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Press Releases
26.04.2024
Presentation of the 2023 Annual Report
Hamburg, 26 April 2024 - Shopping center investor Deutsche EuroShop AG, Hamburg, today presented its audited results for the 2023 financial year and confirmed the preliminary results published on 19 March 2024. The annual report with the motto ‘Eat. Shop. Laugh.’ is now available for download at www.deutsche-euroshop.com/ir
Deutsche EuroShop key figures (IFRS)
|
in € millions |
|
2023 |
|
2022 |
|
+/- |
|
Revenue |
|
273.3 |
|
212.8 |
|
28% |
|
Net operating income (NOI) |
|
214.9 |
|
167.5 |
|
28% |
|
EBIT |
|
212.7 |
|
152.4 |
|
40% |
|
Net finance costs |
|
-43.2 |
|
-22.3 |
|
-94% |
|
EBT (excluding measurement gains / losses1) |
|
169.5 |
|
130.2 |
|
30% |
|
Measurement gains / losses1 |
|
-209.1 |
|
-106.4 |
|
-97% |
|
Consolidated profit |
|
-38.3 |
|
21.4 |
|
- |
|
FFO per share |
|
2.28 |
|
2.11 |
|
8% |
|
Earnings per share |
|
-0.51 |
|
0.35 |
|
- |
|
EPRA Earnings per share |
|
2.29 |
|
2.10 |
|
9% |
|
Equity2 |
|
2,379.0 |
|
2,343.4 |
|
2% |
|
Liabilities |
|
2,081.2 |
|
1,864.7 |
|
12% |
|
Total assets |
|
4,460.2 |
|
4,208.1 |
|
6% |
|
Equity ratio in %2 |
|
53.3 |
|
55.7 |
|
|
|
LTV ratio in % |
|
33.2 |
|
30.2 |
|
|
|
EPRA LTV in %3 |
|
34.8 |
|
33.5 |
|
|
|
Cash and cash equivalents |
|
336.1 |
|
334.9 |
|
0% |
|
Net tangible assets (EPRA) |
|
2,414.4 |
|
2,335.9 |
|
3% |
|
Net tangible assets per share (EPRA) |
|
31.58 |
|
37.81 |
|
-16% |
|
Dividend per share |
|
0.805 |
|
4.454 |
|
1 including the share attributable to equity-accounted joint ventures and associates
2 including non controlling interests
3 EPRA loan-to-value ratio (EPRA LTV ratio): Ratio of net debt (financial liabilities and lease liabilities less cash and cash equivalents) to real estate assets (investment properties, owner-occupied properties, intangible assets and other assets (net)). Net debt and real estate assets are calculated on the basis of the Group’s share in the subsidiaries and joint ventures.
4 Includes the dividend of € 1.95 and € 2.50 per share resolved on 29 August 2023 and 8 January 2024 for the 2022 financial year.
5 proposal
Explanations of the financial ratios used can be found at www.deutsche-euroshop.de/Investor-Relations/Service/Glossary
Forecast for 2024
Management is forecasting the following earnings corridors for the 2024 financial year:
- Revenue: €268 million to €274 million
- EBIT: €204 million to €210 million
- EBT excluding measurement gains/losses: €149 million to €155 million
- FFO: €146 million to €152 million, or €1.91 to €1.99 per share
Dividend proposal
In view of the liquidity available after the dividend payment made in January 2024 and the operating outlook, the Executive Board and the Supervisory Board have decided to propose the distribution of a dividend of € 0.80 per share for the 2023 financial year to the Annual General Meeting.
The company reserves the right to adjust its proposed resolution before or at the latest at the Annual General Meeting if this should prove possible and expedient for the distribution of a higher dividend due to new circumstances, in particular the creation of further liquidity through the conclusion of loan agreements.
Financial reporting dates 2024
Deutsche EuroShop will publish its financial reports for the current financial year on the following dates after the close of trading:
- Quarterly statement 1st quarter: 14 May 2024
- Half-yearly financial report: 14 August 2024
- Quarterly statement 3rd quarter: 14 November 2024