Deutsche EuroShop AG
Wilhelm Wellner - Deutsche EuroShop AG
According to CEO Wilhelm Wellner, "The Deutsche EuroShop business model once again proved itsreliability in the first six months of 2017. In comparison with the previous year's period, we posted a considerable improvement in earnings along with keyfigures that developed as planned."
Listed German shopping centre investor Deutsche Euroshop boosted its funds from operations by nearly 13% to €70.9m in the first half of 2017, and grew its Group profit by 15.5% from €48.7m to €56.2m. The company said two new shopping centres, in Germany and Czech Republic had contributed to the growth.
Net operating income (NOI) was EUR 95.3 million (+4.0%) in the first half of 2017, on revenues of €105.8m (+3.9% year on year). Earnings before interest and taxes (EBIT) increased by 4.1% to €92.5m.
According to CEO Wilhelm Wellner, "The Deutsche EuroShop business model once again proved itsreliability in the first six months of 2017. In comparison with the previous year's period, we posted a considerable improvement in earnings along with keyfigures that developed as planned."
"Alongside lower interest costs, new additions to theportfolio - Saarpark-Center Neunkirchen and the Olympia Center Brno - in particular contributed to growth", he added.
Deutsche Euroshop's management team said in a statement it is sticking to its guidancefor financial year 2017 and is confident of being able to pay a dividend of €1.45 per share.
Deutsche Euroshop currently owns or has significant stakes in 21 shopping centres – 17 in Germany and one each in Austria, the Czech Republic, Poland and Hungary. The centres, with more than 99% occupancy, are managed by German centre specialist ECE, itself owned and controlled by the Otto family, of which Alexander Otto also holds 17.6% of Deutsche Euroshop. Nearly all the Deutsche Euroshop centres are in city centre locations, and have a market value of €5.1bn.