Deutsche EuroShop AG · XETR:DEQ
Deutsche EuroShop — Q1 2005 Earnings Presentation
12 slides from Deutsche EuroShop's earnings presentation, May 10, 2005
Slide 1: Conference Call Interim Report Q1 2005
1 The Art of Shopping Conference Call Interim Report Q1 2005 Hamburg, 10 May 2005 +++ Die Shoppingcenter-AG +++
Slide 2: Summary
2 Summary Forum Wetzlar opened fully let Revenue €17.4 million +17% EBIT €13.8 million +5% currency adjusted €13.9 million +22% Net finance costs €-6.8 million -36% Profit for the period €4.4 million -25% currency adjusted €4.5 million +11% EPS €0.28 -25% Retail sales in DES-Centers in
Slide 3: Grand Opening Forum Wetzlar
3 Grand Opening Forum Wetzlar DES investment 65% Number of shops approx. 110 Rental space in m² 34,300 Occupancy rate 100% Catchment area 0.5 m people Parking spaces 1,700 Opening 16 February 2005 +++ The Shopping Center Company +++
Slide 4: Balance Sheet
4 Balance Sheet 31 Mar. 31 Dec. € thousand 2005 2004 In/decrease Fixed/non-current assets 1,207,751 1,203,251 4,500 Current assets 169,254 166,957 2,297 Total assets 1,377,005 1,370,208 6,797 Equity 689,593 684,412 5,181 Long term debt 610,426 597,662 12,764 Deferred taxes 53,374 51,676 1,698 Curren
Slide 5: Profit and Loss Account
5 Profit and Loss Account 1 Jan.- 1 Jan.- € thousand 31 Mar. 2005 31 Mar. 2004 in/decrease Revenue 17,408 14,891 17% Other operating income 489 2,015 Expenses -4,055 -3,683 Depreciation and amortization -4 -3 EBIT 13,838 13,220 5% Net interest expense -7,679 -6,012 Income from investments 1,043 1,07
Slide 6: Revenue Bridge Q1 2004 - Q1 2005
6 Revenue Bridge Q1 2004 - Q1 2005 € million +0.1 Revenue: +17% =1% 17.4 comparable: +1% +3.5 17 14.9 15 -1.1 13 Q1 2004 Udine Pécs, Increase in Q1 2005 Hamburg and rents +++ The Shopping Center Company +++ Wetzlar
Slide 7: EBIT Bridge Q1 2004 - Q1 2005
7 EBIT Bridge Q1 2004 - Q1 2005 +2.5 € million =22% 14 13.9 13.8 EBIT +5% currency adjusted +22% -0.1 13.2 13 12 11.4 -1.8 11 Q1 2004 currency Q1 2004 Increase Q1 2005 currency Q1 2005 +++ The Shopping Center Company +++ impact adj. adj. impact
Slide 8: Net Interest Expense Bridge Q1 2004 - Q1 2005
8 Net Interest Expense Bridge Q1 2004 - Q1 2005 € million interest expenses Pécs, Hamburg Q1 2004 interest income and Wetzlar Q1 2005 Net interest expense: -36% 0 -1 -2 -3 -4 -5 -6 -6.0 -0.2 -7 -8 -1.5 -7.7 +++ The Shopping Center Company +++
Slide 9: Profit Bridge Q1 2004 - Q1 2005
9 Profit Bridge Q1 2004 - Q1 2005 € million 5.9 6 Profit -25% currency adjusted +11% +0.4 5 =11% 4.5 4.4 4.1 4 -0.1 -1.8 3 2 1 0 Q1 2004 currency Q1 2004 Increase Q1 2005 currency Q1 2005 impact adj. adj. impact +++ The Shopping Center Company +++
Slide 10: Forecast 2005
10 Forecast 2005 € in million 68-72 70 61.4 NAV 2005: 57.9 60 initial valuation of Forum Wetzlar and Revenue 50 Phoenix-Center Hamburg 60 Acquisition volume: 53-56 € 100 to 150 million 55 50 48,6 45 42,7 EBIT 40 35 28-30 30 28,2 24,5 25 EBT 20 (currency adjusted; +++ The Shopping Center Company +++
Slide 11: Financial Calendar
11 Financial Calendar 2005 11./12.05. Roadshow London 24.05. Sal. Oppenheim Real Estate Conference, London 01.06. DB German Corporate Conference, Frankfurt 02.06. Kempen & Co Property Seminar, Amsterdam 09./10.06. Roadshow Copenhagen, Helsinki and Stockholm 16./17.06. Morgan Stanley Property Confere
Slide 12: Conference Call Interim Report Q1 2005
12 The Art of Shopping Conference Call Interim Report Q1 2005 Hamburg, 10 May 2005 +++ The Shopping Center Company +++