Deutsche Euroshop Ag · XETR:DEQ
Deutsche Euroshop — Deutsche Euroshop Ag Akt — Q3 2021 Earnings Presentation
28 slides from Deutsche Euroshop's earnings presentation, Nov 12, 2021
Slide 1: Conference Call Quarterly Statement 9M 2021
Conference Call Quarterly Statement 9M 2021 #feelestate 12 November 2021
Slide 2: Update on Business Activities – Summary: Operations
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Update on Business Activities – Summary Operations Footfall numbers 2021 (compared to normal levels) – Q1: approx. 36% – Q2: approx. 54% – Q3: approx. 75% – October 2021: approx. 77% Tenant turnover in Germany (compared to respecti
Slide 3: Update on Business Activities – Summary: Rents
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Update on Business Activities – Summary Rents Collection ratio (after rent concessions): Q1 - Q3 2021: 90% Q3 2021: 98% Negotiations with tenants concerning (temporary) relief measures for lock down periods continuing: – Improved g
Slide 4: Update on Business Activities – Financials & Liquidity
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Update on Business Activities – Summary Financials & Liquidity Solid cash position DES Group: €306m (30 September 2021) Refinancing activities for 2021 finalized at attractive terms 4 loans with a total volume of €191m Continued
Slide 5: Update on Business Activities – Forecast FY 2021
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Update on Business Activities – Summary Forecast FY 2021 FFO between €1.70 and €1.90 per share Forecast conditional upon enduring stabilization of pandemic without further lockdowns or significant business restrictions, continued i
Slide 6: Long-term Store Closures in DES' Markets
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Long-term Store Closures in DES’ Markets Number of full Shop closing periods lockdown days 2020 2021 Czech Republic 235 Germany 187 Poland 159 Austria 111 Hungary 68 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 6 Sou
Slide 7: Current Regulations in DES' Markets
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Current Regulations in DES’ Markets1 Germany Step-by-step Lockdown F&B open (indoor mostly only for vaccinated, recovered or tested guests) Local limitations on access per sqm/mask requirements Several local regulations depending
Slide 8: Corona Impact – Footfall
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Corona Impact – Footfall Development of the daily footfall compared to the average of the respective month in 20191 2020 2021 Lockdown I Reopening Limited Operation Lockdown II Reopening 77% Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov
Slide 9: Corona Impact – Retail Turnover
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Corona Impact – Retail Turnover1 Development of retail turnover of centers in Germany compared to 2019 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 100.0% 88.7% 88.0% 85.8% 80.0% 73.6% incl. international portfolio: 90.4% 59.5% 57.6% 60.0% 40.0% 35.
Slide 10: Corona Impact – Collection Rates
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Corona Impact – Collection Rates1 9M 2021: 90% Q1 2020: 99% Q2 2020: 71% Q3 2020: 96% Q4 2020: 93% Q1 2021: 84% Q2 2021: 89% Q3 2021: 98% 98% 100% 98% 64% 72% 76% 96% 96% 95% 97% 92% 90% 87% 81% 83% 88% 87% 93% 98% 98% 99% Jan Feb Mar
Slide 11: Valuation – Investment Properties 30 September 2021
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Valuation1 – Investment Properties 30 September 2021 in € thousand 01.01. – 30.09.2021 Valuation of Investment Properties nearly unchanged Revaluation -40.389 Net Initial Yields (NIY) largely unchanged due to a dearth of Revaluation
Slide 12: Revenues – Effected by Corona-Pandemic
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Revenues – Effected by Corona-Pandemic Revenue 168.7 Recognition of rental income according to lease contracts in € million Decrease in revenues to €157.8m (-6.4%) 157.8 Influenced mainly by the situation in Poland: temporary leg
Slide 13: EBIT – Continued strong impact from Corona Rent Concessions
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 EBIT – Continued strong impact from Corona Rent Concessions EBIT EBIT decreased to €111.5m (-5.6%) in € million 118.1 Decline due to Corona-related decrease in revenues and higher 111.5 vacancy-related non-allocable service charges
Slide 14: Financial result – Improved due to lower interest expenses
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Financial result1 – Improved due to lower interest expenses Financial result1 Financial result improved: €+3.8m in € million Interest expenses reduced by €2.9m due to favorable refinancings (City-Arkaden Wuppertal, Billstedt-Center
Slide 15: EBT – higher impact of the Corona-Pandemic in 2021
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 EBT1 – higher impact of the Corona-Pandemic in 2021 (vs. 2020) EBT1 EBT (excl. valuation) below previous year -3.1% in € million (€-2.9m) due lower operating results 93.4 90.5 Interest savings with positive impact (€+2.9m) in € tho
Slide 16: EPRA earnings
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 EPRA earnings EPRA earnings EPRA earnings declined by €2.6m to €88.2m in € million EPRA earnings per share decreased from €1.47 to €1.43 (per share in €) 90.8 88.2 EPRA earnings 01.01. – 30.09.2021 01.01. – 30.09.2020 in € thousand
Slide 17: Consolidated result
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Consolidated result Consolidated profit Consolidated result increased in total by €149.6m. in € million (per share in €) The following effects are included in that change: 44.1 -105.5 (€0.71) Reduced result from standing assets (€-2.
Slide 18: Development of Funds From Operations (FFO)
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Development of Funds From Operations (FFO) FFO FFO declined from €90.9m to €88.2m, mainly influenced by in € million Corona-related lower revenues, high allowances for rent (per share in €) 90.9 88.2 receivables and provisions for no
Slide 19: Balance Sheet – Solid and Robust Structure
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Balance Sheet – Solid and Robust Structure Balance sheet structure Equity ratio stands at a solid 55.5% in € million LTV to 31.1% (“look-through” 34.0%3) Group liquidity: €306.1m 4,237.4 4,259.3 4,259.3 4,237.4 (€+70.0m excl. use
Slide 20: Net Tangible Assets (EPRA)
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Net Tangible Assets (EPRA) EPRA NTA EPRA NTA slightly increased through higher liquidity, partly in € million (per share in €) offset by lower market values: €38.16 (+2.1%) Share price discount to NTA: 54% (9 November 2021) 2,668.4
Slide 21: Interest Rate Structure
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Interest Rate Structure1,2 Due Principle amounts Share of Avg. 18 German and 4 Interest Lockin (years) (€ million) total Loan interest Rate foreign bank partners 2021 3.9 0.3% 2.71% Weighted maturity of 2022 – 2025 2.0 536.1 35.6%
Slide 22: Loan Maturities until 2026
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Loan Maturities until 20261,2 End of fixed interest periods Regular in € million respectively expiring loans Avg. interest rate redemption payments Total maturities 2021 135.3 4.48% 3.9 139.2 Already completely fixed 2022 223.8 3.26% 1
Slide 23: Tenants – Contract Renewals and New Signings during the Pandemic
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Tenants – Contract Renewals and New Signings during the Pandemic1 Leasing Continued stabilization of situation and arrange- ments with tenants as well as releasing activities as key tasks for the coming months Successful prolongati
Slide 24: Update Digital Mall – Onboarding
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Update Digital Mall – Onboarding Digital Mall Onboarding of retailers continues with now more than 3 million products 92 Digital Mall retail Partners available for search 910 Shops Live City-Arkaden Klagenfurt as first 64 Centers L
Slide 25: Outlook
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Outlook Financing and Liquidity Continued trustful negotiations with banking partners for 2022 refinancings and Result regular exchange about effects of pandemic financial covenants 2.42 Until 30.09.2021 all financial covenants wer
Slide 26: Financial Calendar
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 2021 Financial Calendar 2021 2022 11.11. Quarterly Statement 9M 2021 06.01. Oddo BHF Forum (virtual) 29.11. Citi’s REIT Call Series (virtual) 19.01. Kepler Cheuvreux GCC (virtual) 01.12. DZ Bank Equity Conference (virtual) 22.03. Preliminar
Slide 27: State Aid Programs in Germany
COMPANY PRESENTATION | NOVEMBER 2021 State Aid Programs in Germany November - December 2020 January – December 2021 CLOSURE DROP IN SALES DROP IN SALES (+ CLOSURE) directly/indirectly affected min. 30% of at least 30% in one month since Nov. 2, 2020 in Nov. and/or Dec. compared to the reference mont
Slide 28: Contact
CONFERENCE CALL - QUARTERLY STATEMENT 9M 2021 | 12 NOVEMBER 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.com
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