Financials - Deutsche EuroShop
Financials - Deutsche EuroShop
Financials - Deutsche EuroShop
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
switch to equity method accounting<br />
from 1 January 2013<br />
Changes to the International Accounting Standards mean that the<br />
proportional consolidation of our joint ventures will probably no longer<br />
be permitted after 2013. The share in the revenue and costs of<br />
these companies will no longer be included in the consolidated financial<br />
statements. Instead, only the share in the results of these shopping<br />
centers will be reported under net finance costs.<br />
revenue to rise by 10% in 2012<br />
We anticipate an increase in revenue of around 10% to between<br />
€ 207 million and € 211 million in the 2012 financial year. In particular,<br />
the revenue contribution of the Allee-Center Magdeburg and the<br />
additional revenues from the expansion completed in 2011 are expected<br />
to make a positive impact. If we were to switch to equity method<br />
accounting in the 2012 financial year, the expected revenue would be<br />
between € 174 million and € 178 million. Revenues are expected to<br />
increase again slightly in 2013 and, after the change to equity accounting,<br />
reach a level of between € 178 million and € 182 million.<br />
further growth in earnings in the<br />
next two years<br />
Earnings before interest and taxes (EBIT) amounted to € 165.7 million<br />
in 2011. According to our forecast, EBIT will amount to between<br />
€ 177 million and € 181 million in the current financial year (+8%),<br />
or if equity method accounting were to be applied in 2012, between<br />
€ 147 million and € 151 million. Taking into account the change in<br />
accounting method, EBIT should increase to between € 151 million<br />
and € 155 million in 2013 (+3%).<br />
Earnings before tax (EBT) excluding measurement gains and losses<br />
amounted to € 86.6 million during the year under review. We expect<br />
the corresponding figure to be between € 90 million and € 93 million<br />
for the 2012 financial year (+6%) and between € 94 and € 97 million<br />
for the 2013 financial year (+4%). As equity accounting means that<br />
the results of the companies concerned are recognised in net finance<br />
costs, earnings before taxes excluding measurement gains or losses are<br />
not affected by the switch to equity accounting.<br />
148<br />
124<br />
100<br />
Revenue € million<br />
Result<br />
190.0<br />
2011<br />
Target<br />
207 – 211<br />
200<br />
Target *<br />
174 – 178<br />
175<br />
150<br />
125<br />
* Accounted for using the equity method<br />
100<br />
Target *<br />
178 – 182<br />
2012 2013<br />
EBIT € million<br />
Result<br />
165.7<br />
2011<br />
Target<br />
177 – 181<br />
Target *<br />
147 – 151<br />
* Accounted for using the equity method<br />
Target *<br />
151 – 155<br />
2012 2013<br />
Des Annual Report 2011 23