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Deutsche EuroShop: Portfolio and results growth

EQS-News: Deutsche EuroShop AG / Key word(s): Quarterly / Interim Statement
Deutsche EuroShop: Portfolio and results growth
11.05.2023 / 18:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

Deutsche EuroShop: Portfolio and results growth

  • Optimisation of the portfolio structure through the acquisition of additional minority interests in six shopping centers
  • Successful cash and non-cash capital increase
  • Significant increase in earnings due to expanded scope of consolidation and good operating growth
  • Dividend proposal for financial year 2022: €2.50 per share
  • FFO forecast 2023: €2.00 to €2.10 per share

Hamburg, 11 May 2023 – The shopping center investor Deutsche EuroShop (DES) today presented its results for the first three months of financial year 2023. “We have achieved some encouraging results, both strategically and operationally,” explains Executive Board member Hans-Peter Kneip. “On the one hand, acquisitions of additional shares in six of our existing shopping centers led to significant portfolio growth as well as an improvement in key performance indicators. On the other hand, our operating business continued to make good progress thanks to a continued recovery in customer footfall and tenant turnover in our shopping centers.”

Strategic portfolio optimisation

Deutsche EuroShop’s portfolio structure was optimised in February 2023 by increasing its stake in six shopping centers from the existing portfolio from 75% to 100%. With this the management strengthened its financial profile, which will benefit the company in the context of future financing measures and will also improve its ability to pay dividends. Furthermore, the share acquisitions bolster our flexibility with regard to possible future portfolio adjustments.

These share acquisitions were financed by means of a capital increase with subscription rights against cash and non-cash contributions. The DES management raised €315.6 million by issuing 14,680,725 new shares at a ratio of 21:5 and a subscription price of €21.50 per share. €304.1 million was used to acquire shares, while €11.5 million of the proceeds from the issue are available for a possible future acquisition of additional minority interests.

This portfolio optimisation has significantly improved Deutsche EuroShop’s key performance indicators. But even without the share acquisitions, the operating performance trended higher. Rental income increased by 3.9% on a like-for-like basis. DES tenant partner sales continued to perform well, reaching 97.5% of 2019 levels in the first quarter. “Adjusted for inflation, you can see a trend towards more targeted visits to our shopping centers with increased sales per guest”, notes Executive Board member Hans-Peter Kneip.

Significant increase in earnings

The share acquisitions and the operational revival had a clear positive impact on the financial figures in the first quarter. Revenue increased by 30.2% to €67.8 million, and net operating income (€54.5 million, +35.1%) and EBIT (€57.4 million, +46.2%) rose significantly compared with the same quarter of the previous year, also because significantly lower write-downs on rent receivables needed to be recognised. Earnings before taxes and measurement gains/losses (EBT excluding measurement) climbed by 36.4% to €45.5 million, while EPRA earnings were up by 41.2% to €44.2 million. FFO adjusted for valuation and special effects rose by equal measure (€44.2 million, +41.2 %). Group liquidity has increased from €334.9 million to €404.5 million since year-end 2022.

FFO forecast at €2.00 to €2.10 per share

For the current financial year, the Executive Board expects FFO of €2.00 to €2.10 per share – based on a time-weighted number of 75,137,020 no-par value shares issued for financial year 2023.

€2.50 per share proposed as dividend

The Executive Board and Supervisory Board intend to propose a dividend of €2.50 per share for financial year 2022 to the Annual General Meeting in order to distribute to shareholders portions of the earnings retained for precautionary reasons during the coronavirus pandemic. The Annual General Meeting is scheduled to be held as an in-person event on 29 August 2023.


Full quarterly statement

The full quarterly statement is available as a PDF document and in ePaper format. It can be downloaded from


Deutsche EuroShop – The Shopping Center Company

Deutsche EuroShop is the only public company in Germany to invest exclusively in shopping centers in prime locations. The 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.


Key consolidated figures

in € million   01.01.-31.03.2023   01.01.-31.03.2022   +/-
Revenue   67.8   52.1   30.2 %
Net operating income (NOI)   54.5   40.4   35.1 %
EBIT   57.4   39.3   46.2 %
EBT (excluding measurement gains/losses1)   45.5   33.4   36.4 %
EPRA2 earnings   44.2   31.3   41.2 %
FFO   44.2   31.3   41.2 %
Consolidated profit   26.5   24.5   8.2 %
in €   01.01.-31.03.2023   01.01.-31.03.2022   +/-
EPRA2 earnings per share   0.62   0.51   21.6 %
FFO per share   0.62   0.51   21.6 %
Earnings per share   0.37   0.40   -7.5 %
Weighted number of no-par-value shares issued6   71,081,386   61,783,594   15.0 %
in € million   31.03.2023   31.12.2022   +/-
Equity3   2,661.3   2,343.4   13.6 %
Liabilities   2,042.2   1,864.7   9.5 %
Total assets   4,703.5   4,208.1   11.8 %
Equity ratio in %3   56.6   55.7    
LTV ratio in %4   29.3   30.3    
EPRA2 LTV in %5   30.3   33.1    
Cash and cash equivalents   404.5   334.9   20.8 %
1 Including the share attributable to equity-accounted joint ventures and associates
2 European Public Real Estate Association
3 Including third-party interests in equity
4 Loan-to-value ratio (LTV ratio): ratio of net financial liabilities (financial liabilities less cash and cash equivalents) to non-current assets (investment properties and financial investments accounted for using the equity method). 
5 EPRA loan-to-value ratio (EPRA LTV): ratio of net debt (financial liabilities and lease liabilities less cash and cash equivalents) to property 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.
6 The number of no-par value shares issued for the first quarter of 2023 takes into account, on a time-weighted basis, the capital increase against cash and non-cash contributions carried out at the beginning of 2023 and entered in the Commercial Register on 3 February 2023, as a result of which the number of Deutsche EuroShop AG shares in circulation increased from 61,783,594 to 76,464,319 no-par value shares.


11.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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