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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
2024-05-14 / 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 EUR 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 EUR 54.4 million and 31.0% to EUR 42.4 million respectively,
while consolidated profit rose by 23.2% to EUR 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 EUR 0.62 to EUR 0.57 per share and from EUR 0.62 to EUR 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 EUR 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 EUR 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% 
EBIT^7                                                                     54.4                       44.3      22.8% 
EBT (excl. measurement gains/losses^1)^7                                   42.4                       32.4      31.0% 
EPRA^2 Earnings                                                            43.3                       44.2      -2.0% 
FFO                                                                        41.8                       44.2      -5.4% 
Consolidated profit                                                        32.7                       26.5      23.2% 

in EUR                                                          01.01.-31.03.2024          01.01.-31.03.2023        +/- 
EPRA^2 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 issued^6                      76,377,874                 71,081,386       7.5% 

in EUR million                                                         31.03.2024                 31.12.2023        +/- 
Equity^3                                                                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 
EPRA^2 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.
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2024-05-14 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com

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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

End of News EQS News Service
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1903073 2024-05-14 CET/CEST

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