With revenue of 106.6 million (previous year: 94.4 million), EBIT of 91.5 million (80.9 million) and consolidated profit of 38.3 million (38.5 million), shopping center investor Deutsche EuroShop is above plan for the year as a whole after the first nine months of 2010 and has revised its forecast upwards. At the same time, a dividend increase to 1.10 per share is envisaged.
"Revenue, net operating income and EBIT all improved by around 13%. This is chiefly due to the contribution to earnings from the A10 Center in Wildau, which was acquired at the beginning of 2010," explains Claus-Matthias Böge, CEO of Deutsche EuroShop.
Earnings before taxes and measurement came to 46.9 million, almost 20% higher than in the same period last year. Consolidated profit totalled 38.3 million (prior-year period: 38.5 million), which corresponds to earnings per share of 0.87 (2009: 1.05). It should be noted here that consolidated profit was boosted in the previous year by positive exceptional and currency effects on measurement gains. The weighted number of shares also increased by 20%. FFO (funds from operations) improved by 18% from 39.3 million to 46.5 million (1.06 per share).
Based on the results for the first nine months, Deutsche EuroShop has increased its forecast for 2010 as a whole and anticipates revenue of 140-144 million (previously: 139-142 million, 2009: 127.6 million), earnings before interest and taxes (EBIT)
of 120-123 million (previously 118-121 million, 2009: 110.7 million), earnings before taxes (EBT) without measurement gains/losses of 61-63 million (previously: 58-60 million, 2009: 54.9 million) and FFO per share between 1.37 and 1.40 (previously 1.33-1.38, 2009: 1.49).
On the basis of the successful business performance in the first three quarters, the Board of Directors expects to be able to propose at next year's Annual General Meeting a dividend increase for the 2010 financial year to 1.10 per share.
Deutsche EuroShop - the shopping center company
Deutsche EuroShop is Germany's only public company, that invests solely in shopping centers in prime locations. The MDAX-listed Company currently has equity interests in 18 European shopping centers in Germany, Austria, Hungary and Poland.
Source: Deutsche EuroShop