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14.05.2024 18:00:33 - dpa-AFX: EQS-News: Deutsche EuroShop: Start to the year with rising footfall numbers and tenant sales (english)
Deutsche EuroShop: Start to the year with rising footfall numbers and tenant
sales
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 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
Equity ratio in %3 52.1 53.3 LTV ratio in %4 36.1 33.2 EPRA2 LTV in %5 37.9 34.8
---------------------------------------------------------------------------
14.05.2024 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
---------------------------------------------------------------------------
End of News EQS News Service
---------------------------------------------------------------------------
1903073 14.05.2024 CET/CEST
sales
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 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.- 01.01.-31.- +-
03.2024 03.2023 /-
-
Revenue 66.0 67.8 --
2-
.-
6-
%
Net operating income (NOI) 53.8 54.5 --
1-
.-
4-
%
EBIT7 54.4 44.3 2-
2-
.-
8-
%
EBT (excl. measurement gains/losses1)7 42.4 32.4 3-
1-
.-
0-
%
EPRA2 Earnings 43.3 44.2 --
2-
.-
0-
%
FFO 41.8 44.2 --
5-
.-
4-
%
Consolidated profit 32.7 26.5 2-
3-
.-
2-
%
in EUR 01.01.-31.- 01.01.-31.- +-
03.2024 03.2023 /-
-
EPRA2 Earnings per share 0.57 0.62 --
8-
.-
1-
%
FFO per share 0.55 0.62 --
1-
1-
.-
3-
%
Earnings per share 0.43 0.37 1-
6-
.-
2-
%
Weighted number of no-par-value shares issued6 76,377,874 71,081,386 7-
.-
5-
%
in EUR 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 --
3-
5-
.-
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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14.05.2024 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
---------------------------------------------------------------------------
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 14.05.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
DEUTSCHE EUROSHOP NA O.N. | 748020 | Frankfurt | 19,060 | 28.05.24 13:46:00 | +0,400 | +2,14% | 0,000 | 0,000 | 18,780 | 18,660 |
