Deutsche Euroshop Ag Akt (DUSCF) Q3 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

I'm Hans-Peter Kneipp, Executive Director at Deutsch Euroshop. I'm very much looking forward to this call after unfortunately not being able to make the last one in March due to illness. Thankfully, Patrick, who is with me today, took over this call in his usual experienced manner and guided you through our annual results for 2022. Now that we have gone through most of 2023, let's take a glance at the nine-month figures and the developments in the company together. Clearly, our team's constant hard work is reflected in our nine months 2023 financial results, and I'm happy to take you through them and address any questions you may have. Let's dive into our performance and future prospects. Thank you for your time, and let's get started. You can find an update on our business activities on slides two and three. Compared to the first nine months of 2022, we have seen an encouraging increase in footfall of 11%, and 7.4% in the retail sales of our tenants. As a result, our tenants are generating sales that are higher than in the pre-COVID period. It is probably the last time we compare with pre-COVID era, as that comparison seems less and less appropriate. Shopping and the corresponding environment have evolved in the meantime, and we are well advised to now focus on future opportunities. Our revenues went up by 28.1% to 203.2 million euros and FFO increased by 34.5% to now 129.7 million euros. In terms of financing, we are in a very good position with an LTV of 32.4% and a cash position of 280.6 million euros. We have a steady funding situation and all our financings for this year are completed. Our next loan is only due in 2025, with major financing only coming up from 2026 on. As you know, we have paid out a dividend of 191.2 million euros in September. On slide four, ...