margin of 27.8%.
- Full year 2011 guidance was re-iterated.
Umpqua Holdings Corporation reported financial results for the third quarter of 2009. Key highlights included a net loss of $7.1 million and net loss available to common shareholders of $0.14 per share. Non-performing assets as a percentage of total assets declined slightly. Deposits increased $401 million during the quarter. The provision for loan losses was $52.1 million and net charge-offs totaled $47.3 million. The allowance for credit losses increased and the tangible common equity ratio improved.
Continental's share price rose in early 2010 due to strong investor interest in a capital increase. However, concerns over government debt in southern European countries caused the share price to fall. The company's preliminary 2009 results and an EU rescue package boosted the share price recovery. By mid-2010, Continental's share price had risen 17% year-to-date, outperforming industry indexes. Continental also successfully issued a €750 million eurobond, using proceeds to repay debt and receiving a credit rating upgrade.
Gactel Turnkey Projects Limited is an Indian company that provides cooling towers and systems. It has experienced growth but has faced financial losses in recent years due to high expenses outpacing revenue. Expenses as a percentage of revenue have exceeded 100% for the past three years. Borrowing increased dramatically in 2010, contributing to higher interest payments that have exceeded operating profits. The company has high debt relative to assets, indicating weak solvency. To improve its financial position, the company needs to control expenses, borrowing, and interest costs in order to generate positive cash flow.
Gactel Turnkey Projects Limited is an Indian company that provides cooling towers and systems. It has experienced losses for the past three years due to total revenue being less than total costs. Expenses as a percentage of revenue and raw material expenses as a percentage of sales have increased significantly. The company also struggles with generating positive cash flow regularly and a high debt burden that exceeds assets. To improve performance, the company needs to reduce expenses, control raw material costs and borrowing to reduce interest payments, while pursuing aggressive sales to utilize growth opportunities in the market.
The document provides a summary of Williams Partners L.P.'s first quarter 2009 earnings results. Key points include:
- Net income was $18.7 million compared to $43.6 million in first quarter 2008 due to lower NGL margins.
- Distributable cash flow was $29.4 million, down from $38.8 million in first quarter 2008. The cash distribution coverage ratio was 0.9x.
- Volumes were up at West processing facilities and the Discovery plant is fully repaired with new fee-based volumes coming online in the second quarter.
- Management remains confident in 2009 guidance and the ability to maintain distributions despite challenging commodity prices.
T-Mobile's integration of Sprint is going well and risks are narrowing. The company is on track to cover over 200M people with mid-band 5G by the end of 2021. The author projects strong subscriber growth for T-Mobile and market share gains over the next several years as its 5G network coverage expands. New opportunities in fixed wireless broadband and mobile edge computing could further increase T-Mobile's valuation beyond current estimates that only consider its traditional wireless business. The author's "Home Run Scenario" values T-Mobile reaching $294 per share by 2024 based on robust growth across both its core wireless segments and new 5G markets.
The document provides an interim report for Deutsche EuroShop AG for the first quarter of 2009. Some key highlights include:
- Revenue increased 18% to €31.8 million compared to Q1 2008. Net operating income rose 20% to €27.9 million.
- Earnings per share increased substantially to €0.71 compared to €0.30 in Q1 2008.
- Total assets grew 4% to €2.08 billion while equity ratio declined slightly to 47.6% from 48.7% at the end of 2008.
- The company acquired a majority 90% stake in the City-Point shopping center in Kassel for €53 million and expects to redesign parts of the center
Telecom Italia key takeaways and plan targets document outlines the following:
1) Telecom Italia operates in both mature and emerging economies, with Italy as a cash cow market and Latin America providing growth opportunities.
2) Between 2011-2013, Telecom Italia generated over 22 billion Euros in operating free cash flow while stabilizing revenues and EBITDA.
3) The plan targets continued capital discipline with a focus on debt reduction to below 28 billion Euros and yearly dividend growth of around 15%.
4) For 2011 specifically, the plan updates project broadly stable revenues and EBITDA versus 2010, with capex of around 4.8 billion Euros.
Second Quarter Earnings Conference Call Transcriptfinance4
WellPoint reported strong financial results for Q2 2005, meeting earnings guidance for the 15th consecutive quarter. Revenue increased 146% year-over-year and 8% on a comparable basis, driven by membership growth and pricing discipline. Membership increased 4% from year-end to over 28.8 million, and grew 6% compared to a year ago on a comparable basis across all regions and customer types. The company resolved two lawsuits with physicians through an agreement that included a one-time $103 million pre-tax charge. WellPoint continues developing new products and expanding into underserved markets to provide affordable healthcare coverage and reduce the number of uninsured Americans.
The Future of U.S. Pension Financing — Lessons From Europe welshms
This Towers Perrin presentation examines alternative risk financing techniques being implemented by companies in Europe with defined benefit (DB) pension plans. These techniques offer insights into the future of financing global pensions, both in the U.S. and elsewhere.
The document provides financial highlights for Westamerica Bancorporation for the first quarter of 2009 compared to the first quarter of 2008 and the fourth quarter of 2008. Some key figures:
- Net income increased 97.3% from the prior year quarter and 153.8% from the previous quarter.
- Net interest income increased 23.7% from the prior year and 19.1% from the previous quarter.
- Basic and diluted earnings per share increased around 95% from the prior year.
- Returns on assets and equity increased substantially from the prior year and previous quarter.
This document provides comparative highlights and financial data for Omnicom for 1999 and 1998. It summarizes that worldwide billings increased 19% to $35.7 billion in 1999. Net income increased 30% to $362.9 million and earnings per share increased 29% to $2.07. It also provides an overview of the strong performance of Omnicom's advertising and marketing services brands in 1999.
The document provides an interim report for Deutsche EuroShop AG for the first three quarters of 2009. Some key points:
- Portfolio expansion projects are underway at Main-Taunus-Zentrum and Altmarkt-Galerie shopping centers. Restructuring measures were completed in Hamm and Kassel.
- Financial highlights show increases in revenue, net operating income, EBIT, consolidated profit, and earnings per share compared to the first three quarters of 2008.
- Forecasts for 2009 and 2010 project continued revenue, EBIT, EBT, and FFO per share growth.
- Contact information is provided for Deutsche EuroShop's investor and public relations department.
Once a year Intrum Justitia conducts a comprehensive survey of payment habits in Europe. Called the European Payment Index (EPI), it is the largest survey of its kind.
This document is the annual report for Omnicom for 1998. It provides financial highlights and comparisons for 1998 versus 1997, showing increases in billings, commissions and fees, operating expenses, and net income both domestically and internationally. The report discusses record results for the 12th consecutive year, with worldwide revenues from commissions and fees increasing 31% to $4.1 billion. Net income reached $285 million, a 28% increase. The report also provides an overview of Omnicom's advertising agency brands and their performance in 1998, including new business wins and awards received. It discusses acquisitions and growth across Omnicom's network of marketing services companies.
The document provides valuation and financial ratios for a company. It includes ratios such as P/E ratio, price to cash flow ratio, price to sales ratio, and price to book ratio. It also lists per share ratios, profit margins, growth rates, financial strength metrics, efficiency metrics, and notes the data source. The ratios indicate negative operating and net profit margins, and negative returns on equity, assets, and invested capital.
The document provides key financial data for Deutsche EuroShop AG for 2011 and 2010, including a 34% increase in EBIT to €165.7 million and revenue growth of 32% to €190 million. Total assets increased 9% to €3.225 billion. The equity ratio was 45.7% and net asset value per share grew 5% to €27.64. The company proposes a dividend of €1.10 per share, unchanged from 2010.
The document discusses the common order and elements included in opening credits sequences for films. It provides examples of the opening titles for four films - Gattaca, The Girl With The Dragon Tattoo, Casino Royale, and Seven - analyzing the production companies and individuals credited, timing of the titles, color and style of text used, and how the titles are displayed on screen. The purpose is to understand what information is typically conveyed in opening credits and how different creative choices can reflect elements of the story being told.
The document discusses conventions used in thriller films. It provides examples of conventions like false endings, innocent victims, escaped convicts, and villains/victims. False endings purpose is to keep audiences thinking with a cliffhanger. Innocent victims make audiences feel sympathy and shock when the victim kills the villain. Escaped convicts show how smart and cunning they are in planning their escape. Villains/victims keep the villain a mystery while showing victims get hurt to disturb audiences.
Listening to the Earth: An Environmental Audit For Benedictine Communities Z2P
This document provides an environmental audit for Benedictine communities. It contains information on assessing and inventorying various environmental practices within Benedictine communities, with a focus on air pollution, drinking water, water conservation, and sanitation. The document includes sections on outdoor air pollution, indoor air pollution, drinking water quality and sources, water conservation, and sanitation. Each section provides questions to consider in assessing current practices, and templates to complete when inventorying practices and sources. The overall aim is to evaluate how Benedictine communities can improve their environmental stewardship.
Recycling at the heart of issoire’s activities – Olivier Leducq, ConstelliumConstellium
The Issoire site in France is an important facility for Constellium and the aerospace industry in the Auvergne region. The 96 hectare site employs 1350 people and produces 83,300 tons of rolled aluminum products annually. Issoire focuses on recycling aluminum scrap and is one of the largest rolling mills and foundries for aerospace plates and parts in the world. Recycling is a core part of Issoire's operations and helps create a virtuous recycling circle for the aerospace industry.
The Waterfall Quick6 LookBook provides an insider’s perspective into how mobile fits into a retail communication strategy so that companies can execute successfully.
This document appears to be draft materials for a group presentation project. It includes feedback on multiple drafts of the presentation, notes on genre choices, discussion of changing the topic from mental illness to a supernatural thriller, and examples of thriller film conventions. The group revised their topic based on feedback, exploring different genres to improve their understanding and ideas. They settled on a psychological thriller genre for the audience's interest in being scared.
Reading and Resources to Address Global Warming and Support Environmental Ste...Z2P
This document provides a summary of books, films, websites and other resources related to climate change, environmental stewardship and sustainability. It includes sections on global warming science and solutions, politics and implications of climate change, stories about communities affected by climate change, historical and anthropological perspectives, spiritual and ethical perspectives, food/water security and sustainability, speaking out and taking action, individual/family/community solutions, local government initiatives, local/organic food, water, energy conservation, social and political activism. The extensive list of resources covers a wide range of topics and formats to raise awareness and provide information on addressing climate change.
This document lists and provides brief descriptions of various ecological organizations that work to promote environmental protection and sustainability. Some of the organizations mentioned include Blue Ridge Environmental Defense League, Center for the Biology of Natural Systems, Co-op America, Dream Change Coalition, Earth Island Institute, Greenpeace, Heritage Forests Campaign, and National Association of Conservation Districts. Contact information and websites are provided for each organization.
What Makes Food Sacred - Resources for Jewish Congregations Z2P
This document provides resources for creating sustainable and eco-friendly Shabbat dinners, including:
1) Suggestions for greening Shabbat dinner logistics like using reusable dishes, recycled napkins, and organizing carpools.
2) Recommendations for serving local, organic, vegetarian, and fair trade food options to reduce environmental impact.
3) A list of kosher organic wine and grape juice options for Shabbat meals.
The document encourages reflecting on the "embodied energy" required to produce food and brings awareness to tracing food back to its source to appreciate all the steps involved in getting it from farm to table.
The document provides 5 ideas for doing more with less: 1) Rethink space needs and consider co-working or multi-functional space. 2) Edit down non-essential initiatives to focus on 3 priorities. 3) Offer fewer products to focus marketing and increase sales volume. 4) Hire flexible, multi-functional people committed to getting work done. 5) Focus on core competencies and outsource other functions to specialist partners to stay nimble.
This document contains draft feedback and assessments for a group presentation assignment. It includes notes on earlier drafts such as suggestions for improvement, notes on genre and idea changes between drafts, and examples of thriller film conventions discussed in the presentation. Feedback addressed organizing content, using more images, explaining points clearly, and ensuring all group members contribute equally. The group revised their topic from mental illness to a psychological thriller about a girl with schizophrenia after receiving feedback.
Here is a shotlist for the opening sequence of your film:
Time Scene Shot Location Character Art Dept/ Costume Notes
Prop
1-3 Laura Establishing shot of Street in Laura N/A Grey cardigan, grey Laura walks
walking into Laura walking down Ealing Props- clown top, blue jeans. down the street
the forest the street towards doll towards the
the forest entrance forest entrance
3-5 Laura MS of Laura Forest Laura N/A Grey cardigan, grey Laura enters the
enters the entering the forest
This document provides an overview of social network analysis and the Sylva software. It begins with key concepts in social network analysis including social structure, social networks, nodes, linkages, and additional terminology. It then discusses what makes social network analysis unique and provides examples of ego-centered and community-centered network analysis. Finally, it describes the features and capabilities of the Sylva software for collecting, storing, visualizing, and analyzing social network data.
For intermediate EFL students. Look at the pictures and write sentences in thepast simple and past continuous. Best used with the Carry On Doctor film DVD
The SLO Food Bank was selected to compete for a car in Toyota's promotion but had no existing social media presence. A marketing strategy was developed to quickly set up social media pages and build awareness of the competition through posts, videos, ads and outreach. This led to significant growth in their social following over three months and third place in the competition, positioning them for future fundraising success.
The document introduces a curriculum called "Covenanting for Justice Online Curriculum" that was developed by the North American Working Group for Covenanting for Justice/Accra Confession. It contains five workshop modules that examine the challenges of globalization and the witness of the prophetic church. Each module contains videos, Bible studies, and discussion questions to engage participants on issues of global economic injustice and environmental degradation. The goal is for participants to work with communities to bring about a just global community through solidarity with neighbors near and far.
Failing Gaza: No Rebuilding, No Recovery, No more Excuses Z2P
This report examines the impact of the blockade on Gaza one year after Operation Cast Lead. It finds that little reconstruction has occurred due to Israel restricting the entry of construction materials into Gaza. Before the blockade, thousands of truckloads of materials entered monthly, but since 2007 only a small fraction have been permitted. As a result, homes, infrastructure, and livelihoods remain destroyed. The international community is called on to take action to lift the blockade in order to allow rebuilding and economic recovery in Gaza.
This interim report provides key financial information for Deutsche EuroShop for the first half of 2011:
- Revenue increased 29% to €91.1 million compared to the first half of 2010, due to acquisitions of new shopping centers.
- Funds from operations rose 13% to €0.77 per share, an absolute increase of 27% compared to the same period last year.
- Consolidated profit increased 24% to €32.3 million and earnings per share rose to €0.63.
- Deutsche EuroShop acquired additional interests in existing shopping centers and one new shopping center, expanding its portfolio.
Deutsche EuroShop reported positive results for the first quarter of 2009 despite difficult economic conditions. Revenue increased 18% to €31.8 million due to contributions from newly opened shopping centers and the increased ownership stake in City-Point Kassel. EBIT rose 19% to €127.1 million and funds from operations increased 16% to €10.37 per share. Total assets grew 4% to €2.08 billion as a result of the higher ownership stake in City-Point Kassel. The company remains optimistic that it can pay a stable dividend of €11.05 per share for 2009.
1) In the first half of 2012, Deutsche EuroShop saw a 15% increase in revenue and a 16% increase in EBIT compared to the same period in 2011, due to expansions of existing shopping centers and the addition of a new center to their portfolio.
2) Net income increased 20% and earnings per share increased as well, allowing the company to pay a dividend of €1.10 per share for 2012.
3) While some potential acquisition opportunities did not materialize, the company refinanced existing loans at better terms, contributing to positive financial results in the first half of the year.
The document is Deutsche EuroShop's interim report for Q1 2011. It reports that revenue increased 28% to €44.4 million compared to Q1 2010, net operating income increased nearly 30% to €40.1 million, and EBIT increased 28% to €38.6 million. Consolidated profit was up 25% from €12.8 million to €16 million. Deutsche EuroShop also acquired the Billstedt-Center in Hamburg and the remaining shares in Stadt-Galerie Hameln.
1. Deutsche EuroShop reported encouraging results for Q1 2010, with revenue up 9% and net operating income and EBIT both climbing 11%.
2. In February 2010, Deutsche EuroShop acquired the A10 Center in Wildau for €205 million and raised €123 million through a rights issue to refinance the equity portion.
3. Revenue increased 9% to €34.6 million in Q1 2010 primarily due to the consolidation of the newly acquired A10 Center.
The document provides an overview of Deutsche Telekom's Q4 2011 results. Key highlights include:
- Revenue declined 3.7% year-over-year to €14.9 billion due to foreign exchange impacts. Adjusted EBITDA rose 1.3% to €4.6 billion.
- In Germany, revenue fell 6.1% but adjusted EBITDA margin improved 1.2 percentage points to 37.8% due to cost cutting.
- The company maintained its leading position in the German broadband and mobile service markets.
The document summarizes the interim report of Bucher Industries for the first half of 2012. It reports that Bucher Industries increased sales by 21% and operating profit by 50% compared to the same period in 2011, while order intake decreased by 9% due to economic conditions. Overall, the company expects an improvement in sales, operating profit, and profit for the year in 2012 compared to 2011. It then provides details on financial and operational performance for each of Bucher Industries' business divisions.
The half year report summarizes the company's financial performance for the first half of 2011 ending June 30th. Revenues increased 11% to 79.1 million euros compared to the previous year. Net income rose 7% to 9.8 million euros. Cash flow for the period grew 11% to 17.8 million euros. The company remains financially stable with net cash of over 14 million euros and an equity ratio of 58%.
1) Revenue for the first half of 2010 was up 12% to €70.4 million due to the acquisition of the A10 Center in Wildau.
2) EBIT increased 13% to €60.8 million and earnings before taxes rose 19% to €31.2 million.
3) Consolidated profit was €26 million, down from the previous year due to one-time gains, while funds from operations increased 19% to €31.1 million.
The document provides an overview of Banco Santander's financial performance for the first nine months of 2011. Some key points:
- Profits were down 13% compared to the same period last year, impacted by lower revenues from financial markets and higher provisions for loan losses in the current economic environment.
- However, the bank has maintained solid basic revenue generation driven by growth in Latin America, consumer finance, and the acquisition of BZ WBK.
- Liquidity and capital positions remain strong, with capital gains expected in Q4 that will be used to further strengthen the balance sheet.
- Expenses are being tightly controlled to offset pressure on revenues, though costs related to acquisitions
Apresentação de resultados 3 T 2011 Banco SantanderBANCO SANTANDER
The document provides an overview of Banco Santander's financial performance for the first nine months of 2011. Some key points:
- Profits were down 13% compared to the same period last year, impacted by lower revenues from financial markets and higher provisions for loan losses in the current economic environment.
- However, the bank has maintained solid basic revenue generation from net interest income, fees, and insurance. Revenues increased 6% overall compared to peers.
- While macroeconomic conditions worsened in the third quarter of 2011 due to factors like the sovereign debt crisis, Santander has a good liquidity and capital position with a solid balance sheet.
- Capital gains expected in the fourth quarter will
Continental AG saw a significant decline in sales and earnings in Q1 2009 due to the slump in the global auto market. Sales fell 35.2% to €4.3 billion while EBIT turned negative at -€165 million, down from €456.7 million in Q1 2008. Both the Automotive and Rubber Groups were affected, with sales down 40% and 22% respectively. The company was still able to meet financial covenant requirements and expects sales and profits to improve in Q2 despite continued difficult market conditions.
SANTANDER CONSUMER FINANCE-SANTANDER INVESTOR DAY 2011BANCO SANTANDER
Santander Consumer Finance se mueve en niveles récord de beneficios en 2011 y continuará haciéndolo en 2012 y 2013. Presentación Magda Salarich. Santander Investor Day 2011
- Revenue and profits were down for the company in the first three quarters of 2021 compared to the same period in 2020, due to the ongoing impacts of the coronavirus pandemic including store closures.
- Customer footfall and tenant revenues at the company's shopping centers recovered significantly in Q3 2021 as restrictions eased, reaching 75% and 90% of pre-pandemic levels respectively.
- The company expects its funds from operations to be between €1.70 to €1.90 per share for 2021, assuming no new significant restrictions on store operations or fresh closures, and a continued recovery in tenant revenues.
- While property values declined slightly overall, the company remains optimistic about the continued recovery in business
The document provides an interim report on shopping centers and financial results for the first half of 2009. It summarizes investments in and restructurings of several shopping centers, including raising the stake in City-Point Kassel to 90% and a redesign. It also discusses Karstadt as a tenant and neighbor in various centers. Financially, it outlines changes to accounting standards, a capital increase, and key financial figures showing year-over-year revenue, earnings, and asset growth. Finally, it discusses expansion plans for the Main-Taunus-Zentrum shopping center.
Sintex Industries reported strong revenue and profit growth of 29.0% and 54.0% respectively for the second quarter of FY2011, significantly above analyst estimates. Growth was led by the high margin monolithic segment and international subsidiaries. The working capital cycle remained stretched during the quarter due to higher billing from the monolithic segment. Management reiterated its positive outlook for domestic plastic demand and guided potential acquisition in the monolithic segment for the second half of FY2011. Analysts maintain an 'Accumulate' rating on the stock with a revised target price of Rs. 458.
The document provides an interim report for Electrolux for the first quarter of 2011. Some key highlights include:
- Net sales were SEK 23,436m, down 7% from the previous year, while operating income was SEK 696m.
- Operating income was impacted by increased raw material costs and lower sales prices across most business areas.
- Strong sales growth occurred in Latin America, Asia/Pacific, and for small appliances.
- Market demand improved in Electrolux's main markets, with growth in Latin America, Asia/Pacific, and stabilization in Europe.
Finmeccanica: Board of Directors approves first-quarter 2011 resultLeonardo
Board of Directors approves first-quarter 2011 results.
New orders grow 2% versus first quarter 2010, to EUR 3,816 million, with good performance in Energy, Aeronautics and Transport.
Finmeccanica: Board of Directors approves first-quarter 2011 resultLeonardo
Board of Directors approves first-quarter 2011 results.
New orders grow 2% versus first quarter 2010, to EUR 3,816 million, with good performance in Energy, Aeronautics and Transport.
This document summarizes the financial performance of Victoria, a Bulgarian insurance subsidiary, between 2007-2012. Key points include:
- Gross written premiums grew 15.8% annually on average, increasing Victoria's market share and ranking.
- Net combined, loss, and expense ratios improved after portfolio restructuring in 2010-2011 toward more profitable lines.
- Investments grew significantly and shifted toward lower risk assets like bonds per the parent company's strategy.
- Net profits fluctuated but were positive in recent years, and forecasts predict over €2 million for full-year 2012.
Similar to Deutsche EuroShop Interim Report 9M 2011 (20)
- The company saw a strong comeback in 2023 with increased footfall and retail sales compared to 2022, as well as revenue and FFO growth of over 25% and 30% respectively.
- Key performance indicators were favorable, even excluding acquisitions, and the company has a low LTV of 33.2% and strong cash position of €336.1 million.
- Major investments and developments were undertaken at several shopping centers to attract new tenants and optimize the customer experience.
- The company reported preliminary results for FY 2023 with increased revenue, FFO, and operating performance compared to FY 2022 despite a negative valuation result. Revenue was up 28.4% to €273.3m and FFO increased 31.7% to €171.3m.
- Key performance indicators like footfall and retail sales increased in 2023 compared to 2022 and the company strengthened its balance sheet by acquiring minority interests in shopping centers.
- However, the valuation of investment properties decreased due to rising yields and a muted transaction market, resulting in a valuation loss of €209.1m for FY 2023.
This document provides a summary of a company presentation for February 2024. It discusses the company's strong comeback in operational business with increasing footfall and retail sales. Financially, the company has a low loan-to-value ratio and strong cash position. The company expects continued improvement in operational business for 2023 and forecasts its FFO for the year to increase by over 20% compared to 2022.
This document provides a company presentation for a shopping center company for January 2024. It summarizes the company's strong comeback in operational business with increasing footfall and retail sales above 2019 levels. It also discusses the company's financing and liquidity position, portfolio of shopping centers, and provides a financial overview and forecast for 2023. The presentation aims to provide an update on the company's business activities and performance.
Deutsche EuroShop | Conference Call Presentation - Quarterly Statement 9M 2023Deutsche EuroShop AG
- The document provides a quarterly report for a shopping center company for the first 9 months of 2023.
- Key highlights include a strong comeback in operational business with footfall and retail sales above 2019 levels, and revenue and funds from operations increasing 34.5% and 28.1% respectively compared to the same period in 2022.
- The company has a solid balance sheet with a low loan-to-value ratio of 32.4% and €280.6 million in cash, and expects to increase funds from operations per share by over 20% for the full year 2023.
This document provides an overview of a company's business development, financing activities, shopping center portfolio, and financial results for the first nine months of 2023. Some key points:
- Retail sales and footfall increased compared to 2022, surpassing 2019 levels. Revenue was up 28.1% and funds from operations increased 34.5% for the first nine months.
- The company has a low loan-to-value ratio of 32.4% and a strong cash position. Recent follow-on financings were completed in 2023 for a total of €221 million.
- Independent appraisals showed a slight decrease in property values in the first half of 2023 due to market changes, though
- In the first nine months of 2023, the Deutsche EuroShop Group saw significant revenue growth of 28.1% compared to the same period in 2022, which was driven by both an increase in operational performance and the acquisition of additional property company shares.
- Key financial metrics like NOI, EBIT, EBT and FFO all increased compared to the prior year period. FFO saw the lowest growth of 16.8% but still rose from €111 million to €129.7 million.
- A pro forma comparison accounting for a constant portfolio scope showed more moderate growth rates for revenue (+2.9%), NOI (+3.5%) and EBT (+24.1%) but still
The document provides an overview of a company's business activities and financial results for the first half of 2023. Some key points:
- Retail sales and footfall increased compared to the first half of 2022 and were back to 2019 levels. Revenue and funds from operations also increased.
- The property portfolio valuation was stable at €4.2 billion, with an occupancy rate of 94%.
- Refinancing was completed in 2023 and the company has a long weighted maturity of debt and low loan-to-value ratio.
- The dividend paid in September was €191.2 million and funds from operations for 2023 is expected to increase over 20% compared to 2022.
- Deutsche EuroShop recorded revenue growth of 28.1% in the first half of 2023 compared to the same period in 2022, driven by acquisitions of additional shares in shopping centers.
- Net operating income increased by 27.8% due to higher revenue and lower write-downs on rent receivables.
- Earnings before interest and taxes grew substantially by 49.3% helped by income from reversal of provisions and lower write-downs, however consolidated profit fell due to negative valuation effects.
- While business recovery supported results, one-off income also contributed to improved performance compared to previous year.
- Revenue increased 30.2% to €67.8 million due to the acquisition of additional minority interests in shopping centers.
- EBIT rose 46.2% to €57.4 million and EBT excluding measurement gains/losses increased 36.4% to €45.5 million.
- EPRA earnings grew 41.2% to €44.2 million or €0.62 per share, driven by the acquisitions and lower write-downs on rent receivables.
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1. 9M N i n e - m o n t h r e p o rt 2 0 1 1
Letter from the Executive Board
Dear Shareholders, consolidated financial statements as at 31 December 2010 because most
Dear Readers, of these taxes affect the last seven years. However, we also set aside a pro-
vision for trade taxes for the current year for the first time. We are cur-
Our business model has proven its continued stability in a turbulent rently working on a long-term solution to reduce the trade tax burden.
environment. Even though German consumption in the third quarter This is not associated with a change in strategy.
of 2011 was somewhat more cautious, there is no indication that this
will turn into a long-term trend. Low outstanding rents and continued On the basis of the development in the business so far this year, we
low write-downs of rent receivables also attest to the stable development can even slightly increase our original forecast for the entire year and
among retailers. As a result, we can once again report an occupancy rate assume that we will be able to once again distribute a stable dividend
of close to 100%. of €1.10 per share.
In view of this, we were able to generate revenue of €138.0 million Hamburg, November 2011
in the first nine months. This represents an increase of 29% from the
same period the previous year (€106.6 million). Net operating income
(NOI) improved by 30% to €123.0 million, while EBIT climbed 29%
to €117.9 million.
Claus-Matthias Böge Olaf G. Borkers
Funds from operations (FFO) improved by 10% from €1.02 to €1.12
per share. Consolidated profit, on the other hand, rose by only 4% from
€38.3 million to €40.0 million due to an increase in tax expenses. Earn- KEY GROUP DATA 01.01. – 01.01. – + / -
ings per share dropped from €0.84 to €0.78 (-7%), a development that in D million 30.09.2011 30.09.2010
can be attributed to the increased number of shares.
Revenue 138.0 106.6 29%
EBIT 117.9 91.5 29%
News on the portfolio: The interim report for the first half included
Net finance costs -58.9 -44.6 -32%
details on an attractive investment possibility that we bid on. We were
awarded the contract in September. On 1 October 2011 EBT before valutation 59.1 46.9 26%
Deutsche EuroShop acquired a 50% share in the Allee- Measurement gains /
losses -1.3 -0.7
Center in Magdeburg. The investment volume is
approximately €118 million. The initial net rate of EBT 57.8 46.3 25%
return is about 6%. As a result of this acquisition, Consolidated profit 40.0 38.3 4%
our portfolio has increased to 19 shopping centers, FFO per share in D 1.12 1.02 10%
with a market value of €3.6 billion. EPS in D 0.78 0.84 -7%
30.09.2011 31.12.2010**
In August, we announced that as a result of a ruling Equity* 1,399.5 1,435.9 -3%
by the German Federal Fiscal Court (BFH), there Liabilities 1,629.7 1,527.6 7%
is a risk that Deutsche EuroShop AG may no lon-
Total assets 3,036.1 2,963.6 2%
ger be able to apply the “extended trade tax deduction”
Equity ratio in %* 46.1 48.5
in the future and the com-
LTV-ratio in % 47 47
pany could be subject
Gearing in %* 116 106
to an unprecedented
trade tax burden. To Cash and cash equivalents 85.4 65.8 30%
reflect this risk, we had * incl. minority interest
to subsequently adjust the ** after adjustment of the consolidated financial statements for the period ended 31 December 2010
2. / / / 2 DES Nine-month report 2011
Business and Economic Conditions Results of Operations, Financial
Position and Net Assets
Group structure and operating activities Acquisition of the Billstedt-Center in Hamburg
Deutsche EuroShop acquired the Billstedt-Center in Hamburg with effect
Activities from 1 January 2011, having already paid the purchase price of €148.4
Deutsche EuroShop is the only public company in Germany to invest million at the end of last year. The fair value of the acquired property
solely in shopping centers in prime locations. As of the reporting date, was €156.0 million, which resulted in an excess of identified net assets
it had investments in 18 shopping centers in Germany, Austria, Poland acquired over the purchase price allocation. This stood at €7.7 million
and Hungary. The Group generates its reported revenue from rental and was recognised in income. It is offset by ancillary acquisition costs
income on the space which it lets in the shopping centers. in connection with the purchase of the property amounting to €8.3 mil-
lion, which are recognised under measurement gains / losses.
Group’s legal structure
In view of its lean personnel structure and focus on just two reportable in D thousands Carrying Fair value
segments (domestic and international), the Deutsche EuroShop Group amount
is centrally organised. The parent company, Deutsche EuroShop AG,
is responsible for corporate strategy, portfolio and risk management, Purchase price 148,375 148,375
financing and communication. Acquired property assets 155,977 155,977
Deferred taxes -116 -116
The Company’s registered office is in Hamburg. Deutsche EuroShop is Excess of identified net assets
a public company under German law. The individual shopping centers a
cquired over cost of acquisition -7,718 -7,718
are managed as separate companies and depending on their share of the
nominal capital are included in the consolidated financial statements
either fully, pro rata or according to the equity method.
Shareholding in Stadt-Galerie Hameln increased
The share capital amounts to €51,631,400.00 and is composed of to 100%
51,631,400 no-par value registered shares. The notional value of each With effect from 1 January 2011 Deutsche EuroShop acquired 5.1%
share is €1.00. of the limited partnership shares in Stadt-Galerie Hameln at a purchase
price of €4.9 million and thereby increased its shareholding to 100%.
The acquisition of the shares resulted in an excess of identified net assets
Macroeconomic and sector-specific conditions acquired over cost of acquisition of €0.3 million, which was recognised
in income. The purchase price was paid in cash.
Following an energetic start to the year, the German economy has
become markedly less dynamic. The job market, however, continues Shareholding in City-Galerie Wolfsburg increased
to be stable;only 2.8 million people were unemployed in Germany in to 100%
the third quarter. With effect from 1 July 2011, Deutsche EuroShop AG acquired 11%
of the limited partnership shares in City-Galerie Wolfsburg at a pur-
German retail saw revenue rise by a nominal 2.7% in the first nine months chase price of €6.5 million, thereby increasing its shareholding to 100%.
of 2011. This corresponds to an increase of 1.2% on a price-adjusted The cost of the shares exceeded the identified net assets acquired by
basis. The developments in financial policy in the euro zone, however, approximately €0.9 million. This was incorporated into measurement
hurt consumer confidence and have resulted in a decline in retail sales gains / losses in the third quarter of 2011. The purchase price was also
over the last few weeks. paid in cash.
In 2011, the German commercial property investment market continued
the dynamic run it started in 2010. Retail properties dominated with a Results of Operations
50% share of transactions. According to CB Richard Ellis, these had a
total volume of more than €16.8 billion and were thus up 37% on the Revenue growth of 29%
same period of the previous year. The sustained high demand is con- Revenue as at 30 September 2011 totalled €138.0 million, representing a
tinuing to exert pressure on the achievable returns; on average the top rise of just over 29% year-on-year (€106.6 million). The Billstedt-Center
returns for shopping centers stood at 5.10%. was incorporated into the consolidated financial statements for the first
time in 2011. Due to its acquisition date of 1 February 2010, the A10
Center in Wildau had been included in revenues for only eight months
in the previous year’s period. The increase in the Company’s shareholding
in the Altmarkt-Galerie Dresden by 17% on 1 July 2010 meant that this
center was also included in total revenue with higher rental income in
the reporting period. Since the beginning of 2011, the Phoenix-Center
Hamburg and the Main-Taunus-Zentrum have been fully included in
the consolidated financial statements, rather than on a pro-rata basis as
was previously the case. Rental income from the other portfolio properties
increased by 1.1% compared with the same period last year.
3. / / / 3 DES Nine-month report 2011
Operating and administrative costs for property: Financial Position and Net Assets
10.8% of revenue
Center operating costs were €15.0 million in the reporting period, com- Net assets and liquidity
pared with €11.7 million in the same period of the previous year. Costs During the reporting period, the Deutsche EuroShop Group’s total
therefore stood at 10.8% of revenue (previous year: 11.0%). assets increased by €72.5 million on the figure at the end of 2010 to
€3,036.1 million. Non-current assets rose by €211.7 million, which can
Other operating expenses up €1.3 million be attributed to the first-time fair value accounting of the Billstedt-Center
Other operating expenses increased by €1.3 million to €5.3 million (pre- and to the expansion measures at our centers in Wildau, Dresden and
vious year €4.0 million) mainly as a result of the one-off costs of the new Sulzbach. Receivables and other current assets fell by €158.8 million, as
financing and refinancing. the purchase price already paid for the Billstedt-Center had been recog-
nised under other assets in the previous year. At €85.4 million, cash and
EBIT up 29% cash equivalents were €19.6 million higher than on 31 December 2010.
EBIT increased by €26.4 million (+29%) from €91.5 million to €117.9
million. Equity ratio of 46.1%
The equity ratio (including the shares of third-party shareholders)
Net finance costs down €14.3 million decreased from 51.5% to 48.5% due to an adjustment in the trade tax
At €-58.9 million, net finance costs fell by €14.3 million. This can provisions as at 31 December 2010. The ratio fell to 46.1% on 30 Sep-
be attributed to the fact that the interest expense (€+8.0 million) and tember 2011 as a result of the June dividend payment.
the profit share for third-party shareholders (€+5.3 million) have risen
substantially as a result of the expanded basis of consolidation and the Liabilities
expansion measures. As at 30 September 2011 bank loans and overdrafts stood at €1,372.8
million and were thus €84.7 million higher than the level at the end of
26% rise in earnings before taxes and measurement 2010. The increase was the result of the financing of the construction
Earnings before taxes and measurement increased from €46.9 million projects in Sulzbach and Wildau and of the acquisition of the Billstedt-
to €59.1 million (+26%), which is attributable in part to the positive Center. Non-current deferred tax liabilities increased from €87.5 to
contribution to earnings by the most recent investments. €188.5 due to the change in trade tax provisions. Additions to the cur-
rent profit and items recognised directly in equity caused deferred tax
Measurement gains / losses provisions to rise by €14.0 million to €202.5 million as of the reporting
The measurement loss of €1.3 million in the reporting period is the result date. Meanwhile, redemption entitlements for third-party shareholders
of the first-time consolidation of the Billstedt-Center and the acquisition fell by around €7.0 million as a result of the increase in the shareholding
of the shareholdings in Stadt-Galerie Hameln KG and the City-Galerie in our properties in Hameln and Wolfsburg and dividend distributions.
Wolfsburg KG. It includes the excess of cost of acquisition over iden- Other liabilities and provisions increased by €10.3 million.
tified net assets under IFRS 3, as well as the ancillary acquisition costs
relating to the Hamburg property.
Income tax expense
Income tax expense increased from €8.0 million by €9.8 million to
€
17.8 million. This can be attributed in part to the significant increase in
earnings before tax. Most of the change (€8.1 million), however, was the
result of the first-time application of trade tax. This pushed the Group’s
tax ratio up from 17.1% to 30.7%.
Consolidated profit: €40.0 million, earnings per
share: €0.78
Consolidated profit amounted to €40.3 million, up €2.4 million (+6.3%)
after adjustment for the measurement loss. Earnings per share decreased
from €0.84 to €0.78. After adjustment for the measurement loss, earnings
per share amounted to €0.80, compared with €0.85 in the same period
of the previous year.
Increase in funds from operations (FFO)
FFO rose by 25%, from €46.5 million to €57.9 million, or by €1.02 to
€1.22 per share (+10%).
4. / / / 4 DES Nine-month report 2011
110
105
The Shopping Center Share
100
Deutsche EuroShop Real Estate Summer
Many analysts and institutional investors accepted our invitation to the
Following a year-end closing price of €28.98 in 2010, our share initially 2nd German EuroShop Real Estate Summer. As part of this event, we
95
fluctuated at the beginning of the year in a range between €26 and €28. toured the City-Galerie Wolfsburg, the Allee-Center Magdeburg and
The price shot up in the middle of May and reached €29.06 on 1 June the A10 Center in Wildau on 16 September 2011. The day’s activities
90
2011, a record high for the first nine months of this financial year. On were supplemented by presentations about the centers, the Deutsche
8 August 2011, our share reached its lowest level for the period at €23.70 E
uroShop and current trends in retail letting. You can find documenta-
85
due to turbulence on the stock markets triggered by the financial market tion on the event at http://bit.ly/DESRES11.
crisis. It was able to slightly recover in the days that followed. The price
at the end of the reporting period on 30 September 2011 was €25.20. If Internet / blog
the dividend of €1.10 that was distributed on 17 June 2011 is included, Since March 2011, Deutsche EuroShop has been one of the first
this represents a performance of -9.25% in the first nine months of 2011. companiesin Germany to offer what is known as an IR blog. Under
The MDAX fell by 17.64% over the same period. Deutsche EuroShop’s the name “IR Mall”, we aim to make this the central information and
30
market capitalisation stood at €1.3 billion as at 30 September 2011. The discussion platform for the IR segment on our website. We have already
company therefore continues to have the highest market capitalisation published numerous articles to always keep our investors and analysts
25
of all listed German real estate companies. up-to-date with current information. We would be happy if you paid
us a virtual visit: you can reach the blog directly at www.ir-mall.com.
20
Coverage
15
A total of 27 financial analysts from various banks and investment institu-
Deutsche EuroShop vs. MDAX and EPRA tions regularly follow Deutsche EuroShop’s business performance and also
Comparison, January to October 2011
publish studies including concrete investment recommendations. Cur-
10
(indexed, base of 100, in%)
rently, most of these analysts are neutral to positive (a total of 11 each),
110
10 while five analysts have a negative attitude (as at 2 November 2011).
5
Commerzbank resumed coverage of our share at the end of September:
105
05 the recommendation was “accumulate” and the price target €28.00.
0
Other domestic and international banks have announced that they will
00
resume coverage of our share over the next few months. A list of ana-
lysts and current reports can be found at www.deutsche-euroshop.de/ir.
95
95
90
90
Deutsche EuroShop Analysts Mountains
85 2004 bis 2011
85
80 30 Number of analysts
30
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
25
Deutsche EuroShop EPRA MDAX 25
20
20
Roadshows and conferences 15
15
From July to September, we presented Deutsche EuroShop at a road show
in Zurich and at a conference in Munich where we held various meetings 10
10
with both individuals and groups. As part of a property tour organised by
HSBC Trinkaus, we presented our two Hamburg properties to investors
5
on 27 July 2011: the Phoenix-Center and the Billstedt-Center. 5
0
0
2004 2005 2006 2007 2008 2009 2010 2011
positive neutral negative
5. / / / 5 DES Nine-month report 2011
KEY SHARE DATA Report on Events after the
Balance Sheet Date
Sector / industry group Financial Services / Real Estate
Share capital on 30 September 2011 D51,631,400.00 With effect from 1 October 2011, Deutsche EuroShop AG acquired
Number of shares on 30 September 2011 51,631,400 50% of the shares in the Allee-Center Magdeburg at a purchase price of
(no-par value registered shares) €118.4 million. This amount was paid at the beginning of October 2011.
Dividend 2010 (17 June 2011) D1.10 The company will be included on a pro-rata basis in the consolidated
Share price on 30 December 2010 D28.98 financial statements starting in the fourth quarter of 2011.
Share price on 30 September 2011 D25.20
Low / high in the period under review D23.70 / D29.06 No further significant events occurred between the balance sheet date
of 30 September 2011 and the date of preparation of the financial
Market capitalisation on 30 September 2011 D1.3 billion
statements.
Prime Standard Frankfurt and Xetra
OTC trading Berlin-Bremen, Dusseldorf,
Hamburg, Hanover,
Munich and Stuttgart Risk Report
Indices MDAX, EPRA, GPR 250,
EPIX 30, HASPAX, F.A.Z.-Index There have been no significant changes since the beginning of the financial
ISIN DE 000748 020 4 year with regard to the risks associated with future business development.
Ticker symbol DEQ, Reuters: DEQGn.DE
We do not believe the Company 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 2010 is there-
fore still applicable.
Infobox: Allee-Center Magdeburg
The Allee-Center Magdeburg is a shopping and event center in the
heart of the state capital of Sachsen-Anhalt.
The Allee-Center originally opened in 1998 with more than 110 shops
and specialty stores on 25,000 m2 of retail space. Following an ex-
pansion of the mall from 2 to 3 levels, “Magdeburgs Marktplatz” has
had more than 150 specialty stores on 35,000 m2 since March 2006.
The main attractions of the center are a consumer electronics store
(Saturn), two department stores (SinnLeffers, HM), a sporting goods
store (SportScheck) and a supermarket (REWE). In addition, the center
boasts around 1,800 m2 of residential and 7,300 m2 of office space as
well as over 1,300 parking spaces.
The Allee-Center is right in the center of downtown and is very acces-
sible either by public transportation (tram and bus stops are loca-
ted right in front of the center) as well as by car. The shopping center
is anaged by ECE Projektmanagement, and 720,000 people live in its
m
catchment area. Around 35,000 customers visit the Billstedt-Center daily.
6. / / / 6 DES Nine-month report 2011
Report on Opportunities and Outlook Expected Results of Operations and
Financial Position
Economic conditions Expanded Main-Taunus-Zentrum opens fully let
The newly expanded Main-Taunus-Zentrum will open fully let on
The German economy is continuing its upward trend thanks to strong 17 November 2011. Rental income is likely to be well above expectations,
domestic demand and a strong export business. However, concerns about while investment costs are within budget. Of this amount, €37.0 million is
the debt crisis of the industrialised nations are continuing to have broad likely to be attributable to the current financial year. The net initial return
repercussions in the euro zone. The diminishing confidence in politicians’ from the expansion measure is expected to be more than 10%.
ability to take action has resulted in great turbulence on the financial
markets around the world. It remains to be seen whether the planned Scheduled reletting at two centers
bailout package will actually be able to save ailing euro countries. The We expect to see stable development across our portfolio properties.
leading economic research institutes anticipate a dip in growth in the In City-Arkaden Wuppertal and City-Galerie Wolfsburg, many rental
German economy in the fourth quarter before it begins to pick up again agreements are due to expire on schedule in 2011. Measures to find
slightly at the beginning of 2012. new enants have been largely completed successfully in both centers.
t
The German Retail Federation (HDE), on the other hand, rates the busi- Slight increase in revenue and earnings forecasts
ness situation of the industry to be extremely positive and increased its We are raising our forecasts for financial year 2011, as published at the
revenue forecast for 2011 from +1.5% to +2.0%. end of April, and expect:
revenue of between €188 million and €190 million (previously:
–
In September the inflation rate reached 2.6%, the highest level in three €184 – €188 million)
years. According to statistical analysts, the prices for household energy, earnings before interest and taxes (EBIT) of between €160 million
–
primarily heating oil and gas, which have been increasing now for months, and €163 million (previously: €157 – €161 million)
were primarily responsible for the price increase. This could have a nega- earnings before taxes (EBT) without measurement gains / losses of
–
tive impact on consumer behaviour. between €79 million and €82 million (previously: €75 – €78 million)
According to experts, momentum on the investment market for retail In our publication on 23 August 2011 we lowered the guidance for the
property will continue to be brisk in the final quarter of 2011. funds from operations (FFO) per share to €1.40 – €1.44 because we
assumed that the back payments of trade tax for the previous financial
Due to our good operational position, we expect Deutsche EuroShop’s years would be included in the reporting period. Now that it has turned
business to perform positively and according to plan this year and in out that the previous year’s financial statements will have to be adjusted
the coming year. for the trade tax expenses for the past financial years, we can increase
our forecast to €1.49 – €1.54 per share.
Dividend policy
We intend to maintain our long-term dividend policy geared towards
continuity and to distribute a dividend of €1.10 per share to our share-
holders again in 2011.
7. / / / 7 DES Nine-month report 2011
Consolidated balance sheet
Assets
in D thousands 30.09.2011 31.12.2010 31.12.2010 31.12.2010
Before adjustment Adjustment After adjustment
Assets
Non-current assets
Intangible assets 23 29 29
Property, plant and equipment 140 30 30
Investment properties 2,913,186 2,700,697 2,700,697
Non-current financial assets 22,904 23,885 23,885
Investments in equity-accounted associates 4,294 4,094 4,094
Other non-current assets 490 605 605
Non-current assets 2,941,037 2,729,340 0 2,729,340
Current assets
Trade receivables 1,821 3,481 3,481
Other current assets 7,811 164,971 164,971
Cash and cash equivalents 85,422 65,784 65,784
Current assets 95,054 234,236 0 234,236
Total assets 3,036,091 2,963,576 0 2,963,576
Equity and liabilities
in D thousands 30.09.2011 31.12.2010 31.12.2010 31.12.2010
Before adjustment Adjustment After adjustment
Equity and liabilities
Equity and reserves
Issued capital 51,631 51,631 51,631
Capital reserves 890,130 890,130 890,130
Retained earnings 186,968 307,891 -91,483 216,408
Total equity 1,128,729 1,249,652 -91,483 1,158,169
Non-current liabilities
Bank loans and overdrafts 1,338,170 1,227,096 1,227,096
Deferred tax liabilities 202,494 101,052 87,494 188,546
Right to redeem of limited partners 270,744 277,780 277,780
Other liabilities 36,146 21,839 21,839
Non-current liabilities 1,847,554 1,627,767 87,494 1,715,261
Current liabilities
Bank loans and overdrafts 34,645 61,060 61,060
Trade payables 3,059 6,145 6,145
Tax liabilities 5,294 450 3,989 4,439
Other provisions 5,293 7,329 7,329
Other liabilities 11,517 11,173 11,173
Current liabilities 59,808 86,157 3,989 90,146
Total equity and liabilities 3,036,091 2,963,576 0 2,963,576
8. / / / 8 DES Nine-month report 2011
Consolidated income statement
in D thousands 01.07. – 30.09.2011 01.07. – 30.09.2010 01.01. – 30.09.2011 01.01. – 30.09.2010
Revenue 46,891 36,201 137,984 106,609
Property operating costs -2,337 -2,061 -6,765 -5,592
Property management costs -3,034 -2,240 -8,187 -6,154
Net operating income (NOI) 41,520 31,900 123,032 94,863
Other operating income 97 65 242 675
Other operating expenses -2,039 -1,312 -5,340 -4,039
Earnings before interest and taxes (EBIT) 39,578 30,653 117,934 91,499
Income from investments 1 317 1 1,096
Interest income 226 82 603 471
Interest expense -16,609 -13,562 -48,236 -40,239
Profit / loss attributable to limited partners -3,709 -1,750 -11,219 -5,880
Net finance costs -20,091 -14,913 -58,851 -44,552
Earnings before taxes and measurement
(EBT before measurement) 19,487 15,740 59,083 46,947
Measurement gains / losses -439 -673 -1,298 -673
of which excess of cost of acquisition over identified
net assets acquired in accordance with IFRS 3:
D7,044 thousand (previous year: D8,631 thousand)
Earnings before tax (EBT) 19,048 15,067 57,785 46,274
Income tax expense -11,349 -2,735 -17,757 -7,969
Consolidated profit 7,699 12,332 40,028 38,305
Basic earnings per share (D) 0.15 0.27 0.78 0.84
Diluted earnings per share (D) 0.15 0.27 0.78 0.84
Consolidated statement of comprehensive income
in D thousands 01.07. – 30.09.2011 01.07. – 30.09.2010 01.01. – 30.09.2011 01.01. – 30.09.2010
Consolidated profit 7,699 12,332 40,028 38,305
Changes due to currency translation effects -606 -310 -578 230
Changes in cash flow hedge -17,105 -6,868 -14,507 -14,888
Deferred taxes on changes in value offset directly against equity 2,822 1,595 2,412 2,616
Total earnings recognised directly in equity -14,889 -5,583 -12,673 -12,042
Total profit -7,190 6,749 27,355 26,263
Share of Group shareholders -7,190 6,749 27,355 26,263
9. / / / 9 DES Nine-month report 2011
Consolidated cash flow statement
in D thousands 01.01. – 30.09.2011 01.01. – 30.09.2010
Profit after tax 40,028 38,305
Expenses / income from the application of IFRS 3 -7,044 673
Profit / loss attributable to limited partners 11,219 5,880
Depreciation of property, plant and equipment 25 17
Expenses from investment activities to be allocated to the cash flow 8,338 8,631
Other non-cash income and expenses -5 0
Deferred taxes 16,603 7,522
Operating cash flow 69,164 61,028
Changes in receivables 158,821 -18,159
Changes in other financial investments 0 1,600
Changes in non-current tax liabilities 1,171 -99
Changes in current provisions -2,351 -16,138
Changes in liabilities -3,414 7,271
Cash flow from operating activities 223,391 35,503
Payments to acquire property, plant and equipment / investment properties -56,636 -55,918
Expenses from investment activities to be allocated to the cash flow -8,338 -8,631
Payments to acquire shareholdings in consolidated companies and business units -148,375 -200,615
Inflows for equity-accounted companies 1 195
Inflows / outflows to / from the financial assets 781 -50
Cash flow from investing activities -212,567 -265,019
Changes in interest-bearing financial liabilities 84,660 128,493
Payments to Group shareholders -56,795 -46,320
Contributions of Group shareholders 0 122,367
Incoming / outgoing payments to / from third-party shareholders -18,268 -8,677
Cash flow from financing activities 9,597 195,863
Net change in cash and cash equivalents 20,421 -33,653
Cash and cash equivalents at beginning of period 65,784 81,914
Currency-related changes -783 233
Other changes 0 -298
Cash and cash equivalents at end of period 85,422 48,196
10. / / / 10 DES Nine-month report 2011
Statement of changes in equity
in D thousands Number Share Capital Other Statutory Total
of hares
s capital reserves retained reserve
outstanding earnings
01.01.2010 37,812 609,364 272,149 2,000 921,325
Change in cash flow hedge -14,888 -14,888
Change due to currency translation
effects 230 230
Change in deferred taxes 2,616 2,616
Total earnings recognised directly
in equity 0 0 -12,042 0 -12,042
Consolidated profit 38,305 38,305
Total profit 26,263 26,263
Dividend payment -46,320 -46,320
Capital increase 8,082 155,011 0 163,093
30.09.2010 0 45,894 764,375 252,092 2,000 1,064,361
01.01.2011 (Before adjustment) 51,631,400 51,631 890,130 305,891 2,000 1,249,652
Trade tax (IAS 8) -91,483 -91,483
01.01.2011 (After adjustment) 51,631,400 51,631 890,130 214,408 2,000 1,158,169
Change in cash flow hedge -14,507 -14,507
Change due to currency translation
effects -578 -578
Change in deferred taxes 2,412 2,412
Total earnings recognised directly
in equity 0 0 -12,673 0 -12,673
Consolidated profit 40,028 40,028
Total profit 0 27,355 27,355
Dividend payment -56,795 -56,795
30.09.2011 51,631,400 51,631 890,130 184,968 2,000 1,128,729
11. / / / 11 DES Nine-month report 2011
Disclosures Provisions recognised directly in equity were created for the deferred
trade tax based on the differences in measurements in the previous years
(2004 to 2010) of €87.5 million and trade tax to be paid in the future
Basis of presentation on the current earnings for the time period in question in the amount
of €4.0 million.
These financial statements of the Deutsche EuroShop Group as at 30 Sep-
tember 2011 have been prepared in accordance with International Finan- Trade tax provisions on the current profit as at 30 September 2011 were
cial Reporting Standards (IFRS). also created in the amount of €8.1 million and recognised in income.
The management report and the abridged financial statements were As a result of the capital increases in 2010 the weighted number of
not audited in accordance with section 317 of the Handelsgesetzbuch shares for 2010 increased to 45,544,976 in accordance with IAS 33.
(HGB – German Commercial Code), nor were they reviewed by a person The FFO and EPS figures for the same period of the previous year have
qualified to carry out audits. In the opinion of the Executive Board, the been adjusted accordingly.
report contains all of the necessary adjustments required to give a true
and fair view of the results of operations as at the interim report date. Within the cash flow statement some of the previous year’s figures as at
The performance for the first nine months as at 30 September 2011 is 30 September 2010 have been reclassified. Adjustments were made to
not necessarily an indication of future performance. operating cash flow and cash flow from investing activities in connection
with the presentation of the acquisition of the A10 Center in Wildau. In
The accounting policies applied correspond to those used in the last addition, cash flow from operating activities and the other changes item
consolidated financial statements as at the end of the financial year. A were adjusted by the changes previously presented under these positions
detailed description of the methods applied was published in the notes relating to non-current provisions recognised directly in equity and the
to the consolidated financial statements for 2010. amounts of interest rate swaps.
Deutsche EuroShop AG is an asset management holding company that
has until now availed itself of “extended trade tax deduction” (section Segment reporting
9 para. 1 sentence 2 Gewerbesteuergesetz (GewStG – Trade Tax Act)).
Because this approach was accepted by the financial authorities for many As a holding company, Deutsche EuroShop AG holds equity interests
years, Deutsche EuroShop AG had no reason to doubt that these deduc- in shopping centers in the European Union. The investees are pure shelf
tions would also be possible in the future. companies without staff of their own. Operational management is con-
tracted out to external service providers under agency agreements, meaning
Based on a ruling by the German Federal Fiscal Court (BFH) on 19 Octo- that the companies’ activities are exclusively restricted to asset manage-
ber 2010 published on the BFH’s website on 23 February 2011, this may ment. The companies are operated individually. Due to the Company’s
change. It can no longer be assumed that this trade tax deduction will uniform business activities within a relatively homogeneous region (the
be possible in the future This information was already available at the European Union), for reasons of simplification and in accordance with
end of the previous period but it was not incorporated into the closing IFRS 8.12, separate segment reporting is presented only in the form of
report on time. How taxes were handled in the previous year’s financial a breakdown by domestic and international results.
statements was thus no longer applicable.
Deutsche EuroShop AG assesses the performance of the segments pri-
Deferred tax liabilities are to be created to account for temporary differ- marily on the EBIT of the individual property companies. The valuation
ences in measurements arising particularly from the measurement of mar- principles for the segment reporting correspond to those of the Group.
ket value in accordance with IAS 40 versus the respective tax accounting Eliminations of intra-Group ties between the segments are summarised
approach. In the consolidated financial statements as at 31 December in the reconciliation.
2010, so far deferred corporation taxes in the amount of €105.2 mil-
lion were recognised for this purpose taking into account any deferred
tax assets on loss carryforwards that could be offset.
The consolidated financial statements as at 31 December 2010 were
adjusted in accordance with IAS 8.41 et seq. with the aim of providing
applicable and current information to the financial statement recipients.
The previous year’s figures as at 31 December 2010 (see balance sheet)
were adjusted in the reporting period based on the assumption that the
expanded trade tax deduction would no longer apply.
12. / / / 12 DES Nine-month report 2011
Breakdown by geographical segment Other disclosures
Dividend
in D thousands Domestic Inter Total
national A dividend of €1.10 per share for the 2010 financial year was distrib-
uted on 17 June 2011.
Revenue 120,890 17,094 137,984
previous year‘s Responsibility statement by the Executive Board
figures 89,716 16,893 106,609 To the best of our knowledge, and in accordance with the applicable
reporting principles for interim financial reporting, the interim consol-
idated financial statements give a true and fair view of the assets, liabili-
in D thousands Domestic Inter Recon Total
national ciliation ties, financial position and profit or loss of the Group, and the interim
management report of the Group includes a fair review of the develop-
EBIT 106,422 15,132 -3,621 117,933 ment and performance of the business and the position of the Group,
previous year‘s together with a description of the principal opportunities and risks asso-
figures 79,430 14,931 -2,862 91,499 ciated with the expected development of the Group for the remainder
of the financial year.
in D thousands Domestic Inter Recon Total
national ciliation Hamburg, November 2011
Net interest income -40,518 -5,722 -1,393 -47,633
previous year‘s
figures -34,081 -5,751 64 -39,768
Claus-Matthias Böge Olaf G. Borkers
in D thousands Domestic Inter Recon Total
national ciliation
EBT (before
m
easurement
gains / losses) 60,012 7,903 -8,833 59,082
previous year‘s
figures 44,718 7,697 -5,468 46,947
in D thousands Domestic Inter Total
national
Segment assets 2,696,084 340,007 3,036,091
31.12.2010 2,621,311 342,265 2,963,576
of which investment
properties 2,580,468 332,718 2,913,186
31.12.2010 2,367,696 333,001 2,700,697
13. Financial Calendar
2011 2012
10.11. Interim report H1 2011 09.03. Preliminary Results FY2011
14.11. Roadshow Paris, Aurel 27.04. Publication of the Annual Report 2011
17.11. WestLB Deutschland Conference, Frankfurt 15.05. Interim report Q1 2012
17.11. Supervisory Board meeting, Sulzbach 21.06. Annual General Meeting, Hamburg
23.11. Roadshow Brussels, Petercam 14.08. Interim report H1 2012
30.11. – 01.12. Berenberg European Conference, Pennyhill 13.11. Nine-month report 2012
Our financial calendar is updated continuously. Please check our website for the latest events:
http://www.deutsche-euroshop.com/ir
Investor relations Contact
Patrick Kiss and Nicolas Lissner
Tel.: +49 (0)40 - 41 35 79 20 / -22
Fax: +49 (0)40 - 41 35 79 29
E-mail: ir@deutsche-euroshop,de
Internet: www.deutsche-euroshop.com/ir