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 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.
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.
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 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.
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.
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.
Impact of financial crisis on the Communications & Media sectorchrisbuist
1) The financial crisis will impact the communications and media sector in Europe differently than past recessions due to the globalized nature of the current crisis.
2) Telecom operators who have strengthened their balance sheets since 2000 will be in a better position than those still struggling with debt. Weak operators may be targets for asset or customer acquisitions by stronger competitors.
3) The document analyzes how the recession could affect different segments of the sector, including potential impacts like reduced spending on premium content and infrastructure investments being deferred. Each country and company will be differently positioned.
Q1 2009 Earning Report of Du Pont E I De Nemoursguestc4fcf72
- DuPont reported first quarter 2009 earnings of $0.54 per share, in line with guidance, with strong performance in agriculture and pharmaceuticals offsetting declines in industrial demand.
- In response to weak global economic conditions, DuPont increased its 2009 cost reduction goal to $1 billion and reduced planned capital expenditures by an additional $200 million to $1.4 billion.
- DuPont revised its full-year 2009 earnings outlook to a range of $1.70 to $2.10 per share, expecting difficult market conditions to continue except in global agriculture markets. The company will focus on aggressively reducing costs and capital expenditures.
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.
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.
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 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.
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.
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.
Impact of financial crisis on the Communications & Media sectorchrisbuist
1) The financial crisis will impact the communications and media sector in Europe differently than past recessions due to the globalized nature of the current crisis.
2) Telecom operators who have strengthened their balance sheets since 2000 will be in a better position than those still struggling with debt. Weak operators may be targets for asset or customer acquisitions by stronger competitors.
3) The document analyzes how the recession could affect different segments of the sector, including potential impacts like reduced spending on premium content and infrastructure investments being deferred. Each country and company will be differently positioned.
Q1 2009 Earning Report of Du Pont E I De Nemoursguestc4fcf72
- DuPont reported first quarter 2009 earnings of $0.54 per share, in line with guidance, with strong performance in agriculture and pharmaceuticals offsetting declines in industrial demand.
- In response to weak global economic conditions, DuPont increased its 2009 cost reduction goal to $1 billion and reduced planned capital expenditures by an additional $200 million to $1.4 billion.
- DuPont revised its full-year 2009 earnings outlook to a range of $1.70 to $2.10 per share, expecting difficult market conditions to continue except in global agriculture markets. The company will focus on aggressively reducing costs and capital expenditures.
The document summarizes Daimler's Q1 2009 results. Key points include:
- EBIT fell to minus €1.4 billion from €2 billion in Q1 2008 due to lower unit sales from the economic crisis.
- Net profit decreased from €1.3 billion to minus €1.3 billion.
- Daimler finalized its separation from Chrysler through an agreement that releases it from liabilities and requires cash payments of €0.6 billion through 2011.
- Countermeasures have been initiated to reduce expenses by €4 billion.
CME Group reported solid first quarter 2009 financial results, with total revenues of $647 million, total operating expenses of $252 million, and net income of $213 million. The company achieved a pre-tax operating margin of 61% and diluted earnings per share of $3.20.
The document reports on Honeywell's financial results for the first quarter of 2009. Key points include:
- Sales were $7.6 billion, with earnings per share of $0.54 and free cash flow of $232 million.
- Results were in line with expectations given tougher market conditions. The outlook for 2009 EPS is $2.85 to $3.20.
- Cost reduction efforts including repositioning projects benefited results amid challenging markets across many segments.
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
Eastman Kodak Company reported financial results for the fourth quarter of 2008. The global economic downturn significantly impacted results. However, Kodak was able to generate $472 million in cash during the quarter through a focus on improving working capital. Looking ahead, Kodak will reduce costs through job cuts of 3,500 to 4,500 positions in 2009 in order to lower expenses by $300-350 million annually. The company will also rationalize its product portfolio to focus resources on core growth opportunities.
The document provides details from Cummins Inc.'s first quarter 2007 earnings teleconference call. It includes:
1) Introductions from Cummins leadership and details on forward-looking statements and non-GAAP measures.
2) Financial highlights for each business segment, noting sales and earnings growth or declines compared to Q1 2006.
3) Consolidated financial results for Cummins, guidance for 2007, and investments to support future growth.
4) Questions were taken from participants on the call.
FY 2010 Results & Plan Update - L. LucianiGruppo TIM
This document summarizes TIM Brasil's 2010 results and provides an update to its plan. Key highlights from 2010 include growing revenues by 5.1% and EBITDA margin by 2.9 percentage points. TIM Brasil expanded its customer base by 24% to 51 million lines and gained market share. It achieved a top brand position and network quality leadership. The document also discusses lessons learned in 2010 around matching growth and profitability. It notes TIM Brasil's approach of addressing the entire market and challenging traditional models helped drive its success. The presentation provides an overview of opportunities in Brazil's growing mobile market and expanding middle class.
The document summarizes Oshkosh Corporation's earnings conference call for the second quarter of fiscal year 2009. It discusses declines in sales and earnings due to the economic downturn. Specifically, access equipment and commercial sales were down sharply while defense and fire and emergency sales increased. The company took actions to cut costs, reduce debt, and position itself for eventual recovery. Challenging market conditions were expected to continue through the fiscal year.
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
Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013Deutsche EuroShop AG
This document summarizes the results of Deutsche EuroShop AG for the first half of 2013. Key highlights include:
- Total retail turnover was down 0.0% compared to a 1.3% increase for the overall German retail sector.
- Revenue increased 14% to €88.8 million due to acquisitions.
- EBIT rose 15% to €77.2 million and EBT increased 11% to €52.2 million.
- FFO per share grew 15% to €1.02 and EPRA earnings per share increased 28% to €0.83.
- The company forecasts continued revenue, earnings and FFO per share growth through 2014.
Deutsche EuroShop is Germany's only public company that invests solely in shopping centers. It owns 20 shopping centers located in Germany, Poland, Austria and Hungary, with a total portfolio value of approximately €3.8 billion. 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%. Key financial figures for the first half of 2013 show increases in revenue, net operating income, EBIT and FFO per share compared to the same period in 2012.
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 focuses on long-term growth and stable increases in portfolio value through 10-year leases with inflation-linked rents and participation in sales growth.
Deutsche EuroShop is Germany's only public company that invests solely in shopping centers. It owns 20 shopping centers located in Germany, Poland, Austria and Hungary, with a total portfolio value of approximately €3.8 billion. The company aims for long-term growth and stable increases in portfolio value through a buy-and-hold strategy and annual portfolio extensions of 10%. Key figures for Q1 2013 show increases in revenue, net operating income and earnings compared to the same period last year. Deutsche EuroShop provides stable dividends, currently yielding 3.8%, and focuses on increasing net asset value and dividends over the long term.
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%.
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 is Germany's only public company that invests solely in shopping centers. It owns 20 shopping centers located in Germany, Poland, Austria and Hungary, with a total portfolio value of approximately €3.8 billion. 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%. Key financial figures for Q1 2013 show increases in revenue, net operating income, EBIT, and FFO per share compared to Q1 2012.
The document summarizes Daimler's Q1 2009 results. Key points include:
- EBIT fell to minus €1.4 billion from €2 billion in Q1 2008 due to lower unit sales from the economic crisis.
- Net profit decreased from €1.3 billion to minus €1.3 billion.
- Daimler finalized its separation from Chrysler through an agreement that releases it from liabilities and requires cash payments of €0.6 billion through 2011.
- Countermeasures have been initiated to reduce expenses by €4 billion.
CME Group reported solid first quarter 2009 financial results, with total revenues of $647 million, total operating expenses of $252 million, and net income of $213 million. The company achieved a pre-tax operating margin of 61% and diluted earnings per share of $3.20.
The document reports on Honeywell's financial results for the first quarter of 2009. Key points include:
- Sales were $7.6 billion, with earnings per share of $0.54 and free cash flow of $232 million.
- Results were in line with expectations given tougher market conditions. The outlook for 2009 EPS is $2.85 to $3.20.
- Cost reduction efforts including repositioning projects benefited results amid challenging markets across many segments.
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
Eastman Kodak Company reported financial results for the fourth quarter of 2008. The global economic downturn significantly impacted results. However, Kodak was able to generate $472 million in cash during the quarter through a focus on improving working capital. Looking ahead, Kodak will reduce costs through job cuts of 3,500 to 4,500 positions in 2009 in order to lower expenses by $300-350 million annually. The company will also rationalize its product portfolio to focus resources on core growth opportunities.
The document provides details from Cummins Inc.'s first quarter 2007 earnings teleconference call. It includes:
1) Introductions from Cummins leadership and details on forward-looking statements and non-GAAP measures.
2) Financial highlights for each business segment, noting sales and earnings growth or declines compared to Q1 2006.
3) Consolidated financial results for Cummins, guidance for 2007, and investments to support future growth.
4) Questions were taken from participants on the call.
FY 2010 Results & Plan Update - L. LucianiGruppo TIM
This document summarizes TIM Brasil's 2010 results and provides an update to its plan. Key highlights from 2010 include growing revenues by 5.1% and EBITDA margin by 2.9 percentage points. TIM Brasil expanded its customer base by 24% to 51 million lines and gained market share. It achieved a top brand position and network quality leadership. The document also discusses lessons learned in 2010 around matching growth and profitability. It notes TIM Brasil's approach of addressing the entire market and challenging traditional models helped drive its success. The presentation provides an overview of opportunities in Brazil's growing mobile market and expanding middle class.
The document summarizes Oshkosh Corporation's earnings conference call for the second quarter of fiscal year 2009. It discusses declines in sales and earnings due to the economic downturn. Specifically, access equipment and commercial sales were down sharply while defense and fire and emergency sales increased. The company took actions to cut costs, reduce debt, and position itself for eventual recovery. Challenging market conditions were expected to continue through the fiscal year.
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
Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013Deutsche EuroShop AG
This document summarizes the results of Deutsche EuroShop AG for the first half of 2013. Key highlights include:
- Total retail turnover was down 0.0% compared to a 1.3% increase for the overall German retail sector.
- Revenue increased 14% to €88.8 million due to acquisitions.
- EBIT rose 15% to €77.2 million and EBT increased 11% to €52.2 million.
- FFO per share grew 15% to €1.02 and EPRA earnings per share increased 28% to €0.83.
- The company forecasts continued revenue, earnings and FFO per share growth through 2014.
Deutsche EuroShop is Germany's only public company that invests solely in shopping centers. It owns 20 shopping centers located in Germany, Poland, Austria and Hungary, with a total portfolio value of approximately €3.8 billion. 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%. Key financial figures for the first half of 2013 show increases in revenue, net operating income, EBIT and FFO per share compared to the same period in 2012.
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 focuses on long-term growth and stable increases in portfolio value through 10-year leases with inflation-linked rents and participation in sales growth.
Deutsche EuroShop is Germany's only public company that invests solely in shopping centers. It owns 20 shopping centers located in Germany, Poland, Austria and Hungary, with a total portfolio value of approximately €3.8 billion. The company aims for long-term growth and stable increases in portfolio value through a buy-and-hold strategy and annual portfolio extensions of 10%. Key figures for Q1 2013 show increases in revenue, net operating income and earnings compared to the same period last year. Deutsche EuroShop provides stable dividends, currently yielding 3.8%, and focuses on increasing net asset value and dividends over the long term.
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%.
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 is Germany's only public company that invests solely in shopping centers. It owns 20 shopping centers located in Germany, Poland, Austria and Hungary, with a total portfolio value of approximately €3.8 billion. 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%. Key financial figures for Q1 2013 show increases in revenue, net operating income, EBIT, and FFO per share compared to Q1 2012.
Deutsche EuroShop is Germany's only public company that invests solely in shopping centers. It owns 20 shopping centers located in Germany, Poland, Austria and Hungary, with a total portfolio value of approximately €3.8 billion. The company focuses on long-term growth through a buy and hold strategy and stable dividend payments. Shopping centers provide attractive investments due to continuously rising rents, stable long-term growth, and high quality standards and locations.
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.
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.
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.
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
This document provides a summary of Credit Suisse Group's 3rd quarter 2001 results. It reports a net operating profit of CHF 21 million but an overall reported loss of CHF 299 million due to losses at CSFB and unrealized investment losses. It highlights continued net new asset inflows but lower revenues and profits across most business units due to difficult market conditions. It also summarizes asset quality, capital adequacy, results by business unit and other financial details on the quarter.
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 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.
The document summarizes Credit Suisse's second quarter 2002 results. Key points include:
- Net operating profit declined 88% from the prior year due to investment losses and impairments. Reported net profit also declined significantly.
- Actions were taken to protect and strengthen the capital base at Winterthur, including reducing equity investment allocation and improving underwriting performance.
- Total assets under management declined 8% from the prior quarter due to market declines partially offset by net inflows in private banking.
- Operating expenses remained stable compared to the prior quarter through cost reductions, while credit costs rose in line with the deteriorating credit environment.
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.
Highlights of the first quarter of 2009. Net sales amounted to SEK 25,818m (24,193) and income for the period to SEK -346m (-106), or SEK -1.22 (-0.38) per share. Net sales declined by 8.4%, in comparable currencies, due to continued sharp market downturn in Electrolux main markets.
The earnings presentation reported on the company's financial results for the third quarter of 2009. Revenue was $558 million for continuing operations, with adjusted EBITDA of $110 million. The company expects full year 2009 revenue to be in line with previous guidance and adjusted EBITDA margin to be above previous guidance. The current market conditions in the SURF market are challenging in the short-term with lower margins expected in 2010, though medium-term fundamentals remain strong.
- 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.
Metso's financial results improved in 2012 compared to 2011. Orders received decreased 14% to EUR 6.865 billion due to economic uncertainty delaying some large projects. However, services business orders increased 5% to EUR 3.264 billion, accounting for 49% of total orders. Net sales increased 13% to EUR 7.504 billion, with services sales up 11% to EUR 3.174 billion, accounting for 44% of sales. Earnings before interest, tax and amortization increased 9% to EUR 684 million, with a margin of 9.1% of sales. The company expects similar earnings in 2013 but net sales possibly slightly below 2012 levels.
Telecom Italia Group reported its 1Q09 results, focusing on cost control and cash flow generation. Revenues declined 3.8% organically due to challenges in the domestic market from channel restructuring and the economy. However, EBITDA was largely stable as cash costs fell 7.5%. Looking ahead, Telecom Italia will continue restructuring sales channels and controlling costs while implementing new offers to boost revenues in key segments.
Larsen and Toubro (L&T) reported much better than expected results for the fourth quarter of fiscal year 2010. Revenues grew 28.1% year-over-year to Rs. 13,858 crore, driven by increases in several business segments. Operating margins reached a historic high of 15.1% due to cost controls. The order backlog remained robust at Rs. 1,00,239 crore. Going forward, the analyst maintains a positive view on the company given its strong order backlog, operating cash flows, and return ratios above 20%.
- Q3 2011 saw record gross billings, adjusted EBITDA, and strong free cash flow for Aimia. Gross billings increased 4.1% year-over-year to $541.8 million.
- Adjusted EBITDA grew significantly by 83.5% to $104.2 million compared to Q3 2010. Free cash flow before dividends paid was $124.8 million.
- For the first nine months of 2011, gross billings increased 1.1% to $1.6 billion. Adjusted EBITDA rose 25.8% to $252.7 million, driven by growth across the business.
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.
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
- Michelin's net sales for the first half of 2009 were €7.1 billion, down 13.4% from the first half of 2008, due to a 23% decline in unit sales caused by falling tire demand globally except in China.
- The operating margin was 4.0% before non-recurring items, down 4.6 points from the first half of 2008, as operating income fell 60.2% to €282 million due to lower unit sales and higher unused capacity costs.
- Michelin reported a net loss of €122 million for the first half after €292 million in restructuring costs for plans in France and North America to increase competitiveness.
Similar to Deutsche EuroShop Interim Report Q1-3 2009 (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:
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- 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.
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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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Deutsche EuroShop Interim Report Q1-3 2009
1. interim report Q1– 3 20 09
Letter from the
executive Board
Dear Shareholders, Consolidated profit, boosted by positive exceptional and cur-
Dear Readers, rency effects on measurement gains, rose 23% from 131.3 million
to 138.5 million. (Undiluted) earnings per share increased accord-
Our business model is continuing to demonstrate its stability. We ingly from 10.91 to 11.09 (+20%).
have not yet identified any significant deterioration in consumer
behaviour or in retail spending at our shopping centers. Our over- As explained in the interim report for the first six months, we see
due rents and write-downs on rent receivables remain low. The ourselves as well-placed, following the debt and equity financing
occupancy rate is still high, at almost 100%. measures implemented at the start of the third quarter, to be
able to exploit any investment opportunities that may arise. We
On this basis, we managed to achieve the forecast results in the are currently examining several offers in terms of the profitable
first three quarters of 2009. Revenue was up 12% year-on-year at contributions they can make to growth for our shopping center
194.4 million. Net operating income (NOI) rose 14% to 183.8 mil- portfolio.
lion, while EBIT climbed 15% to 180.9 million.
Our guidance for the full year remains unchanged. On the strength
The increase in earnings was mainly generated by the contribu- of the performance to date, our shareholders can expect a stable
tions made by the shopping centers opened in Hameln and Passau dividend of at least 11.05 per share.
in 2008. The “Kassel effect” also had an impact; the increase in
our share in City-Point in Kassel from 40% to 90% at the start of
2009 led to the full consolidation of this center, with corresponding Hamburg, November 2009
effects on the balance sheet and income statement.
Our solid operating performance is also borne out by an 8%
improvement in funds from operations (FFO) from 11.02 to 11.11
per share (undiluted, i.e. the capital increase conducted on 7 July
was taken into account pro rata). Claus-Matthias Böge Olaf G. Borkers
Key Group Data Key Share Data
01.01. – 30.09. 01.01. – 30.09. Sector/industry group Financial services/real estate
1 million 2009 2008 + / –
Share capital on 30 September 2009 137,812,496.00
revenue 94.4 84.1 12 %
Number of shares on 30 September 2009
eBIt 80.9 70.5 15 % (no-par value registered shares) 37.812.496
Net finance costs -41.6 -35.1 -18 % Dividend 2008 11.05
eBt 46.2 37.9 22 % Share price on 30 December 2008 124,30
Consolidated profit 38.5 31.3 23 % Share price on 30 September 2009 123.95
FFo per share (1), undiluted 1.11 1.02 9% Low/high in the period under review 118.66/126.00
FFo per share (1), diluted 1.04 1.02 2% Market capitalisation
epS (1), undiluted 1.09 0.91 20 % on 30 September 2009 1906 million
epS (1), diluted 1.02 0.91 12 % prime Standard Frankfurt and Xetra
Berlin-Bremen, Dusseldorf,
1 million 30.09.2009 31.12.2008 + / – hamburg, hanover, Munich and
equity* 1,051.1 977.8 8% otC trading Stuttgart
Liabilities 1,059.5 1,029.1 3% MDaX, epra, Gpr 250, epIX 30,
Indices haSpaX
total assets 2,110.6 2,006.8 5%
ISIN De 000748 020 4
equity ratio (%)* 49.8 48.7
ticker symbol DeQ, reuters: DeQGn.De
LtV-ratio (%) 45.6 46.1
Gearing (%)* 101 105
Cash and cash equivalents 70.1 41.7 68 %
* incl. minority interest
2. 2 Deutsche euroshop ag interim report Q1–3 2009
Business and economic Consumer spending remains the mainstay of the economy, although
consumer sentiment, as calculated by the GfK, has deteriorated a
conditions little recently. In particular, the forecast rise in unemployment and
the resulting change in personal economic prospects appear to be
unsettling consumers. However, consumption continues to be sup-
Group StruCture aND operatING ported by low energy prices and the virtual absence of inflation.
aCtIVItIeS
In October 2009, following a sustained rally since March, German
Activities retailers also grew far less satisfied with their current business situ-
Deutsche EuroShop is the only public company in Germany to ation and more sceptical about the outlook for the next six months,
invest solely in shopping centers in prime locations. It currently has according to the ifo business climate index. This means a deterio-
investments in 16 shopping centers in Germany, Austria, Poland ration in sentiment in the retail sector. From January to Septem-
and Hungary. The Group generated the reported revenue from ber 2009, turnover in the German retail sector was down a nominal
rental income on the space let in its shopping centers. 2.6% year-on-year.
Group’s legal structure
Due to its lean personnel structure and concentration on just one
operating segment, the Deutsche EuroShop Group is centrally resuLts of operations,
organised. The Group managing company is Deutsche EuroShop AG.
It is responsible for corporate strategy, portfolio and risk manage-
financiaL position and net
ment, financing and communication.
assets
The Company’s registered office is in Hamburg. Since its establish-
ment in 2000, Deutsche EuroShop AG has been an Aktiengesell- Increase in the shareholding in City-Point Kassel
schaft (public company) under German law. The individual shop- With effect from 2 January 2009, we increased our shareholding in
ping centers are managed as separate companies. Depending on City-Point Kassel GmbH & Co. KG from 40% to 90%. The purchase
the share of the nominal capital held, these are either fully consoli- price of the shares was 116.4 million and was paid in cash.
dated (over 50% share) or proportionally consolidated (up to 50%
share) as investment properties. The investment in Galeria Domini- The following assets and liabilities were thereby acquired at fair
kanska in Wroclaw is recognised under non-current financial assets value:
(33.3% share).
in 1 thousand
The share capital totals 137,812,496 and is composed of 37,812,496
no-par-value registered shares. The notional value of each share Current assets 1,263
is 11.00. Non-current assets 69,840
Current liabilities 176
Non-current liabilities 46,488
MaCroeCoNoMIC aND SeCtor-SpeCIFIC
CoNDItIoNS
Until 31 December 2008, the property company had been propor-
The low ebb of the worst global economic recession since World tionally included in the consolidated financial statements. From
War II seems to be behind us. In Germany, too, there is plenty of 2009, its financial statements are being consolidated in full, with
evidence to suggest that the economy is recovering. After expe- a corresponding impact on all items in the consolidated financial
riencing a massive downturn in the first quarter of 2009, the Ger- statements. The higher revenue and cost items and the changes
man economy grew by 0.3% in the second quarter. Economic in assets and liabilities are essentially the result of the change in
experts are also positive about prospects for the third quarter, the scope of consolidation. The first-time consolidation resulted
mainly due to increased exports. The reorganisation and reform of in a positive difference in accordance with IFRS 3 in the amount
the international financial system continue to be the focal point of of 18.1 million, which flowed into the measurement gains and
the clean-up. The efforts of the monetary, fiscal and supervisory increased net income.
policymakers have been geared in this direction for almost two
years now. Public funds have been used on a vast scale for eco-
nomic packages and bailouts in the financial sector. A close eye
must be kept, however, on the resulting levels of national debt in
the western industrialised countries.
3. 3 Deutsche euroshop ag interim report Q1–3 2009
reSuLtS oF operatIoNS 22% rise in EBT
EBT rose from 137.9 million to 146.2 million. This corresponds to
12% rise in revenue a year-on-year improvement of 18.3 million or 22% and is mainly
Revenue in the first nine months of 2009 totalled 194.4 million, attributable to the effects already described under measure-
representing a 12% rise year-on-year (184.1 million). The full con- ment gains.
solidation of the results of the Kassel center resulted in higher
revenue contributions than in the past. In addition, the two centers 9% increase in FFO (51.11 per share)
opened in Hameln and Passau in 2008 also contributed to revenue Following the capital increase, FFO (funds from operations)
growth. Revenue from existing properties climbed 1.6%. climbed 10.09 from 11.02 to 11.11 per share (undiluted number
of shares: 35,445,281). This represents an increase of 9% and was
Operating and administrative costs for property primarily achieved through the newly opened properties and the
virtually unchanged “Kassel effect”.
Property administration costs were slightly higher during the
reporting period than in the same period the previous year. Consolidated profit up 23%
Proper ty operating costs, on the other hand, were better than At 138.5 million, consolidated profit was up 17.2 million or 23%
had been budgeted for. In total, the operating and administrative versus the first nine months of 2008 (131.3 million). Undiluted
costs were 110.7 million in the period to 30 September 2009, com- earnings per share consequently rose from 10.91 to 11.09. Of
pared with 110.8 million a year earlier. Other operating expenses this, 10.92 resulted from operating profit and 10.17 from mea-
were unchanged year-on-year at 13.6 million. surement gains.
15% increase in EBIT
EBIT increased by 110.4 million (+15%) from 170.5 million to FINaNCIaL poSItIoN aND Net aSSetS
180.9 million. This was chiefly due to contributions to earnings from
the properties opened in Passau and Hameln in 2008 and the full Net assets and liquidity
inclusion for the first time of the property company in Kassel. During the reporting period, the Deutsche EuroShop Group’s total
assets increased by 1103.8 million to 12,110.6 million. Non-current
Net finance costs higher due to greater interest assets rose by 178.0 million, due mainly to the first-time full con-
expense solidation of City-Point Kassel. Receivables and other assets rose
Net finance costs totalled 141.6 million, 16.5 million more than by 12.7 million. At 170.1 million, cash and cash equivalents were
the 135.1 million recorded the previous year. This was attributable 128.4 million higher than on 31 December 2008.
firstly to the higher interest expense incurred following the consoli-
dation of the Kassel center, and secondly to the interest expense Rise in equity ratio to 49.8%
for the Hameln and Passau centers. Interest income declined due The equity ratio including minority interests rose from 48.7%
to the sharp fall in capital market rates. Income from participating (31 December 2008) to 49.8% as a result of the dividend in the
interests came mainly in the form of a dividend distribution by amount of 136.1 million paid out on 1 July 2009 and the capital
our Polish property company (Galeria Dominikanska). Income increase conducted a week later.
attributable to minority shareholders was also higher than in the
year-earlier period. Liabilities
As at 30 September 2009, bank loans and overdrafts stood at
Exceptional and currency effects on measurement 1925.4 million, 125.6 million higher than at end-2008. The pro-
gains ceeds from the capital increase were used primarily to repay short-
Measurement gains rose from 12.5 million to 16.9 million, thanks term loans. Non-current deferred tax liabilities rose by 17.6 million
to a one-off effect related to the first-time full consolidation of to 190.0 million. Other liabilities and provisions increased by
our property company City-Point Kassel in the amount of 18.1 mil- 13.6 million.
lion, against a provision for expenses of 12.0 million. Furthermore,
the depreciation by the Polish zloty and Hungarian forint resulted
in unrealised currency gains of 11.7 million. Measurement gains
were reduced by the 10.4 million share of income attributable to
minority shareholders.
4. 4 Deutsche euroshop ag interim report Q1–3 2009
the shopping center share Awards for annual report
At the 2008 Vision Awards Competition of the League of American
The Deutsche EuroShop stock enjoyed stable performance in the Communications Professionals LLC, our 2008 annual report entitled
140first nine months of 2009. After rising initially from 124.30 (2008 “The third place” received the Platinum award in the Real Estate
closing price) to 126.00 (6 January 2009), its high for the period category. Our 2008 online annual report was also named the best
130under review, the stock fell in a generally weak market environment in the world for a real estate company at the International ARC
to 118.66 (6 March 2009). The price subsequently rallied somewhat Awards ceremony.
120
to stand at 123.95 on 30 September 2009. Taking the dividend of
11011.05 per share paid on 1 July 2009 into consideration, this cor- Twitter & Facebook
responds to total performance of 2.9% in the first nine months Social networking media are all the rage. For years now we have
100 financial year 2009. Over the same period, the MDAX rose
of shown that we are open to technical innovations and have used
by 31.4%. The market capitalisation of Deutsche EuroShop was these actively to supply our investors and interested parties with
901905.6 million as at 30 September 2009; this figure takes account news and additional information on all things to do with Deutsche
of the capital increase conducted on 7 July 2009. EuroShop. We would be delighted if you were to follow us on
80
Twitter (www.twitter.com/DES_AG) or Facebook (www.facebook.
70Deutsche EuroShop vs. MDAX and EPRA com/DESAG).
Comparison, January to October 2009
Coverage
Currently, a total of 25 banks and investment companies provide
treND oF Share indexed, base of 100, %
regular coverage of our stock, thereby affording investors a broad
range of opinions. The investment recommendations are positive
140 140
for the most part (19), with six neutral recommendations as at
130 130 9 November 2009. Institutions within Germany and abroad have
signalled to us that they would like to initiate coverage of Deutsche
120 120 EuroShop in the near future. Current studies and a list of analysts
can be found on our website at www.deutsche-euroshop.de/ir.
110 110
100 100
90 90 report on post-BaLance-
80 80 sheet-date events
70 70
No events of particular significance have taken place following
JaN FeB Mar apr May JuN JuL auG Sep oCt
the end of the first nine months of 2009.
Deutsche euroShop incl. dividend epra MDaX
Roadshows and conferences
Between July and September, we conducted numerous meetings risk report
with institutional investors and analysts at conferences in Frankfurt,
Munich, Amsterdam and New York. There were also roadshows in There have been no significant changes since the beginning of the
Cologne, Düsseldorf, Brussels, London and Edinburgh. financial year with regard to the risks associated with future busi-
ness development. We do not believe the Company faces any risks
Investor day and share forum capable of jeopardising its continued existence. The information
On 17 July, we invited analysts and institutional investors to provided in the risk report of the consolidated financial statements
Dresden for an investor day, showing some 20 participants around as at 31 December 2008 is therefore still applicable.
the Altmarkt-Galerie Dresden and visiting the site of the center
expansion. On 31 August, we presented Deutsche EuroShop to
more than 200 private investors at the 15th Hamburg Share Forum
of the Deutsche Schutzvereinigung für Wertpapierbesitz e.V. (DSW)
and the Hanseatischer Aktien-Club.
5. 5 Deutsche euroshop ag interim report Q1–3 2009
report on opportunities Unchanged forecast for 2009
With the first nine months of the financial year behind us, we con-
and outLook sider our budgeted figures for the whole year confirmed and are
leaving our guidance for the current financial year unchanged.
We expect revenue to increase to 1125-128 million. EBIT will be
eCoNoMIC CoNDItIoNS 1105-108 million this year, on our forecasts, while EBT excluding
measurement gains/losses will be 150-52 million. We expect funds
2009 will on current forecasts close with a 5% downturn in eco- from operations (FFO) of between 11.38 and 11.43 per share, taking
nomic output. The Federal Republic of Germany will therefore into account the capital increase that was conducted.
be looking back on the deepest recession in its history. However,
the government is expecting that the economy will recover so On the basis of current performance, we assume that we will be
strongly by mid-2010 that positive growth will be recorded for able to pay our shareholders a stable dividend of at least 11.05
the full year. per share.
It is very difficult to make predictions concerning future develop-
ments. However, we believe our conservative business model,
which is based on rental income secured for the long term, means
that we are comparatively well-placed to cope with the situation.
We still see no conspicuously negative trends with regard to turn-
over for our tenants at the shopping centers. Consumers’ behaviour
remains healthy. However, in view of the lower economic forecasts,
we expect retail sales to decline in 2009.
eXpeCteD reSuLtS oF operatIoNS aND
FINaNCIaL poSItIoN
Restructuring in Kassel and Hamm
Our shopping centers in Kassel and Hamm have undergone restruc-
turing in the past few months. At City-Point Kassel, the space pre-
viously occupied by Hertie has been divided up and let to several
small and medium-sized retailers, which already opened their
shops. The new tenants include H&M, New Yorker and Madonna.
The investment amount, including lost rental income and ancil-
lary costs during the construction period, totals approximately
15.1 million.
Following the early termination of a tenancy agreement with a
hypermarket operator in Hamm, that is now occupied by a food
market and a major clothing store. The investment costs here run
to approximately 11.8 million.
Expansion of the Altmarkt-Galerie and
Main-Taunus-Zentrum
Work on expanding the Altmarkt-Galerie in Dresden is already well
underway. The selling area in the shopping center is set to increase
by approximately 18,000 m², with the addition of 90 single-line
stores. It currently has a selling area of 26,000 m² and 100 shops.
The total investment will be roughly 1165 million, of which Deutsche
EuroShop’s share will be around 182.5 million.
A few weeks ago, construction work began for the expansion
of the Main-Taunus-Zentrum in Sulzbach. The selling area of the
center is set to be expanded by 12,000 m² to incorporate 70 new
shops, which means the center will then accommodate a total of
170 shops on a selling area of approximately 91,000 m². The total
investment will be 172 million (Deutsche EuroShop’s share will be
around 131 million).
6. 6 Deutsche euroshop ag interim report Q1–3 2009
ifrs consoLidated BaLance sheet
aS oF 30 SepteMBer 2009
aSSetS
in 1 thousand 30.09.2009 31.12.2008
Assets
Non-current assets
Intangible assets 26 32
property, plant and equipment 459 21,199
Investment properties 1,997,150 1,897,767
Non-current financial assets 29,717 30,316
Investments in equity-accounted associates 3,721 3,740
other non-current assets 895 930
Non-current assets 2,031,968 1,953,984
Current assets
trade receivables 2,088 2,717
other current assets 4,710 6,737
other financial investments 1,770 1,740
Cash and cash equivalents 70,063 41,671
Current assets 78,631 52,865
Total assets 2,110,599 2,006,849
eQuIty aND LIaBILItIeS
in 1 thousand 30.09.2009 31.12.2008
Equity and liabilities
Equity and reserves
Issued capital 37,812 34,375
Capital reserves 609,365 546,213
retained earnings 281,720 279,862
Total equity 928,897 860,450
Non-current liabilities
Bank loans and overdrafts 916,889 879,078
Deferred tax liabilities 89,959 82,313
right to redeem of limited partners 122,238 117,320
other non-current liabilities 13,909 14,941
Non-current liabilities 1,142,995 1,093,652
Current liabilities
Bank loans and overdrafts 8,493 20,730
Current trade payables 2,094 3,039
Liabilities to other investees and investors 0 35
tax provisions 502 662
other provisions 21,970 18,221
other current liabilities 5,648 10,060
Current liabilities 38,707 52,747
Total equity and liabilities 2,110,599 2,006,849
7. 7 Deutsche euroshop ag interim report Q1–3 2009
ifrs consoLidated income statement
For the perIoD FroM 1 JaNuary to 30 SepteMBer 2009
in 1 thousand 01.07. – 30.09.2009 01.07. – 30.09.2008 01.01. – 30.09.2009 01.01. – 30.09.2008
revenue 31,457 28,945 94,447 84,147
property operating costs -1,345 -2,093 -4,981 -5,299
property management costs -1,900 -1,998 -5,715 -5,453
Net operating income (NOI) 28,212 24,854 83,751 73,395
other operating income -18 130 677 661
other operating expenses (corporate costs) -1,177 -1,400 -3,562 -3,587
Earnings before interest and taxes (EBIT) 27,017 23,584 80,866 70,469
Income from investments 329 353 1,213 1,365
Interest income 97 517 476 1,708
Interest expense -12,373 -11,665 -37,354 -34,004
profit / loss attributable to limited partners -1,924 -1,488 -5,938 -4,183
Net finance costs -13,871 -12,283 -41,603 -35,114
Measurement gains -3,914 290 6,907 2,534
Profit before tax (EBT) 9,232 11,591 46,170 37,889
Income tax expense -1,214 -1,920 -7,694 -6,626
Consolidated profit 8,018 9,671 38,476 31,263
Basic earnings per share (1) 0.21 0.28 1.09 0.91
Diluted earnings per share (1) 0.21 0.28 1.02 0.91
consoLidated statement of comprehensive income
in 1 thousand 01.07. – 30.09.2009 01.07. – 30.09.2008 01.01. – 30.09.2009 01.01. – 30.09.2008
Consolidated profit 8,018 9,671 38,476 31,263
Change due to currency translation effects 4,679 127 -1,467 -2,230
Change in cash flow hedge -1,938 -5,012 943 -3,109
Total of earnings recognised directly in equity 2,741 -4,885 -524 -5,339
Total profit 10,759 4,786 37,952 25,924
profit attributable to group shareholdes 10,759 4,786 37,952 25,924
8. 8 Deutsche euroshop ag interim report Q1–3 2009
consoLidated cash fLoW statement
For the perIoD FroM 1 JaNuary to 30 SepteMBer 2009
in 1 thousand 01.01.-30.09.2009 01.01.-30.09.2008
Profit after tax 38,476 31,263
Income from the application of IFrS 3 -8,075 -921
profit / loss attributable to limited partners 6,298 5,065
Depreciation of property, plant and equipment 18 7
other non-cash income and expenses 808 -3,438
Deferred taxes 7,730 6,497
Operating cash flow 45,255 38,473
Changes in receivables 2,950 9,744
Changes in other financial investments -30 2,799
Changes in current provisions 3,571 -13,692
Changes in liabilities -6,583 1,838
Cash flow from operating activities 45,163 39,162
payments to acquire property, plant and equipment/Investment properties -26,680 -51,513
Inflows and outflows for investments in non-current financial assets 579 -3,898
Cash flow from investing activities -26,101 -55,411
Changes in interest-bearing financial liabilities -16,024 7,661
payments to Group shareholders -36,094 -36,094
Contributions by Group shareholders 66,505 0
payments to minority shareholders -5,858 -5,286
Cash flow from financing activities 8,529 -33,719
Net change in cash and cash equivalents 27,591 -49,968
Cash and cash equivalents at beginning of period 41,671 108,993
Currency related changes -146 -6,552
other changes 947 -74
Cash and cash equivalents at end of period 70,063 52,399
9. 9 Deutsche euroshop ag interim report Q1–3 2009
statement of changes in eQuitY
aS oF 30 SepteMBer 2009
Other
in 1 thousand Share capital Capital reserves retained earnings Legal reserve Total
01.01.2008 34,375 546,213 278,210 2,000 860,798
Change in cash flow hedge -3,109 -3,109
other changes -2,230 -2,230
total of earnings recognised directly in equity 34,375 546,213 -5,339 2,000 -5,339
Consolidated profit 31,263 31,263
total profit 34,375 546,213 304,134 2,000 886,722
Dividend payments -36,094 -36,094
30.09.2008 34,375 546,213 268,040 2,000 850,628
01.01.2009 34,375 546,213 277,862 2,000 860,450
Change in cash flow hedge 943 943
other changes -1,467 -1,467
total of earnings recognised directly in equity 34,375 546,213 -524 2,000 -524
Consolidated profit 38,476 38,476
total profit 34,375 546,213 315,814 2,000 898,402
Dividend payments -36,094 -36,094
Capital increase 3,437 63,594 67,031
transaction costs capital increase -526 -526
Deferred taxes – transaction costs 84 84
30.09.09 37,812 609,365 279,720 2,000 928,897
discLosures upon completion will also fall within the scope of IAS 40.8 R. This
standard is to be applied prospectively for the first time in the
Basis of presentation first reporting period of a financial year beginning on or after
These financial statements of the Deutsche EuroShop Group as 1 January 2009 (IAS 40.85 B) and provides for the recognition of
at 30 September 2009 have been prepared in accordance with real estate under construction using either the cost model or the
International Financial Reporting Standards (IFRS). fair value model.
The management report and the abridged financial statements After the decision was taken in July 2009 to expand the Altmarkt-
were not audited in accordance with section 317 of the Handels- Galerie in Dresden, the expenses incurred to date – mainly in rela-
gesetzbuch (HGB – German Commercial Code), nor were they tion to the acquisition of land – were reclassified and transferred
reviewed by a person qualified to carry out audits. In the opinion of to investment property for the first time. This implies a change in
the Executive Board, the report contains all the necessary adjust- accounting policy (reclassification from IAS 16 to IAS 40) in accor-
ments required to give a true and fair view of the assets, liabilities, dance with IAS 8. Given that construction work has only just begun
financial position and profit or loss as at the interim report date. and completion is scheduled for spring 2011, a fair value accord-
The performance of the first nine months up to 30 September 2009 ing to IAS 40.53 cannot yet be determined with any reliability. For
is not necessarily an indication of future performance. this reason, the expansion project in Dresden has been measured
at cost in this interim report.
Real estate under construction, regardless of later use, has to date
been recognised, until its completion, according to the provisions In all other respects, the accounting policies applied correspond
of IAS 16 (except for real estate under construction that is recog- to those used in the last consolidated financial statements as at
nised as inventories within the meaning of IAS 2 or as construction the end of the financial year. A detailed description of the meth-
contracts within the meaning of IAS 11). From now on, real estate ods applied was published in the notes to the consolidated finan-
under construction that is to be used as a financial investment cial statements for 2008.
10. 10 Deutsche euroshop ag interim report Q1–3 2009
other INForMatIoN financiaL caLendar
Dividend 2009
A dividend of 11.05 per share was paid out on 1 July 2009 for
financial year 2008. 12.11. interim report Q1-3 2009
16.11. Roadshow Paris, Berenberg
Share options 16.11. Roadshow London, M.M. Warburg
The variable components of the remuneration of the members of 17.11. Roadshow Zurich, Berenberg
the Executive Board and Supervisory Board do not include any 17.11. Roadshow Amsterdam, Rabobank
share options or similar securities-based incentive schemes. 19.11. WestLB Deutschland Conference, Frankfurt
24.11. CB Seydler Bank Investors Afternoon, Hamburg
Responsibility statement by the Executive Board 01.12. Commerzbank Real Estate Conference, Frankfurt
To the best of our knowledge, and in accordance with the appli- 02.12. UBS Global Real Estate Conference, London
cable reporting principles for interim financial reporting, the
interim consolidated financial statements give a true and fair 2010
view of the assets, liabilities, financial position and profit or loss
of the Group, and the interim management report of the Group 19.01. cheuvreux german corporate conference, Frankfurt
includes a fair review of the development and performance of the 30.04. annual earnings press conference, hamburg
business and the position of the Group, together with a descrip- 12.05. interim report Q1 2010
tion of the principal opportunities and risks associated with the 26. – 27.05. Kempen & co european property seminar, amsterdam
expected development of the Group for the remaining months 17.06. annual general meeting, hamburg
of the financial year. 12.08. interim report h1 2010
11.11. interim report Q1-3 2010
Hamburg, November 2009
Our financial calendar is updated continuously.
Please check our website for the latest events:
http://www.deutsche-euroshop.com/ir
Claus-Matthias Böge Olaf G. Borkers
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.com
Internet: www.deutsche-euroshop.com/ir