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EQSNews: Deutsche EuroShop: Stabilisation Of The Business Continued In The 3rd Quarter

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EQSNews: Deutsche EuroShop: Stabilisation Of The Business Continued In The 3rd Quarter

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EQSNews: Deutsche EuroShop: Stabilisation Of The Business Continued In The 3rd Quarter
EQSNews: Deutsche EuroShop: Stabilisation Of The Business Continued In The 3rd Quarter

EQS News. Deutsche Euroshop AG / Key words: quarterly / interim report / 9-month figures
German EuroShop. Activity continued to stabilize in the third quarter

11.10.2022 / 18:00 CET/EST
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German EuroShop. Activity continued to stabilize in the third quarter

  • Income: 158.7 million (+0.5%)
  • NO ME: 123.9: million (+8.9%)
  • Overall score: 64.6 million / 1.05 per share (+47.9%)
  • EPRA score: 90.5 million / 1.47 per share (+2.8%)
  • FF: 96.4: million / 1.56 per share (+9.3%)
  • The prediction was confirmed

Hamburg, November 10, 2022 The key trading and operating figures of the shopping center investor Deutsche EuroShop (DES) continued to stabilize in the third quarter of 2022.

On the one hand, the reduced effects and consequences of the corona pandemic, which had a negative impact on the operations of Deutsche EuroShops in the first half of last year in particular, led to an operational improvement. On the other hand, the war in Ukraine, the disruption of supply chains, the energy crisis and the sharp rise in inflation have made private consumption increasingly difficult. Sales increased from 157.8 million to 158.7 million (+0.5%). Net operating income (NOI) was 123.9 million, up 8.9 percent year-on-year, while earnings before interest and taxes (EBIT) were flat at 111.5 million.

The number of customers in the first nine months of 2022 was significantly higher (+44%) than a year ago, with a long traffic jam phase. Compared to the same period of 2019, which was before the epidemic, the attendance was about 79%. The occupancy rate of the DES portfolio was 94.1% at the end of September and thus remained at a high level. A collection rate of 98% (after rent adjustments), the ratio of incoming payments to rents and tenant claims for ancillary costs, deviated only slightly from the usual agreed incoming payments.

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While profit before tax and valuation gains/losses (TBT excluding valuation gains/losses) improved 4.3% to Rs 94.4 million in the first nine months, consolidated profit rose sharply by 46.6% to 64.6 million rupees. This is mainly due to the fact that the valuation of results had a much smaller impact on the consolidated result than in the previous year. EPRA’s profit increased by 2.6% and amounted to 90.5 million. Adjusted for valuation gains/losses and one-off items, funds from operations (FFO) were $96.4 million ($1.56 per share), up 9.3 percent year-on-year. The equity ratio was 56.0% and the loan-to-value (LTV) was 30.1%. After paying a dividend of 1.00 per share (around 61.8 million in total), the DES Group had 3 20.7 million in cash and cash equivalents as of September 30, 2022.

Based on current performance, the board approved a FFO guidance of 1.95 to 2.05 per share for funds from operations (FFO) for fiscal 2022 (2021: 1.98).

Full interim report

The complete interim report is available in PDF and ePaper format. It can be downloaded from www.deutsche-euroshop.com/ir

Shopping center company Deutsche EuroShop

Deutsche EuroShop is the only public company in Germany that invests exclusively in shopping centers in key countries. The company currently has shares 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.

Summary of the most important indicators
   
in millions   01.01-30.09.2022   01.01-30.09.2021   +/-
Income: 158.7: 157.8: 0.5%
Net Operating Income (NOI) 123.9: 113.7 8.9%
Abby: 111.5: 111.5: 0.1%
EBT (without indicator 1 income/losses) 94.4: 90.5: 4.3%
EPRA salaries 2 90.5: 88.2: 2.6%
HFO: 96.4: 88.2: 9.3%
Consolidated Profit 64.6: 44.1: 46.6%
art   01.01-30.09.2022   01.01-30.09.2021   +/-
Earnings per share of EPRA 1:47 a.m 1:43 a.m 2.8%
FFO per share 1:56 p.m 1:43 a.m 9.1%
earnings per share 1:05 a.m 0.71 47.9%
Weighted number of shares outstanding with no par value 61,783,594 61,783,594 0.0%
in millions   09/30/2022   12/31/2021   +/-
equity 3 2396.2 2377.8 0.8%
Obligation 1,882.1 1,901.0 -1.0%
gross assets 4278.3 4278.8 0.0%
EPRA 2 NTA 2387.7 2374.4 0.6%
EPRA 2 NTA per share 38.65: 38.43: 0.6%
Equity ratio at 3 % 56.0: 55.6:
LTV ratio at 4 % 30.1: 30.5:
LTV ratio (proportional) at 4 % 32.9: 33.3:
Cash and cash equivalents 320.7: 328.8 -2.5%
1 Including investments in joint ventures and associates
2 European Association for Public Real Estate
3 Including third-party holdings
4 Loan-to-value (LTV) ratio. the ratio of net financial debt (financial liabilities less cash and cash equivalents) to non-current assets (property investments and financial investments accounted for in equity). The LTV ratio (pro rata) is calculated from the Group’s share in subsidiaries and joint ventures.
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11/10/2022 CET/CEST Company news broadcast by EQS News, a service of EQS Group AG.
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