Financials - Deutsche EuroShop

GRoup MAnAGeMent RepoRt results of operations, financial position and net assets
0 50100 150 200
In addition, the profit share of third-party shareholders rose by
€ 7.8 million to € 15.7 million as a result of the expanded group of
consolidated companies. In contrast, the profit from investments accounted
for using the equity method improved by € 0.9 million, while
income from investments and interest income were € 0.3 million below
the previous year’s level.
measurement gains / losses higher
than in the prior year
Measurement gains rose by € 8.7 million from € 33.1 million in the
previous year to € 41.8 million. Remeasurement of the portfolio properties
led to gains of € 51.6 million. On average the portfolio properties
increased in value by 1.9% and, with two exceptions (which
showed depreciations of 2.3% and 7.4%), market values were between
+0.2% and +8.4% higher than the previous year.
The initial and subsequent valuations of the Billstedt-Center and the
Allee-Center Magdeburg generated measurement gains of € 11.1 million,
while ancillary acquisition costs for the Billstedt-Center amounted
to € 8.4 million.
In addition, the acquisition of additional shareholdings in the Stadt-
Galerie Hameln and the City-Galerie Wolfsburg led to a measurement
loss of € 0.5 million. The purchase price of the shareholdings
in the City-Galerie Wolfsburg exceeded the redemption entitlements
of the former limited partners recognised in the accounts at the time
of transfer.
The share of measurement gains attributable to third-party shareholders
rose in the reporting year to € 11.9 million (2010: € 3.0 million).
significant change in tax position
The tax burden in the year under review amounted to € 35.0 million,
down by € 69.8 million on the previous year. The correction to tax
expense in the previous year amounted to € 89.6 million, of which
€ 87.5 million was for deferred trade tax and € 2.1 million for backpayments
of trade tax for 2010 and previous years. The reporting
year’s tax expense is composed of € 31.6 million in deferred income
tax and income tax payments on current profit of € 3.4 million (domestic:
€ 2.8 million, foreign: € 0.6 million).
significant increase in consolidated profit
Earnings before interest and taxes (EBIT) climbed 34% from
€ 124.0 million to € 165.7 million in the year under review. At
€ 128.4 million, pre-tax profit (EBT) was 32% up on the previous
year (€ 97.0 million). Consolidated profit amounted to € 93.4 million,
following a loss in the previous year of € 7.8 million.
12 Des Annual Report 2011
EBIT € million
2011
2010
2009
2008
2007
165.7
124.0
110.7
98.1
78.5
operations and measurement gains driving
earnings per share
Earnings per share (consolidated net profit per share) amounted to
€ 1.81 in the reporting year, compared with a loss of € 0.17 in the
previous year. Of this amount, € 1.19 was attributable to operations
(2010: € 0.98) and € 0.62 to measurement gains / losses (2010:
€ 0.54). Earnings per share in the 2010 financial year were also impacted
by non-recurring tax expense for the financial years up to 2009
amounting to € 1.70 per share.
in € per share 2011 2010
Consolidated net profit 1.81 -0.17
Valuation in accordance with IAS 40 -0.81 -0.73
Deferred taxes 0.19 0.18
Tax expense previous years 0.00 1.70
EPRA* earnings 1.19 0.98
Weighted no. of shares in thousands 51,631 45,545
* European Public Real Estate Association
0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5
Earnings per share € undiluted
2011
2010
2009
2008
2007
-1.70 0.98
-0.30
operating
result
0.94
1.19
1.13
0.54
extraordinary
tax effect
1.18
0.62
0.87
0.86 0.94
Measurement
gains / losses
1.81
-0.17
0.88
2.00
2.74