SlideShare une entreprise Scribd logo
1  sur  10
Télécharger pour lire hors ligne
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   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   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       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   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   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   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   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   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   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

Contenu connexe

Tendances

Q1 2009 Earning Report of Honeywell International Inc.
Q1 2009 Earning Report of Honeywell International Inc.Q1 2009 Earning Report of Honeywell International Inc.
Q1 2009 Earning Report of Honeywell International Inc.earningreport earningreport
 
TMUS ICM November 2020 update 11.9.20
TMUS ICM November 2020 update 11.9.20TMUS ICM November 2020 update 11.9.20
TMUS ICM November 2020 update 11.9.20thomas paulson
 
Deutsche EuroShop Interim Report Q1 2009
Deutsche EuroShop Interim Report Q1 2009Deutsche EuroShop Interim Report Q1 2009
Deutsche EuroShop Interim Report Q1 2009Deutsche EuroShop AG
 
eastman kodakTranscript_2009 01/29
eastman kodakTranscript_2009 01/29eastman kodakTranscript_2009 01/29
eastman kodakTranscript_2009 01/29finance24
 
Q107_CMIEarnings
Q107_CMIEarningsQ107_CMIEarnings
Q107_CMIEarningsfinance21
 
FY 2010 Results & Plan Update - L. Luciani
FY 2010 Results & Plan Update - L. LucianiFY 2010 Results & Plan Update - L. Luciani
FY 2010 Results & Plan Update - L. LucianiGruppo TIM
 

Tendances (9)

Q1 2009 Earning Report of Daimler Chrysler AG
Q1 2009 Earning Report of Daimler Chrysler AGQ1 2009 Earning Report of Daimler Chrysler AG
Q1 2009 Earning Report of Daimler Chrysler AG
 
Q1 2009 Earning Report of CME Group Inc.
Q1 2009 Earning Report of CME Group Inc.Q1 2009 Earning Report of CME Group Inc.
Q1 2009 Earning Report of CME Group Inc.
 
Q1 2009 Earning Report of Honeywell International Inc.
Q1 2009 Earning Report of Honeywell International Inc.Q1 2009 Earning Report of Honeywell International Inc.
Q1 2009 Earning Report of Honeywell International Inc.
 
TMUS ICM November 2020 update 11.9.20
TMUS ICM November 2020 update 11.9.20TMUS ICM November 2020 update 11.9.20
TMUS ICM November 2020 update 11.9.20
 
Deutsche EuroShop Interim Report Q1 2009
Deutsche EuroShop Interim Report Q1 2009Deutsche EuroShop Interim Report Q1 2009
Deutsche EuroShop Interim Report Q1 2009
 
eastman kodakTranscript_2009 01/29
eastman kodakTranscript_2009 01/29eastman kodakTranscript_2009 01/29
eastman kodakTranscript_2009 01/29
 
Q107_CMIEarnings
Q107_CMIEarningsQ107_CMIEarnings
Q107_CMIEarnings
 
FY 2010 Results & Plan Update - L. Luciani
FY 2010 Results & Plan Update - L. LucianiFY 2010 Results & Plan Update - L. Luciani
FY 2010 Results & Plan Update - L. Luciani
 
Q1 2009 Earning Report of Oshkosh Truck Corp.
Q1 2009 Earning Report of Oshkosh Truck Corp.Q1 2009 Earning Report of Oshkosh Truck Corp.
Q1 2009 Earning Report of Oshkosh Truck Corp.
 

En vedette

Deutsche EuroShop | Company Presentation | 10/12
Deutsche EuroShop | Company Presentation | 10/12Deutsche EuroShop | Company Presentation | 10/12
Deutsche EuroShop | Company Presentation | 10/12Deutsche EuroShop AG
 
Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013
Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013
Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013Deutsche EuroShop AG
 
Deutsche EuroShop | Company Presentation | 08/13
Deutsche EuroShop | Company Presentation | 08/13Deutsche EuroShop | Company Presentation | 08/13
Deutsche EuroShop | Company Presentation | 08/13Deutsche EuroShop AG
 
Deutsche EuroShop | Company Presentation | 09/13
Deutsche EuroShop | Company Presentation | 09/13Deutsche EuroShop | Company Presentation | 09/13
Deutsche EuroShop | Company Presentation | 09/13Deutsche EuroShop AG
 
Deutsche EuroShop | Company Presentation | 07/13
Deutsche EuroShop | Company Presentation | 07/13Deutsche EuroShop | Company Presentation | 07/13
Deutsche EuroShop | Company Presentation | 07/13Deutsche EuroShop AG
 
Deutsche EuroShop | Company Presentation | 10/13
Deutsche EuroShop | Company Presentation | 10/13Deutsche EuroShop | Company Presentation | 10/13
Deutsche EuroShop | Company Presentation | 10/13Deutsche EuroShop AG
 
Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013
Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013
Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013Deutsche EuroShop AG
 
Deutsche EuroShop | Company Presentation | 05/13 (Q1)
Deutsche EuroShop | Company Presentation | 05/13 (Q1)Deutsche EuroShop | Company Presentation | 05/13 (Q1)
Deutsche EuroShop | Company Presentation | 05/13 (Q1)Deutsche EuroShop AG
 
Deutsche EuroShop | Company Presentation | 06/13
Deutsche EuroShop | Company Presentation | 06/13Deutsche EuroShop | Company Presentation | 06/13
Deutsche EuroShop | Company Presentation | 06/13Deutsche EuroShop AG
 

En vedette (14)

Deutsche EuroShop | Company Presentation | 10/12
Deutsche EuroShop | Company Presentation | 10/12Deutsche EuroShop | Company Presentation | 10/12
Deutsche EuroShop | Company Presentation | 10/12
 
Ppt ens maquillem
Ppt ens maquillemPpt ens maquillem
Ppt ens maquillem
 
Caerusone
CaerusoneCaerusone
Caerusone
 
CIT Presentation
CIT PresentationCIT Presentation
CIT Presentation
 
Kaolao clément dubois
Kaolao   clément duboisKaolao   clément dubois
Kaolao clément dubois
 
Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013
Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013
Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013
 
Deutsche EuroShop | Company Presentation | 08/13
Deutsche EuroShop | Company Presentation | 08/13Deutsche EuroShop | Company Presentation | 08/13
Deutsche EuroShop | Company Presentation | 08/13
 
Science.pptx2
Science.pptx2Science.pptx2
Science.pptx2
 
Deutsche EuroShop | Company Presentation | 09/13
Deutsche EuroShop | Company Presentation | 09/13Deutsche EuroShop | Company Presentation | 09/13
Deutsche EuroShop | Company Presentation | 09/13
 
Deutsche EuroShop | Company Presentation | 07/13
Deutsche EuroShop | Company Presentation | 07/13Deutsche EuroShop | Company Presentation | 07/13
Deutsche EuroShop | Company Presentation | 07/13
 
Deutsche EuroShop | Company Presentation | 10/13
Deutsche EuroShop | Company Presentation | 10/13Deutsche EuroShop | Company Presentation | 10/13
Deutsche EuroShop | Company Presentation | 10/13
 
Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013
Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013
Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2013
 
Deutsche EuroShop | Company Presentation | 05/13 (Q1)
Deutsche EuroShop | Company Presentation | 05/13 (Q1)Deutsche EuroShop | Company Presentation | 05/13 (Q1)
Deutsche EuroShop | Company Presentation | 05/13 (Q1)
 
Deutsche EuroShop | Company Presentation | 06/13
Deutsche EuroShop | Company Presentation | 06/13Deutsche EuroShop | Company Presentation | 06/13
Deutsche EuroShop | Company Presentation | 06/13
 

Similaire à Deutsche EuroShop Interim Report Q1-3 2009

Deutsche EuroShop Interim Report Q1 2011
Deutsche EuroShop Interim Report Q1 2011Deutsche EuroShop Interim Report Q1 2011
Deutsche EuroShop Interim Report Q1 2011Deutsche EuroShop AG
 
SANTANDER CONSUMER FINANCE-SANTANDER INVESTOR DAY 2011
SANTANDER CONSUMER FINANCE-SANTANDER INVESTOR DAY 2011SANTANDER CONSUMER FINANCE-SANTANDER INVESTOR DAY 2011
SANTANDER CONSUMER FINANCE-SANTANDER INVESTOR DAY 2011BANCO SANTANDER
 
credit-suisse Slides - Presentation to analysts and media
credit-suisse Slides - Presentation to analysts and mediacredit-suisse Slides - Presentation to analysts and media
credit-suisse Slides - Presentation to analysts and mediaQuarterlyEarningsReports2
 
Deutsche Telekom FY-2011 results presentation
Deutsche Telekom FY-2011 results presentationDeutsche Telekom FY-2011 results presentation
Deutsche Telekom FY-2011 results presentationDeutsche Telekom
 
SANTANDER TOTTA-SANTANDER INVESTOR DAY 2011
SANTANDER TOTTA-SANTANDER INVESTOR DAY 2011SANTANDER TOTTA-SANTANDER INVESTOR DAY 2011
SANTANDER TOTTA-SANTANDER INVESTOR DAY 2011BANCO SANTANDER
 
credit-suisse Slides - Presentation to analysts and media
credit-suisse Slides - Presentation to analysts and mediacredit-suisse Slides - Presentation to analysts and media
credit-suisse Slides - Presentation to analysts and mediaQuarterlyEarningsReports2
 
Deutsche EuroShop Interim Report H1 2012
Deutsche EuroShop Interim Report H1 2012Deutsche EuroShop Interim Report H1 2012
Deutsche EuroShop Interim Report H1 2012Deutsche EuroShop AG
 
Electrolux Interim Report Q1 2009
Electrolux Interim Report Q1 2009Electrolux Interim Report Q1 2009
Electrolux Interim Report Q1 2009Electrolux Group
 
Kemira financial statements bulletin 2012
Kemira financial statements bulletin 2012Kemira financial statements bulletin 2012
Kemira financial statements bulletin 2012Kemira Oyj
 
Metso Financial Statements Review 2012
Metso Financial Statements Review 2012Metso Financial Statements Review 2012
Metso Financial Statements Review 2012Metso Group
 
First Quarter 2009 Results
First Quarter 2009 ResultsFirst Quarter 2009 Results
First Quarter 2009 ResultsGruppo TIM
 
L&t ru4 qfy2010-170510
L&t ru4 qfy2010-170510L&t ru4 qfy2010-170510
L&t ru4 qfy2010-170510Angel Broking
 
Electrolux Interim Report Q1 2011
Electrolux Interim Report Q1 2011Electrolux Interim Report Q1 2011
Electrolux Interim Report Q1 2011Electrolux Group
 
Apresentação de resultados 3 T 2011 Banco Santander
Apresentação de resultados 3 T 2011 Banco SantanderApresentação de resultados 3 T 2011 Banco Santander
Apresentação de resultados 3 T 2011 Banco SantanderBANCO SANTANDER
 
RESULTS PRESENTATION 3Q 2011 SANTANDER BANK
RESULTS PRESENTATION 3Q 2011 SANTANDER BANKRESULTS PRESENTATION 3Q 2011 SANTANDER BANK
RESULTS PRESENTATION 3Q 2011 SANTANDER BANKBANCO SANTANDER
 
9198 michcorp-res sem-2009
9198 michcorp-res sem-20099198 michcorp-res sem-2009
9198 michcorp-res sem-2009pay2008kpar
 

Similaire à Deutsche EuroShop Interim Report Q1-3 2009 (20)

Bucher 2012 Interim Report
Bucher 2012 Interim ReportBucher 2012 Interim Report
Bucher 2012 Interim Report
 
Q1 2009 Earning Report of Continental Ag
Q1 2009 Earning Report of Continental AgQ1 2009 Earning Report of Continental Ag
Q1 2009 Earning Report of Continental Ag
 
Deutsche EuroShop Interim Report Q1 2011
Deutsche EuroShop Interim Report Q1 2011Deutsche EuroShop Interim Report Q1 2011
Deutsche EuroShop Interim Report Q1 2011
 
SANTANDER CONSUMER FINANCE-SANTANDER INVESTOR DAY 2011
SANTANDER CONSUMER FINANCE-SANTANDER INVESTOR DAY 2011SANTANDER CONSUMER FINANCE-SANTANDER INVESTOR DAY 2011
SANTANDER CONSUMER FINANCE-SANTANDER INVESTOR DAY 2011
 
credit-suisse Slides - Presentation to analysts and media
credit-suisse Slides - Presentation to analysts and mediacredit-suisse Slides - Presentation to analysts and media
credit-suisse Slides - Presentation to analysts and media
 
Deutsche Telekom FY-2011 results presentation
Deutsche Telekom FY-2011 results presentationDeutsche Telekom FY-2011 results presentation
Deutsche Telekom FY-2011 results presentation
 
SANTANDER TOTTA-SANTANDER INVESTOR DAY 2011
SANTANDER TOTTA-SANTANDER INVESTOR DAY 2011SANTANDER TOTTA-SANTANDER INVESTOR DAY 2011
SANTANDER TOTTA-SANTANDER INVESTOR DAY 2011
 
credit-suisse Slides - Presentation to analysts and media
credit-suisse Slides - Presentation to analysts and mediacredit-suisse Slides - Presentation to analysts and media
credit-suisse Slides - Presentation to analysts and media
 
Deutsche EuroShop Interim Report H1 2012
Deutsche EuroShop Interim Report H1 2012Deutsche EuroShop Interim Report H1 2012
Deutsche EuroShop Interim Report H1 2012
 
Electrolux Interim Report Q1 2009
Electrolux Interim Report Q1 2009Electrolux Interim Report Q1 2009
Electrolux Interim Report Q1 2009
 
Q3 2009 Earning Report of Acergy S.A.
Q3 2009 Earning Report of Acergy S.A.Q3 2009 Earning Report of Acergy S.A.
Q3 2009 Earning Report of Acergy S.A.
 
Kemira financial statements bulletin 2012
Kemira financial statements bulletin 2012Kemira financial statements bulletin 2012
Kemira financial statements bulletin 2012
 
Metso Financial Statements Review 2012
Metso Financial Statements Review 2012Metso Financial Statements Review 2012
Metso Financial Statements Review 2012
 
First Quarter 2009 Results
First Quarter 2009 ResultsFirst Quarter 2009 Results
First Quarter 2009 Results
 
L&t ru4 qfy2010-170510
L&t ru4 qfy2010-170510L&t ru4 qfy2010-170510
L&t ru4 qfy2010-170510
 
Q3 2011 Financial Highlights Presentaion Final
Q3 2011 Financial Highlights Presentaion FinalQ3 2011 Financial Highlights Presentaion Final
Q3 2011 Financial Highlights Presentaion Final
 
Electrolux Interim Report Q1 2011
Electrolux Interim Report Q1 2011Electrolux Interim Report Q1 2011
Electrolux Interim Report Q1 2011
 
Apresentação de resultados 3 T 2011 Banco Santander
Apresentação de resultados 3 T 2011 Banco SantanderApresentação de resultados 3 T 2011 Banco Santander
Apresentação de resultados 3 T 2011 Banco Santander
 
RESULTS PRESENTATION 3Q 2011 SANTANDER BANK
RESULTS PRESENTATION 3Q 2011 SANTANDER BANKRESULTS PRESENTATION 3Q 2011 SANTANDER BANK
RESULTS PRESENTATION 3Q 2011 SANTANDER BANK
 
9198 michcorp-res sem-2009
9198 michcorp-res sem-20099198 michcorp-res sem-2009
9198 michcorp-res sem-2009
 

Plus de Deutsche EuroShop AG

Deutsche EuroShop | Company Presentation | 03/24
Deutsche EuroShop | Company Presentation | 03/24Deutsche EuroShop | Company Presentation | 03/24
Deutsche EuroShop | Company Presentation | 03/24Deutsche EuroShop AG
 
Deutsche EuroShop | Preliminary Results FY 2023
Deutsche EuroShop | Preliminary Results FY 2023Deutsche EuroShop | Preliminary Results FY 2023
Deutsche EuroShop | Preliminary Results FY 2023Deutsche EuroShop AG
 
Deutsche EuroShop | Company Presentation | 02/24
Deutsche EuroShop | Company Presentation | 02/24Deutsche EuroShop | Company Presentation | 02/24
Deutsche EuroShop | Company Presentation | 02/24Deutsche EuroShop AG
 
Deutsche EuroShop | Company Presentation | 01/24
Deutsche EuroShop | Company Presentation | 01/24Deutsche EuroShop | Company Presentation | 01/24
Deutsche EuroShop | Company Presentation | 01/24Deutsche EuroShop AG
 
Deutsche EuroShop | Conference Call Presentation - Quarterly Statement 9M 2023
Deutsche EuroShop | Conference Call Presentation - Quarterly Statement 9M 2023Deutsche EuroShop | Conference Call Presentation - Quarterly Statement 9M 2023
Deutsche EuroShop | Conference Call Presentation - Quarterly Statement 9M 2023Deutsche EuroShop AG
 
Deutsche EuroShop | Company Presentation | 11/23
Deutsche EuroShop | Company Presentation | 11/23Deutsche EuroShop | Company Presentation | 11/23
Deutsche EuroShop | Company Presentation | 11/23Deutsche EuroShop AG
 
Deutsche EuroShop | Quartalsmitteilung 9M 2023
Deutsche EuroShop | Quartalsmitteilung  9M 2023Deutsche EuroShop | Quartalsmitteilung  9M 2023
Deutsche EuroShop | Quartalsmitteilung 9M 2023Deutsche EuroShop AG
 
Deutsche EuroShop | Quarterly Statement 9M 2023
Deutsche EuroShop | Quarterly Statement 9M 2023Deutsche EuroShop | Quarterly Statement 9M 2023
Deutsche EuroShop | Quarterly Statement 9M 2023Deutsche EuroShop AG
 
Deutsche EuroShop | Company Presentation | 09/23
Deutsche EuroShop | Company Presentation | 09/23Deutsche EuroShop | Company Presentation | 09/23
Deutsche EuroShop | Company Presentation | 09/23Deutsche EuroShop AG
 
Deutsche EuroShop | Half-Year Financial Report 2023
Deutsche EuroShop | Half-Year Financial Report 2023Deutsche EuroShop | Half-Year Financial Report 2023
Deutsche EuroShop | Half-Year Financial Report 2023Deutsche EuroShop AG
 
Deutsche EuroShop | Halbjahresfinanzbericht 2023
Deutsche EuroShop | Halbjahresfinanzbericht 2023Deutsche EuroShop | Halbjahresfinanzbericht 2023
Deutsche EuroShop | Halbjahresfinanzbericht 2023Deutsche EuroShop AG
 
Deutsche EuroShop | Quartalsmitteilung 3M 2023
Deutsche EuroShop | Quartalsmitteilung 3M 2023Deutsche EuroShop | Quartalsmitteilung 3M 2023
Deutsche EuroShop | Quartalsmitteilung 3M 2023Deutsche EuroShop AG
 
Deutsche EuroShop | Quarterly Statement 3M 2023
Deutsche EuroShop | Quarterly Statement 3M 2023Deutsche EuroShop | Quarterly Statement 3M 2023
Deutsche EuroShop | Quarterly Statement 3M 2023Deutsche EuroShop AG
 
Deutsche EuroShop | Annual Report 2022
Deutsche EuroShop | Annual Report 2022Deutsche EuroShop | Annual Report 2022
Deutsche EuroShop | Annual Report 2022Deutsche EuroShop AG
 
Deutsche EuroShop | Geschäftsbericht 2022
Deutsche EuroShop | Geschäftsbericht 2022Deutsche EuroShop | Geschäftsbericht 2022
Deutsche EuroShop | Geschäftsbericht 2022Deutsche EuroShop AG
 
Deutsche EuroShop | Company Presentation | 04/23
Deutsche EuroShop | Company Presentation | 04/23Deutsche EuroShop | Company Presentation | 04/23
Deutsche EuroShop | Company Presentation | 04/23Deutsche EuroShop AG
 
Deutsche EuroShop | Preliminary Results FY 2022
Deutsche EuroShop | Preliminary Results FY 2022Deutsche EuroShop | Preliminary Results FY 2022
Deutsche EuroShop | Preliminary Results FY 2022Deutsche EuroShop AG
 
Deutsche EuroShop | Company Presentation | 02/23
Deutsche EuroShop | Company Presentation | 02/23Deutsche EuroShop | Company Presentation | 02/23
Deutsche EuroShop | Company Presentation | 02/23Deutsche EuroShop AG
 
Deutsche EuroShop | Company Presentation | 01/23
Deutsche EuroShop | Company Presentation | 01/23Deutsche EuroShop | Company Presentation | 01/23
Deutsche EuroShop | Company Presentation | 01/23Deutsche EuroShop AG
 
Deutsche EuroShop | Company Presentation | 12/22
Deutsche EuroShop | Company Presentation | 12/22Deutsche EuroShop | Company Presentation | 12/22
Deutsche EuroShop | Company Presentation | 12/22Deutsche EuroShop AG
 

Plus de Deutsche EuroShop AG (20)

Deutsche EuroShop | Company Presentation | 03/24
Deutsche EuroShop | Company Presentation | 03/24Deutsche EuroShop | Company Presentation | 03/24
Deutsche EuroShop | Company Presentation | 03/24
 
Deutsche EuroShop | Preliminary Results FY 2023
Deutsche EuroShop | Preliminary Results FY 2023Deutsche EuroShop | Preliminary Results FY 2023
Deutsche EuroShop | Preliminary Results FY 2023
 
Deutsche EuroShop | Company Presentation | 02/24
Deutsche EuroShop | Company Presentation | 02/24Deutsche EuroShop | Company Presentation | 02/24
Deutsche EuroShop | Company Presentation | 02/24
 
Deutsche EuroShop | Company Presentation | 01/24
Deutsche EuroShop | Company Presentation | 01/24Deutsche EuroShop | Company Presentation | 01/24
Deutsche EuroShop | Company Presentation | 01/24
 
Deutsche EuroShop | Conference Call Presentation - Quarterly Statement 9M 2023
Deutsche EuroShop | Conference Call Presentation - Quarterly Statement 9M 2023Deutsche EuroShop | Conference Call Presentation - Quarterly Statement 9M 2023
Deutsche EuroShop | Conference Call Presentation - Quarterly Statement 9M 2023
 
Deutsche EuroShop | Company Presentation | 11/23
Deutsche EuroShop | Company Presentation | 11/23Deutsche EuroShop | Company Presentation | 11/23
Deutsche EuroShop | Company Presentation | 11/23
 
Deutsche EuroShop | Quartalsmitteilung 9M 2023
Deutsche EuroShop | Quartalsmitteilung  9M 2023Deutsche EuroShop | Quartalsmitteilung  9M 2023
Deutsche EuroShop | Quartalsmitteilung 9M 2023
 
Deutsche EuroShop | Quarterly Statement 9M 2023
Deutsche EuroShop | Quarterly Statement 9M 2023Deutsche EuroShop | Quarterly Statement 9M 2023
Deutsche EuroShop | Quarterly Statement 9M 2023
 
Deutsche EuroShop | Company Presentation | 09/23
Deutsche EuroShop | Company Presentation | 09/23Deutsche EuroShop | Company Presentation | 09/23
Deutsche EuroShop | Company Presentation | 09/23
 
Deutsche EuroShop | Half-Year Financial Report 2023
Deutsche EuroShop | Half-Year Financial Report 2023Deutsche EuroShop | Half-Year Financial Report 2023
Deutsche EuroShop | Half-Year Financial Report 2023
 
Deutsche EuroShop | Halbjahresfinanzbericht 2023
Deutsche EuroShop | Halbjahresfinanzbericht 2023Deutsche EuroShop | Halbjahresfinanzbericht 2023
Deutsche EuroShop | Halbjahresfinanzbericht 2023
 
Deutsche EuroShop | Quartalsmitteilung 3M 2023
Deutsche EuroShop | Quartalsmitteilung 3M 2023Deutsche EuroShop | Quartalsmitteilung 3M 2023
Deutsche EuroShop | Quartalsmitteilung 3M 2023
 
Deutsche EuroShop | Quarterly Statement 3M 2023
Deutsche EuroShop | Quarterly Statement 3M 2023Deutsche EuroShop | Quarterly Statement 3M 2023
Deutsche EuroShop | Quarterly Statement 3M 2023
 
Deutsche EuroShop | Annual Report 2022
Deutsche EuroShop | Annual Report 2022Deutsche EuroShop | Annual Report 2022
Deutsche EuroShop | Annual Report 2022
 
Deutsche EuroShop | Geschäftsbericht 2022
Deutsche EuroShop | Geschäftsbericht 2022Deutsche EuroShop | Geschäftsbericht 2022
Deutsche EuroShop | Geschäftsbericht 2022
 
Deutsche EuroShop | Company Presentation | 04/23
Deutsche EuroShop | Company Presentation | 04/23Deutsche EuroShop | Company Presentation | 04/23
Deutsche EuroShop | Company Presentation | 04/23
 
Deutsche EuroShop | Preliminary Results FY 2022
Deutsche EuroShop | Preliminary Results FY 2022Deutsche EuroShop | Preliminary Results FY 2022
Deutsche EuroShop | Preliminary Results FY 2022
 
Deutsche EuroShop | Company Presentation | 02/23
Deutsche EuroShop | Company Presentation | 02/23Deutsche EuroShop | Company Presentation | 02/23
Deutsche EuroShop | Company Presentation | 02/23
 
Deutsche EuroShop | Company Presentation | 01/23
Deutsche EuroShop | Company Presentation | 01/23Deutsche EuroShop | Company Presentation | 01/23
Deutsche EuroShop | Company Presentation | 01/23
 
Deutsche EuroShop | Company Presentation | 12/22
Deutsche EuroShop | Company Presentation | 12/22Deutsche EuroShop | Company Presentation | 12/22
Deutsche EuroShop | Company Presentation | 12/22
 

Dernier

Prestige Sector 94 at Noida E Brochure.pdf
Prestige Sector 94 at Noida E Brochure.pdfPrestige Sector 94 at Noida E Brochure.pdf
Prestige Sector 94 at Noida E Brochure.pdfsarak0han45400
 
Provident Solitaire Park Square Kanakapura Road, Bangalore E- Brochure.pdf
Provident Solitaire Park Square Kanakapura Road, Bangalore E- Brochure.pdfProvident Solitaire Park Square Kanakapura Road, Bangalore E- Brochure.pdf
Provident Solitaire Park Square Kanakapura Road, Bangalore E- Brochure.pdffaheemali990101
 
Kumar Fireworks Hadapsar Link Road Pune Brochure.pdf
Kumar Fireworks Hadapsar Link Road Pune Brochure.pdfKumar Fireworks Hadapsar Link Road Pune Brochure.pdf
Kumar Fireworks Hadapsar Link Road Pune Brochure.pdfBabyrudram
 
Kolte Patil Mirabilis at Horamavu Road, Bangalore E brochure.pdf
Kolte Patil Mirabilis at Horamavu Road, Bangalore E brochure.pdfKolte Patil Mirabilis at Horamavu Road, Bangalore E brochure.pdf
Kolte Patil Mirabilis at Horamavu Road, Bangalore E brochure.pdfAhanundefined
 
Anandtara Iris Residences Mundhwa Pune Brochure.pdf
Anandtara Iris Residences Mundhwa Pune Brochure.pdfAnandtara Iris Residences Mundhwa Pune Brochure.pdf
Anandtara Iris Residences Mundhwa Pune Brochure.pdfabbu831446
 
Sobha Aranya Sector 80 Gurgaon E- Brochure.pdf
Sobha Aranya Sector 80 Gurgaon E- Brochure.pdfSobha Aranya Sector 80 Gurgaon E- Brochure.pdf
Sobha Aranya Sector 80 Gurgaon E- Brochure.pdffaheemali990101
 
What Is Biophilic Design .pdf
What Is Biophilic Design            .pdfWhat Is Biophilic Design            .pdf
What Is Biophilic Design .pdfyamunaNMH
 
Experion Elements Sector 45 Noida_Brochure.pdf.pdf
Experion Elements Sector 45 Noida_Brochure.pdf.pdfExperion Elements Sector 45 Noida_Brochure.pdf.pdf
Experion Elements Sector 45 Noida_Brochure.pdf.pdfkratirudram
 
A Brief History of Intangibles in Ad Valorem Taxation.pdf
A Brief History of Intangibles in Ad Valorem Taxation.pdfA Brief History of Intangibles in Ad Valorem Taxation.pdf
A Brief History of Intangibles in Ad Valorem Taxation.pdfTim Wilmath
 
LCAR Unit 22 - Leasing and Property Management - 14th Edition Revised.pptx
LCAR Unit 22 - Leasing and Property Management - 14th Edition Revised.pptxLCAR Unit 22 - Leasing and Property Management - 14th Edition Revised.pptx
LCAR Unit 22 - Leasing and Property Management - 14th Edition Revised.pptxTom Blefko
 
8 Key Elements for Comfortable Farmland Living
8 Key Elements for Comfortable Farmland Living 8 Key Elements for Comfortable Farmland Living
8 Key Elements for Comfortable Farmland Living Farmland Bazaar
 
Clemson Engineering Consultant Dubai For Innovative and Sustainable Engineeri...
Clemson Engineering Consultant Dubai For Innovative and Sustainable Engineeri...Clemson Engineering Consultant Dubai For Innovative and Sustainable Engineeri...
Clemson Engineering Consultant Dubai For Innovative and Sustainable Engineeri...Clemson Engineering Consultant
 
Ebullient Investments Limited specializes in Building contractor
Ebullient Investments Limited specializes in Building contractorEbullient Investments Limited specializes in Building contractor
Ebullient Investments Limited specializes in Building contractorEbullient Investments Limited
 
Radiance Majestic Valasaravakkam Chennai.pdf
Radiance Majestic Valasaravakkam Chennai.pdfRadiance Majestic Valasaravakkam Chennai.pdf
Radiance Majestic Valasaravakkam Chennai.pdfashiyadav24
 
_Navigating Inflation's Influence on Commercial Real Estate (CRE) Investing I...
_Navigating Inflation's Influence on Commercial Real Estate (CRE) Investing I..._Navigating Inflation's Influence on Commercial Real Estate (CRE) Investing I...
_Navigating Inflation's Influence on Commercial Real Estate (CRE) Investing I...SyndicationPro, LLC
 
MADHUGIRI FARM LAND BROCHURES (11)_compressed (1).pdf
MADHUGIRI FARM LAND BROCHURES (11)_compressed (1).pdfMADHUGIRI FARM LAND BROCHURES (11)_compressed (1).pdf
MADHUGIRI FARM LAND BROCHURES (11)_compressed (1).pdfknoxdigital1
 
What-are-the-latest-modular-wardrobe-designs.pdf
What-are-the-latest-modular-wardrobe-designs.pdfWhat-are-the-latest-modular-wardrobe-designs.pdf
What-are-the-latest-modular-wardrobe-designs.pdfKams Designer Zone
 
The Role of Mortgage Brokers in Retirement Housing: Key Considerations
The Role of Mortgage Brokers in Retirement Housing: Key ConsiderationsThe Role of Mortgage Brokers in Retirement Housing: Key Considerations
The Role of Mortgage Brokers in Retirement Housing: Key Considerationssunlite Mortgage
 

Dernier (20)

Hot call girls in Moti Bagh🔝 9953056974 🔝 escort Service
Hot call girls in Moti Bagh🔝 9953056974 🔝 escort ServiceHot call girls in Moti Bagh🔝 9953056974 🔝 escort Service
Hot call girls in Moti Bagh🔝 9953056974 🔝 escort Service
 
Prestige Sector 94 at Noida E Brochure.pdf
Prestige Sector 94 at Noida E Brochure.pdfPrestige Sector 94 at Noida E Brochure.pdf
Prestige Sector 94 at Noida E Brochure.pdf
 
Provident Solitaire Park Square Kanakapura Road, Bangalore E- Brochure.pdf
Provident Solitaire Park Square Kanakapura Road, Bangalore E- Brochure.pdfProvident Solitaire Park Square Kanakapura Road, Bangalore E- Brochure.pdf
Provident Solitaire Park Square Kanakapura Road, Bangalore E- Brochure.pdf
 
Kumar Fireworks Hadapsar Link Road Pune Brochure.pdf
Kumar Fireworks Hadapsar Link Road Pune Brochure.pdfKumar Fireworks Hadapsar Link Road Pune Brochure.pdf
Kumar Fireworks Hadapsar Link Road Pune Brochure.pdf
 
Kolte Patil Mirabilis at Horamavu Road, Bangalore E brochure.pdf
Kolte Patil Mirabilis at Horamavu Road, Bangalore E brochure.pdfKolte Patil Mirabilis at Horamavu Road, Bangalore E brochure.pdf
Kolte Patil Mirabilis at Horamavu Road, Bangalore E brochure.pdf
 
Anandtara Iris Residences Mundhwa Pune Brochure.pdf
Anandtara Iris Residences Mundhwa Pune Brochure.pdfAnandtara Iris Residences Mundhwa Pune Brochure.pdf
Anandtara Iris Residences Mundhwa Pune Brochure.pdf
 
Sobha Aranya Sector 80 Gurgaon E- Brochure.pdf
Sobha Aranya Sector 80 Gurgaon E- Brochure.pdfSobha Aranya Sector 80 Gurgaon E- Brochure.pdf
Sobha Aranya Sector 80 Gurgaon E- Brochure.pdf
 
What Is Biophilic Design .pdf
What Is Biophilic Design            .pdfWhat Is Biophilic Design            .pdf
What Is Biophilic Design .pdf
 
Experion Elements Sector 45 Noida_Brochure.pdf.pdf
Experion Elements Sector 45 Noida_Brochure.pdf.pdfExperion Elements Sector 45 Noida_Brochure.pdf.pdf
Experion Elements Sector 45 Noida_Brochure.pdf.pdf
 
A Brief History of Intangibles in Ad Valorem Taxation.pdf
A Brief History of Intangibles in Ad Valorem Taxation.pdfA Brief History of Intangibles in Ad Valorem Taxation.pdf
A Brief History of Intangibles in Ad Valorem Taxation.pdf
 
LCAR Unit 22 - Leasing and Property Management - 14th Edition Revised.pptx
LCAR Unit 22 - Leasing and Property Management - 14th Edition Revised.pptxLCAR Unit 22 - Leasing and Property Management - 14th Edition Revised.pptx
LCAR Unit 22 - Leasing and Property Management - 14th Edition Revised.pptx
 
8 Key Elements for Comfortable Farmland Living
8 Key Elements for Comfortable Farmland Living 8 Key Elements for Comfortable Farmland Living
8 Key Elements for Comfortable Farmland Living
 
Clemson Engineering Consultant Dubai For Innovative and Sustainable Engineeri...
Clemson Engineering Consultant Dubai For Innovative and Sustainable Engineeri...Clemson Engineering Consultant Dubai For Innovative and Sustainable Engineeri...
Clemson Engineering Consultant Dubai For Innovative and Sustainable Engineeri...
 
Ebullient Investments Limited specializes in Building contractor
Ebullient Investments Limited specializes in Building contractorEbullient Investments Limited specializes in Building contractor
Ebullient Investments Limited specializes in Building contractor
 
Radiance Majestic Valasaravakkam Chennai.pdf
Radiance Majestic Valasaravakkam Chennai.pdfRadiance Majestic Valasaravakkam Chennai.pdf
Radiance Majestic Valasaravakkam Chennai.pdf
 
_Navigating Inflation's Influence on Commercial Real Estate (CRE) Investing I...
_Navigating Inflation's Influence on Commercial Real Estate (CRE) Investing I..._Navigating Inflation's Influence on Commercial Real Estate (CRE) Investing I...
_Navigating Inflation's Influence on Commercial Real Estate (CRE) Investing I...
 
MADHUGIRI FARM LAND BROCHURES (11)_compressed (1).pdf
MADHUGIRI FARM LAND BROCHURES (11)_compressed (1).pdfMADHUGIRI FARM LAND BROCHURES (11)_compressed (1).pdf
MADHUGIRI FARM LAND BROCHURES (11)_compressed (1).pdf
 
What-are-the-latest-modular-wardrobe-designs.pdf
What-are-the-latest-modular-wardrobe-designs.pdfWhat-are-the-latest-modular-wardrobe-designs.pdf
What-are-the-latest-modular-wardrobe-designs.pdf
 
young call girls in Lajpat Nagar,🔝 9953056974 🔝 escort Service
young call girls in Lajpat Nagar,🔝 9953056974 🔝 escort Serviceyoung call girls in Lajpat Nagar,🔝 9953056974 🔝 escort Service
young call girls in Lajpat Nagar,🔝 9953056974 🔝 escort Service
 
The Role of Mortgage Brokers in Retirement Housing: Key Considerations
The Role of Mortgage Brokers in Retirement Housing: Key ConsiderationsThe Role of Mortgage Brokers in Retirement Housing: Key Considerations
The Role of Mortgage Brokers in Retirement Housing: Key Considerations
 

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