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.
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.
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.
1) Deutsche EuroShop saw a positive start to 2012 with revenue up 17% and net operating income, EBIT, and consolidated profit all increasing between 16-24% compared to Q1 2011.
2) The increases were mainly due to expansions completed in 2011 at three centers and the addition of the Allee-Center Magdeburg to the portfolio in October 2011.
3) Deutsche EuroShop acquired additional stakes in three shopping centers to take its ownership to 100% and will continue examining acquisition opportunities to potentially utilize flexibly.
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.
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.
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.
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.
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.
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.
1) Deutsche EuroShop saw a positive start to 2012 with revenue up 17% and net operating income, EBIT, and consolidated profit all increasing between 16-24% compared to Q1 2011.
2) The increases were mainly due to expansions completed in 2011 at three centers and the addition of the Allee-Center Magdeburg to the portfolio in October 2011.
3) Deutsche EuroShop acquired additional stakes in three shopping centers to take its ownership to 100% and will continue examining acquisition opportunities to potentially utilize flexibly.
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.
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.
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.
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.
This interim report summarizes the financial performance of Ramirent for the second quarter (Q2) and first half (H1) of 2011. Key highlights include net sales increasing 16.1% in Q2 and 18.1% in H1 compared to the same periods in 2010. EBITDA and EBIT margins improved in both periods due to higher sales and improved pricing. Several acquisitions were completed in Q2 that expanded operations, particularly in Norway and Sweden. The report also provides segment reviews of Finland and Sweden, noting sales growth and improved profitability in both markets. Overall, Ramirent expects continued recovery and improved results for 2011 based on increased construction activity.
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
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.
Veolia Environmental Services reported a 9.2% decline in revenue to €9,056 million in 2009. The revenue decline was driven by decreases in waste volumes, prices and volumes of recycled materials, partially offset by a rise in service prices. Revenue stabilized in the fourth quarter of 2009 at constant consolidation scope and foreign exchange rates compared to the same period in 2008. Operating cash flow declined 10.3% to €1,194 million due to lower waste volumes and prices for recycled materials.
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.
The document analyzes the financial performance of Dhaka Bank Limited (DBL) over several years using various financial ratios. It finds that DBL's current ratio, return on equity, profit margin, earnings per share, and times interest earned have been improving, showing better management. However, the acid-test ratio, dividend per share, and price-earnings ratio need improvement. Overall, the analysis indicates DBL has generally strengthened its financial position but still has some areas to optimize.
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.
Interim report 3 2010, Media and analyst presentation, Nordea BankNordea Bank
Nordea reported strong results for the third quarter of 2010. Net interest income was up 5% and net fee and commission income was up 20% compared to the third quarter of 2009. Total income reached a new record level, up 9% compared to the same period last year. Operating profit increased 15% year-over-year to 960 million euros. Nordea maintained a strong capital position, with a core tier 1 capital ratio of 10.4% and remains well positioned to comply with upcoming Basel III regulations.
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.
1) Telecom Italia Group reported its financial results for the first quarter of 2009.
2) The company refinanced €2.6 billion of debt in the first quarter by issuing bonds and obtaining loans from sources like the European Investment Bank.
3) Cash costs were reduced by €403 million or 7.5% year-over-year for the Group through efficiency measures, helping to offset a €486 million revenue decline.
Ubisoft reported full-year 2010-11 results with sales up 19% to €1,039 million and a current operating income of €29 million. However, the company recognized €95.9 million in non-recurring reorganization charges, resulting in a net loss of €52.1 million. For 2011-12, Ubisoft expects sales between €1,040-1,080 million and recurring operating income between €40-60 million.
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.
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
This document provides an overview of Deutsche EuroShop AG, a German company that invests solely in shopping centers. It discusses the company's equity story, key figures, portfolio of 19 shopping centers located primarily in Germany, Poland, Austria and Hungary. It also summarizes the company's lease system, targets of long-term growth and stable dividends, and provides an overview of its financial results for Q1 2012.
This document provides an overview of Deutsche EuroShop AG, a German real estate investment company focused on shopping centers. Some key points:
- Deutsche EuroShop owns interests in 19 shopping centers located primarily in Germany but also in Poland, Austria, and Hungary.
- The company aims for long-term growth and stable increases in portfolio value through a "buy and hold" strategy of acquiring and expanding high-quality shopping centers.
- Shopping centers provide stable returns through long-term leases with inflation-linked rent increases and potential upside from turnover-linked rent components.
- The portfolio is well-occupied at 99% and generates stable cash flows, with a weighted average lease term of 7.4
Maroc Telecom reported full-year 2012 results with revenues in line with estimates and EBITDA above expectations. While the company expects EBITDA margins to remain stable in 2013, structural challenges remain due to ongoing price cuts and margin pressure in Morocco. The analyst incorporates the results into estimates and raises 2013-2015 EBITDA forecasts slightly but maintains a Sell rating due to risks from upcoming regulatory changes and competitive pressures that could impact margins. The 12-month price target is lowered to €6.8 based on a dividend yield valuation.
This document provides an overview of Deutsche EuroShop AG, a German real estate investment company that invests solely in shopping centers. It discusses Deutsche EuroShop's equity story, key figures, lease system, targets, and shopping center portfolio. Specifically, it notes that Deutsche EuroShop owns interests in 20 shopping centers located primarily in Germany, with a total lettable space of approximately 960,000 square meters. It aims for long-term growth and stable increases in portfolio value through a "buy and hold" strategy focused on net asset value and dividends.
- Samsung Electronics achieved record sales of KRW 155 trillion and operating profit of KRW 17 trillion in 2010, increases of 13% and 58% respectively over 2009.
- The company maintained a sound financial position with a 50.3% liability ratio and KRW 9.4 trillion in cash after deducting debt.
- Samsung invested KRW 21.6 trillion in 2010 and expects to invest KRW 23 trillion in 2011 to improve production capabilities and pursue advanced R&D to secure strategic technologies and patents.
1) Deutsche EuroShop is Germany's only public company that invests solely in shopping centers across Germany, Austria, Poland and Hungary.
2) The company owns 19 shopping centers totaling approximately 940,000 square meters of retail space.
3) Deutsche EuroShop aims for long-term growth and stable increases in portfolio value through a buy and hold strategy and annual portfolio extensions of 10%.
The document discusses IRS tax Form 4868, which allows individuals to request a 6-month extension to file their tax return. Filing Form 4868 does not extend the deadline for paying any taxes owed, but it avoids potential late filing penalties by providing additional time to complete the return. Common reasons for using Form 4868 include needing more time to gather tax documents or needing an extension if residing outside the country. The form can be e-filed to request the extension, and the IRS typically processes it within a few days to provide the new October 15th filing deadline.
Deutsche EuroShop - Conference Call Presentation - Preliminary Results FY 2012Deutsche EuroShop AG
- The company reported preliminary results for fiscal year 2012 with revenue, EBIT, and EBT before valuation meeting or exceeding targets.
- In 2012, the company acquired several shopping centers in Germany, issued new shares and convertible bonds, and restructured its legal entities through a merger to achieve tax benefits.
- Key highlights included acquisitions totaling over €200 million, and growth in performance metrics exceeding 15% on a compound annual basis since 2008.
- The preliminary results presentation reviewed the company's financial and operating performance for 2012 and outlined its strategy and recent transactions.
This interim report summarizes the financial performance of Ramirent for the second quarter (Q2) and first half (H1) of 2011. Key highlights include net sales increasing 16.1% in Q2 and 18.1% in H1 compared to the same periods in 2010. EBITDA and EBIT margins improved in both periods due to higher sales and improved pricing. Several acquisitions were completed in Q2 that expanded operations, particularly in Norway and Sweden. The report also provides segment reviews of Finland and Sweden, noting sales growth and improved profitability in both markets. Overall, Ramirent expects continued recovery and improved results for 2011 based on increased construction activity.
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
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.
Veolia Environmental Services reported a 9.2% decline in revenue to €9,056 million in 2009. The revenue decline was driven by decreases in waste volumes, prices and volumes of recycled materials, partially offset by a rise in service prices. Revenue stabilized in the fourth quarter of 2009 at constant consolidation scope and foreign exchange rates compared to the same period in 2008. Operating cash flow declined 10.3% to €1,194 million due to lower waste volumes and prices for recycled materials.
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.
The document analyzes the financial performance of Dhaka Bank Limited (DBL) over several years using various financial ratios. It finds that DBL's current ratio, return on equity, profit margin, earnings per share, and times interest earned have been improving, showing better management. However, the acid-test ratio, dividend per share, and price-earnings ratio need improvement. Overall, the analysis indicates DBL has generally strengthened its financial position but still has some areas to optimize.
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.
Interim report 3 2010, Media and analyst presentation, Nordea BankNordea Bank
Nordea reported strong results for the third quarter of 2010. Net interest income was up 5% and net fee and commission income was up 20% compared to the third quarter of 2009. Total income reached a new record level, up 9% compared to the same period last year. Operating profit increased 15% year-over-year to 960 million euros. Nordea maintained a strong capital position, with a core tier 1 capital ratio of 10.4% and remains well positioned to comply with upcoming Basel III regulations.
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.
1) Telecom Italia Group reported its financial results for the first quarter of 2009.
2) The company refinanced €2.6 billion of debt in the first quarter by issuing bonds and obtaining loans from sources like the European Investment Bank.
3) Cash costs were reduced by €403 million or 7.5% year-over-year for the Group through efficiency measures, helping to offset a €486 million revenue decline.
Ubisoft reported full-year 2010-11 results with sales up 19% to €1,039 million and a current operating income of €29 million. However, the company recognized €95.9 million in non-recurring reorganization charges, resulting in a net loss of €52.1 million. For 2011-12, Ubisoft expects sales between €1,040-1,080 million and recurring operating income between €40-60 million.
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.
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
This document provides an overview of Deutsche EuroShop AG, a German company that invests solely in shopping centers. It discusses the company's equity story, key figures, portfolio of 19 shopping centers located primarily in Germany, Poland, Austria and Hungary. It also summarizes the company's lease system, targets of long-term growth and stable dividends, and provides an overview of its financial results for Q1 2012.
This document provides an overview of Deutsche EuroShop AG, a German real estate investment company focused on shopping centers. Some key points:
- Deutsche EuroShop owns interests in 19 shopping centers located primarily in Germany but also in Poland, Austria, and Hungary.
- The company aims for long-term growth and stable increases in portfolio value through a "buy and hold" strategy of acquiring and expanding high-quality shopping centers.
- Shopping centers provide stable returns through long-term leases with inflation-linked rent increases and potential upside from turnover-linked rent components.
- The portfolio is well-occupied at 99% and generates stable cash flows, with a weighted average lease term of 7.4
Maroc Telecom reported full-year 2012 results with revenues in line with estimates and EBITDA above expectations. While the company expects EBITDA margins to remain stable in 2013, structural challenges remain due to ongoing price cuts and margin pressure in Morocco. The analyst incorporates the results into estimates and raises 2013-2015 EBITDA forecasts slightly but maintains a Sell rating due to risks from upcoming regulatory changes and competitive pressures that could impact margins. The 12-month price target is lowered to €6.8 based on a dividend yield valuation.
This document provides an overview of Deutsche EuroShop AG, a German real estate investment company that invests solely in shopping centers. It discusses Deutsche EuroShop's equity story, key figures, lease system, targets, and shopping center portfolio. Specifically, it notes that Deutsche EuroShop owns interests in 20 shopping centers located primarily in Germany, with a total lettable space of approximately 960,000 square meters. It aims for long-term growth and stable increases in portfolio value through a "buy and hold" strategy focused on net asset value and dividends.
- Samsung Electronics achieved record sales of KRW 155 trillion and operating profit of KRW 17 trillion in 2010, increases of 13% and 58% respectively over 2009.
- The company maintained a sound financial position with a 50.3% liability ratio and KRW 9.4 trillion in cash after deducting debt.
- Samsung invested KRW 21.6 trillion in 2010 and expects to invest KRW 23 trillion in 2011 to improve production capabilities and pursue advanced R&D to secure strategic technologies and patents.
1) Deutsche EuroShop is Germany's only public company that invests solely in shopping centers across Germany, Austria, Poland and Hungary.
2) The company owns 19 shopping centers totaling approximately 940,000 square meters of retail space.
3) Deutsche EuroShop aims for long-term growth and stable increases in portfolio value through a buy and hold strategy and annual portfolio extensions of 10%.
The document discusses IRS tax Form 4868, which allows individuals to request a 6-month extension to file their tax return. Filing Form 4868 does not extend the deadline for paying any taxes owed, but it avoids potential late filing penalties by providing additional time to complete the return. Common reasons for using Form 4868 include needing more time to gather tax documents or needing an extension if residing outside the country. The form can be e-filed to request the extension, and the IRS typically processes it within a few days to provide the new October 15th filing deadline.
Deutsche EuroShop - Conference Call Presentation - Preliminary Results FY 2012Deutsche EuroShop AG
- The company reported preliminary results for fiscal year 2012 with revenue, EBIT, and EBT before valuation meeting or exceeding targets.
- In 2012, the company acquired several shopping centers in Germany, issued new shares and convertible bonds, and restructured its legal entities through a merger to achieve tax benefits.
- Key highlights included acquisitions totaling over €200 million, and growth in performance metrics exceeding 15% on a compound annual basis since 2008.
- The preliminary results presentation reviewed the company's financial and operating performance for 2012 and outlined its strategy and recent transactions.
Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013Deutsche EuroShop AG
Deutsche EuroShop held a conference call to discuss its Q1 2013 results. Key highlights included:
- Revenue increased 10% to €42.4 million due to the full consolidation of Herold-Center.
- Net operating income rose 12% to €38.6 million.
- EBIT increased 10% to €37.3 million.
- FFO per share grew 11% to €0.50, while EPRA earnings per share rose 18% to €0.40.
- The company forecasts revenue growth of 11-13% annually through 2014 and FFO per share growth of 4-7% through 2015.
Deutsche EuroShop reported increased revenue, earnings, and profits for Q1 2013 compared to Q1 2012. Revenue was up 10% to €42.4 million driven by the addition of Herold-Center to the portfolio. EBIT rose 10% to €37.3 million and consolidated profit grew 22% to €20.1 million. Funds from operations per share increased 11% to €0.50. The company acquired the remaining shares in Altmarkt-Galerie, increasing its ownership to 100%. For the full year, Deutsche EuroShop expects to pay a dividend of at least €1.20 per share.
Este documento presenta los resultados provisionales de un proceso de selección para cubrir una plaza de informador/a-animador/a en un centro de información a la mujer. Se detallan los puntajes obtenidos por cada candidato en las distintas fases del proceso, incluyendo méritos, cursos y experiencia profesional en la fase de concurso, y los resultados de los primeros y segundos ejercicios de la fase de oposición. Marta Medrano obtuvo la puntuación global más alta con 8,84 puntos.
Deutsche EuroShop is Germany's only public company that invests solely in shopping centers. It owns 19 shopping centers in Germany, Austria, Hungary and Poland, with a total lettable space of approximately 930,000 square meters. The company focuses on long-term growth and stable dividends. Key financial figures for the first nine months of 2014 show an 8% increase in revenue and a 10% increase in funds from operations per share compared to the same period in 2013.
Deutsche EuroShop Real Estate Summer 2013 in Klagenfurt/AustriaDeutsche EuroShop AG
22. & 23.08.2013
Bricks and Mortar - Round-up of the Austrian Retail Real Estate Market
Gernot Zöhrer, Development Austria, ECE
Challenges of Leasing Related to Retail and Online Trends
Sonja Carina Fragner, Leasing Manager, ECE
Presentation and Guided Visit of City Arkaden Klagenfurt
Birgit Haglmüller, Leasing Manager, ECE
Future of Retailing – the true state of affairs
Stephan Jung, Chairman of the management board, German Council of Shopping Center
Rating based Evaluation of Shopping Centers - Methodology and Approach
Wolfgang Kubatzki, Head of Real Estate, Feri EuroRating
The Shopping Centre: Today a Factor of Success, tomorrow a Simple Sales Channel? Perspectives of Managed Retail Real Estate in Dynamic Times
Dr. Gerold Doplbauer, Senior Consultant, GfK GeoMarketing
Questions & Answers
Claus-Matthias Böge, CEO,
Deutsche EuroShop
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.
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.
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.
- Deutsche Telekom reported Q1 2012 results with group revenue of €14.4 billion, a 1.1% decline year-over-year, but an improved organic decline of 1.7%. Adjusted EBITDA was stable at €4.5 billion.
- In Germany, revenue declined 2.3% organically due to lower voice and wholesale revenues, but adjusted EBITDA margin improved further to 40.7% due to cost savings. Mobile data revenue grew 20% and smartphone sales were strong.
- In the US, revenues declined 2.3% in US dollars but adjusted EBITDA grew 8% to US$1.3 billion due to cost reductions, with the margin improving
- XING is a social network for professional contacts with over 12.6 million members worldwide and 5.9 million members in German-speaking countries.
- In Q3 2012, total revenues increased 11% to €18.33 million compared to Q3 2011, while EBITDA was €5.52 million at a margin of 30%.
- XING launched the XING Talent Manager, a recruiting tool for businesses, in late September which is expected to boost the e-Recruiting business.
- Burda, XING's major shareholder, acquired additional shares bringing its total to 38.9% and triggering a mandatory takeover offer for remaining shares at €44 per share, an
The document summarizes Generali Group's 2012 financial results. Key points include:
- Operating result increased 10.5% to €4.2 billion, while operating RoE rose to 11.9%.
- Life business premiums grew 3.1% to €46.8 billion despite challenging markets. Operating result increased 9.7% to €2.7 billion through improved technical margins and investment returns.
- Impairment charges of €1.4 billion were taken in Q4 2012 to align impairment criteria with European peers, reducing net income 89.5% to €90 million.
- A new management team and remuneration structure was put in place to focus on the
The document summarizes Veolia Environnement's first half 2009 results. Key points include operating cash flow of €1.978 million, a decline in recurring operating income of 22.2% due to the economic environment, and progress on their 2010 Efficiency Plan and asset disposal program. Veolia maintains their commitments for 2009 and continues developing the Group through contracts and strategic transactions.
This letter from the executive board discusses the impacts of the COVID-19 pandemic on Deutsche EuroShop AG and its shopping centers. It states that footfall and tenant revenues have increased to around 77% and 85% of pre-pandemic levels respectively as stores have reopened. However, key financial figures like revenue and earnings are still down compared to the previous year. The letter also addresses rent support provided to tenants, refinancing of loans, and forecasts funds from operations to be between €1.70 to €1.90 per share for 2021 assuming no further major store closures.
Generali Group reported its 2014 first half results. The key highlights included:
- Operating profit increased 9.5% to €2.5 billion driven by strong performances across business segments.
- Net income was stable at €1.075 billion despite some one-off effects from discontinued operations.
- Solvency I ratio improved significantly to 162% due to successful debt placements and financial market performance.
- Life insurance saw increases in new business, net inflows, APE and operating result due to lower expenses and improved investment returns. P&C insurance also performed well with a lower combined ratio.
- The group has made great progress towards its cost savings and capital management goals under its
The document summarizes ABN AMRO Bank's nine months 2012 results. Key highlights include:
- Satisfactory underlying net profit of EUR 1,201m for 9M2012, up 22% from 9M2011, driven by lower impairments on Greek exposures and lower expenses.
- Operating income increased 5% to EUR 5,624m while the underlying cost/income ratio improved to 59% from 63% in 9M2011.
- Impairments were down 23% to EUR 762m mainly due to a EUR 500m charge in 9M2011 on Greek exposures, offset by higher impairments in other business segments.
- Capital and liquidity positions remained strong
- XING saw strong member growth in German-speaking countries in H1 2012, reinforcing its position as the largest business network in the region.
- Total revenues increased 12% to €35.9 million in H1 2012, though operating results declined slightly to €9.9 million due to accelerated investments.
- The company's vertical divisions saw a 28% increase in revenues to €11.7 million. New features are expected to drive further financial growth.
- At the AGM in June, shareholders approved the introduction of a regular dividend, with the first payout of €0.56 per share occurring after the meeting.
1. The document outlines Veolia Environnement's strategy to transform the company in response to changes in the global economic environment.
2. Veolia plans to refocus and deleverage the company through a €5 billion divestment program, streamline its organization through a convergence plan, and reduce costs through efficiency initiatives to improve financial flexibility.
3. The strategy aims to focus Veolia on providing value-added environmental solutions by treating difficult pollutants, managing public services efficiently, and contributing sustainable solutions to local challenges.
1) PubliGroupe reported a net profit of CHF 50.2 million for 2012, down from CHF 27.7 million in 2011, with operating profit falling to CHF 1.6 million from CHF 21.9 million.
2) Media Sales saw disappointing results with a operating loss of CHF -16.1 million due to a difficult print market.
3) Search & Find and Digital & Marketing Services reported solid results, with Search & Find generating an operating profit of CHF 22.4 million.
- Deutsche EuroShop's revenue in Q1 2014 increased 18% year-over-year to €50 million, driven by the full consolidation of Altmarkt-Galerie Dresden.
- EBIT rose 19% to €44.2 million and consolidated profit increased 12% to €22.6 million.
- Funds from operations (FFO) per share grew 10% to €0.55, while EPRA earnings per share increased 10% to €0.44.
- Deutsche EuroShop confirmed its forecasts for 2014, expecting revenue of €198-201 million and FFO per share of €2.14-€2.18. It intends to pay a
- Deutsche EuroShop saw rental income decrease 5.5% to €211.8 million in 2021 due to rental concessions granted during the pandemic and lower income from tenants. EBIT decreased 5.4% to €152.5 million.
- Measurement gains/losses on property valuations were €-54.7 million. Consolidated profit increased to €59.9 million compared to a loss of €251.7 million in 2020.
- FFO decreased 1% to €122.3 million. The company proposes a dividend of €1 per share.
- Leasing performance was positive with 355 new or extended leases signed for 118,000m2 of space. Demand for retail space
Bayer AG reported financial results for Q3 2012. Group sales increased 5.5% adjusted for currency and portfolio effects to €9.7 billion. EBIT declined 23.7% to €0.8 billion due to special items including litigation costs. HealthCare sales grew 5.5% adjusted, with pharmaceutical sales up 6.1% led by new products. CropScience sales increased 12.8% adjusted due to strong demand and new products. The company confirmed its full-year outlook.
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
- The company reported revenue growth of 3% for Q4 and 2% for the full year, though operative EBIT declined slightly for both periods due to higher fixed costs.
- The Paper segment performed strongly, with revenue growth of 7% for Q4 driven by higher sales volumes. However, results were negatively impacted by weak performance from the titanium dioxide joint venture.
- For the full year, the company expects revenue growth in local currencies and operative EBIT to be significantly higher than 2012, as it continues restructuring through its "Fit for Growth" program.
- The coronavirus pandemic significantly impacted the company's results in the first half of 2020. Revenue declined 2.2% due to rent relief provided to tenants.
- Center operating costs rose substantially by €17.9 million primarily due to higher write-downs of rent receivables totaling €19 million resulting from expected rent defaults and tenant insolvencies caused by the pandemic.
- Earnings before interest and taxes (EBIT) fell 20.1% to €78.5 million mainly due to the increase in rent receivable write-downs and lower revenue amid the pandemic.
Similar to Deutsche EuroShop Interim Report 9M 2012 (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 Nine-month report 2012
Letter from the Executive Board
Dear Shareholders,
Dear Readers,
We are currently experiencing the best of all worlds: The unemploy- Based on the performance of the business so far this year and the out-
ment rate in Germany is at its lowest level for two decades, wages and look, we are able to confirm our previous forecast, which we increased
salaries are rising sharply, the savings rate is in decline, and the trend in in May. We expect to slightly increase the current dividend of € .10
1
private consumption is very encouraging. It is little wonder then that per share, meaning that you continue to share in Deutsche EuroShop’s
after nine months we are able to report that our shopping center port- success. We intend to continue with our proven strategy and would like
folio has met our expectations. to take this opportunity to thank you for your confidence in us.
The center expansions opened in 2011 in Dresden (Altmarkt-Galerie), Hamburg, November 2012
Wildau (A10 Center) and Sulzbach (Main-Taunus-Zentrum) have made
a good start. Together with the Allee-Center Magdeburg, which was
acquired in 2011, and the existing portfolio, they generated an increase
in revenue of around 14% year-on-year.
In absolute terms, our revenue amounted to € 157.1 million, compared Claus-Matthias Böge Olaf Borkers
with € 38.0 million the previous year. Net operating income (NOI)
1
climbed by 15% to € 41.1 million, while earnings before interest and
1
tax (EBIT), at € 37.3 million, were 16% higher than the figure in the
1
same period in 2011 (€ 117.9 million). The refinancing of several existing Key Group Data 01.01. – 01.01.– + / -
loans at better terms led to a disproportionately low increase in interest in € million 30.09.2012 30.09.2011
expense, which had a positive impact on net finance costs.
Revenue 157.1 138.0 14%
EBIT 137.3 117.9 16%
Consequently, our consolidated profit rose nearly 25% to € 49.9 million.
This pushed earnings per share up to € 0.97; and EPRA earnings per Net finance costs -63.4 -58.9 -8%
share adjusted for valuation effects were 25% higher at € .00. Funds
1 Measurement gains / losses -2.8 -1.0
from operations (FFO) improved by 23% from € 1.10 to € 1.35 per share. EBT 71.1 58.0 22%
Consolidated profit 49.9 40.0 25%
In our interim first-half report in August we announced FFO per share (€) 1.35 1.10 23%
that we did not expect to acquire any new centers in EPRA * Earnings per share (€) 1.00 0.80 25%
the near future. However, the situation changed just 30.09.2012 31.12.2011 + / -
a few days later when we were offered a shopping Equity ** 1,451.7 1,473.1 -1%
Leather jacket from
center in Germany that would deliver our antic- Liabilities 1,790.9 1,752.0 2%
Marc Cain
ipated returns and meet our usual acquisition Total assets 3,242.6 3,225.1 1%
criteria. We are currently reviewing and negotiat- Equity ratio (%) ** 44.8 45.7
ing the details of this potential acquisition. LTV-ratio (%) 47 47
Gearing (%) ** 123 119
Much of Deutsche EuroShop’s internal
Cash and cash equivalents 88.2 64.4 37%
ca acities are currently dedicated to dealing
p
Slim jeans with the trade tax and interest barrier
from C&A issue. We believe we have found the * European Public Real Estate Association
right solution. ** incl. non controlling interests
Woven leather belt
from s.Oliver
2. / / / 2 DES Nine-month report 2012
Business and Economic Conditions Results of Operations,
Financial Position and Net Assets
Group structure and operating activities Increasing our shopping center shareholdings
With effect from 1 January 2012, Deutsche EuroShop AG acquired
Activities 5.1% of the Rathaus-Center Dessau KG, thus taking its shareholding
Deutsche EuroShop is the only public company in Germany to invest to 100%. The purchase price of € 5.9 million was paid in early 2012. In
solely in shopping centers in prime locations. As at the reporting date, addition, with effect from 1 January 2012, around 11% of the Allee-
it had investments in 19 shopping centers in Germany, Austria, Poland Center Hamm KG (purchase price € 8.9 million) and 0.1% of the Rhein-
and Hungary. The Group generates its reported revenue from rental Neckar-Zentrum KG (purchase price € .2 million) were acquired.
0
income on the space which it lets in the shopping centers. Deutsche EuroShop AG now holds 100% of the shares in these properties
as well. The purchase prices were paid at the end of 2011. These acqui-
Group’s legal structure sitions resulted in an excess of identified net assets acquired over cost of
Due to its lean personnel structure, the Deutsche EuroShop Group is acquisition in accordance with IFRS 3 in the amount of € 0.3 million,
centrally organised. The parent company, Deutsche EuroShop AG, is which were reported as an expenditure in measurement gains/losses.
responsible for corporate strategy, portfolio and risk management, financ-
ing and communication. Deutsche EuroShop AG founded DES Shoppingcenter KG with an
investment of € 10 thousand on 30 August 2012. The company was not
The Company’s registered office is in Hamburg. Deutsche EuroShop is yet operational in the third quarter of 2012.
a public company under German law. The individual shopping centers
are managed as separate companies and depending on the share of
nominal capital owned are either fully or proportionally consolidated or Results of Operations
accounted for using the equity method.
Revenue increased by 14%
The share capital amounts to € 1,631,400.00 and is composed of
5 Revenue amounted to € 57.1 million as at 30 September 2012. This
1
51,631,400 no-par value registered shares. The notional value of each represents an increase of just under 14% from the same period the
share is € 1.00. previous year (€ 138.0 million) which can be primarily attributed to the
higher revenue percentages contributed by the center expansions com-
pleted last year in Dresden, Wildau and Sulzbach as well as the acquisi-
Macroeconomic and sector-specific conditions tion of the Allee-Center in Magdeburg (1 October 2011). Revenue also
rose accordingly by 2.5% year-on-year.
The EU debt crisis has not eased over the last few months and has left
its mark on the real economy. Economic growth is tailing off noticeably. Operating and administrative costs for property: 10.2%
In its economic forecasts for Germany this year, the German govern- Center operating costs were € 6.0 million in the reporting period,
1
ment anticipates growth of only 0.8%. That puts its estimate far behind compared with € 5.0 million in the same period of the previous year.
1
the good growth rates experienced during the past two years when gross Costs therefore stood at 10.2% of revenue (previous year: 10.8%).
domestic product grew by more than 3%.
Other operating expenses of € 4.8 million
However, the German government expects the labour market to remain Other operating expenses amounted to € 4.8 million, slightly below the
stable. The key stimuli for 2012 are expected to come from domestic previous year’s level (€ 5.3 million) which is largely the result of lower
demand, and particularly from willingness to invest and private ancillary financing costs.
consumption. An inflation rate of around 2% is predicted.
EBIT up 16%
Retail sales developed positively in the reporting period. Following a Earnings before interest and tax (EBIT) increased by € 9.4 million
1
slightly lower figure at the beginning of the year, it rose over the last few (+16%) from € 17.9 million to € 37.3 million.
1 1
months. In the first nine months of 2012, German retail sales were 1.9%
higher in nominal terms than in the same period of the previous year. Net finance costs down € 4.5 million
At € 63.4 million, net finance costs fell by € 4.5 million. This can be
-
attributed to the fact that both the interest expense (€ 1.5 million) and
+
the profit share for third-party shareholders (€ 2.9 million) have risen
+
substantially as a result of the expansion measures.
3. / / / 3 DES Nine-month report 2012
Measurement gains/losses Financial Position and Net Assets
The measurement losses of € .9 million during the reporting period
2
stemmed from the excess of identified net assets acquired over cost of Net assets and liquidity
acquisition in accordance with IFRS 3 which resulted from the increase During the reporting period, the Deutsche EuroShop Group’s total
in shareholdings in our centers in Dessau, Hamm and Viernheim, as well assets increased by just € 7.5 million on the figure at the end of 2011
1
as investment costs incurred by the portfolio properties. to € 3,242.6 million. Non-current assets increased by € 5.4 million.
Receivables and other current assets, on the other hand, declined by
EBT excluding measurement gains / losses up 25% € 11.7 million. At € 88.1 million, cash and cash equivalents were € 23.7
Earnings before taxes (EBT) rose 22% from € 58.0 million to million higher than on 31 December 2011 (€ 4.4 million).
6
€ 71.1 million, while earnings before measurement increased from
59.1 million to € 73.9 million to end 25% higher than the same period Equity ratio of 44.8%
of the previous year. The equity ratio (incl. shares held by third-party shareholders) was down
as a result of the dividend paid in June. As at the reporting date, it
Tax ratio at 29.7% amounted to 44.8% compared with 45.7% as of 31 December 2011.
Income tax expenses rose from € 8.0 million to € 21.1 million due to
1
better performance. € 4.1 million of this was attributable to income taxes Liabilities
to be paid and € 17.0 million to deferred taxes. The tax ratio of 29.7% is Bank loans and overdrafts amounted to € 1,486.1 million on 30 Septem-
thus slightly lower than the previous year (31%). ber 2012, € 13.9 million higher than at the end of 2011. This is offset
by the significantly higher level of cash and cash equivalents amounting
25% increase in consolidated profit to € 23.7 million. Non-current deferred tax liabilities increased by
Consolidated profit amounted to € 49.9 million, € .9 million (+25%)
9 € 13.5 million to € 224.1 million due to additional provisions. Mean-
higher year-on-year. Earnings per share amounted to € 0.97, compared while, redemption entitlements for third-party shareholders fell by around
with € 0.78 last year. EPRA earnings per share rose 25% from € 0.80 € 6.5 million as a result of the increase in the shareholding in our properties
per share to € .00.
1 in Hamm, Viernheim and Dessau and dividend distributions. Other
liabilities and provisions increased by € 11.4 million.
Earnings per share
30.09.2012 30.09.2011
in € thousand Per share in € thousand Per share
Consolidated profit 49,938 0.97 40,028 0.78
Measurement gains/
losses 2,836 0.05 1,046 0.02
Deferred taxes -793 -0.02 -1 0.00
EPRA* earnings 51,981 1.00 41,072 0.80
* European Public Real Estate Association
Funds from operations (FFO) up 23%
FFO rose from € 56.8 million to € 69.8 million, or from € 1.10 to € 1.35
per share (+23%).
in € thousand 30.09.2012 30.09.2011 adjustment 30.09.2011
after
a
djustment
Consolidated profit 49,938 40,028 0 40,028
Measurement
gains/losses
Equity-accounted
associates 0
Measurement
gains/losses 2,836 1,298 -253 1,045
Deferred taxes 17,031 16,603 -834 15,769
FFO 69,805 57,929 -1,087 56,842
FFO per share 1.35 1.12 -0.02 1.10
4. / / / 4 DES Nine-month report 2012
130 130
120 120
The Shopping Center Share Our website also won an award: The Netfederation Investor Relation
110 110
Benchmark 2012 surveyed the IR web presence of 100 groups listed on
Following a year-end closing price of € 24.80 in 2011, a slight downward the major stock market indices using 111 criteria. Deutsche EuroShop
trend caused Deutsche EuroShop shares to hit € 23.72 on 12 January 2012, came top in the real estate category and was ranked fourth in the MDAX.
100
their lowest level for the period. In a positive environment, the price 100
Further information on the survey is available at www.ir-benchmark.de.
stabilised within a corridor of € 26 to € 27 between late January and mid-
April before surging upward at the start of May. It reached its highest Coverage
90
closing price of € 1.11 in the first nine months of 2012 on 7 August.
3 At present, 2690 financial analysts regularly follow Deutsche EuroShop’s
This was also a new all-time high. The price at the end of the reporting business performance and also publish studies including concrete invest-
period was € 29.00. Taking into account the dividend of € 1.10 per share ment recommendations. In September, Frankfurt-based analyst Indepen-
that we paid to our shareholders on 22 June 2012, this corresponds to dent Research began covering our stock. It issued a “hold” recommen-
a performance of 24.2% in the first nine months. The MDAX rose by dation with a price target of € 31.00. At the end of October, financial
23.4% over the same period. Deutsche EuroShop’s market capitalisation services institution LFG Kronos followed with an “accumulate” recom-
stood at € .5 billion at the end of the third quarter of 2012.
1 mendation and a price target of € 34.00. The majority of the investment
recommendations are currently neutral (17), with four analysts adopting
a negative position and five issuing positive opinions (as at 29 October
2012). Another analyst has also indicated that it would like to initiate
Deutsche EuroShop vs. MDAX and EPRA
Comparison, January to October 2012 coverage of our share in the future. A list of analysts and current reports
can be found at www.deutsche-euroshop.de/ir.
(indexed, base of 100, in %)
135
130
0 Analysts
125 Number
120
0 18
115 16
14
110
0 12
105
10
100 8
0
6
95
4
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
0 2
Deutsche EuroShop EPRA MDAX 0
Sell Below Hold Above Buy
average average
Roadshows and conferences
From July to September, we presented Deutsche EuroShop at roadshows
in Amsterdam, Edinburgh and Copenhagen, and at conferences in Berlin
and Munich, where we also held various individual and group meetings
with institutional investors and analysts. In September we conducted
two property tours: We showed some 30 international investors the A10
Center in Wildau near Berlin together with Kempen Co., and with
Bankhaus Lampe we gave ten investors a behind-the-scenes look at the
Phoenix-Center in Hamburg-Harburg.
Awards for our investor relations activities
Our annual report won a bronze award at the EPRA Annual Report Best
Practice Recommendations Award 2011/2012. The Brussels-based Euro-
pean Public Real Estate Association (EPRA) represents the interests of
European real estate companies and campaigns for the standardisation of
reporting standards, particularly for listed real estate companies. If you are
interested in receiving a printed copy of our annual report, please send
an e-mail to info@deutsche-euroshop.de.
5. / / / 5 DES Nine-month report 2012
Key share data Report on Opportunities
and Outlook
Sector / industry group Financial services / Real estate
Share capital on 30.09.2012 € 51,631,400.00
Number of shares on 30.09.2012 51,631,400 Economic conditions
(no-par value registered shares)
Dividend 2011 (22.06.2012) € 1.10 The German Bundesbank estimates that the German economy could
Share price 30.12.2011 € 24.80 stagnate or even weaken slightly in the four quarter, following the consid-
Share price 28.09.2012 € 29.00 erable growth experienced in the preceding quarters. The earlier growth
Low/high in the period under review € 23,72 / € 31,11 was bolstered by consumer spending and net exports. The labour market
Market capitalisation on 30.09.2012 € 1,5 billion is currently buoyant thanks to stable domestic demand. However, there
Prime Standard Frankfurt and Xetra are signs that the deepening recession in some European member states
OTC trading Berlin-Bremen, Dusseldorf, will now also start to affect the German economy, which could find itself
H
amburg, Hanover, in stormy waters towards the end of the year. The recently published data
Munich and Stuttgart on industrial new orders have already indicated the same.
Indices MDAX, EPRA, GPR 250,
EPIX 30, MSCI Small Cap,
Following the US presidential elections, the impending government
EURO STOXX,
STOXX Europe 600,
spending cuts (fiscal cliff ) and the associated sharp tax increases in the
HASPAX, F.A.Z.-Index USA could put the new government and the global economy to the test
ISIN DE 000748 020 4 early next year.
Ticker symbol DEQ, Reuters: DEQGn.DE
Inflation is likely to remain at around the 2% mark this year. After briefly
dipping below 2% in the summer months, it returned to 2% in October.
This is largely attributable to higher oil and petrol prices, which are again
Report on Events after approaching their historic peaks.
the Balance Sheet Date
Due to our good operational position, we expect Deutsche EuroShop’s
No further significant events occurred between the balance sheet date business to perform positively and according to plan this year.
and the date of preparation of the financial statements.
Expected Results of Operations and Financial
Risk Report Position
There have been no significant changes since the beginning of the financial Forecast confirmed
year with regard to the risks associated with future business development. We stand by our forecasts for financial year 2012, as published in May,
We do not believe the Company faces any risks capable of jeopardising its and expect:
continued existence. The information provided in the risk report of the
consolidated financial statements as at 31 December 2011 is therefore still • evenue of between € 207 million and € 211 million
r
applicable. • arnings before interest and taxes (EBIT) of between
e
€ 177 million and € 181 million
• arnings before tax (EBT) excluding measurement gains/losses
e
of between € 94 million and € 97 million and
• unds from operations (FFO) per share of between
f
€ 1.70 and € 1.74.
Dividend policy
We intend to maintain our long-term dividend policy geared towards
continuity. A slight increase in dividends (previously € 1.10 per share) is
likely for the 2012 financial year.
6. / / / 6 DES Nine-month report 2012
Consolidated balance sheet
Assets
in € thousand 30.09.2012 31.12.2011
Assets
Non-current assets
Intangible assets 18 20
Property, plant and equipment 119 137
Investment properties 3,113,554 3,106,832
Non-current financial assets 26,416 27,815
Investments in equity-accounted associates 4,735 4,514
Other non-current assets 331 459
Non-current assets 3,145,173 3,139,777
Current assets
Trade receivables 2,764 5,606
Other current assets 6,492 15,334
Cash and cash equivalents 88,160 64,408
Current assets 97,416 85,348
Total assets 3,242,589 3,225,125
Equity and liabilities
in € thousand 30.09.2012 31.12.2011
Equity and liabilities
Equity and reserves
Issued capital 51,631 51,631
Capital reserves 890,482 890,482
Retained earnings 235,999 250,928
Total equity 1,178,112 1,193,041
Non-current liabilities
Bank loans and overdrafts 1,417,364 1,335,986
Deferred tax liabilities 224,129 210,587
Right to redeem of limited partners 273,562 280,078
Other liabilities 48,808 38,451
Non-current liabilities 1,963,863 1,865,102
Current liabilities
Bank loans and overdrafts 68,731 136,163
Trade payables 2,419 2,835
Tax liabilities 8,693 5,935
Other provisions 6,974 8,859
Other liabilities 13,797 13,190
Current liabilities 100,614 166,982
Total equity and liabilities 3,242,589 3,225,125
7. / / / 7 DES Nine-month report 2012
Consolidated income statement
in € thousand 01.07. – 30.09.2012 01.07. – 30.09.2011
after djustment
a
Revenue 52,638 46,891
Property operating costs -2,508 -2,337
Property management costs -2,637 -3,034
Net operating income (NOI) 47,493 41,520
Other operating income 271 97
Other operating expenses -1,652 -2,039
Earnings before interest and taxes (EBIT) 46,112 39,578
Income from investments 1 1
Interest income 63 226
Interest expense -16,820 -16,609
Profit/loss attributable to limited partners -4,546 -3,709
Net finance costs -21,302 -20,091
Measurement gains/losses -969 -255
of which excess of identified net assets acquired over cost of acquisition in accordance with IFRS 3:
-€308 thousand (previous year: €7,297 thousand)
Earnings before tax (EBT) 23,841 19,232
Income tax expense -6,481 -6,414
Consolidated profit 17,360 12,818
Earnings per share (€), basic 0.34 0.25
Earnings per share (€), diluted 0.34 0.25
in € thousand 01.01. – 30.09.2012 01.01. – 30.09.2011 01.01. – 30.09.2011 01.01. – 30.09.2011
before djustment
a adjustment after djustment
a
Revenue 157,114 137,984 137,984
Property operating costs -8,037 -6,765 -6,765
Property management costs -8,004 -8,187 -8,187
Net operating income (NOI) 141,073 123,032 0 123,032
Other operating income 1,036 242 242
Other operating expenses -4,775 -5,340 -5,340
Earnings before interest and taxes (EBIT) 137,334 117,934 0 117,934
Income from investments 1 1 1
Interest income 360 603 603
Interest expense -49,731 -48,236 -48,236
Profit/loss attributable to limited partners -14,078 -11,219 -11,219
Net finance costs -63,448 -58,851 0 -58,851
Measurement gains/losses -2,836 -1,298 253 -1,045
Earnings before tax (EBT) 71,050 57,785 253 58,038
Income tax expense -21,112 -17,757 -253 -18,010
Consolidated profit 49,938 40,028 0 40,028
Earnings per share (€), basic 0.97 0.78 0.00 0.78
Earnings per share (€), diluted 0.97 0.78 0.00 0.78
8. / / / 8 DES Nine-month report 2012
Consolidated statement of comprehensive income
in € thousand 01.07. – 30.09.2012 01.07. – 30.09.2011 01.01. – 30.09.2012 01.01. – 30.09.2011
Consolidated profit 17,360 12,818 49,938 40,028
Changes due to currency translation effects 0 -606 0 -578
Changes in cash flow hedge -4,655 -17,105 -11,415 -14,507
Deferred taxes on changes in value offset
directly against equity 1,505 2,780 3,343 2,412
Total earnings recognised directly in equity -3,150 -14,931 -8,072 -12,673
Total profit 14,210 -2,113 41,866 27,355
Share of Group shareholders 14,210 -2,113 41,866 27,355
Consolidated cash flow statement
in € thousand 01.01. – 30.09.2012 01.01. – 30.09.2011
Profit after tax 49,938 40,028
Expenses / income from the application of IFRS 3 308 -7,297
Profit / loss attributable to limited partners 13,994 11,219
Depreciation of property, plant and equipment 29 25
Expenses from investment activities to be allocated to the cash flow 0 8,338
Other non-cash income / expenses -616 -5
Deferred taxes 17,031 15,769
Operating cash flow 80,684 68,077
Changes in receivables* 11,720 158,821
Changes in current provisions 873 -1,180
Changes in liabilities -187 -2,327
Cash flow from operating activities 93,090 223,391
Payments to acquire property, plant and equipment / investment properties -6,727 -56,636
Expenses from investment activities to be allocated to the cash flow* 0 -8,338
Payments to acquire shareholdings in consolidated companies and business units 0 -148,375
Inflows for equity-accounted companies 0 1
Inflows / outflows to / from the financial assets 1,179 781
Cash flow from investing activities -5,548 -212,567
Changes in interest-bearing financial liabilities 13,947 84,660
Payments to Group shareholders -56,795 -56,795
Payments to third-party shareholders -20,942 -18,268
Cash flow from financing activities -63,790 9,597
Net change in cash and cash equivalents 23,752 20,421
Cash and cash equivalents at beginning of period 64,408 65,784
Currency-related changes 0 -783
Cash and cash equivalents at end of period 88,160 85,422
* he purchase price including the ancillary acquisition costs (€ 156.7 million) for the acquisition of the Billstedt-Center Hamburg
T
was recognised in the cash flow from operating activities in 2010. In order to achieve a meaningful cross-period presentation of
this transaction, changes to the prior year’s figures connected with the the initial consolidation are recognised gross.
9. / / / 9 DES Nine-month report 2012
Statement of changes in equity
in € thousand Number Share Capital Other retained Statutory Total
of hares
s capital reserves earnings r
eserve
o
utstanding
01.01.2011 51,631,400 51,631 890,615 219,491 2,000 1,163,737
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 27,355 27,355
Dividend payment -56,795 -56,795
Trade tax
(IAS 8 – Error Corrections) 485 2,373 2,858
30.09.2011 51,631,400 51,631 890,615 192,424 2,000 1,137,155
01.01.2012 51,631,400 51,631 890,482 248,928 2,000 1,193,041
Change in cash flow hedge -11,415 -11,415
Change in deferred taxes 3,343 3,343
Total earnings recognised
directly n equity
i 0 0 -8,072 0 -8,072
Consolidated profit 49,938 49,938
Total profit 0 0 41,866 0 41,866
Dividend payments -56,795 -56,795
30.09.2012 51,631,400 51,631 890,482 233,999 2,000 1,178,112
Disclosures
Reporting principles Adjustment of previous year’s values in accordance
These interim financial statements of the Deutsche EuroShop Group with IAS 8 (correction of an error)
as at 30 September 2012 have been prepared in accordance with Inter Following the adjustment of the previous year’s figures in the third quarter
national Financial Reporting Standards (IFRS). of 2011 in light of trade tax risks for the first time and the creation of
trade tax provisions, further trade tax provisions of € 2.4 million for nega-
The management report and the abridged financial statements were tive interest rate hedges and the cost of the capital increase, which were
not audited in accordance with section 317 of the Handelsgesetzbuch not included in the quarterly financial statements as at 30 September
(HGB – German Commercial Code), nor were they reviewed by a 2011, have now been recognised in equity in accordance with IAS 8.41 ff
person qualified to carry out audits. In the opinion of the Executive (correction of an error).
Board, the report contains all of the necessary adjustments required to
give a true and fair view of the results of operations as at the date of Please also refer to the detailed explanations provided in the published
the interim report. The performance for the first nine months up to consolidated financial statements for 2011.
30 September 2012 is not necessarily an indication of future performance.
The accounting policies applied correspond to those used in the last
consolidated financial statements as at the end of the financial year.
A detailed description of the methods applied was published in the notes
to the consolidated financial statements for 2011.
10. / / / 10 DES Nine-month report 2012
Segment reporting in € thousand Domestic International Total
As a holding company, Deutsche EuroShop AG holds equity interests Segment assets 2,892,205 350,384 3,242,589
in shopping centers in the European Union. The investees are pure (previous year’s figures) (2,874,224) (350,901) (3,225,125)
shelf companies without staff of their own. Operational management is of which investment
contracted out to external service providers under agency agreements, properties 2,770,071 343,483 3,113,554
meaning that the companies‘ activities are exclusively restricted to asset (previous year’s figures) (2,763,626) (343,206) (3,106,832)
management. The companies are operated individually.
Due to the Company‘s uniform business activities within a relatively
homogeneous region (the European Union), and in accordance with Other disclosures
IFRS 8.12, separate segment reporting is presented in the form of a
breakdown by domestic and international results. Dividend
A dividend of € .10 per share was distributed for the financial year
1
As the Group’s main decision-making body, the Deutsche EuroShop 2011 on 22 June 2012.
AG Executive Board largely assesses the performance of the segments
based on the EBIT of the individual property companies. The valuation Responsibility statement by the Executive Board
principles for the segment reporting correspond to those of the Group. To the best of our knowledge, and in accordance with the applicable
Intra-Group activities between the segments are eliminated in the reporting principles for interim financial reporting, the interim con-
reconciliation statement. solidated financial statements give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Group, and the
In view of the geographical segmentation, no further information interim management report of the Group includes a fair review of the
pursuant to IFRS 8.33 is given. development and performance of the business and the position of the
Group, together with a description of the principal opportunities and risks
The previous year’s figures have been restated in the reconciliation associated with the expected development of the Group for the remainder
statement for interest income and earnings before tax (EBT). of the financial year.
Breakdown by geographical segment Hamburg, November 2012
in € thousand Domestic Inter Recon Total
national ciliation
Revenue 139,644 17,470 0 157,114
(previous year’s
figures) (120,890) (17,094) (0) (137,984) Claus-Matthias Böge Olaf Borkers
in € thousand Domestic Inter Recon Total
national ciliation
EBIT 125,661 15,890 -4,217 137,334
(previous year’s
figures) (106,422) (15,132) -(3,620) (117,934)
in € thousand Domestic Inter Recon Total
national ciliation
Net interest income -42,083 -5,841 -1,446 -49,370
(previous year’s
figures) -(41,105) -(5,722) -(806) -(47,633)
in € thousand Domestic Inter Recon Total
national ciliation
Earnings before tax
(EBT) 71,950 8,248 -9,148 71,050
(previous year’s
figures) (58,714) (7,903) -(8,579) (58,038)
11. Financial calendar
2012 2013
13.11. Nine-month report 2012 10. – 1.01.
1 Oddo Midcap Forum, Lyon
14.11. DZ BANK Equity Conference, Frankfurt 03. – 04.04. Deutsche Bank VIP Real Estate Event, Frankfurt
15.11. Roadshow Paris, Metzler 11. – 2.04.
1 Lampe Deutschland Conference, Baden-Baden
20.11. Roadshow Stockholm 26.04. Publication of the Annual Report 2012
21.11. Roadshow Helsinki, Berenberg 15.05. Interim report Q1 2013
29.11. Roadshow Zurich, Deutsche Bank 06. – 07.06. M.M. Warburg Highlights Conference, Hamburg
30.11. Roadshow Geneva, Deutsche Bank 20.06. Annual General Meeting, Hamburg
14.08. Interim report H1 2013
13.11. Nine-month report 2013
Our financial calendar is updated continuously. Please check our website for the latest events:
http://www.deutsche-euroshop.com/ir.
Stadt-Galerie
Passau
la ns
Investor Rect tio
Con ta
icolas Lissner
Patrick Kiss and N 79 20 / -22
Tel.: +49 (0)40 - 41 35
79 29
Fax: +49 (0)40 - 41 35
ch e-euroshop.com
E-mail: ir@deuts
e-euroshop.com/ir
Inter net: www.deutsch
Patrick K
iss and N
icolas Lis
sner