PRESS RELEASE: Deutsche EuroShop: Prolonged -2-

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PRESS RELEASE: Deutsche EuroShop: Prolonged lockdown impacts earnings - reopenings give cause for optimism for the second half of the year

DGAP-News: Deutsche EuroShop AG / Key word(s): Half Year Results/Half Year Report
Deutsche EuroShop: Prolonged lockdown impacts earnings - reopenings give cause for optimism for the second half of the
2021-08-12 / 18:00
The issuer is solely responsible for the content of this announcement.
Deutsche EuroShop: Prolonged lockdown impacts earnings - reopenings give cause for optimism for the second half of the
. Revenue: ?104.9 million (-6.5 %)
. EBIT: ?70.5 million (-10.2 %)
. Consolidated profit: ?36.8 million / ?0.60 per share
. EPRA earnings: ?54.3 million / ?0.88 per share
. FFO: ?54.3 million / ?0.88 per share
Hamburg, 12 August 2021 - Shopping center investor Deutsche EuroShop today presented its results for the first half of
People are returning to shopping centers
"Since the remaining store closures in Germany were lifted at the beginning of June, footfall has risen again
significantly. By the end of July it had reached around 77 % of pre-coronavirus levels," said Wilhelm Wellner, CEO of
Deutsche EuroShop. "Centers and stores are not and have never been coronavirus hotspots. We expect stores to remain
open even if the pandemic situation worsens, and we are doing our part to stem the spread - not only with comprehensive
hygiene concepts and testing centers, but also with vaccination campaigns in our shopping centers."
As footfall has improved, so has the revenue from tenants. In June 2021, it averaged 85 % of pre-crisis levels. The key
operating figures thus show a clearly positive trend, although they still have significant ground to make up in some
areas, as they did after the first lockdown in 2020 and as they do now just after the full store openings.
Wilhelm Wellner: "To mitigate the negative impact and after-effects of the lockdown phases on the bricks-and-mortar
retail trade, it is therefore necessary to continue with the temporary support offered to many of our tenants in order
to safeguard the properties' continued existence. For our main market of Germany, the recent significant improvement in
government support programmes has also provided some relief for retailers. As it stands, our occupancy rate is 93.8 %,
compared with 95.4 % at year-end 2020. One focus of our activities is to fill these vacancies resulting from the
coronavirus with attractive concepts, and a number of specific approaches are already underway in this area."
10 % decline in earnings due to prologued closure phases
The negative impact of the pandemic is reflected in the key financials for the first half of 2021. Revenue and EBIT
were significantly lower than in the first half of 2020, at ?104.9 million (-6.5 %) and ?70.5 million (-10.2 %)
respectively, which had already been affected - albeit to a lesser extent - by the business closures during the first
Earnings before taxes and valuation gains/losses (EBT before valuation) also fell by 10.2 % to ?55.7 million. EPRA
earnings and funds from operations (FFO) adjusted for measurement and special effects were both ?54.3 million lower,
down 9.2 % and 9.3 % on the previous year.
Liquidity further improved, financing for 2021 successfully concluded
The collection ratio has continued to improve as the reopenings have progressed, already reaching 94 % for the month of
July. Group liquidity also improved further (?268.1 million), bolstered among other things by lower capital expenditure
due to the closure periods.
"We were able to successfully conclude all pending refinancing of our loans for the current financial year at
attractive conditions. A total of four loans with a combined volume of ?191 million have been extended or replaced with
our banking partners," explained Olaf Borkers, Member of the Executive Board of Deutsche EuroShop.
Return to issuing an FFO forecast
The end of the lockdown represents a major milestone on the road to the normalisation of economic life, although the
bricks-and-mortar retail trade continues to face particular challenges, resulting in increased uncertainties in terms
of business performance. Based on the current situation, Deutsche EuroShop expects funds from operations (FFO) of ?1.70
to ?1.90 per share for the 2021 financial year (2020: ?2.00).
This assumes that the pandemic situation will be brought under lasting control without renewed store closures or
significant restrictions on center operations, a continued uptick in private consumer spending over the course of the
year and an associated further recovery in tenant revenues and the collection ratio. These forecasts are also based on
the assumption that the government coronavirus support programmes promised in Germany will be granted to a significant
proportion of affected tenants and paid out promptly.

Full quarterly statement
The full quarterly statement is available as a PDF document and in ePaper format. It can be downloaded from
Webcast of teleconference
Deutsche EuroShop will hold a conference call for analysts in English at 10 a.m. on 13 August 2021, which will be
streamed live 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.

Key consolidated figures

in ? million 01.01.-30.06.2021 01.01.-30.06.2020 +/-
Revenue^5 104.9 112.3 -6.5 %
Net operating income (NOI) 71.9 80.0 -10.2 %
EBIT 70.5 78.5 -10.2 %
EBT (excluding measurement gains/losses^1) 55.7 62.1 -10.2 %
EPRA^2 earnings 54.3 59.8 -9.2 %
FFO 54.3 59.9 -9.3 %
Consolidated profit 36.8 -129.3

in ? 01.01.-30.06.2021 01.01.-30.06.2020 +/-
EPRA^2 earnings per share 0.88 0.97 -9.3 %
FFO per share 0.88 0.97 -9.3 %
Earnings per share 0.60 -2.09
Weighted number of no-par-value shares issued 61,783,594 61,783,594 0.0 %

in ? million 30.06.2021 31.12.2020 +/-
Equity^3 2,355.4 2,314.8 1.8 %
Liabilities 1,893.1 1,922.6 -1.5 %
Total assets 4,248.5 4,237.4 0.3 %
EPRA^2 NTA 2,350.1 2,309.7 1.8 %
EPRA^2 NTA per share in ? 38.03 37.38 1.7 %
Equity ratio in%^3 55.4 54.6
LTV ratio in%^4 31.9 32.9
Cash and cash equivalents 268.1 266.0 0.8 %

^1 Including the share attributable to joint ventures and associates 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 financial investments accounted for using the equity
^5 Figures shown within net operating income were changed as at 31 December 2020 and the previous year's quarterly
figures have been adjusted for easier comparability. Please refer to the comments in the notes to the 2020
consolidated financial statements under section "4. New accounting standards and changes in presentation".
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August 12, 2021 12:00 ET (16:00 GMT)

2021-08-12 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. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at -----------------------------------------------------------------------------------------------------------------------

Language: English
Company: Deutsche EuroShop AG
Heegbarg 36
22391 Hamburg
Phone: +49 (0)40 413 579-0
Fax: +49 (0)40 413 579-29
ISIN: DE0007480204
WKN: 748020
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1226215

End of News DGAP News Service
1226215 2021-08-12

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