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Deutsche EuroShop Interim Report Q1 2009
The document provides an interim report for Deutsche EuroShop AG for the first quarter of 2009. Some key highlights include: - Revenue increased 18% to €31.8 million compared to Q1 2008. Net operating income rose 20% to €27.9 million. - Earnings per share increased substantially to €0.71 compared to €0.30 in Q1 2008. - Total assets grew 4% to €2.08 billion while equity ratio declined slightly to 47.6% from 48.7% at the end of 2008. - The company acquired a majority 90% stake in the City-Point shopping center in Kassel for €53 million and expects to redesign parts of the center
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Deutsche EuroShop Interim Report Q1 2009
- 1. Conference Call It i R C f C ll Interim Report Q1 2009 t Hamburg, 14 May 2009
- 2. Highlights Q1 2009 City-Point Kassel Stake raised from 40% to 90% Seller: Arcandor AG Investment volume: EUR 53 million Redesign of 7.000 m² selling area g g Hertie has left in March 8 new shops will open end of 2009 Conference Call | Interim Report Q1 2009 2
- 3. Highlights Q1 2008 Share Performance 2009 ytd: DES: DES -12.25% 12 25% EPRA Europe: +6.6% MDAX: +0.2% Index ranking MDAX g April 2009: 24. (Market Cap) 44. (Turnover) ( ) Conference Call | Interim Report Q1 2009 3
- 4. Financials I KeyFigures 01.01.- 01.01.- € million 31.03.2009 31.03.2008 +/- Revenue 31.8 26.9 18% Net operating income 27.9 27 9 23.3 23 3 20% EBIT 27.1 22.7 19% Net finance costs -14.2 -11.6 -23% EBT 29.6 12.3 140% Consolidated profit 24.4 10.2 139% FFO per share (€) 0.37 0.32 16% Earnings per share (€) 0.71 0.30 139% € million 31.03.2009 31.12.2008 +/- Total equity 992.9 977.8 2% Interest bearing debt 953.8 899.8 6% Other debt 137.7 129.3 7% Total assets 2,084.5 2 084 5 2,006.8 2 006 8 4% Equity ratio 47.6% 48.7% LTV ratio 47.1% 46.1% Conference Call | Interim Report Q1 2009 4
- 5. Balance Sheet in € thousand 31.03.2009 31.12.2008 +/- Non-current assets 2,025,225 1,953,984 71,241 Current assets 59,281 52,865 6,416 Total assets 2,084,506 2,006,849 77,657 Group equity 870,417 860,450 9,967 Minorities 122,518 117,320 5,198 Total equity 992,935 977,770 15,165 Bank debt 953,829 953 829 899,808 899 808 54,021 54 021 Deferred tax liabilities 87,540 82,313 5,227 Other liabilities 50,202 50 202 46,958 46 958 3,244 3 244 Total equity and liabilities 2,084,506 2,006,849 77,657 Conference Call | Interim Report Q1 2009 5
- 6. Profit and LossAccount 01.01.- 01 01 01.01.- 01 01 in € thousand 31.03.2009 31.03.2008 +/- Revenue 31,774 26,892 18% Property operating and management costs -3 915 3,915 -3 594 3,594 Net operating income 27,859 23,298 20% Other operating income 260 237 Corporate costs -1,055 -842 EBIT 27,064 22,693 19% Income from Investments 327 0 Net interest expense -12,555 -10,244 Profit attributable to limited partners -1,997 -1,347 Net finance costs -14,225 -11,591 -23% Measurement gains/losses 16,778 1,221 EBT 29,617 29 617 12,323 12 323 140% Taxes -5,250 -2,129 Consolidated profit 24,367 10,194 139% Conference Call | Interim Report Q1 2009 6
- 7. Revenue Bridge Q12008 – Q1 2009 +0.5 05 = +2.0% 31.8 +4.4 € million 26.9 Q1 2008 Passau, Increase in rents Q1 2009 Kassel, Hameln Conference Call | Interim Report Q1 2009 7
- 8. Net Finance CostBridge Q1 2008 – Q1 2009* Kassel, Income from Interest Passau, Minority Q1 2008* investments income Hameln profitshare Q1 2009 -11.6 +0.3 -0.3 -1.9 € million -0.7 07 -14.2 14 2 *Revised, incl. Minorities Conference Call | Interim Report Q1 2009 8
- 9. EBT Bridge Q12008 – Q1 2009 +1.7 +1 7 € million =+14.0% 29.6 +15.6 12.3 Q1 2008 Valuation result Increase Q1 2009 Conference Call | Interim Report Q1 2009 9
- 10. Profit Bridge Q12008 – Q1 2009 +1.5 = +15.0% € million 24.4 +12.7 € million 10.2 Q1 2008 Valuation Increase Q1 2009 Conference Call | Interim Report Q1 2009 10
- 11. Financials I Forecast €million 140 125-128 +2% 128-131 120 Revenue +20% 115.3 +10% 100 92.9 +3% 95.8 +29% CAGR 80 +17% 72.1 61.4 13% +13% 60 40 130 +4% EBIT* +9% 105-108 109-112 110 +27% 98.1 90 +5% +28% 73.6 77.2 CAGR 70 +28% 57.5 +16% 50 45.0 30 53-55 55 EBT*/** 49.9 +2% 50-52 50 52 +6% 45 +32% +15% +28% 36.1 +4% 37.7 CAGR 35 24.4 28.1 +14% 25 15 +7% 1.55-1.60 € 1,60 FFO per share +29% 1.45 +2% 1.45-1.50 +11% 1.08 +4% 1.12 CAGR 1,10 +13% 0.97 0.86 +11% 0,60 2004 2005 2006 2007 2008 2009 2010 *adjusted for one-time proceeds from disposals / **excluding valuation result COMPANY PRESENTATION | 04/09 11
- 12. Appendix I KeyData of the Share Listed since 02.01.2001 Nominal capital €34,374,998 Outstanding shares 34,374,998 Class of shares Registered shares Dividend 2008 (proposal) €1.05 52W High €28.40 52W Low €18.50 €18 50 Share price (12.05.2009) €21.32 Market capitalisation €733 million avg. turnover per day last 12 months 136,700 shares Indices MDAX, EPRA, GPR, MSCI Small Cap Prime Standard Official market Frankfurt and XETRA Berlin-Bremen, Düsseldorf, Hamburg, OTC market Hanover, Hanover Munich und Stuttgart ISIN DE 000 748 020 4 Ticker DEQ, Reuters: DEQGn.DE Market makers Close Brothers Seydler, WestLB COMPANY PRESENTATION | 04/09 12
- 13. Appendix I FinancialCalendar 2009 14.05. Interim report Q1 2009 23.09. UniCredit German Corporate Conference, 20.05. Roadshow Copenhagen, M.M. Warburg Munich 28.05. Kempen & Co European Property 01.10. Societe Generale Pan European Seminar, Seminar Amsterdam Real Estate Conference, London Conference 24.06. Roadshow Dublin, UniCredit 05.-07.10. Expo Real, Munich 24.06. Deutsche Bank German & Austrian 20.10. Real Estate Share Initiative, Frankfurt Corporate Conference, Frankfurt 12.11. Interim report Q1-3 2009 30.06. Annual General Meeting, Hamburg 16.11. Roadshow Paris, Berenberg 13.08. Interim report H1 2009 16.11. Roadshow London, M.M. Warburg 26.08. Roadshow London, WestLB 17.11. Roadshow Zurich, Berenberg 27.08. 27 08 Roadshow Edinburgh CA Cheuvreux Edinburgh, 17.11. 17 11 Roadshow Amsterdam Rabobank Amsterdam, 01.09. Roadshow Cologne & Dusseldorf, WestLB 19.11. WestLB Deutschland Conference, 03.-04.09. EPRA Annual Conference, Brussels Frankfurt 16.09. Sal. Oppenheim Real Estate Forum, 01.12. Commerzbank Real Estate Amsterdam Conference, F kf t C f Frankfurt 23.09. UniCredit German Corporate Conference, Munich 01.10. p Societe Generale Pan European Real Estate Conference, London 05.-07.10. Expo Real, Munich COMPANY PRESENTATION | 04/09 13
- 14. Appendix I Contact Deutsche EuroShop AG Investor & Public Relations Oderfelder Straße 23 20149 Hamburg Claus-Matthias Böge Chief Executive Officer Tel. +49 (40) 41 35 79 - 20 / -22 Fax +49 (40) 41 35 79 - 29 ( ) E-Mail: [email protected] Web: www.deutsche-euroshop.com Olaf G. Borkers Chief Financial Officer Important Notice: Forward-Looking Statements Statements in this presentation relating to future status or circumstances, including statements regarding manage- ment s ment’s plans and objectives for future operations sales operations, and earnings figures, are forward-looking statements of goals and expectations based on estimates, assumptions and the anticipated effects of future events on current and Patrick Kiss Head of Investor & Public Relations developing circumstances and do not necessarily predict future results. Many factors could cause the actual results to be materially different from those that may be expressed or implied by such statements. Deutsche EuroShop does not intend to update these forward-looking statements and does not assume any Nicolas Lissner co as ss e obligation t do so. bli ti to d Manager Investor & Public Relations Conference Call | Interim Report Q1 2009 14