DGAP-News: Deutsche EuroShop: Positive business development in the first half of 2022

DGAP News: Deutsche EuroShop AG

/ Keywords: Half-year report/Half-year results

Deutsche EuroShop: Positive business development in the first half of 2022

08/11/2022 / 18:00 CET/CEST

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Deutsche EuroShop: Positive business development in the first half of 2022

  • Revenue: €105.7 million. (+0.7%)
  • NOI: €84.1m (+17.1%)
  • Group profit: €46.2 million. / €0.75 per share (+25.5%)
  • EPRA earnings: €60.8 million. / €0.98 per share (+12.0%)
  • FFO: €66.7 million. / €1.08 per share (+22.8%)

Hamburg, 11 August 2022 – Shopping center investor Deutsche EuroShop (DES) today published results for the first half of 2022, which were operationally good for the company and continued to be stable. Revenue increased by 0.7% from €104.9 million. to €105.7 million With €84.1 million net operating income (NOI) was 17.1% above the previous year’s level and earnings before interest and tax (EBIT) improved to €76.0 million. The main reason for this operational improvement was the waning effects and aftermath of the corona pandemic, which had a particularly strong impact in 2021.

Shopping centers with significantly increasing visitor numbers and sales

As expected, customer frequency in the first six months of 2022 was significantly better (+72%) than in the same half of the previous year, which had long lockdown phases. Compared to the first half of 2019, which was unaffected by the pandemic, the number of visitors was still significantly lower (-24%). From January to May 2022, the turnover of tenants in the shopping centers was also, albeit slightly, below the level of 2019 (-11%). For the collection rate, the ratio between incoming services in relation to rent and receivables related to tenants, the usual normal level for agreed payments was almost reached at 98%.

Earnings before tax and valuation (EBT excluding valuation) increased by 16.1% to €64.7m. in the first half of the year. Consolidated profit also increased significantly by 25.5% to €46.2m and EPRA earnings also increased by 12.0% to €60.8m. Operating assets (FFO) adjusted for valuation and special effects were DKK 12.4 million. € higher than in the same period last year of 66.7 million. € (+22.8%). This corresponds to FFO per share of €1.08.

Liquidity was further improved, the financing for 2022 was successfully completed

“Our balance sheet is still good – even after more than two years of the pandemic. Equity is stable at 56.3% and the loan-to-value ratio (LTV) at a low 29.0%. At the balance sheet date, our group liquidity was €377.8 million,” says a pleased Olaf Borkers, member of the executive board of Deutsche EuroShop. “These figures show that our operations are now gradually emerging from the pandemic and are well positioned for the future. The same applies to the financing of the company: We have already completed all follow-up financing for 2022 and will thus be able to reduce the annual interest expense by a further approximately DKK 0.5 million. In 2022, our interest expenses will be around €3.2 million lower due to this follow-on financing and those from 2021. For the only follow-on financing of 209 million euros for the Main-Taunus-Zentrum due in 2023, the company has already agreed contractual framework conditions with a bank consortium. There will then be no further follow-up funding until September 2025.”

Dividend proposal and forecast confirmation

At the ordinary general meeting on August 30, 2022, the board of directors and the board of directors of Deutsche EuroShop proposed the payment of a dividend of almost €61.8 million or €1.00 per share. share for the financial year 2021. Based on the first six months of 2022, the management confirms the full-year forecast and expects FFO in a range of €1.95 to €2.05 per share.

Complete quarterly overview

The full quarterly statement is available online as a PDF file and as eAvis at www.deutsche-euroshop.de/ir

Internet transmission of the conference call

Friday, August 12, 2022 at 10:00 a.m. Deutsche EuroShop will broadcast its English-language conference call live as a webcast on the Internet at www.deutsche-euroshop.de/ir

Deutsche EuroShop – The shopping center company

Deutsche EuroShop is Germany’s only limited company that invests exclusively in shopping centers in prime locations. The SDAX company is currently involved in 21 shopping centers in Germany, Austria, Poland, the Czech Republic and Hungary. The portfolio includes Main-Taunus-Zentrum near Frankfurt, Altmarkt-Galerie in Dresden and Galeria Baltycka in Gdansk.

The group’s key figures

in €m

01.01.-30.06.2022

01.01.-30.06.2021

+/-

income

105.7

104.9

0.7%

Net Operating Income (NOI)

84.1

71.9

17.1%

EBIT

76.0

70.5

7.8%

EBT (without valuation result1)

64.7

55.7

16.1%

EPRA2 Earnings

60.8

54.3

12.0%

FFO

66.7

54.3

22.8%

Group result

46.2

36.8

25.5%

in €

01.01.-30.06.2022

01.01.-30.06.2021

+/-

EPRA2 earnings per stock

0.98

0.88

11.4%

FFO per stock

1.08

0.88

22.7%

profit per stock

0.75

0.60

25.0%

Weighted number of shares issued

61,783,594

61,783,594

0%

in €m

30/06/2022

31/12/2021

+/-

equity 3

2,432.6

2,377.8

2.3%

obligations

1,888.6

1,901.0

-0.7%

total assets

4,321.2

4,278.8

1.0%

EPRA2 NTA

2,427.1

2,374.4

2.2%

EPRA2 NTA per share in €

39.29

38,43

2.2%

Share of equity in %3

56.3

55.6

LTV ratio %4

29.0

30.5

LTV ratio (proportional) in %4

31.7

33.3

liquid funds

377.8

328.8

14.9%

1, including the share of joint ventures and associated companies booked according to the equity method
2 European Public Real Estate Association
3 including minority interests in equity
4 Loan to Value (LTV): The ratio between net financial liabilities (financial liabilities minus cash and cash equivalents) and long-term assets (investment properties and financial assets booked according to the net asset value method). LTV (proportionately) is determined on the basis of the group’s share in subsidiaries and joint ventures.


08/11/2022 CET/CEST Publication of a Corporate News/Financial News, transmitted by DGAP – a service of EQS Group AG.
The issuer/publisher is responsible for the content of the message.

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Language:

German

Company:

Deutsche EuroShop AG

Heegberg 36

22391 Hamburg

Germany

Telephone:

+49 (0)40 413 579-0

Fax:

+49 (0)40 413 579-29

Email:

ir@deutsche-euroshop.de

Internet:

www.deutsche-euroshop.de

ARE YOU:

DE0007480204

WKN:

748020

indexes:

SDAX

Exchanges:

Regulated Market in Frankfurt (Prime Standard); Open market in Berlin, Düsseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS NewsID:

1419103

the end of the message

DGAP News Service


1419103 08/11/2022 CET/CEST

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