HSBC Real Estate Conference. Frankfurt, 27 February 2008

Transcription

1 HSBC Real Estate Conference Frankfurt, 27 February 2008

2 Contents Company Shopping Centers Financials Shopping Center Share Appendix 2

3 Equity Story Deutsche EuroShop is Germany s only public company that invests solely in shopping centers. Pure Player Shopping centers are attractive investments because of continuously positive development of rents stable long term growth prime locations high quality standards 3

4 At a Glance 16 shopping centers on high street and in established locations 12 in Germany, 2 in Poland and one each in Austria, Hungary 16 Centers: 14 in operation 2 in the pipeline. Lettable space Retail shops Market value Rents per year Occupancy rate approx. 643,000 sqm approx. 1,660 approx. 2.6 billion 167 million > 99% Professional center management by ECE, the European market leader in this industry 4

5 Key Figures Revenue ** EBIT*** 86.3 EBT excl. revaluation*** ** ** %* %* %* 0 m m m EPS Dividend per share NAV per share ** **** ** %* +2%* 20 +5%* * , Compound Annual Growth Rate (CAGR)/**preliminary results/ /***adjusted for one-time proceeds from disposals/****proposal 5

6 Lease System I 5 4 turnover-linked rent General form of lease contracts for DES-tenants CPI-linked minimum rent years Lease standards: 10 years lease only no break-up option turnover-linked rents minimum rents are CPI-linked, upwards only Participation in sales growth of retail industry 6

7 Lease System II avg. rent per sqm and year: 250 avg. turnover per sqm and year: 4,700* Rent-to-sales-ratio: % weighted maturity of rental contracts: >8 years million 5,0% ** 100 4,0% 3,0% 2,0% % % % 2.2% 2.4% ,0% 0,0% Revenue Rate of turnover-linked rent *avg. German retail: 3,300 / **preliminary results 7

8 Targets Long term net asset value enhancement buy & hold -strategy Main focus on NAV and dividend Stable and attractive dividends After-tax dividend yield: currently 4.1% Investment-focus: Germany and up to 25% Europe Portfolio expansion by 10% per year Continuous growth by acquisition of new shopping centers by increasing existing amounts of holdings 8

9 Contents Company Shopping Centers Financials Shopping Center Share Appendix 9

10 Overview 10

11 Shopping Centers Germany Location Main-Taunus-Zentrum Frankfurt Rhein-Neckar-Zentrum Viernheim Altmarkt-Galerie Dresden Investment 43.1% 99.9% 50.0% Lettable space sqm 103,400 63,600 44,500 Parking 4,000 3, Number of shops approx. 100 approx. 100 approx. 100 Occupancy rate 100% 100% 99% Catchment area approx. 2.2 m. inhabitants approx. 1.4 m. inhabitants approx. 1.0 m. inhabitants Opening / refurbishm / /

12 Shopping Centers Germany Location Phoenix-Center Hamburg Allee-Center Hamm Forum Wetzlar Investment 50.0% 87.7% 65.0% Lettable space sqm 39,200 35,100 34,300 Parking 1,600 1,300 1,700 Number of shops approx. 110 approx. 85 approx. 110 Occupancy rate 99% 100% 100% Catchment area approx. 0.6 m. inhabitants approx. 1.0 m. inhabitants approx. 0.5 m. inhabitants Opening / refurbishm /

13 Shopping Centers Germany Location Rathaus-Center Dessau City-Galerie Wolfsburg City-Point Kassel Investment 94.9% 89.0% 40.0% Lettable space sqm 30,600 30,000 29,500 Parking Number of shops approx. 80 approx. 90 approx. 60 Occupancy rate 98% 100% 100% Catchment area approx. 0.5 m. inhabitants approx. 0.3 m. inhabitants approx. 0.8 m. inhabitants Opening

14 Shopping Centers Germany Location City-Arkaden Wuppertal Stadt-Galerie Hameln Stadtgalerie Passau Investment 72.0% 94.9% 75.0% Lettable space sqm 28,700 25,000 27,200 Parking Number of shops approx. 85 approx. 100 approx. 90 Occupancy rate 100% 100% approx. 85% Catchment area approx. 0.7 m. inhabitants approx. 0.4 m. inhabitants approx. 0.4 m. inhabitants Opening / refurbishm / 2004 March 11, 2008 Autumn

15 Shopping Centers Europe Galeria Bałtycka City Arkaden Árkád Location Gdansk, Poland Klagenfurt, Austria Pécs, Hungary Investment 74.0% 50.0% 50.0% Lettable space sqm 47,600 36,700 35,200 Parking Number of shops approx. 200 approx. 120 approx. 130 Occupancy rate 100% 100% 100% Catchment area approx. 1.1 m. inhabitants approx. 0.4 m. inhabitants approx. 0.5 m. inhabitants Opening

16 Shopping Centers Europe Location Investment Lettable space sqm Parking Number of shops Occupancy rate Catchment area Opening Galeria Dominikanska Wroclaw, Poland 33.3% 32, approx % approx. 1.3 m. inhabitants

17 Our Tenants Well-known tenants 17

18 Tenants Structure Top 10 tenants* Metro-Group 5.0% Douglas-Group 4.9% Peek & Cloppenburg 3.0% H & M 2.4% New Yorker 2.1% Zara 2.0% Deichmann 1.9% Engelhorn & Sturm 1.6% dm - Drogeriemarkt 1.4% Karstadt 1.2% total 25.5% Other tenants total 74.5% Low level of dependence on the top 10 tenants *in % of total rents; not including Hameln, Passau and Gdansk as at 31 Dec

19 Maturity Distribution of Rental Contracts* 2012 et sqq: 81% 2008: 1% 2009: 1% 2010: 3% Long-term contracts guarantee rental income 2011: 14% Weighted maturity > 8 years *as % of rental income not including Hameln, Passau and Gdansk as at 31 Dec

20 Sector and Retailer Mix* non-food/electronics 19% department stores 14% food 8% Balanced sector and retailer diversification fashion 47% health & beauty 6% catering 5% services 1% inter-/national retailers 49% local entrepreneurs 29% regional retail chains 22% *in % of lettable space; not including Hameln, Passau and Gdansk as at 31 Dec

21 Contents Company Shopping Centers Financials Shopping Center Share Appendix 21

22 Key Figures million * /- Revenue % EBIT** % Net finance costs EBT**/*** % Consolidated profit % Earnings per share ( ) % /- Equity % Minorities % Liabilities % Total assets 1, , % Equity ratio (%)**** Gearing (%) Cash and cash equivalents % *preliminary results/**adjusted for one-time proceeds from disposals/***excluding measurement gains and losses/****incl. minorities 22

23 Forecast 2008 Revenue million % % % % % CAGR +14% EBIT* % % % % % CAGR +16% EBT* / ** % % % % % CAGR +12% *** 2008 *adjusted for one-time proceeds from disposals/**excluding measurement gains and losses/***preliminary results 23

24 Contents Company Shopping Centers Financials Shopping Center Share Appendix 24

25 Shareholder Structure 7,500 shareholders Institutional Investors 49% Attfund 6% Germany 66% Free float 81% Otto family 19% Private Investors 26% Other 4% NL 2% UK 3% BE 3% CH 4% US 5% ZA 6% FR 7% Status: 19 Feb

26 Performance dividend in * ** share price in dividend (paid for the prior year) year-end closing price *probable proposal/**status: 19 Feb 2008 Performance: 5 years : +91.1% = +13.8% p.a. 3 years: +37.2% = +11.1% p.a. 1 year: -13.1% y-t-d: +8.8% 26

27 Analysts Consensus avg. / in EBIT (in million) EPS Dividend Price target Status: 19 Feb

28 Contents Company Shopping Centers Financials Shopping Center Share Appendix 28

29 Key Data of the Share Listed since Nominal capital 34,374,998 Outstanding shares 34,374,998 Class of shares Registered shares Dividend 2006 ( ) W High W Low Share price ( ) Market capitalisation avg. turnover per day million 144,000 shares Indices MDAX, EPRA, GPR, MSCI Small Cap Official market Prime Standard Frankfurt and XETRA OTC market Berlin-Bremen, Düsseldorf, Hamburg, Hanover, Munich und Stuttgart ISIN DE Ticker Market makers DEQ, Reuters: DEQGn.DE Close Brothers Seydler, WestLB 29

30 Liabilities Maturities more than 5 years 82% more than 10 years 7% up to 1 year 7% 1 to 5 years 11% Ø effective interest rate 5.5% 5 to 10 years 75% Status: 31 Dec

31 Financial Calendar HSBC Trinkaus Real Estate Conference, Frankfurt Roadshow Madrid, M.M. Warburg Roadshow Lisbon, Bankhaus Lampe Annual earnings press conference, Hamburg Roadshow USA, Dresdner Kleinwort Roadshow Paris, Deutsche Bank WestLB Real Estate Day, New York Roadshow Zurich, Commerzbank Roadshow Frankfurt, Deutsche Bank Roadshow London, Berenberg Roadshow Dublin, equinet Interim report Q Commerzbank Real Estate Conference, Frankfurt Roadshow Vienna, equinet Roadshow Brussels, DZ Bank Roadshow Geneva, UBS Roadshow Munich, Sal. Oppenheim Roadshow Liechtenstein, Metzler Kempen European Property Seminar, Amsterdam UniCredit Financials Conference, Stockholm General Annual Meeting, Hamburg Interim report H Roadshow Copenhagen, Kempen & Co EPRA Annual Conference, Stockholm Roadshow London, Lehman Brothers Roadshow Paris, MainFirst UniCredit German Investment Conference, Munich Expo Real, Munich Real Estate Share Initiative, Frankfurt WestLB Deutschland Conference, Frankfurt Interim report Q

32 Contact Deutsche EuroShop AG Patrick Kiss / Nicolas Lissner Investor & Public Relations Oderfelder Straße Hamburg Tel. +49 (40) / -22 Fax +49 (40) ir@deutsche-euroshop.com Web: Important Notice: Forward-Looking Statements Statements in this presentation relating to future status or circumstances, including statements regarding management 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. 32