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EQS-News: Deutsche EuroShop AG
/ Key word(s): Half Year Report/Half Year Results
Deutsche EuroShop: First half of 2024 characterised by investments
Sales revenue -1.9%, but EBIT +7.0% Sales revenue fell by 1.9% from € 135.4 million to € 132.8 million. Net operating income (NOI) was also slightly negative (-1.0%) at € 106.4 million. Earnings before interest and taxes (EBIT) rose by 7.0% to € 107.4 million, as the first half of the previous year was characterised by one-off expenses in connection with the change in the scope of consolidation. EPRA earnings (-8.0%) and FFO (-9.7%) Earnings before taxes and measurement (EBT excluding measurement) increased by 5.6% to € 82.1 million. In the first half of the previous year, there were one-off earnings effects from the acquisition of further shares in six property companies. EPRA earnings adjusted for valuation effects fell by 8.0% from € 87.6 million to € 80.6 million. Funds from operations (FFO) adjusted for valuation and special effects fell from € 87.5 million to € 79.0 million, which corresponds to a decrease of 9.7%. In 2023, both key figures benefited from one-off income from service charge settlements and the reversal of impairment losses. Stable property values Property valuations were largely stable in the first half of 2024 and, including the increased investments in the property portfolio, resulted in a negative valuation result of € 12.6 million. The changes in the market value of the individual property values ranged from -3.6% to +4.4%. Consolidated net income +60.5% At € 59.5 million, consolidated net income was € 22.4 million (+60.5%) higher than in the first six months of the previous year (€ 37.1 million) and earnings per share increased from € 0.50 to € 0.78. Equity ratio, LTV and liquidity remain solid Deutsche EuroShop's balance sheet ratios remain solid: the equity ratio was 51.2% and the loan-to-value (LTV) ratio 35.5% at the end of the first half of the year. Group liquidity increased from € 336.1 million to € 338.6 million since the end of 2023 due to operating income and borrowings, after Deutsche EuroShop had already distributed € 149.1 million as a special dividend in January of this year. Forecast and dividend Based on the results of the first six months, the Executive Board confirms the forecast for the 2024 financial year. On the basis of this development and the inflow of additional free liquidity from ongoing business operations and the successful conclusion of further loan agreements by subsidiaries, the Executive Board and Supervisory Board have resolved to increase the planned dividend of € 0.80 per share by € 1.80 per share. The distribution of a dividend of € 2.60 per share (€ 197.6 million in total) for the 2023 financial year will therefore be proposed to the Annual General Meeting on 29 August 2024 in Hamburg, of which € 0.22 per share is expected to be subject to capital gains tax. Full half-year financial report The full half-year financial report is available as a PDF document and in ePaper format. It can be downloaded from
Deutsche EuroShop is the only public company in Germany to invest exclusively in shopping centers in prime locations. The company currently has investments in 21 shopping centers in Germany, Austria, Poland, the Czech Republic and Hungary. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among many others. Key consolidated figures
1 Including the share attributable to equity-accounted joint ventures and associates
14.08.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
| Language: | English |
| Company: | Deutsche EuroShop AG |
| Heegbarg 36 | |
| 22391 Hamburg | |
| Germany | |
| Phone: | +49 (0)40 413 579-0 |
| Fax: | +49 (0)40 413 579-29 |
| E-mail: | |
| Internet: | -euroshop.de |
| ISIN: | DE0007480204 |
| WKN: | 748020 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1968091 |
| End of News | EQS News Service |
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1968091 14.08.2024 CET/CEST
