CONFERENCE Call FY2017 Preliminary Results 6 MARCH 2018

Transcription

1 CONFERENCE Call FY07 Preliminary Results 6 MARCH 08

2 SHOPPING CENTERS # Retail turnover 07 RETAIL SECTOR % change in 07 rent-to-sales ratio in % DEPARTMENT STORES FOOD FASHION TEXTILES SHOES & LEATHER GOODS SPORTS HEALTH & BEAUTY GENERAL RETAIL ELECTRONICS SERVICES FOOD CATERING TOTAL ² 00² % of sales % of space Germany Abroad Total Retail turnover development on a like-for-like basis: +0.0% +5.4% +0.8% Absolute retail turnover development: +0.6% +5.4% +.5% German centers on a like-for-like basis (turnover:. billion) The sum may not equal the totals due to rounding

3 SHOPPING CENTERS # Tenants Structure Top 0 Tenants H&M 3.5% 3.6% Ceconomy².7% Deichmann.5%.0% Peek & Cloppenburg.3%.% New Yorker.3%.4% C&A.0%.9% Douglas.8%.0% Metro².7% Rewe.6%.7% DM.4%.4% LOW LEVEL OF DEPENDENCE ON THE TOP 0 TENANTS % Total.8% 78% TOP 0 Tenants in % of total retail rents as at 3 Dec. 07 consumer electronics and the food retail division of Metro AG were demerged in 07

4 SHOPPING CENTERS # 3 Maturity Distribution of Rental Contracts Long-term contracts base rental income Weighted maturity 5.5 years 08: 3% 09: 9% 00: 6% 03 et sqq: 49% 0: % as % of rental income as at 3 Dec. 07 0: %

5 # 4 Target Performance Comparison REVENUE m EBIT m Target Actual Target Actual

6 # 5 Target Performance Comparison EBT EXCL. VALUATION m FFO PER SHARE Target Actual Target Actual

7 # 6 Profit and Loss Account in thousand CHANGE Revenue 8,49 05,36 7% Property operating and management costs -,539-0,398 Net operating income 96,95 84,738 7% Other operating income,035,40 Corporate costs -6,69-7,5 EBIT 9,368 78,66 8% Other financial income and expenses 3,005,648 Interest expense -54,03-5,98 At equity result 34,45 54,83 Profit/loss attributable to limited partners -8,5-7,894 Net finance costs -35,089-3,88 53% Measurement gains/losses 8,550 6,774 EBT 65,89 8,59-4% Taxes -3,496-59,76 Consolidated profit 34,333,757-39%

8 # 7 Valuation Investment Properties 07 in thousand CHANGE Revaluation 9,709 48,350-8,64 Revaluation at-equity 4,396 8,7-4,35 Acquisition expenses Goodwill impairment Other impairment Minority interest -0,985-30,890 9,905 Valuation result before taxes,946 45,485-3,539 Deferred taxes -3,646-3,763 9,7 Valuation result after taxes* 9,300,7-03,4 Like-for-like measurement gains: +0.6% * Atrributable to group shareholders

9 # 8 Valuation Investment Properties Net operating yield in % Net initial yield in % SENSITIVITY ANALYSIS IN THOUSAND Basis change of -5bps change of +5bps Rent increase rates.47% -8, ,700 Discount rate 5.90% +80,700-75,000 Capitalization rate 5.% +34,300 -,900 Cost ratio 0.4% +3,900-9,300 External appraisers: since 05: JLL

10 # 9 Revenue Bridge 07 M Olympia Standing assets 07 Like-for-like revenue development: -.5M = -0.7%

11 # 0 Net Finance Cost Bridge 07 M 06 Interest expense (without Olympia) Olympia Saarpark-Center At-equity (without SPN ) At-equity (valuation) Swaps 3 Minority profitshare [-50.7] 4 [-3.4] [4.8] [4.8] [4.4] [3.5] +.8 [-8.5] without valuation result and swaps Saarpark-Center 3 consolidated and at-equity 4 07 absolute figures in brackets

12 # EBT Bridge 07 M Olympia (EBT) Saarpark-Center Standing assets Valuation result Swaps Deferred taxes at-equity 07 without valuation result and swaps incl. in at-equity result as part of the financial result

13 # Profit Bridge 07 M Olympia Saarpark-Center Standing assets Valuation result Swaps Other deferred taxes 07 without valuation result and swaps related to investment properties

14 # 3 Earnings per Share (EPRA) in thousand 07 per share 06 per share Consolidated net profit 34,333.3, Changes in value of investment properties -3, , Swaps -3, , Goodwill impairment Other results from revaluations Deferred tax in respect of EPRA adjustments,3 3, , Acquisition costs , EPRA Earnings 4, ,675.9 Weighted number of shares 58,48,007 53,945, % The sum of the earnings per share amounts may not equal the totals due to rounding Including the share of joint ventures and associated companies recognized at equity 3 Affects deferred taxes on investment properties and derivative instruments

15 # 4 Funds from Operations (FFO) in thousand 07 per share 06 per share Consolidated net profit 34,333.3, Changes in value of investment properties -3, , Costs conversion privilege Goodwill impairment Other results from revaluations Deferred taxes 5, , FFO 48, ,889.4 Weighted number of shares 58,48,007 53,945, % The sum of the amounts may not equal the totals due to rounding Including the share of joint ventures and associated companies recognized at equity , Compound Annual Growth Rate (CAGR)

16 # 5 Balance Sheet in thousand Change Non-current assets 4,504,878 4,036, ,345 Current assets, 77,94 44,97 Total assets 4,66,999 4,4,457 5,54 Group equity,37,376,96,48 3,8 Right to redeem of limited partners 337,479 34,559,90 Total equity,574,855,40, ,48 Financial liabilities,546,67,445,58 0,09 Deferred tax liabilities 439, ,365 80,435 Other liabilities 65,67 68,804-3,3 Total equity and liabilities 4,66,999 4,4,457 5, Equity ratio 55.6% 54.5% LTV ratio (consolidated) 3.4% 34.% LTV ratio ( look-through ) % 36.8% incl. non controlling interests 3 Ratio of net financial liabilities (financial liabilities minus cash and cash equivalents) to Ratio of net financial liabilities (financial liabilities minus cash and cash equivalents) to long-term assets, calculated on the basis of the groups share long-term assets (investment properties and financial assets recorded on the balance sheet according to the equity-method)

17 # 6 Net Asset Value (EPRA) in thousand Change 3 total per share total per share Equity,37, ,96, % Fair value of financial instruments 40, , % Deferred taxes, 444, , % Goodwill as a result of deferred tax -53, NAV EPRA,668, ,33, % Weighted number of shares 6,786,594 53,945, % Including the share of joint ventures and associated companies recognized at equity 3 absolute on investment properties and financial instruments

18 # 7 Net Asset Value (EPRA) NUMBER OF SHARES mn NAV PER SHARE

19 PAGE # 8 XY Loan Structure, INTEREST LOCKIN DURATION PRINCIPLE AMOUNTS ( MILLION) SHARE OF TOTAL LOAN AVG. INTEREST RATE Up to year.3.4% 3.80% to 5 years % 3.83% 5 to 0 years %.70% Over 0 years %.84% Total 5.6, %.89% German and 4 foreign bank partners Weighted maturity of fixed interest periods 5.6 years % avg. interest rates weighted maturities yrs 0 as of 3 December 07 excl. non-consolidated loans

20 # 9 Maturities until 03, IN MILLION END OF FIXED INTEREST PERIODS RESPECTIVELY EXPIRING LOANS AVG. INTEREST RATE REGULAR REDEMPTION PAYMENTS TOTAL MATURITIES % % % % % % Already fixed: 7.6m,.63%, 0y (0/08).m,.9%, 7.3y (0/09) 4.9m,.68%, 6y (0/00) At-equity consolidated loans IN MILLION END OF FIXED INTEREST PERIODS RESPECTIVELY EXPIRING LOANS AVG. INTEREST RATE DES SHARE % 50% % 50% % 50% 03 0 Saarpark-Center, Neunkirchen Phoenix-Center, Hamburg, Saarpark-Center, Neunkirchen as of 3 Dec. 07 excl. at-equity consolidated loans

21 COMPANY # 0 Outlook REVENUE m 00.8 EBIT m 0.9 EBT EXCL. VALUATION m NUMBER OF SHARES mn Compound Annual Growth Rate (CAGR) weighted, taking into account the fact that the convertible bond was nearly fully converted at the end of its term in November FFO m +.5% +5.6% +5.0% FFO PER SHARE % +3.4% +.5%.3.9 S A V E T H E D A T E.4.54 Conversion of convertible bond

22 COMPANY # Outlook Rollout of At your Service and Mall Beautification in 5 Centers: Altmarkt-Galerie Dresden, Billstedt-Center Hamburg, Allee-Center Magdeburg, Rhein-Neckar-Zentrum and Herold-Center Norderstedt Refinancings of approx. 0 million in the next month Increase in dividend to.45 per share - for all shares At your Service: Rhein-Neckar-Zentrum (visualisation) SAVE THE DATE Publication of the Annual Report 07: 7 April 08

23 APPENDIX # Financial Calendar Roadshow USA, Berenberg Commerzbank German Real Estate Forum, London.04. HSBC German Real Estate Conference, Frankfurt Roadshow Geneva, Metzler Publication of the Annual Report Quarterly Statement 3M Roadshow Scandinavia, equinet Berenberg European Conference, Tarrytown Kepler Cheuvreux German Property Day, Paris Roadshow Abu Dhabi and Dubai, Berenberg Kempen & Co European Property Seminar, Amsterdam Deutsche Bank dbaccess Conference, Berlin Roadshow London, Societe Generale Annual General Meeting, Hamburg Half-year Financial Report Berenberg Real Estate Seminar, Helsinki Commerzbank Sector Conference, Frankfurt EPRA Annual Conference, Berlin Goldman Sachs & Berenberg German Conference, Munich Baader Investment Conference, Munich Societe Generale Pan European RE Conference, London Expo Real, Munich 3.0. Roadshow Madrid, M.M. Warburg 4.0. Roadshow Paris, Natixis 4.. Quarterly Statement 9M DZ Bank Equity Conference, Frankfurt Berenberg European Conference, Pennyhill

24 APPENDIX # 3 Contact NICOLAS LISSNER Manager Investor & Public Relations OLAF BORKERS Chief Financial Officer WILHELM WELLNER Chief Executive Officer PATRICK KISS Head of Investor & Public Relations Deutsche EuroShop AG Investor & Public Relations Heegbarg Hamburg Tel. +49 (40) / Fax +49 (40) ir@deutsche-euroshop.com Web: ir-mall.com facebook.com/euroshop flickr.com/desag slideshare.net/desag twitter.com/des_ag youtube.com/deutscheeuroshop Important Notice: Forward-Looking Statements Statements in this presentation relating to future status or circum-stances, 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.