Deutsche Euroshop depreciates by €58.3mn
Deutsche Euroshop (DES) depreciates its shopping centers for 2018; however the valuation result (€ -58.3mn) was slightly lower than had been announced in January. At that time, DES had stated a valuation loss of €61mn, after a gain of €13.1mn the year before. Despite the depreciation corresponding to an average decline in property values of 1.4%, the company has achieved a clearly positive consolidated net income of €79.4mn (€134.3mn in 2017). In operational terms, the Hamburg-based company’s performance improved, with FFO increasing 1.5% to €150.4mn and with revenues climbing 3.0%. Without the devaluation, its earnings before taxes would have risen as well (5% to €160.9mn).
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