Deutsche EuroShop AG

  • WKN: 748020
  • ISIN: DE0007480204
  • Land: Deutschland

Nachricht vom 11.05.2021 | 18:00

Deutsche EuroShop: Long lockdown in Germany impacts Q1 2021

DGAP-News: Deutsche EuroShop AG / Key word(s): Quarterly / Interim Statement/Quarter Results
11.05.2021 / 18:00
The issuer is solely responsible for the content of this announcement.

Deutsche EuroShop: Long lockdown in Germany impacts Q1 2021

  • Revenue: €51.9 million (-9.2%)
  • EBIT: €31.4 million (-34.9%)
  • Consolidated profit: €22.3 million / €0.36 per share
  • EPRA earnings per share: €23.1 million / €0.37 per share
  • FFO: €22.5 million / €0.36 per share

Hamburg, 11 May 2021 - Shopping center investor Deutsche EuroShop today presented its results for the first three months of the 2021 financial year.

March saw store openings in the four foreign markets, but only sporadically in Germany

"While our foreign markets continue to relax the measures put in place, stores have remained closed across Germany since this was ordered by the authorities in mid-December 2020. Only in March 2021 were non-essential stores also permitted to open again in certain areas, even though retail is not an infection driver according to an RKI study," explains Wilhelm Wellner, CEO. "Additional restrictions in Germany such as 'Click & Collect' and 'Click & Meet' are rarely profitable for retailers - this is where politicians can and should bring tangible relief as quickly as possible."

Q1 2021 results significantly impacted by coronavirus pandemic

Against this backdrop, Deutsche EuroShop recorded revenue of €51.9 million in the first three months of 2021, down 9.2% on the prior-year period. Net operating income (NOI) fell by 35% to €32.5 million, and EBIT by 34.9% to €31.4 million.

Since the start of the year, customer footfall in Deutsche EuroShop's centers has averaged around 35% of pre-coronavirus 2019 levels. At the same time, tenant revenue in bricks-and-mortar retailing has fallen very sharply during this lockdown phase, particularly in the textile, fashion and gastronomy sectors as well as in services.

Earnings before taxes and excluding measurement gains/losses dropped to €23.7 million, corresponding to a 41.9% decrease compared to the same period in the previous year when the pandemic had yet to make any real impact. EPRA earnings fell by 40.0% to €23.1 million, funds from operations by 41.7% to €22.5 million. The ratio of rent paid to rent due, known as the collection ratio, stood at 67% in Q1.

Consolidated profit fell to €22.3 million (previous year: €28.0 million). Deutsche EuroShop continues to have solid balance sheet figures. The loan-to-value ratio is 32.5%, and group liquidity is stable at €244.1 million.

Positive signs for summer due to improved vaccination status and increasing customer numbers at reopenings

Wilhelm Wellner: "There are positive signs that make us optimistic for the summer. The availability of vaccines is steadily increasing and the vaccination status of the population continues to improve. In our centers, we are putting extensive hygiene and protection measures in place and also setting up test centers to help businesses reopen as soon as possible. In our foreign markets, governments are taking an individual, dynamic approach to restrictions on a local basis, thus already significantly easing the burden on retailers. In parts of Austria, many shops have already reopened with safety measures since the beginning of February, and in Poland, the Czech Republic and Hungary, further shops opened in April and May. In this context, we note that the physical retail trade continues to enjoy great popularity. Whenever stores reopened, we observed a rapid increase in customer footfall in our centers. Although visitor numbers were still understandably below 2019 levels due to ongoing restrictions, this tells us that people are looking forward to going out and meeting up in busy locations, socialising and shopping in real-world stores."

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 12 May 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.-31.03.2021   01.01.-31.03.2020   +/-
Revenue5   51.9   57.2   -9.2%
Net operating income (NOI)   32.5   50.0   -35.0%
EBIT   31.4   48.3   -34.9%
EBT (excluding measurement gains/losses1)   23.7   40.8   -41.9%
EPRA2 earnings5   23.1   38.5   -40.0%
FFO   22.5   38.6   -41.7%
Consolidated profit   22.3   28.0   -20.4%
in €   01.01.-31.03.2021   01.01.-31.03.2020   +/-
EPRA2 earnings per share5   0.37   0.62   -40.3%
FFO per share   0.36   0.62   -41.9%
Earnings per share   0.36   0.45   -20.0%
Weighted number of no-par-value shares issued   61,783,594   61,783,594   0.0%
in € million   31.03.2021   31.12.2020   +/-
Equity3   2,341.0   2,314.8   1.1%
Liabilities   1,889.2   1,922.6   -1.7%
Total assets   4,230.2   4,237.4   -0.2%
Equity ratio in %3   55.3   54.6    
LTV ratio in %4   32.5   32.9    
Cash and cash equivalents   244.1   266.0   -8.3%
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 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".

11.05.2021 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

show this

Interview im Fokus

„Eine Investition in Mutares lohnt sich“

Mutares ist ein europaweit führender Private-Equity-Investor, der sich auf Sondersituationen wie Abspaltungen von großen Konzernen oder Turnaround- und Nachfolgesituationen spezialisiert hat. Ziel ist es, mit den Investments einen Return auf das eingesetzte Kapital von 7 bis 10 zu erzielen. Mit der jüngsten Mittelfristprognose hat der Münchner Finanzinvestor auf Basis von 5 Mrd. Euro Konzernumsatz eine Nettorendite für die börsennotierte Holding von 1,8 bis 2,2 % in Aussicht gestellt. In der Mitte der Zielspanne wird somit ein Nettogewinn von circa 100 Mio. Euro anvisiert. Hauck & Aufhäuser hat in der jüngsten Analyse ein Buy-Rating mit Kursziel für Mutares von 37,50 Euro ausgegeben.

Event im Fokus

Termine 2021

10. Juni 2021:Fachkonferenz Immobilien

14./15. Juli 2021: Fachkonferenzen Beteiligungsgesellschaften & Consumer/Leisure

13./14. Oktober 2021: Fachkonferenzen Finanzdienstleistungen/Technologie

10./11. November 2021: Fachkonferenzen Software/IT & Branchenmix

„Je nach aktueller Covid-19 Situation und den bestehenden Vorschriften für Versammlungen entscheidet sich ca. 5 Wochen vor dem Termin, in welcher Form die Konferenzen stattfinden.“


Kaufen: Aspermont Limited hat Turnaround abgeschlossen

Aspermont Limited ist der weltweit führende Anbieter von Business-to-Business-Medien (B2B) für den Rohstoffsektor. Mit einem neuen Management hat das Unternehmen seit 2016 den erfolgreichen Turnaround von einem traditionellen Medienunternehmen zu einem digitalen B2B-XaaS-Geschäftsmodell umgesetzt. Das Unternehmen hat diesen Turnaround im GJ 2020 abgeschlossen, als es sein erstes positives EBITDA-Ergebnis verzeichnete. Auf der Grundlage unseres DCF-Modells haben wir ein Kursziel von 0,09 AUD (0,06 Euro) pro Aktie ermittelt und vergeben das Rating KAUFEN.

Aktueller Webcast

Stealth BioTherapeutics

Cantor Global Healthcare Conference Fireside Chat

30. September 2021

Aktuelle Research-Studie

FORTEC Elektronik Aktiengesellschaft

Original-Research: FORTEC Elektronik AG (von Montega AG): Kaufen

23. September 2021