11.08.2022 18:00

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


DGAP-News: Deutsche Euroshop AG / Key word(s): Half Year Report/Half Year Results
Deutsche EuroShop: Positive business development in the first half of 2022

11.08.2022 / 18:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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

  • Revenue: 105.7 million (+0.7%)
  • NOI: 84.1 million (+17.1%)
  • Consolidated 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 its results for the first half of 2022, which were good and remained stable in terms of operations. Revenue grew 0.7%, from 104.9 million to 105.7 million. At 84.1 million, net operating income (NOI) was 17.1% above the previous years level, while earnings before interest and taxes (EBIT) improved to 76.0 million. The main reason for this operational improvement was the decline in the effects and after-effects of the corona pandemic, which had a particularly significant impact in 2021.

Shopping centers with significantly increasing frequencies and sales

As expected, customer footfall in the first six months of 2022 was significantly better (+72 %) than the same half of the previous year, which saw long periods of lockdown. However, compared to the first half of 2019, which was unaffected by the pandemic, visitor numbers were still significantly lower (-24%). Shopping center tenant sales from January to May 2022 were also below 2019 levels, albeit by a smaller margin (-11%). For the collection ratio, the ratio of incoming payments to rent and ancillary cost receivables from tenants, we again achieved almost the usual normal level for agreed incoming payments (98%).

Earnings before taxes and valuation gains/losses (EBT before valuation) increased by 16.1% in the first half of the year to 64.7 million. Consolidated profit also increased significantly by 25.5% to 46.2 million, and EPRA earnings also rose by 12.0% to 60.8 million. Funds from operations (FFO) adjusted for measurement gains/losses and non-recurring effects were up 12.4 million on the first half of the previous year to 66.7 million (+22.8%). This equates to FFO per share of 1.08.

Liquidity further improved, financing for 2022 successfully concluded

Our balance sheet ratios are still good even after more than two years of the pandemic. The equity ratio is stable at 56.3% and the loan-to-value (LTV) ratio was low at 29.0%. Our Group liquidity amounted to 377.8 million as at the balance sheet date, says Olaf Borkers, Executive Board member of Deutsche EuroShop, with some satisfaction. These figures show that our operating business is now gradually putting the pandemic behind it and is well positioned for the future. The same applies to the financing of the Company: we have already concluded all follow-up financing for 2022, and so will be able to reduce annual interest expenses by a further 0.5 million. In 2022, our interest expense will be around 3.2 million lower as a result of these follow-up financing arrangements and those from 2021. The Company has already agreed general conditions with a consortium of banks for 209 million of funding for the Main-Taunus-Zentrum, which is the only financing due in 2023. No additional follow-up financing is then due until September 2025.

Dividend proposal and forecast confirmation

For the Annual General Meeting to be held on 30 August 2022, the Executive Board and Supervisory Board of Deutsche EuroShop have proposed the distribution of a dividend for financial year 2021 of just under 61.8 million, or 1.00 per share. Based on the first six months of 2022, the Executive Board confirms the early forecast and expects FFO in a range of 1.95 to 2.05 per share.

Full quarterly statement

The full quarterly statement is available online as a PDF document and in ePaper format. It can be downloaded from www.deutsche-euroshop.com/ir

Webcast of teleconference

Deutsche EuroShop will hold a conference call for analysts in English at 10 a.m. on 12 August 2022, which will be streamed live at www.deutsche-euroshop.com/ir

Deutsche EuroShop The shopping center company

Deutsche EuroShop is the only public company in Germany to invest solely in shopping centers in prime locations. The SDAX-listed 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.-30.06.2022   01.01.-30.06.2021   +/-
Revenue   105.7   104.9   0.7 %
Net operating income (NOI)   84.1   71.9   17.1 %
EBIT   76.0   70.5   7.8 %
EBT (excluding measurement gains/losses1)   64.7   55.7   16.1 %
EPRA2 earnings   60.8   54.3   12.0 %
FFO   66.7   54.3   22.8 %
Consolidated profit   46.2   36.8   25.5 %
in   01.01.-30.06.2022   01.01.-30.06.2021   +/-
EPRA2 earnings per share   0.98   0.88   11.4 %
FFO per share   1.08   0.88   22.7 %
Earnings per share   0.75   0.60   25.0 %
Weighted number of no-par-value shares issued   61,783,594   61,783,594   0 %
in million   30.06.2022   31.12.2021   +/-
Equity3   2,432.6   2,377.8   2.3 %
Liabilities   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 %
Equity ratio in %3   56.3   55.6    
LTV ratio in %4   29.0   30.5    
LTV ratio (pro rata) in %4   31.7   33.3    
Cash and cash equivalents   377.8   328.8   14.9 %
1 Including the share attributable to joint ventures and associates accounted for using the equity method
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). The LTV ratio (pro rata) is calculated on the basis of the Groups share in the subsidiaries and joint ventures.

11.08.2022 CET/CEST Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language: English
Company: Deutsche EuroShop AG
Heegbarg 36
22391 Hamburg
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
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1419103

End of News DGAP News Service

1419103  11.08.2022 CET/CEST

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Nachrichten zu Deutsche Euroshop AG

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Analysen zu Deutsche Euroshop AG

  • Alle
  • Buy
  • Hold
  • Sell
  • ?
16.08.2022Deutsche Euroshop ReduceBaader Bank
12.08.2022Deutsche Euroshop HoldJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
12.08.2022Deutsche Euroshop ReduceBaader Bank
26.07.2022Deutsche Euroshop SellWarburg Research
12.07.2022Deutsche Euroshop HaltenDZ BANK
24.05.2022Deutsche Euroshop BuyWarburg Research
18.05.2022Deutsche Euroshop BuyWarburg Research
16.05.2022Deutsche Euroshop KaufenDZ BANK
23.03.2022Deutsche Euroshop KaufenDZ BANK
23.03.2022Deutsche Euroshop BuyWarburg Research
12.08.2022Deutsche Euroshop HoldJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
12.07.2022Deutsche Euroshop HaltenDZ BANK
05.07.2022Deutsche Euroshop HoldWarburg Research
09.06.2022Deutsche Euroshop HaltenDZ BANK
23.05.2022Deutsche Euroshop HaltenDZ BANK
16.08.2022Deutsche Euroshop ReduceBaader Bank
12.08.2022Deutsche Euroshop ReduceBaader Bank
26.07.2022Deutsche Euroshop SellWarburg Research
13.06.2022Deutsche Euroshop ReduceBaader Bank
24.05.2022Deutsche Euroshop HoldHSBC

Um die Übersicht zu verbessern, haben Sie die Möglichkeit, die Analysen für Deutsche Euroshop AG nach folgenden Kriterien zu filtern.

Alle: Alle Empfehlungen

Buy: Kaufempfehlungen wie z.B. "kaufen" oder "buy"

Hold: Halten-Empfehlungen wie z.B. "halten" oder "neutral"

Sell: Verkaufsempfehlungn wie z.B. "verkaufen" oder "reduce"
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