13.08.2020 Deutsche EuroShop AG  DE0007480204

DGAP-News: Deutsche EuroShop: Further stabilisation of the operating business after the lockdown - half-year results for 2020 significantly influenced by the effects of the coronavirus pandemic


 

DGAP-News: Deutsche EuroShop AG / Key word(s): Half Year Results
Deutsche EuroShop: Further stabilisation of the operating business after the lockdown - half-year results for 2020 significantly influenced by the effects of the coronavirus pandemic

13.08.2020 / 18:00
The issuer is solely responsible for the content of this announcement.


Deutsche EuroShop: Further stabilisation of the operating business after the lockdown - half-year results for 2020 significantly influenced by the effects of the coronavirus pandemic

  • Footfall increases to 77% of its level in the previous year
  • Cash collection ratio strongly improved to 78%
  • Coronavirus-related revenue shortfalls and write-downs on rent receivables in the second quarter are denting operating profit
  • EPRA earnings per share: €0.97
  • FFO: €59.9 million
  • Change in market value of the properties of -5.5%
  • Net asset value per share (EPRA): €39.73
  • Unchanged solid balance sheet structure (LTV: 32.5%) and liquidity (€178.8 million)

Hamburg, 13 August 2020 - The operating business of shopping center investor Deutsche EuroShop is currently continuing to stabilise as stores have been almost completely open again since May. In the second quarter, however, the lockdown had a significant negative impact on business results.

"Despite all the challenges, we have observed a positive trend in consumer behaviour in recent weeks, which makes us more optimistic: people are coming back to the centers and are following the special requirements to contain the pandemic, so that centers and shops operate safely at all times," explains CEO Wilhelm Wellner. "Since the end of the lockdown, footfall in our centers has risen to 77% of the previous year's level at present, and tenants' revenues in June increased further to 82%. The ratio of rent paid to rent due, known as the collection ratio, has also improved significantly. After an average of 48% of all rent receivables were paid in the second quarter, the collection ratio for July was 78%. Overall, these figures indicate a positive trend, although in some cases they are still far from their normal levels."

In operational terms, business was affected by massive restrictions, especially in the second quarter. In this situation, Deutsche EuroShop generated net operating income (NOI) of €80.0 million in the first half of 2020 due to higher write-downs on rent receivables, with revenue at €109.4 million (-2.2% compared with the same period in the previous year). EBIT fell accordingly to €78.5 million. Earnings before taxes and measurement gains/losses dropped to €62.1 million (-24.2%). EPRA earnings sank to €59.8 million. Funds from operations fell to €59.9 million - a decrease of 21.1%.

The coronavirus pandemic has also had an impact on the valuation of the Group's real estate assets, and led to a measurement loss of €217.9 million in total, which corresponded to an average devaluation of the portfolio of 5.5%. Accordingly, consolidated profit tumbled to €-129.3 million. The net asset value (NAV) as at 30 June 2020 equalled €39.73 per share (-6.1%). Deutsche EuroShop can cope well with these significantly negative results caused by the coronavirus and continues to have solid financial ratios. The loan-to-value ratio is 32.5%, and liquidity is stable at €178.8 million.

Due to the ongoing high uncertainty regarding the duration and extent of the effects of the coronavirus pandemic, it is not possible to provide a reliable outlook on the full-year performance at this time. A new forecast will be issued as soon as the effects of the coronavirus pandemic can be adequately quantified.


Full interim report

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

Webcast of the teleconference

Deutsche EuroShop will hold a conference call for analysts in English at 10 a.m. on 14 August 2020, which will be carried out as a live webcast 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.-30.06.2020   01.01.-30.06.2019   +/-
Revenue   109.4   111.9   -2.2%
Net operating income (NOI)   80.0   100.4   -20.3%
EBIT   78.5   98.2   -20.1%
EBT (excluding measurement gains/losses1)   62.1   81.9   -24.2%
EPRA2 earnings5   59.8   84.3   -29.1%
FFO   59.9   75.9   -21.1%
Consolidated profit   -129.3   66.2   -295.2%
             
In €   01.01.-30.06.2020   01.01.-30.06.2019   +/-
EPRA2 earnings per share5   0.97   1.37   -29.2%
FFO per share   0.97   1.22   -20.5%
Earnings per share   -2.09   1.07   -295.3%
Weighted number of no-par-value shares issued   61,783,594   61,783,594   0.0%
             
In € million   30.06.2020   31.12.2019   +/-
Equity3   2,454.0   2,601.5   -5.7%
Liabilities   1,926.2   1,957.1   -1.6%
Total assets   4,380.2   4,558.6   -3.9%
EPRA2 NAV   2,454.7   2,613.4   -6.1%
EPRA2 NAV per share in €   39.73   42.30   -6.1%
Equity ratio in %3   56.0   57.1    
LTV ratio in %4   32.5   31.5    
Cash and cash equivalents   178.8   148.1   20.7%
             
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 investments accounted for using the equity method)
5 EPRA earnings include a one-off tax refund in the period the previous year, including interest accrued for previous years. Without this tax refund, EPRA earnings would have totalled €75.3 million or €1.22 per share.


13.08.2020 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.
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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: [email protected]
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: 1117967

 
End of News DGAP News Service

1117967  13.08.2020 

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Die wichtigsten Finanzdaten auf einen Blick
  2016 2017 2018 2019 2020 2021 2022e
Umsatzerlöse1 204,14 218,49 225,05 225,94 224,10 211,75 0,00
EBITDA1,2 178,70 192,42 199,19 197,64 190,46 152,67 0,00
EBITDA-Marge3 87,54 88,07 88,51 87,47 84,99 72,10 0,00
EBIT1,4 178,63 192,37 199,14 197,47 161,24 152,50 0,00
EBIT-Marge5 87,50 88,05 88,49 87,40 71,95 72,02 0,00
Jahresüberschuss1 221,76 134,33 79,40 112,09 -251,72 59,95 0,00
Netto-Marge6 108,63 61,48 35,28 49,61 -112,32 28,31 0,00
Cashflow1,7 140,96 156,02 159,20 170,21 111,09 172,67 0,00
Ergebnis je Aktie8 4,11 2,31 1,29 1,81 -4,07 0,97 1,42
Dividende8 1,40 1,45 1,50 0,00 0,04 1,00 1,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2021 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: BDO

INVESTOR-INFORMATIONEN
©boersengefluester.de
Deutsche EuroShop
WKN Kurs in € Einschätzung Börsenwert in Mio. €
748020 21,280 Halten 1.314,75
KGV 2023e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
13,30 13,04 1,05 10,85
KBV KCV KUV EV/EBITDA
0,66 7,61 6,21 18,36
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
1,00 1,20 4,70 30.08.2022
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
12.05.2022 11.08.2022 10.11.2022 26.04.2022
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-5,51% 3,14% 45,36% 48,92%
    
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Immobilien (Gewerbe) , 748020 , DEQ , XETR:DEQ