Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2015
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The document summarizes the Q1 2015 results of Deutsche EuroShop AG, a German real estate investment company focused on shopping centers. Key highlights include: - Retail sector sales increased 1% overall in Q1, led by department stores, health/beauty, and general retail. Fashion/textiles declined. - Deutsche EuroShop's net rental income was up 1% to €46.1 million. EBIT increased 1% to €44.6 million. - Net finance costs declined 7% to €12.9 million due to lower interest expenses. EBT rose 7% to €31.3 million. - Consolidated profit increased 12% to €25.3 million.
Deutsche EuroShop - Conference Call Presentation - Interim Report Q1 2015
- 1. CONFERENCE CALL Q1 2015 Results 13.05.2015 Q1 2015
- 2. Retail sector % change rent-to-sales ratio in % % of sales % of space Department stores 1.3 5.9 7.6 13.1 Food 1.4 7.3 9.0 6.2 Fashion textiles -1.1 12.3 29.5 39.7 Shoes & leather goods -5.8 14.9 5.1 6.4 Sports -3.1 9.0 3.8 4.5 Health & Beauty 6.3 6.8 12.0 5.9 General Retail 2.0 10.4 8.9 9.6 Electronics 3.3 3.92) 15.1 8.9 Services 2.3 4.5 4.5 1.5 Food catering 1.9 13.2 4.5 4.2 Total3) 1.0 8.9 100.0 100.0 Retail turnover Q1 20151) 13.05.2015 CONFERENCE CALL | Q1 2015 RESULTS 2 SHOPPING CENTERS 1) German centers on a like-for-like basis 2) regrouping within sector, like-for-like 2.9% 3) Totals may include differences due to rounding like-for-like retail turnover development: Germany 1.0%, abroad 1.6% DES-Portfolio overall: 1.1% absolute retail turnover development: Germany 1.2%, abroad 2.5% DES-Portfolio overall: 1.4%
- 3. in € thousand 01.01.- 31.03.2015 01.01 .- 31.03.2014 Change Revenue 50,603 50,002 1.2% Property operating and management costs -4,503 -4,367 Net operating income 46,100 45,635 1.0% Other operating income 611 55 Corporate costs -2,069 -1,494 EBIT 44,642 44,196 1.0% Interest income 7 42 Interest expense -14,394 -14,612 Other financial expenses 352 -532 At equity result 5,358 5,327 Profit/loss attributable to limited partners -4,187 -4,055 Net finance costs -12,864 -13,830 -7.0% Measurement gains/losses -451 -1,054 EBT 31,327 29,312 6.9% Taxes -6,008 -6,721 Consolidated profit 25,319 22,591 12.1% Profit and Loss Account Q1 2015 13.05.2015 CONFERENCE CALL | Q1 2015 RESULTS 3 FINANCIALS
- 4. Key Figures Q1 2015 13.05.2015 CONFERENCE CALL | Q1 2015 RESULTS 4 FINANCIALS 01.01.- 31.03.2015 01.01.- 31.03.2014 Change FFO per share (€) 0.57 0.55 3.6% Earnings per share (€, undiluted) 0.47 0.42 11.9% EPRA Earnings per share (€, undiluted) 0.48 0.44 9.1%
- 5. in € thousand 31.03.2015 31.12.2014 Change Non-current assets 3,422.557 3,420,212 2,345 Current assets 91,687 71,946 19,741 Total assets 3,514,244 3,492,158 22,086 Group equity 1,546,810 1,524,342 23,293 Non controlling interest 227,674 226,849 825 Total equity 1,774,484 1,751,191 23,293 Financial liabilities 1,425,128 1,430,085 -4,957 Deferred tax liabilities 231,315 227,455 3,860 Other liabilities 83,317 83,427 -110 Total equity and liabilities 3,514,244 3,492,158 22,086 Balance Sheet Q1 2015 13.05.2015 CONFERENCE CALL | Q1 2015 RESULTS 5 FINANCIALS 31.03.2015 31.12.2014 Equity ratio* 50.5% 50.1% LTV ratio 39% 40% * incl. non controlling interests
- 6. 13.05.2015 CONFERENCE CALL | Q1 2015 RESULTS 6 FINANCIALS Loan Structure1) incl. Convertible Bond 1) as of 31 March 2015 Interest lockin Duration Principle amounts (€ thousand) Share of total loan avg. interest rate Up to 1 year 49.0 3% 1.24% 1 to 5 years 3.7 436.2 31% 4.15% 5 to 10 years 7.3 790.9 56% 3.59% Over 10 years 12.3 147.9 10% 4.05% Total 2014 6.3 1,424.0 100% 3.76% 20 German Banks Weighted maturity of fixed interest periods 6.3 years 5.03 4.59 4.16 3.88 3.76 3.76 0 1 2 3 4 5 6 7 8 3,50 4,00 4,50 5,00 5,50 6,00 2010 2011 2012 2013 2014 2015 avg. Interest rates weighted maturities yrs% 1)
- 7. Revenue Bridge Q1 2015 13.05.2015 CONFERENCE CALL | Q1 2015 RESULTS 7 FINANCIALS €m 50.0 50.6+0.6 = +1.2% Q1 2014 Increase in rents Q1 2015
- 8. Net Finance Cost Bridge Q1 2015 13.05.2015 CONFERENCE CALL | Q1 2015 RESULTS 8 FINANCIALS €m -13.8 +0.8 -0.1 Q1 2014 Interest expense Interest rate Swap expenses Minority profitshare Q1 2015 -12.9 +0.2
- 9. EBT Bridge Q1 2015 13.05.2015 CONFERENCE CALL | Q1 2015 RESULTS 9 FINANCIALS €m 29.3 31.3 +0.6 +1.4 = +4.6% Q1 2014 Valuation result Increase Q1 2015
- 10. Profit Bridge Q1 2015 13.05.2015 CONFERENCE CALL | Q1 2015 RESULTS 10 FINANCIALS €m 22.6 25.3 +0.4 +2.3 = +10% Q1 2014 Valuation result Increase Q1 2015
- 11. Forecast 13.05.2015 CONFERENCE CALL | Q1 2015 RESULTS 11 FINANCIALS 1) Compound Annual Growth Rate (CAGR) 2010-2016 2) incl. dilution 3) excl. capital gain REVENUE €m EBIT €m EBT EXCLUDING VALUATION3) €m FFO PER SHARE € 1.40 1.61 1.66 2.08 2.23 2010 2011 2012 2013 2014 2015 2016 63.9 86.6 95.1 113.4 1 2 3 4 5 6 7 124.0 165.7 151.61) 165.81) 177.5 179-182 144.2 190.0 178.21) 188.01) 200.8 203-206 1 2 3 4 5 6 7 +1% +1% +3% +3% +32% +34% +36% +15% +10% +3% +19% +25% +7% +7% +10% +7% 201-204 177-180 125.0 126-129 130-133 2.24-2.28 2.30-2.34 Equity method Equity method CAGR1)2): +9% CAGR1): +13% +1%+5% +9% +1% +2% +1%
- 12. Key Data of the Share 13.05.2015 CONFERENCE CALL | Q1 2015 RESULTS 12 APPENDIX Listed since 02.01.2001 Nominal capital €53,945,536.00 Outstanding shares 53,945,536 Class of shares Registered shares Dividend 2014 (proposal) €1.30 52W High €48.33 52W Low €31.86 Share price (11 May 2015) €45.27 Market capitalisation €2.44 billion avg. turnover per day last 12 months (XETRA) 136,000 shares Indices MDAX, EPRA, GPR, MSCI Small Cap, EURO STOXX, STOXX Europe 600 Official market Prime Standard Frankfurt and XETRA OTC market Berlin-Bremen, Dusseldorf, Hamburg, Hanover, Munich and Stuttgart ISIN DE 000 748 020 4 Ticker DEQ, Reuters: DEQGn.DE Market maker Oddo Seydler
- 13. Financial Calendar 13.05.2015 CONFERENCE CALL | Q1 2015 RESULTS 13 APPENDIX 2015 12.05. Interim report Q1 2015 19.05. Roadshow Munich, Baader Bank 19.05. Berenberg European Conference USA, New York 20.-21.05. Commerzbank German Mid Cap Investor Conference, Boston, New York 28.05. Roadshow Milan, Liugano, Berenberg 29.05. Societe Generale Nice Conference, Nice 09.06. Roadshow Warsaw, Dom Inwestycyjny Investors 10.06. Roadshow Helsinki, Oddo Seydler 18.06. Annual General Meeting, Hamburg 19.06. Deutsche Bank dbAccess GSAC, Berlin 01.07. Kepler Cheuvreux German Property Day, Paris 13.08. Interim report H1 2015 20.-21.08. Deutsche EuroShop Real Estate Summer, Gdansk 21.09. Goldman Sachs & Berenberg German Conference, Munich 22.09. Baader Investment Conference, Munich 01.10. Societe Generale Real Estate Conference, London 02.10. Roadshow Edinburgh, M.M. Warburg 28.-29.10. Roadshow Vienna, Linz, Berenberg 12.11. Nine-month report 2015 16.11. DZ Bank Equity Conference, Frankfurt 16.11. Roadshow Paris, Baader Bank 17.11. Roadshow Zurich, Kepler Cheuvreux
- 14. Contact Deutsche EuroShop AG Investor & Public Relations Heegbarg 36 22391 Hamburg Tel. +49 (40) 41 35 79 - 20 / -22 Fax +49 (40) 41 35 79 - 29 E-Mail: [email protected] Web: www.deutsche-euroshop.com Important Notice: Forward-Looking Statements Statements in this presentation relating to future status or circumstances, including statements regarding management’s plans and objectives for future operations, sales 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 developing circumstances and do not necessarily predict future results. Many factors could cause the actual results to be materiallydifferent from those that may be expressed or implied bysuch statements. Deutsche EuroShop does not intend to update these forward-looking statements and does not assume any obligation to do so. 13.05.2015 CONFERENCE CALL | Q1 2015 RESULTS 14 APPENDIX This presentation is a FSC certified product ir-mall.com facebook.com/euroshop flickr.com/desag slideshare.net/desag twitter.com/des_ag youtube.com/DeutscheEuroShop Patrick Kiss Head of Investor & Public Relations Nicolas Lissner Manager Investor & Public Relations Claus-Matthias Böge Chief Executive Officer Olaf Borkers Chief Financial Officer Wilhelm Wellner Chief Operating Officer