Deutsche Euroshop Ag · XETR:DEQ
Deutsche Euroshop — Deutsche Euroshop Ag Akt — FY 2023 Earnings Presentation
24 slides from Deutsche Euroshop's earnings presentation, Mar 20, 2024
Slide 1: Conference Call Preliminary Results FY 2023
Conference Call Preliminary Results FY 2023 Eat. Shop. Laugh. 20 March 2024
Slide 2: Update on Business Activities FY 2023 – Summary
COMPANY CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Update on Business Activities FY 2023 – Summary Business Development Strong comeback of operational business Increase of footfall (+5.7%) and retail sales (+8.6%) compared to FY 2022 Strengthened return profile following acq
Slide 3: Update on Business Activities FY 2023 – Summary (Financing and Liquidity)
COMPANY CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Update on Business Activities FY 2023 – Summary Financing and Liquidity Low LTV of 33.2% and strong cash position of €336.1 m (before €149.1 m dividend in early January) Steady funding situation with long-term financing partne
Slide 4: Development of Retail Turnover and Footfall
SHOPPING CENTERS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Development of Retail Turnover1 and Footfall Compared to previous year Q1 2023 Q2 2023 Q3 2023 Q4 2023 Footfall Turnover Footfall Turnover Footfall Turnover Footfall Turnover Footfall 12M y-o-yTurnover +24.0% +8.6% +5.7%
Slide 5: Maturity Distribution of Rental Contracts
SHOPPING CENTERS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Maturity Distribution of Rental Contracts1 2024 2029 onwards Long-term contracts base 6% 2025 rental income 11% Weighted maturity 4.7 years 2022 5.7 years 43% 2026 Occupancy rate 93.3% 17% 2022 94.3% 2027 11% 12% 2028 1 A
Slide 6: Tenant Structure – Top 10 Tenants
SHOPPING CENTERS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Tenant Structure – Top 10 Tenants 20231 2022 Low level of dependence on the Top 10 Tenants1 H&M 2.6% 2.8% New Yorker 2.3% 2.3% Deichmann 2.3% 2.3% 20% P&C Düsseldorf 2.2% 2.1% Ceconomy 2.2% 2.4% C&A 2.2% 2.2% Douglas 1.8%
Slide 7: Sector Mix
SHOPPING CENTERS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Sector Mix1 Drug stores & hypermarkets Food & supermarkets 9.6% 6.6% Balanced sector Non-food/electronics Health & beauty 6.4% diversification 18.0% Catering 5.1% Leisure & entertainment 3.5% Services 1.9% Fashion 48.9% 1
Slide 8: Valuation – Investment Properties December 2023
FINANCIALS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Valuation1 – Investment Properties 31 December 2023 in € thousand 31.12.2023 31.12.2022 CHANGE Valuation result negative Revaluation -229,365 -103,042 -126,323 Property values down in 2023 Revaluation at-equity -3,426 -16,604
Slide 9: Revenues
FINANCIALS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Revenues Revenues Revenues increase by €8.6 m to €273.3m (pro forma +3.2%) in € million 273.3 Essentially due to higher inflation-related index adjustments 264.71 and higher turnover rents 51.9 212.8 +3.2% 2023 2022 2022 20
Slide 10: EBIT
FINANCIALS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 EBIT EBIT EBIT above previous year (pro forma) +9.5% (€+18.5m) due to in € million higher revenues, income from the reversal of provisions for 212.7 non-allocable ancillary costs and maintenance as well as lower 194.21 value
Slide 11: Financial Result – Positive Impact from Interest Income
FINANCIALS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Financial Result1 – Positive Impact from Interest Income Financial result1 Financial result improved: €+1.4 m (pro forma) in € million 2022 2023 Interest expenses up by €4.5 m due to loan increase and higher interest rates
Slide 12: EBT – Significant Increase, Positively Influenced by One-Off Income
FINANCIALS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 EBT1 – Significant Increase, Positively Influenced by One-Off Income EBT1 EBT excl. valuation above previous year (pro forma) +13.3% in € million (€+19.9m) due to higher operating results and income from the 169.5 reversal of
Slide 13: Consolidated Result
FINANCIALS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Consolidated Result Consolidated result Consolidated result decreased by €68.7 m in € million Higher result from operations (EBT €+19.9 m) 30.42 Valuation result (€-92.4 m) 9.0 Lower taxes (€+3.8 m) 21.4 2022 2023 Earning
Slide 14: Development of Funds From Operations (FFO)
FINANCIALS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Development of Funds From Operations (FFO) FFO FFO increased from €149.6 m to €171.3 m (pro forma) in € million due to higher operating results 171.3 FFO per share increased from €1.99 to €2.28 149.62 19.5 Exceeding the i
Slide 15: Balance Sheet – Solid and Robust Structure
FINANCIALS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Balance Sheet – Solid and Robust Structure Balance sheet structure Equity ratio stands at a solid 53.3% in € million LTV to 33.2% (EPRA LTV (“look through”) 34.8%3) Group liquidity: €336.1 m 4,460.2 4,460.2 4,208.1 4,208.
Slide 16: Net Tangible Assets (EPRA)
FINANCIALS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Net Tangible Assets (EPRA) EPRA NTA EPRA NTA per share decreased due to higher amount in € million (per share in €) of shares issued: €31.58 (-16.5%) Share price discount to NTA: 40% (18 March 2024) +3.4% 2,613.4 EPRA NTA 2
Slide 17: Interest Rate Structure
FINANCIALS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Interest Rate Structure1,2 Due Principal amounts Share of Avg. 20 bank partners Interest Lockin (years) (€ million) total Loan interest Rate Weighted maturity of fixed interest periods 5.8 years1 2024 0 2025 1.9 62.2 3.7% 2
Slide 18: Main-Taunus-Zentrum: Foodgarden
SHOPPING CENTERS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Main-Taunus-Zentrum: Foodgarden Major investment in the DES portfolio Approx. €28 m total investment for the strategic advancement of the center Very high sustainability standards Completely pre-let, high-quality
Slide 19: Rhein-Neckar-Zentrum: Retailtainment & Casual Dining
SHOPPING CENTERS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Rhein-Neckar-Zentrum: Retailtainment & Casual Dining New modern, free-standing restaurant building with attractive outdoor terraces, operated by L'Osteria, has opened very successfully Three new tenants will move into
Slide 20: Rhein-Neckar-Zentrum: New Photovoltaic Plant
SHOPPING CENTERS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Rhein-Neckar-Zentrum: New Photovoltaic Plant Further sustainability investments in the Rhein-Neckar-Zentrum Photovoltaic system is currently being installed on the roof of the center Completion is scheduled for Apri
Slide 21: Stadt-Galerie Hameln and A10 Center: New Promising Tenants
SHOPPING CENTERS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Stadt-Galerie Hameln and A10 Center: New Promising Tenants Stadt-Galerie Hameln: A10 Center: Building permit has been granted Building permit has been granted Action and Netto to open in Autumn 2024 on the MediaMarkt
Slide 22: Forecast
FINANCIALS CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Forecast REVENUE EBT EXCL. VALUATION FFO €m €m €m 264.71 273.3 268 - 274 171.3 169.5 51.9 149.61 15.03 149 - 155 149.61 15.03 146 - 152 19.4 19.5 212.8 154.5 156.3 130.2 130.1 2022 2023 2024 2022 2023 2024 2022 2023 2024 EBIT N
Slide 23: Financial Calendar
APPENDIX CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Financial Calendar 2024 19.03. Preliminary Results FY 2023 26.04. Publication of the Annual Report 2023 14.05. Quarterly Statement 3M 2024 25.06. Annual General Meeting 14.08. Half-year Financial Report 2024 14.11. Quarterly Stat
Slide 24: Contact
APPENDIX CONFERENCE CALL – PRELIMINARY RESULTS FY 2023 | 20 MARCH 2024 Contact Deutsche EuroShop AG instagram.com/deutscheeuroshop Investor & Public Relations Heegbarg 36 youtube.com/DeutscheEuroShop 22391 Hamburg facebook.com/euroshop slideshare.net/desag Tel. +49 (40) 41 35 79 – 20/– 22 twitter.co
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