Results of operations, financial position and net assets
Despite the tough economic environment, Deutsche EuroShop managed to increase revenue and operating profit. The only major investment measure implemented in the year under review was the increase in our stake in City-Point Kassel from 40% to 90%. This resulted in the full consolidation of the property company – with corresponding effects on the balance sheet and income statement. The shopping centers opened in Passau and Hameln in 2008 were also responsible for positive contributions to earnings.
Revenue rose by €115.3 million to €127.6 million, corresponding to an increase of €12.3 million or 11%. At €34.4 million, consolidated profit was down €34.5 million compared with the previous year (€68.9 million). This fall can be attributed exclusively to measurement losses, which at €-14.8 million in the year under review were €53.0 million lower than the measurement gains of €38.2 million recorded in the previous year. Adjusted for this effect, consolidated profit grew by 18%.
The net asset value per share, taking into account the capital increase conducted in July 2009, fell by around 2.9% from €27.43 to €26.63. Undiluted earnings per share amounted to €0.93 (previous year: €1.96).