DGAP-News: Deutsche EuroShop AG / Key word(s): Quarter Results/Quarterly / Interim Statement
Deutsche EuroShop: First quarter of 2020 still largely unaffected by the coronavirus pandemic
Hamburg, 14 May 2020 - Shopping center investor Deutsche EuroShop recorded revenue of €55.8 million in the first three months of the 2020 financial year, down slightly by 0.9% from the prior-year period. Net operating income (NOI) fell by 1.2% to €50.0 million, and EBIT by 2.0% to €48.3 million.
"It was not until around the middle of March that our shopping centers were almost completely closed. The full extent of the lockdown and its economic consequences will not affect results until the second quarter. Accordingly, we can still present satisfactory operating figures for the first quarter of 2020," said CEO Wilhelm Wellner.
As the same quarter of the previous year was boosted by special effects, earnings before taxes and measurement gains/losses (EBT before measurement) fell by 3.7% to €40.8 million (excluding special effects: +2.6%) and EPRA earnings by 19.1% to €38.5 million (without special effects: -0.5%). FFO adjusted for valuation and special effects remained at the previous year's level of €38.6 million.
Deutsche EuroShop is generally well positioned even in this exceptional situation and will continue to implement its strategic measures. This includes investing in the attractiveness and tenant mix of its shopping centers, which is being carried out in the current phase as required, as well as increasing digitalisation (Digital Mall).
Wilhelm Wellner: "Even though the economic impact cannot be estimated at the present time, we are confident that we will master the current challenges. The opening of a majority of shops in our shopping centers is an important first step towards a new normality."
Key consolidated figures
Full quarterly statement
The full quarterly statement is available as a PDF document and in ePaper format. It can be downloaded from www.deutsche-euroshop.com/ir
Webcast of the teleconference
Deutsche EuroShop will hold a conference call for analysts in English at 10 a.m. on Friday, 15 May 2020, which will be carried out as a live webcast at www.deutsche-euroshop.com/ir
Deutsche EuroShop - The shopping center company
Deutsche EuroShop is the only public company in Germany to invest solely in shopping centers in prime locations. The SDAX-listed company currently has investments in 21 shopping centers in Germany, Austria, Poland, the Czech Republic and Hungary. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among many others.
|Company:||Deutsche EuroShop AG|
|Phone:||+49 (0)40 413 579-0|
|Fax:||+49 (0)40 413 579-29|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1045793|
|End of News||DGAP News Service|