EQS-News 105 0 Kommentare Deutsche EuroShop: Start to the year with rising footfall numbers and tenant sales

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Rising footfall and tenant sales
Slight decline in revenue and NOI
Significant increase in EBIT, EBT, and profit

EQS-News: Deutsche EuroShop AG / Key word(s): Quarterly / Interim Statement/Quarter Results
Deutsche EuroShop: Start to the year with rising footfall numbers and tenant sales

14.05.2024 / 18:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

Deutsche EuroShop: Start to the year with rising footfall numbers and tenant sales

Slight decline in sales and NOI due to remodelling-related vacancies
Significant increase in EBIT, EBT and consolidated profit
Scheduled progress of investment projects in the portfolio
Annual General Meeting on 29 August 2024 in Hamburg

Hamburg, 14 May 2024 - Shopping center investor Deutsche EuroShop (DES) today published its results for the first three months of the 2024 financial year. "The first quarter was characterised by pleasing developments," explains CEO Hans-Peter Kneip. "Our shopping centers recorded a 3.7% increase in footfall numbers compared to the first quarter of 2023 and our tenants saw a 4.1% increase in sales."

However, as Deutsche EuroShop is carrying out refurbishments in several of its centers in the 2024 financial year, the temporarily vacant shop space led to slightly lower revenue of € 66.0 million (-2.6%) than in the same quarter of the previous year. As soon as the space has been completed and handed over to the tenants, its contribution to revenue will have a positive impact. As expected, net operating income (NOI) fell slightly by 1.4%.

Earnings before interest and taxes (EBIT) and earnings before taxes and measurement gains/losses (EBT excluding measurement gains/losses) improved significantly by 22.8% to € 54.4 million and 31.0% to € 42.4 million respectively, while consolidated profit rose by 23.2% to € 32.7 million. In the same quarter of the previous year, there were one-off effects on earnings from the acquisition of further shares in six property companies.

EPRA earnings per share and funds from operations (FFO) fell from € 0.62 to € 0.57 per share and from € 0.62 to € 0.55 per share respectively. In the same quarter of the previous year, both key figures benefited from one-off income from service charge settlements and the reversal of impairment losses.

New buildings in the Main-Taunus-Zentrum and Rhein-Neckar-Zentrum

The investment projects in the DES shopping centers are progressing according to plan. The topping-out ceremony for the new "Food Garden" in the Main-Taunus-Zentrum in Sulzbach near Frankfurt am Main was celebrated on 25 April 2024. The new gastronomic offering in one of the largest, highest-turnover and most successful shopping centers in Germany for decades is thus taking shape. The opening of the new, sustainably constructed timber building is planned for spring 2025. The "Food Garden" is already fully let more than a year before the opening, with a wide range of catering concepts and a high-quality tenant mix. The expansion of the Rhein-Neckar-Zentrum in Viernheim near Mannheim with new retail, gastronomy and entertainment offerings is also progressing rapidly with the first successful new openings in February and April 2024.

Annual General Meeting on 29 August 2024

The Executive Board and Supervisory Board intend to propose a dividend of € 0.80 per share for the 2023 financial year to the Annual General Meeting scheduled for 29 August 2024 as an in-person event in Hamburg. However, the management reserves the right to adjust this proposal if a higher dividend should prove possible and expedient due to the creation of additional liquidity. In order to ensure that the results of the current loan negotiations can be adequately taken into account when finalising the dividend proposal, the Executive Board and Supervisory Board have decided to hold the Annual General Meeting originally planned for 25 June 2024 in Hamburg on 29 August 2024.

Complete quarterly statement

The full quarterly statement is available as a PDF file and as an ePaper on the Internet at
www.deutsche-euroshop.com/ir

Deutsche EuroShop – The Shopping Center Company

Deutsche EuroShop is the only public company in Germany to invest exclusively in shopping centers in prime locations. The company currently has investments in 21 shopping centers in Germany, Austria, Poland, the Czech Republic and Hungary. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among many others.

Key consolidated figures

in € million	01.01.-31.03.2024	01.01.-31.03.2023	+/-
Revenue	66.0	67.8	-2.6%
Net operating income (NOI)	53.8	54.5	-1.4%
EBIT⁷	54.4	44.3	22.8%
EBT (excl. measurement gains/losses¹)⁷	42.4	32.4	31.0%
EPRA² Earnings	43.3	44.2	-2.0%
FFO	41.8	44.2	-5.4%
Consolidated profit	32.7	26.5	23.2%

in €	01.01.-31.03.2024	01.01.-31.03.2023	+/-
EPRA² Earnings per share	0.57	0.62	-8.1%
FFO per share	0.55	0.62	-11.3%
Earnings per share	0.43	0.37	16.2%
Weighted number of no-par-value shares issued⁶	76,377,874	71,081,386	7.5%

in € million	31.03.2024	31.12.2023	+/-
Equity³	2,261.2	2,379.0	-5.0%
Liabilities	2,077.9	2,081.2	-0.2%
Total assets	4,339.1	4,460.2	-2.7%
Equity ratio in %³	52.1	53.3
LTV ratio in %⁴	36.1	33.2
EPRA² LTV in %⁵	37.9	34.8
Cash and cash equivalents	215.9	336.1	-35.7%

¹ Including the share attributable to equity-accounted joint ventures and associates ² European Public Real Estate Association ³ Including third-party interests in equity ⁴ Loan-to-value ratio (LTV ratio): Ratio of net financial liabilities (financial liabilities less cash and cash equivalents) to non-current assets (investment properties and financial investments accounted for using the equity method) ⁵ EPRA loan-to-value ratio (EPRA LTV): Ratio of net debt (financial liabilities and lease liabilities less cash and cash equivalents) to real estate assets (investment properties, owner-occupied properties, intangible assets and other assets (net)). Net debt and real estate assets are calculated on the basis of the Group’s share in the subsidiaries and joint ventures. ⁶ The number of no-par-value shares issued for 2023 takes into account, on a time-weighted basis, the capital increase against cash and non-cash contributions carried out at the beginning of 2023 and entered in the Commercial Register on 3 February 2023, as a result of which the number of Deutsche EuroShop AG shares in circulation had increased in 2023 from 61,783,594 to 76,464,319 no-par-value shares. Furthermore, treasury shares acquired by 31 December 2023 or 31 March 2024 are taken into account when determining the weighted number. ⁷ Income and expenses from the change in the scope of consolidation were reported in the interim report as at 31 March 2023 in measurement gains/losses – in contrast to 31 December 2023, when they were reported under other operating income and expenses. Furthermore, in deviation from 31 December 2023, no deferred taxes were recognised as part of the initial consolidation. The previous year’s figures have been adjusted to the year-end figures, taking deferred taxes into account.

14.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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Language:	English
Company:	Deutsche EuroShop AG
	Heegbarg 36
	22391 Hamburg
	Germany
Phone:	+49 (0)40 413 579-0
Fax:	+49 (0)40 413 579-29
E-mail:	ir@deutsche-euroshop.de
Internet:	www.deutsche-euroshop.de
ISIN:	DE0007480204
WKN:	748020
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID:	1903073