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Deutsche EuroShop: First quarter of 2020 still largely unaffected by the coronavirus pandemic

DGAP-News: Deutsche EuroShop AG / Key word(s): Quarter Results/Quarterly / Interim Statement
14.05.2020 / 18:01
The issuer is solely responsible for the content of this announcement.

Deutsche EuroShop: First quarter of 2020 still largely unaffected by the coronavirus pandemic

  • Revenue: €55.8 million (-0.9%)
  • EBIT: €48.3 million (-2.0%)
  • Consolidated profit: €28.0 million / €0.45 per share
  • EPRA earnings per share: €38.5 million / €0.62 per share
  • FFO: €38.6 million / €0.62 per share
  • 85% of shops in Germany reopened
  • Footfall at 50% and rising

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

in € million   01.01.-31.03.2020   01.01.-31.03.2019   +/-
Revenue   55.8   56.2   -0.9%
Net operating income (NOI)   50.0   50.6   -1.2%
EBIT   48.3   49.3   -2.0%
EBT (excluding measurement gains/losses1)   40.8   42.3   -3.7%
EPRA2 earnings5   38.5   47.6   -19.1%
FFO   38.6   39.1   -1.3%
Consolidated profit   28.0   39.4   -28.9%
in €   01.01.-31.03.2020   01.01.-31.03.2019   +/-
EPRA2 earnings per share5   0.62   0.77   -19.5%
FFO per share   0.62   0.63   -1.6%
Earnings per share   0.45   0.64   -29.7%
Weighted number of no-par-value shares issued   61,783,594   61,783,594   0.0%
in € million   31.03.2020   31.12.2019   +/-
Equity3   2,631.6   2,601.5   1.2%
Liabilities   1,962.1   1,957.1   0.3%
Total assets   4,593.7   4,558.6   0.8%
Equity ratio in %3   57.3   57.1    
LTV ratio in %4   30.7   31.5    
Cash and cash equivalents   182.7   148.1   23.3%
1 Including the share attributable to joint ventures and associate accounted for using the equity method
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 investments accounted for using the equity method)
5 EPRA earnings include a one-off tax refund in the period the previous year, including interest accrued for previous years. Without this tax refund, EPRA earnings would have totalled €38.7 million or €0.63 per share.

Full quarterly statement

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

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

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.

14.05.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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