Deutsche EuroShop AG - Bilanzpressekonferenz - 30.04.2010
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This document summarizes the annual earnings press conference for Deutsche EuroShop AG for fiscal year 2009. Key figures showed revenue of €110.7 million, EBIT of €54.8 million, and EBT of €49.9 million. Major projects discussed include the expansion of Altmarkt-Galerie Dresden and Main-Taunus-Zentrum. The acquisition of A10 Center was also highlighted. For 2010, continued growth is forecast across key metrics like revenue, EBIT, and FFO per share, though at slightly reduced levels compared to past years.
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Deutsche EuroShop AG - Bilanzpressekonferenz - 30.04.2010
- 1. 2009 feelestate.de Annual Earnings Press Conference FY 2009 results Hamburg, 30 April 2010
- 2. Revenue EBIT EBT* 110.7 105-108 127.6 125-128 54.8 50-52 127.6 110.7 54.8 115.3 49.9 98.1 95.8 86.3 92.9 78.5 37.1 36.1 72.1 57.5 28.1 +15%** +18%** Target – Performance Comparison +18%** €m €m €m * adjusted for one-time proceeds from disposals/excluding valuation result ** 2004-2009, Compound Annual Growth Rate (CAGR) Annual Earnings Press Conference | FY 2009 Results
- 3. Key Figures Dividend per share 1.05 1.05 1.05** 1.05 1.00 +1.2%* € € FFO per share NAV per share 1.49 1.38 27.43 26.91 26.63 1.12 1.08 25.53 0.97 23.11 +11%* +3.6%* € *2004-2008, Compound Annual Growth Rate (CAGR)/**proposal Annual Earnings Press Conference | FY 2009 Results
- 5. Effective from 1 January 2009
- 7. €65 million total investment volume(incl. minorities)
- 8. Net initial yield: 6.4%
- 9. Redesign of 7.000m² selling area
- 10. 8 new tenantsAnnual Earnings Press Conference | FY 2009 Results
- 12. Additional 32,000m² lettable area(currently: 44,500m²)
- 13. 90 new shops
- 15. €165 million total investment volume
- 16. Expected net initial yield: 5.6%
- 17. Apr 2010 pre-letting status: approx. 75%
- 18. opening planned for spring 2011Annual Earnings Press Conference | FY 2009 Results
- 20. Additional 12,000m² selling area(currently: 79,000m²)
- 21. 70 new shops
- 23. €72 million total investment volume
- 24. Expected net initial yield: 8.9%
- 25. Jan 2010 pre-letting status: approx. 35%
- 26. opening planned for autumn 2011Annual Earnings Press Conference | FY 2009 Results
- 28. grand opening: autumn 1996,newdevelopment (A10 Triangle): spring 2011
- 29. approx. 120,000 sqmlettable space (incl. Triangle), thereof 66,000 sqmretail space
- 30. Total investment: approx. €265 million(incl. Triangle)
- 31. 43% equity, 57% debt
- 33. expectedgrossyield (incl. Triangle): 7.3%
- 34. expectednetinitial yield(NOI, incl. Triangle): 6.5%Annual Earnings Press Conference | FY 2009 Results
- 35. Highlights TREND OF SHARE (INDEXED) Performance 2009: DES: +2.1% MDAX: +34.0% EPRA: +35.1% Index ranking MDAX March 2009: 27. (Market Cap) 41. (Turnover) INDEX RANKING (MDAX) Rank Market Cap Rank Turnover Annual Earnings Press Conference | FY 2009 Results
- 36. Retail turnover 2009* *all German DES centers on a like-for-like basis (10 centers with a 2009 turnover of €1.5 billion) Annual Earnings Press Conference | FY 2009 Results
- 37. TenantsStructure Top 10 tenants* Metro-Group 4.6% Douglas-Group 4.6% Peek & Cloppenburg 2.5% H&M 2.5% New Yorker 2.2% Inditex 2.0% Deichmann 2.0% C&A 1.8% dm-Drogeriemarkt 1.4% Esprit 1.3% Low level ofdependence onthe top 10 tenants Other tenantstotal 75.1% total 24.9% *in % of total rents as at 31 Dec 2009, excluding A10 and extensions Annual Earnings Press Conference | FY 2009 Results
- 38. Maturity Distribution of Rental Contracts* Long-term contractsguarantee rental income Weighted maturity6.7 years 2015 et sqq: 62.7% 2010: 2.9% 2011: 9.3% 2012: 13.3% 2013: 3.2% 2014: 5.6% *as % of rental income as at 31 Dec 2009, excluding A10 and extensions Annual Earnings Press Conference | FY 2009 Results
- 39. SectorandRetailer Mix* Balanced sector and retailer diversification *in % of lettable space as at 31 Dec 2009, excluding A10 and extensions Annual Earnings Press Conference | FY 2009 Results
- 40. Key Figures Annual Earnings Press Conference | FY 2009 Results
- 41. Balance Sheet Annual Earnings Press Conference | FY 2009 Results
- 42. LoanStructure* bank debt: €929 million avg. interest rate 5.27% Weighted maturity 7.1 years *as of 31 December 2009 Annual Earnings Press Conference | FY 2009 Results
- 44. avg. cap rate increased to 6.80% (2008: 6.68%)
- 45. avg. net initial yield 5.82% (2008: 5.64%)-20.5 -2.4 -3.4 +92.5 € million 2,020.2 1,954.0 Annual Earnings Press Conference | FY 2009 Results
- 46. Valuation – Investment Properties Rating External appraisers:Feri Research andGfK GeoMarketing 50% 50% DES‘ portfolio was rated very good (A) Property Rating Profitability discountedcash-flowmethod Macro-location 20.0% Competitive environment 6.4% Micro-location 9.6% Property quality 4.0% Tenants risk 10.0% 1) Status: 26 April 2010 2)German Federal Statistical Office, March 2010 Annual Earnings Press Conference | FY 2009 Results
- 47. Profit and Loss Account P & L Annual Earnings Press Conference | FY 2009 Results
- 48. Revenue Bridge 2009 +1.8 = +2.0% € million +10.5 Annual Earnings Press Conference | FY 2009 Results
- 49. Net FinanceCost Bridge 2009 -0.2 -1.6 +1.1 -2.0 1.5 0.7 -49,4 -49.7 -0.1 -8.2 -3.8 € million Annual Earnings Press Conference | FY 2009 Results
- 50. ValuationResult Annual Earnings Press Conference | FY 2009 Results
- 51. EBT Bridge € million -53.1 +6.2 =+7.1% Annual Earnings Press Conference | FY 2009 Results
- 52. Profit Bridge +3.7 +8.3 = +12.0% € million € million -42.8 Annual Earnings Press Conference | FY 2009 Results
- 53. Net Asset Value NAV per share 27.43 26.91 26.63 25.53 23.11 CAGR: +3.6%* € Annual Earnings Press Conference | FY 2009 Results
- 54. Earnings per Share 2.92 2.74 1.96 1.55 0.93 0.89 0.61 € Annual Earnings Press Conference | FY 2009 Results
- 55. Dividend & Performance 28.08 24.30 23.50 23.67 23.73 22.53* 19.26 16.88 Performance DES: 5 years:+51.3% = +8.6% p.a. 3 years: -4.2% = -1.4% p.a. 1 year (2009):+1.7% DAX: +7.0% p.a. -3.3% p.a. +23.9% *Status: 29 April 2010/**proposal Annual Earnings Press Conference | FY 2009 Results
- 56. Shareholder Structure* 9,500 shareholders Free float 82.0% BlackRock3.0% InstitutionalInvestors51.2% Attfund5.0% Otto family18.0% PrivateInvestors22.8% *Status: 29 April 2010 Annual Earnings Press Conference | FY 2009 Results
- 58. Key Figures Q1 2010* *Preliminaryresults Annual Earnings Press Conference | FY 2009 Results
- 59. Forecast € million Revenue CAGR+13% +10% +29% +3% +11% +7% +20% EBIT1) CAGR+14% +8% +28% +5% +13% +8% +27% +28% EBT1)2) CAGR+15% +8% +28% +4% +10% +10% +32% € FFO per share 1.60 CAGR+7%3) 1.10 -9% +11% +4% +8% +9% +23% 0.60 2005 2006 2007 2008 2009 2010 2011 1) adjustedfor one-time proceeds from disposals 2) excl. valuation result 3) incl. dilution Annual Earnings Press Conference | FY 2009 Results
- 60. Key Data of the Share Annual Earnings Press Conference | FY 2009 Results
- 61. Financial Calendar 2010 30.04. Annual earnings press conference, Hamburg 03.05.Roadshow Zurich, UBS 05.05.Roadshow Helsinki, equinet 06.05.M.M. Warburg Northern Highlights Conference, Hamburg 12.05.Interim report Q1 2010 26.05.Kempen & Co European Property Seminar, Amsterdam 27.05.SociétéGénérale European Mid and Small Caps Conference, Nice 09.06. Metzler Property Day, Frankfurt 10.06.Morgan Stanley European Property Conference, London 17.06.Annual General Meeting, Hamburg 30.06.Roadshow Luxembourg, DZ Bank 06.07.Roadshow Copenhagen, UniCredit 12.08.Interim report H1 2010 16.-19.08.Roadshow USA, Berenberg 16.08.Roadshow London, UniCredit 16.08.Roadshow London, UniCredit 17.08.Roadshow Dublin, UniCredit 18.-19.08.Bankhaus Lampe Conference for Retail and Consumption, Frankfurt 02.-03.09. EPRA Annual Conference, Amsterdam 21.09.UniCredit German Investment Conference, Munich 04.-06.10.Expo Real, Munich 12.10.Roadshow Amsterdam, Rabo 19.10.Real Share Initiative, Frankfurt 11.11. Interim report 9M 2010 12.11. Roadshow Brussels, WestLB 16.11. Roadshow Zurich, Deutsche Bank Annual Earnings Press Conference | FY 2009 Results
- 62. Appendix I Contact Deutsche EuroShop AG Investor & Public Relations Oderfelder Straße 23 20149 Hamburg 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 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 forward-looking statements and does not assume any obligation to do so. Claus-Matthias Böge Chief Executive Officer Tel. +49 (40) 41 35 79 - 20 / -22 Fax +49 (40) 41 35 79 - 29 E-Mail: ir@deutsche-euroshop.com Web: www.deutsche-euroshop.com Olaf G. Borkers Chief Financial Officer facebook.com/desag flickr.com/desag slideshare.net/desag twitter.com/des_ag Patrick Kiss Head of Investor & Public Relations Nicolas Lissner Manager Investor & Public Relations Annual Earnings Press Conference | FY 2009 Results