Deutsche EuroShop - Conference Call Presentation - Interim Report 9M 2011
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The document provides a summary of key financial highlights and figures for Deutsche EuroShop AG for the first nine months of 2011. Some highlights include the acquisition of a 50% stake in the Allee-Center Magdeburg shopping center and renewing loan agreements totaling around €797 million at low interest rates. Key financial figures show growth in revenue, funds from operations per share, and earnings before taxes compared to the same period in 2010.
Deutsche EuroShop - Conference Call Presentation - Interim Report 9M 2011
- 1. 9M 2011 feelestate.de CONFERENCE CALL | NINE-MONTH REPORT 2011 10 November 2011
- 2. Financials Highlights 9M 2011 January: Increase of the shareholding in Stadt-Galerie Hameln to 100% March: Opening of the Extension of the Altmarkt-Galerie Dresden A10 Center Wildau April: Opening of the A10 Triangle July: Increase of the shareholding in City-Galerie Wolfsburg to 100% City-Galerie Wolfsburg Altmarkt-Galerie Dresden Stadt-Galerie Hameln Conference Call | 9M 2011 Results page 2
- 3. Financials Highlights: Acquisition of the Allee-Center Magdeburg approx. 51,400 sqm lettable space, thereof 35,000 sqm retail space, 150 shops occupancy rate: 99% catchment area: approx. 0.7 million people approx. €118 million total investment volume Deutsche EuroShop buys 50% (share deal) expected gross yield: 6.7% expected net initial yield (NOI): 6.0% part of DES’ portfolio since 1 October 2011 Conference Call | 9M 2011 Results page 3
- 4. Financials Highlights: Before Maturity Loan Renewals DES achieved before maturity renewals of loans and new loans with a total volume of approx. €797 million with the banks in the period August 2009/2011 The vast majority of these new contracts were agreed in 2011 and thus DES benefited from the low interest rates No further follow-on financings until 2013 Credit line runs until February 2014 Conference Call | 9M 2011 Results page 4
- 5. Financials Key Figures € million 01.01.-30.09.2011 01.01.-30.09.2010 +/- Consolidated profit 40.0 38.3 4% FFO per share (€) 1,12 1,02 10% Earnings per share (€) 0,78 0,84 -7% € million 30.09.2011 31.12.2010* +/- Total equity 1,399.5 1,435.9 -3% Interest bearing debt 1,372.8 1,288.2 7% Other debt 61.3 50.9 20% Total assets 3,036.1 2,963.6 2% Equity ratio 46.1% 48.5% LTV ratio 47% 47% *after adjustment of the consolidated financial statements for the period ended 31 December 2010 Conference Call | 9M 2011 Results page 5
- 6. Financials Balance Sheet / Adjustment 2010 in € thousand 31.12.2010 31.12.2010 reported adjustment adjusted Non-current assets 2,729,340 2,729,340 Current assets 234,236 234,236 Total assets 2,963,576 2,963,576 Group equity 1,249,652 -91,483 1,158,169 Non controlling interests 277,780 277,780 Total equity 1,527,432 -91,483 1,435,949 Bank debt 1,288,156 1,288,156 Deferred tax liabilities 188,546 87,494 188,546 Other liabilities 50,925 3,989 50,925 Total equity and liabilities 2,963,576 2,963,576 Conference Call | 9M 2011 Results page 6
- 7. Financials Balance Sheet in € thousand 30.09.2011 31.12.2010* +/- Non-current assets 2,941,037 2,729,340 211,697 Current assets 95,054 234,236 -139,182 Total assets 3,036,091 2,963,576 72,515 Group equity 1,128,729 1,158,169 -29,440 Non controlling interests 270,744 277,780 -7,036 Total equity 1,399,473 1,435,949 -36,476 Bank debt 1,372,815 1,288,156 84,659 Deferred tax liabilities 202,494 188,546 13,948 Other liabilities 61,309 50,925 10,384 Total equity and liabilities 3,036,091 2,963,576 72,515 *after adjustment of the consolidated financial statements for the period ended 31 December 2010 Conference Call | 9M 2011 Results page 7
- 8. Financials Profit and Loss Account 01.01.- 01.01.- in € thousand 30.09.2011 30.09.2010 +/- Revenue 137,984 106,609 29% Property operating and management costs -14,952 -11,746 Net operating income 123,032 94,863 30% Other operating income 242 675 Corporate costs -5,340 -4,039 EBIT 117,934 91,499 29% Income from Investments 1 1,096 Net interest expense -47,633 -39,768 Profit/loss attributable to limited partners -11,219 -5,880 Net finance costs -58,851 -44,552 -32% EBT before Valuation 59,083 46,947 26% Measurement gains/losses -1,298 -673 EBT 57,785 46,274 25% Taxes -17,757 -7,969 Consolidated profit 40,028 38,305 4% Conference Call | 9M 2011 Results page 8
- 9. Financials Revenue Bridge 9M 2011 +0.9 = +1.1% 138.0 € million +30.5 106.6 9M 2010 Dresden, MTZ, Increase in rents 9M 2011 Phoenix, Billstedt, A10 Conference Call | 9M 2011 Results page 9
- 10. Financials Net Finance Cost Bridge 9M 2011 Dresden, MTZ, Income from A10, Phoenix, Interest Minority 9M 2010 investments Billstedt expenses l-f-l profitshare 9M 2011 -44.6 -1.1 -8.8 +0.9 -5.3 -58,9 € million Conference Call | 9M 2011 Results page 10
- 11. Financials EBT Bridge 9M 2011 +12.1 = +26% 57.8 € million 46.3 -0.6 9M 2010 Valuation result Increase 9M 2011 Conference Call | 9M 2011 Results page 11
- 12. Financials Profit Bridge 9M 2011 € million +2.4 =+6% 40.0 38.3 -0.7 9M 2010 Valuation Increase 9M 2011 Conference Call | 9M 2011 Results page 12
- 13. Financials Forecast € million 220 188-190 198-202 200 Revenue 180 160 144.2 140 127.6 120 115.3 100 92.9 95.8 CAGR 80 +3% +20% +11% +13% +31% +6% +15% 60 40 1) 169-173 190 170 EBIT 160-163 150 130 124.0 110.7 110 98.1 CAGR 90 73.6 77.2 70 +5% +27% +13% +12% +30% +17% 50 +6% 30 +28% 95 1) 84-87 85 EBT before Valuation 79-82 75 63.9 65 54.9 55 48.7 CAGR 45 36.1 38.9 35 +17% +8% +25% +12% +17% +26% +6% 25 15 2.00 € FFO per share 1.60-1.64 1.49-1.54 1.50 1.50 1.38 1.40 1.40 1.08 1.12 CAGR 1.00 1.00 +4% +23% +1% +0% +8% +7% +7%2) 0.50 2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012 1) 2) adjusted for one-time proceeds from disposals incl. dilution Conference Call | 9M 2011 Results page 13
- 14. Financials Outlook Currently working on a long-term solution to reduce the trade tax burden No change in strategy 17 November: Opening of Main-Taunus-Zentrum’s “North Extension” besides smaller investments currently no further acquisitions in the pipeline Conference Call | 9M 2011 Results page 14
- 15. Financials Appendix: Key Data of the Share Listed since 02.01.2001 Nominal capital €51,631,400.00 Outstanding shares 51,631,400 Class of shares Registered shares Dividend 2010 (17.06.2011) €1.10 52W High €29.18 52W Low €22.05 Share price (08.11.2011) €26.28 Market capitalisation €1.4 billion avg. turnover per day last 12 months 116,000 shares Indices MDAX, EPRA, GPR, MSCI Small Cap Prime Standard Official market Frankfurt and XETRA Berlin-Bremen, Dusseldorf, Hamburg, OTC market Hanover, Munich and Stuttgart ISIN DE 000 748 020 4 Ticker DEQ, Reuters: DEQGn.DE Market makers Close Brothers Seydler, WestLB Conference Call | 9M 2011 Results page 15
- 16. Financials Financial Calendar 2011 2012 10.11. Nine-month report 2011 09.03. Preliminary Results FY2011 14.11. Roadshow Paris, Aurel 15.- Kempen & Co. Property Seminar, 16.03. New York 16.- WestLB Deutschland Conference, 26.- Bankhaus Lampe Deutschland- 17.11. Frankfurt 27.04. Konferenz, Baden-Baden 17.11. Supervisory Board meeting, Hamburg 27.04. Publication of the 23.11. Roadshow Brussels, Petercam Annual Report 2011 30.11.- Berenberg European Conference, 15.05. Interim report Q1 2012 01.12. Pennyhill 21.06. Annual General Meeting, Hamburg 14.08. Interim report H1 2012 06.- EPRA Annual Conf., 07.09. Berlin 8.- EXPO Real, 10.10. Munich 13.11. Nine-month report 2012 Conference Call | 9M 2011 Results page 16
- 17. Financials Contact Deutsche EuroShop AG Investor & Public Relations Oderfelder Straße 23 20149 Hamburg Tel. +49 (40) 41 35 79 - 20 / -22 Fax +49 (40) 41 35 79 - 29 Claus-Matthias Böge E-Mail: [email protected] Chief Executive Officer Web: www.deutsche-euroshop.com ir-mall.com facebook.com/euroshop flickr.com/desag slideshare.net/desag Olaf G. Borkers twitter.com/des_ag Chief Financial Officer youtube.com/DeutscheEuroShop Important Notice: Forward-Looking Statements Statements in this presentation relating to future status or circumstances, including statements regarding manage- ment’s plans and objectives for future operations, sales and earnings figures, are forward-looking statements of goals and expectations based on estimates, assumptions Patrick Kiss Head of Investor & Public Relations and the anticipated effects of future events on current and 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 Nicolas Lissner forward-looking statements and does not assume any Manager Investor & Public Relations obligation to do so. Conference Call | 9M 2011 Results page 17