Deutsche Euroshop Ag Akt (DUSCF) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen. This is Hans-Peter Kneipp speaking. On behalf of the management board of Deutsche Euroshop, I'm delighted to have this conference call with you and share our preliminary results for the financial year 2023 and the development of our company with you. Thank you for taking the time and for your continued interest in Deutsche Euroshop. The cover of the presentation and some of the images it contains already reveal the theme of our annual report 2023, which will be published on the 26th of April 2024. The title will be Eat, Shop, Love, as this time we are focusing on the topic of food and the variety of culinary experiences we offer at our shopping centers. To begin with, the Deutsche Euroshop team, together with our asset manager ECE, have done an excellent job to achieve these results. In the current transformation phase in the real estate and retail sectors, such good results cannot be taken for granted, but are the result of intensive work by our leading team, both at a strategic level and on site in our 21 shopping centers. But enough words of introduction. Let me now take you through our preliminary results and address any questions you may have. Let's get started with an update on our business activities on slides two and three. Overall, we have seen a sustained comeback of our operational business. Compared to 2022, footfall and retail sales of our tenants have increased by 5.7% and 8.6% respectively. As a result of the acquisition of minority interests in our own shopping centers in early 2023, Deutsche Euroshop has considerably strengthened its return profile. Our revenues went up by 28.4%, to 273.3 million euros, and FFO increased by 31.7% to now 171.3 million euros. Even without the acquisitions, revenues and FFO have devel...