Deutsche Euroshop Ag · XETR:DEQ

Deutsche Euroshop — Deutsche Euroshop Ag Akt — FY2022 Earnings Presentation

31 slides from Deutsche Euroshop's earnings presentation, Mar 22, 2023

  1. Slide 1: Conference Call Preliminary Results FY 2022

    Conference Call Preliminary Results FY 2022 22 March 2023 DESTINATION: SHOPPING

  2. Slide 2: Update on Business Activities – Summary

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Update on Business Activities – Summary RENTS  Collection ratio 2022: 99%, very limited rent concessions  Occupancy rate 2022: continued high level of 94.3% FINANCING AND LIQUIDITY  Solid cash position DES Group: €335m as of 31 Decembe

  3. Slide 3: Update on Business Activities – Summary (Forecast FY 2023)

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Update on Business Activities – Summary FORECAST FY 2023  FFO 2022: €2.11 per share, exceeding DES guidance  2023 first year without Covid-related restrictions  Strengthened return profile following the acquisition of further minority

  4. Slide 4: Details of the Capital Increase

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Details of the Capital Increase  DES acquired certain minority interests in six shopping centers in which DES already was invested but which were not fully owned: − Allee-Center Magdeburg − Forum Wetzlar − Galeria Baltycka Gdansk − Phoen

  5. Slide 5: Details of the Capital Increase

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Details of the Capital Increase  Acquisition of the minority interests in the six shopping centers (total purchase price approx. €303.3m) settled in Feb. 2023.  Capital increase with subscription rights (“rights issue”)  Subscription p

  6. Slide 6: Details of the Capital Increase

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Details of the Capital Increase Visitors in 2021: Visitors in 2021: 6 SHARE

  7. Slide 7: Corona Impact – Footfall

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Corona Impact – Footfall Development of the daily footfall compared to the average of the respective month in 2019 2020 2021 2022 2023 Lockdown Reopening Limited Operation Lockdown Reopening Limited Operation1 90% Jan Feb Mar Apr May Jun

  8. Slide 8: Corona Impact – Retail Turnover

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Corona Impact – Retail Turnover1 Development of retail turnover of centers in Germany compared to 2019 2020 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 100.0% 93.8% 93.2% 88.7% 88.0% 90.4% incl. intern. 85.8% 83.7% portfolio: 101.7% 80.

  9. Slide 9: Corona Impact – Collection Rates

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Corona Impact – Collection Rates1 2022: 99% Q1 2020: Q2 2020: Q3 2020: Q4 2020: Q1 2021: Q2 2021: Q3 2021: Q4 2021: Q1 2022: Q2 2022: Q3 2022: Q4 2022: 99% 71% 96% 93% 89% 93% 99% 98% 98% 99% 99% 98% 98% 100% 98% 64% 72% 76% 96% 96% 95% 9

  10. Slide 10: Maturity Distribution of Rental Contracts

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Maturity Distribution of Rental Contracts1 2023 2028 ET SQQ 5% 2024 Long-term contracts base 12% rental income Weighted maturity 5.0 years 2025 ( 2021: 5.3 years) 43% 11% 2026 17% Occupancy rate: 94% (2021: 94%) 12% 2027 10 1 As % of rent

  11. Slide 11: Tenant Structure – Top Tenants

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Tenant Structure – Top 10 Tenants 20221 2021 Low level of dependence on the Top 10 Tenants1 H&M 2.8% 2.8% Peek & Cloppenburg 2.6% 2.5% Ceconomy 2.4% 2.4% 21% New Yorker 2.3% 2.2% Deichmann 2.3% 2.2% C&A 2.2% 2.1% Douglas 1.9% 2.0% TK Maxx

  12. Slide 12: Sector Mix

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Sector Mix1 Department stores & Food & supermarkets hypermarkets 7.0% 9.0% Health & beauty 6.6% Non-food/electronics Catering 17.7% 5.0% Leisure & entertainment 3.4% Services 1.9% Balanced sector diversification Fashion 49.4% 12 1 As % of

  13. Slide 13: Valuation – Investment Properties December 2022

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Valuation1 – Investment Properties 31 December 2022 in € thousand 2022 2021 CHANGE Valuation result negative in a changed market environment Revaluation -103,042 -62,323 -40,719  Inflation and interest increases cause an increase in NIY

  14. Slide 14: Revenues

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Revenues  Revenues nearly unchanged by €212.8m (0.5%)  Rental concessions are mainly reflected in the item "Allowance and write-off of receivables" of the previous year. Therefore, Revenue the revenues are only slightly higher than in t

  15. Slide 15: EBIT

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 EBIT EBIT 199.1 197.5  EBIT unchanged by €152.4m in € million  Required allowances significantly reduced to €8.1m (2021: 161.2 152.5 152.4 €25.1)  Compensated by the increase in other operating expenses to €20.5m (2021: €7.9m). Higher

  16. Slide 16: Financial result – Further improvement

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Financial result1 – Further improvement Financial result1  Financial result improved: €+4.7m in € million 2018 2019 2020 2021 2022  Interest expenses reduced by €3.1m due to favorable refinancings (Altmarkt-Galerie Dresden, Billstedt-Ce

  17. Slide 17: EBT

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 EBT1 EBT1  EBT (excl. valuation) higher previous year +3.7% in € million (€+4.6m) due higher operating results 160.9 163.1  Interest savings with positive impact (€+3.1m) 130.2  Expenses within the scope of the takeover reduce the resu

  18. Slide 18: EPRA earnings

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 EPRA earnings EPRA earnings  EPRA earnings increased by €7.6m to €129.6m in € million  EPRA earnings per share increased from €1.97 to €2.10 (per share in €) 158.3 147.4 EPRA earnings 01.01. – 31.12.2022 01.01. – 31.12.2021 129.6 in € t

  19. Slide 19: Consolidated result

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Consolidated result Consolidated profit Consolidated result decreased in total by €38.5m. in € million (per share in €) 79.4 112.1 59.9 The following effects are included in that change: (€1.81) 21.4 (€1.29) (€0.97)  Higher result from s

  20. Slide 20: Development of Funds From Operations (FFO)

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Development of Funds From Operations (FFO) FFO  FFO increased from €122.3m to €130.1m, mainly influenced by in € million lower allowances for rent receivables (per share in €)  FFO per share increased from €1.98 to €2.11 150.4 149.6 130

  21. Slide 21: Balance Sheet – Solid and Robust Structure

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Balance Sheet – Solid and Robust Structure Balance sheet structure  Equity ratio stands at a solid 55.7% in € million  LTV to 30.3% (EPRA LTV (“look-through”) 33.1%3)  Group liquidity: €334.9m 4,278.8 4,208.1 4,208.1 4,278.8 377.9 59.1

  22. Slide 22: Net Tangible Assets (EPRA)

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Net Tangible Assets (EPRA) EPRA NTA  EPRA NTA slightly decreased through lower market values: in € million (per share in €) €37.81 (-1.6%)  Share price discount to NTA: 49% (21 March 2023) 2,667.5 -1.6% 2,613.4 2,309.7 2,374.4 2,335.9 E

  23. Slide 23: Interest Rate Structure

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Interest Rate Structure1,2 Due Principle amounts Share of Avg. Interest Lockin (years) (€ million) total Loan interest Rate 2023 0  14 German and 4 foreign bank partners 2024 0  Weighted maturity of 2025 – 2027 3.8 444.2 30.0% 2.61% fix

  24. Slide 24: Main-Taunus-Zentrum: Attractive Succession for the former Karstadt Site

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Main-Taunus-Zentrum: Attractive Succession for the former Karstadt Site (Ideas) 24 Source: ECE SHOPPING CENTERS

  25. Slide 25: Main-Taunus-Zentrum: Attractive Succession for the former Karstadt Site

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Main-Taunus-Zentrum: Attractive Succession for the former Karstadt Site (Ideas) 25 Source: ECE SHOPPING CENTERS

  26. Slide 26: Rhein-Neckar-Zentrum: Retailtainment & Casual Dining

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Rhein-Neckar-Zentrum: Retailtainment & Casual Dining 26 Source: ECE SHOPPING CENTERS

  27. Slide 27: Galeria Baltycka: Mall Beautification & At-your-Service

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Galeria Baltycka: Mall Beautification & At-your-Service 27 Source: ECE SHOPPING CENTERS

  28. Slide 28: Outlook

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Outlook Financing and Liquidity  Continued trustful dialogue with banking partners and investors  Timely refinancings of Altmarkt-Galerie Dresden (€107.4m, 10 years, 2.45%) and Main-Taunus-Zentrum (€221.0m, 10 years, 3.56%) contribute t

  29. Slide 29: Outlook

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Outlook FFO per share Forecast Result Goal1  Further improvement of operations expected Result 2.11 2.00–2.10  2023 will be the first fiscal year without pandemic restrictions 1.98  Strengthened return profile following acquisition of

  30. Slide 30: Financial Calendar

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 Financial Calendar 2023 21.03. Preliminary Results FY 2022 24.03. Bank of America EMEA Real Estate CEO Conference, London 27.04. Publication of the Annual Report 2022 11.05. Quarterly Statement 3M 2023 22.06. Annual General Meeting, Hambu

  31. Slide 31: Contact

    CONFERENCE CALL - PRELIMINARY RESULTS FY 2022 | 22 MARCH 2023 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 fa

Deutsche Euroshop Ag Akt — FY2022 Earnings Presentation on 6ix