Deutsche EuroShop AG, DE0007480204

Deutsche EuroShop AG, DE0007480204

10.11.2022 - 18:03:22

EQS-News: Deutsche EuroShop: Stabilisation of the business continued in the 3rd quarter

Hamburg, 10?November?2022 ? The business and key operating figures of shopping center investor Deutsche EuroShop (DES) continued to stabilise in Q3 2022.

On the one hand, the waning influence and after-effects of the coronavirus pandemic, which negatively impacted Deutsche EuroShop?s business particularly in the first half of the previous year, led to an operational upturn. On the other hand, private consumption was weighed down increasingly by the war in Ukraine, disrupted supply chains, the energy crisis and significantly rising inflation. Against this backdrop, revenue increased from ?157.8?million to ?158.7?million (+0.5%). At ?123.9?million, net operating income (NOI) was 8.9% above the previous year?s level, while earnings before interest and taxes (EBIT) was unchanged at ?111.5?million.

Customer footfall in the first nine months of 2022 was encouragingly higher (+44%) than in the previous year with its lengthy lockdown periods. Compared with the same period of 2019, which was prior to the pandemic, visitor numbers were at approximately 79%. At the end of September, the occupancy rate of the DES portfolio was 94.1% and therefore still at a high level. At 98% (after rent adjustments), the collection ratio, the ratio of incoming payments to rent and ancillary cost receivables from tenants, deviated only minimally from the normal level for agreed incoming payments.

While earnings before tax and measurement gains/losses (EBT excluding measurement gains/losses) improved by 4.3% to ?94.4?million in the first nine months, consolidated profit increased very significantly by 46.6% to ?64.6?million. This was mainly due to the measurement gains/losses, which had a significantly lower impact on consolidated profit than in the previous year. EPRA earnings climbed by 2.6% to ?90.5?million. Funds from operations (FFO) adjusted for measurement gains/losses and non-recurring effects amounted to ?96.4?million (?1.56 per share), which was up 9.3% year on year. The equity ratio was 56.0% and the loan-to-value (LTV) ratio was 30.1%. After payment of the dividend of ?1.00 per share (total of approx. ?61.8?million), the DES Group had cash and cash equivalents of ?320.7?million as at 30?September?2022.

Based on the current business performance, the Executive Board has confirmed the forecast for financial year 2022 of ?1.95 to ?2.05 per share for funds from operations (FFO) (2021: ?1.98).

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

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 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.

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Key consolidated figures ? ? ? ? ? ? ? ? in ? million ? 01.01.-30.09.2022 ? 01.01.-30.09.2021 ? +/- ? Revenue ? 158.7 ? 157.8 ? 0.5% ? Net operating income (NOI) ? 123.9 ? 113.7 ? 8.9% ? EBIT ? 111.5 ? 111.5 ? 0.1% ? EBT (excluding measurement gains/losses1) ? 94.4 ? 90.5 ? 4.3% ? EPRA2 earnings ? 90.5 ? 88.2 ? 2.6% ? FFO ? 96.4 ? 88.2 ? 9.3% ? Consolidated profit ? 64.6 ? 44.1 ? 46.6% ? ? ? ? ? ? ? ? ? in ? ? 01.01.-30.09.2022 ? 01.01.-30.09.2021 ? +/- ? EPRA2 earnings per share ? 1.47 ? 1.43 ? 2.8% ? FFO per share ? 1.56 ? 1.43 ? 9.1% ? Earnings per share ? 1.05 ? 0.71 ? 47.9% ? Weighted number of no-par-value shares issued ? 61,783,594 ? 61,783,594 ? 0.0% ? ? ? ? ? ? ? ? ? in ? million ? 30.09.2022 ? 31.12.2021 ? +/- ? Equity3 ? 2,396.2 ? 2,377.8 ? 0.8% ? Liabilities ? 1,882.1 ? 1,901.0 ? -1.0% ? Total assets ? 4,278.3 ? 4,278.8 ? 0.0% ? EPRA2 NTA ? 2,387.7 ? 2,374.4 ? 0.6% ? EPRA2 NTA per share in ? ? 38.65 ? 38.43 ? 0.6% ? Equity ratio in %3 ? 56.0 ? 55.6 ? ? ? LTV ratio in %4 ? 30.1 ? 30.5 ? ? ? LTV ratio (pro rata) in %4 ? 32.9 ? 33.3 ? ? ? Cash and cash equivalents ? 320.7 ? 328.8 ? -2.5% ? ? ? ? ? ? ? ? ? 1 Including the share attributable to equity-accounted joint ventures and associates2 European Public Real Estate Association3 Including third-party interests in equity4 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 Group?s share in the subsidiaries and joint ventures. ?

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10.11.2022 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: 1484883 ? End of News EQS News Service

1484883??10.11.2022?CET/CEST

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