Deutsche Euroshop Ag · XETR:DEQ

Deutsche Euroshop — Deutsche Euroshop Ag Akt — H1 2021 Earnings Presentation

25 slides from Deutsche Euroshop's earnings presentation, Aug 13, 2021

  1. Slide 1: Conference Call Half-year Financial Report 2021

    CONFERENCE CALL Half-year Financial Report 2021 13 AUGUST 2021

  2. Slide 2: Update on Business Activities - Summary (Operations, Rents)

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Update on Business Activities - Summary Operations  Footfall numbers (compared to normal levels)  Q1 2021: approx. 36% / Q2 2021: approx. 55%  End of July: approx. 77%  Tenant turnover (compared to respective 2019 period) substan

  3. Slide 3: Update on Business Activities - Summary (Financials & Liquidity)

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Update on Business Activities - Summary Financials & Liquidity  Solid cash position DES Group: €268m (30 June 2021)  Refinancing activities for 2021 finalized at attractive terms 4 loans with a total volume of €191m  Continued tru

  4. Slide 4: Long-term Store Closures in DES' Markets

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Long-term Store Closures in DES’ Markets Shop closing periods Number of full lockdown days 250 Czechia 200 Germany 150 Poland 100 Austria 50 Hungary 0days Mar Apr May Jun Jul Aug Sep Okt Nov Dez Jan Feb Mar Apr May Jun HU AT PL DE CZ

  5. Slide 5: Current Regulations in DES' Markets

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Current Regulations in DES’ Markets* Germany  Step-by-step Lockdown – until 30 Sep. 2021  F&B open (indoor only for vaccinated, recovered or tested guests)  Local limitations on access per sqm / mask requirements  Several local r

  6. Slide 6: Corona Impact – Footfall

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Corona Impact – Footfall Development of the daily footfall compared to the average of the previous year’s month* Lockdown I Reopening Limited Operation Lockdown II Reopening 74% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb

  7. Slide 7: Corona Impact – Retail Turnover

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Corona Impact – Retail Turnover Development of retail turnover of centers in Germany compared to 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 June 2021 -14.2% -11.3% -15.0% -10.0% -26.4% -40.5% -44.6% -30.0% -64.9% -50.0% -70

  8. Slide 8: Corona Impact – Collection Rates

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Corona Impact – Collection Rates1 H1 2021: 80% Q1 2020: 99% Q2 2020: 71% Q3 2020: 96% Q4 2020: 93% Q1 2021: 76% Q2 2021: 84% Q3 2021 100% 80% 60% 98% 100% 98% 96% 96% 97% 95% 92% 94% 90% 89% 40% 76% 78% 78% 81% 81% 72% 72% 64% 20% 0%

  9. Slide 9: Valuation – Investment Properties June 2021

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Valuation1 – Investment Properties 30 June 2021 in € thousand 01.01. – 01.01. – CHANGE Valuation of Investment Properties nearly unchanged: 30.06.2021 30.06.2020 Revaluation -11.177 -192.461 181.284  Slight increase of Net Initial Y

  10. Slide 10: Revenues - Effected by Corona-Pandemic

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Revenues - Effected by Corona-Pandemic REVENUE in € million  Recognition of rental income according to lease contracts 112.3  Decrease in revenues to €104.9m (-6.5%) 104.9  Influenced by the situation in Poland: temporary legal su

  11. Slide 11: EBIT – Continued strong impact from Corona Rent Concessions and insolvencies

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 EBIT – Continued strong impact from Corona Rent Concessions and partially insolvencies EBIT in € million 78.5  EBIT decreased to €70.5m (-10.2%)  Decline due to Corona-related decrease in revenues and higher 70.5 vacancy-related no

  12. Slide 12: Financial Result – improved due to lower interest expenses

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Financial Result1 – improved due to lower interest expenses Financial result1 in € million  Financial result improved: €+1.6m  Interest expenses reduced by €1.5m due to favourable refinancing (City-Arkaden Wuppertal) +10.2%  At-eq

  13. Slide 13: EBT – Stronger overall impact of the Corona-Pandemic compared to H1 2020

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 EBT1 – Stronger overall impact of the Corona-Pandemic compared to H1 2020 EBT1 in € million  EBT (excl. valuation) below previous year -10.2% 62.1 (€-6.3m) due lower operating results 55.7  Interest savings with positive impact (€+

  14. Slide 14: EPRA Earnings

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 EPRA Earnings EPRA earnings in € million (per share in €)  EPRA earnings declined by €5.5m to €54.3m  EPRA Earnings per share decreased from €0.97 to €0.88 59.8 54.3 (€0.97) -9.3% (€0.88) EPRA EARNINGS 01.01. – 30.06.2021 01.01. –

  15. Slide 15: Consolidated Result

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Consolidated Result Consolidated profit in € million (per share in €) Consolidated result increased in total by €166.1m. The following 36.8 effects are included in that change: (€0.60)  Reduced result from standing assets (€-5.8m) H

  16. Slide 16: Development of Funds From Operations (FFO)

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Development of Funds From Operations (FFO) FFO in € million (per share in €)  FFO declined from €59.9m to €54.3m, mainly influenced by Corona-related lower revenues, high allowances for rent receivables and provisions for non-recove

  17. Slide 17: Balance Sheet: Solid and Robust Structure

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Balance Sheet: Solid and Robust Structure BALANCE SHEET STRUCTURE in € million  Equity ratio stands at a solid 55.4% Assets Liabilities  LTV to 31.9% (“look-through” 34.9%3) 4,237.4 4, 248.5 4,248.5 4,237.4 199.2 211.2  Group liqu

  18. Slide 18: Net Tangible Assets (EPRA)

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Net Tangible Assets (EPRA) EPRA NTA in € million (per share in €)  EPRA NTA nearly unchanged by €38.03 (+1.7%) 2,668.4 2,667.5 2,613.4 2,309.7 2,350.1  Share price discount to NTA: 46% (11 August 2021) +1.7% EPRA NTA 30.06.2021 31.

  19. Slide 19: Interest Rate Structure

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Interest Rate Structure1,2 PRINCIPLE AVG. 4.00 INTEREST DUE AMOUNTS SHARE OF INTEREST 6 LOCKIN (YEARS) (€ MILLION) TOTAL LOAN RATE 3.50 2021 7.8 0.5% 2.71% 4 3.00 2.89 2022-2025 2.3 536.1 35.5% 2.81% 2.72 2.47 2 2026-2030 7.5 964.0 6

  20. Slide 20: Loan Maturities until 2026

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Loan Maturities until 20261,2 END OF FIXED INTEREST PERIODS REGULAR RESPECTIVELY AVG. INTEREST REDEMPTION TOTAL IN € MILLION EXPIRING LOANS RATE PAYMENTS MATURITIES 2021 135.3 4.48% 11.3 146.6 Already €70.3m, 1.18%, 10y (07/2021) 202

  21. Slide 21: Tenants: Contract Renewals and New Signings during the Pandemic

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Tenants: Contract Renewals and New Signings during the Pandemic1 Leasing  Continued stabilisation of situation and arrangements with  Successful prolongations with prime retailers and negotiations tenants as well as releasing activ

  22. Slide 22: Update Digital Mall - Onboarding

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Update Digital Mall - Onboarding Digital Mall  Onboarding of retailers continues with now more than 3 million  City-Arkaden Klagenfurt as first foreign shopping center of DES products available for search joined the Digital Mall DI

  23. Slide 23: Outlook

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Outlook Financing and Liquidity  Continued trustful negotiations with banking partners for 2022 refinancings and regular exchange about effects of pandemic financial covenants  As of 30 June 2021 all financial covenants were met or

  24. Slide 24: Financial Calendar

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Financial Calendar 2021 12.08. Half-year Financial Report 2021 02.09. Commerzbank Sector Conference (virtual) 20.09. Berenberg and Goldman Sachs German Corporate Conference, Munich 21.09. Baader Investment Conference, Munich 22.-23.0

  25. Slide 25: Contact

    CONFERENCE CALL - HALF-YEAR FINANCIAL REPORT 2021 - 13 AUGUST 2021 Contact Deutsche EuroShop AG Investor & Public Relations Heegbarg 36 22391 Hamburg Tel. +49 (40) 41 35 79 – 20/ – 22 instagram.com/deutscheeuroshop Fax +49 (40) 41 35 79 – 29 youtube.com/DeutscheEuroShop E-Mail: ir@deutsche-euroshop.

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