Quarterly Report • Feb 16, 2024
Quarterly Report
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| Corporate key figures 3 | ||
|---|---|---|
| Quarterly statement for the period from 1 October 2023 to 31 December 2023 5 | ||
| 1. | The share 5 | |
| 2. | Business development 6 | |
| 3. | Development of asset, financial and earnings position 7 | |
| 4. | Supplementary report 11 | |
| 5. | Risk situation 11 | |
| 6. | Outlook and forecast 11 | |
| 7. | Headline Earnings per share (HEPS) 12 | |
| Interim financial statements for the period from 1 October 2023 to 31 December 2023 of the 2023/2024 financial year 13 |
||
| About Deutsche Konsum REIT-AG 20 | ||
| Deutsche Konsum REIT-AG share 20 | ||
| Financial calender 20 | ||
| Publisher 21 | ||
| Contact 21 | ||
| JSE Sponsor 21 | ||
| Disclaimer 21 |
| 1 October 2023 – 31 December 2023 |
1 October 2022 – 31 December 2022 |
Difference | % | |
|---|---|---|---|---|
| Income statement | ||||
| (TEUR) | ||||
| Rental income | 19,913 | 18,681 | 1,231 | 6.6 |
| Net rental income | 12,749 | 13,004 | -255 | -2.0 |
| EBIT | 10,893 | 10,775 | 118 | 1.1 |
| Financial result | -4,037 | -2,523 | -1,513 | 60.0 |
| Net income | 6,511 | 8,252 | -1,741 | -21.1 |
| FFO | 8,020 | 10,166 | -2,146 | -21.1 |
| FFO per share (in EUR) | 0.23 | 0.29 | -0.06 | -21.1 |
| aFFO | 6,009 | 2,154 | 3,856 | >100 |
| aFFO per share (in EUR) | 0.17 | 0.06 | 0.11 | >100 |
| Earnings per share, undiluted (in EUR) |
0.19 | 0.23 | -0.05 | -21.1 |
| Earnings per share, diluted (in EUR) | 0.13 | 0.17 | -0.04 | -20.9 |
| Recurring costs ratio (in %) | 4.3 | 4.8 | -0.5 | -9.8 |
| 31 December 2023 | 30 September 2023 | Difference | % | |
|---|---|---|---|---|
| Balance sheet key figures (TEUR) | ||||
| Investment properties | 987,174 | 989,014 | -1,840 | -0.2 |
| Total assets | 1,033,181 | 1,030,178 | 3,003 | 0.3 |
| Equity | 322,910 | 316,400 | 6,511 | 2.1 |
| Total debt | 633,363 | 638,067 | -4,703 | -0.7 |
| Finance key figures | ||||
| (net) Loan-to-Value (LTV) (in %) | 60.7 | 61.6 | -0.9 | -1.4 |
| Average interest rate of loans (in %) | 2.66 | 2.54 | 0.12 | 4.8 |
| Average interest rate of loans, bonds and convertible bonds (in %) |
2.92 | 2.81 | 0.11 | 4.0 |
| Average remaining duration of loans (in years) |
2.9 | 3.1 | -0.2 | -7.6 |
| Interest coverage ratio (ICR), multiple | 2.7 | 3.0 | -0.3 | -8.8 |
| Real estate key figures | |||||
|---|---|---|---|---|---|
| NAV | 354,955 | 348,103 | 6,852 | 2.0 | |
| NAV per share (in EUR) | 10.10 | 9.90 | 0.19 | 2.0 | |
| EPRA NTA per share (in EUR) | 7.78 | 7.64 | 0.14 | 1.8 | |
| REIT equity ratio | 35.6 | 35.0 | 0.6 | 1.8 |
| Share information | ||||
|---|---|---|---|---|
| Shares issued (pieces) | 35,155,938 | 35,155,938 | 0 | 0.0 |
| Average number of shares within the reporting period (pieces) |
35,155,938 | 35,155,938 | 0 | 0.0 |
| Market cap (in EUR) | 121,287,986 | 201,795,084 | -80,507,098 | -39.9 |
| Share price (in EUR) | 3.45 | 5.74 | -2.29 | -39.9 |
| Dividend per share in the reporting period (in EUR) |
0.00 | 0.00 | 0.00 | 0.0 |
| Portfolio key figures | ||||
| Number of assets | 184 | 184 | 0 | 0.0 |
| Rental space (in sqm) | 1,082,079 | 1,082,924 | -845 | -0.1 |
| Annualised rent (in TEUR) | 79,276 | 79,197 | 79 | 0.1 |
| Initial yield (in %) | 10.0 | 10.0 | 0.0 | 0.0 |
| Vacancy rate (in %) | 11.6 | 11.7 | 0.0 | -0.3 |
| WALT (in years) | 5.0 | 5.0 | 0.0 | -0.8 |
The following interim statement of Deutsche Konsum REIT-AG (hereinafter also referred to as "Deutsche Konsum" or "Company") describes the significant course of business and the asset, financial and earnings position of the first three months of the 2023/2024 financial year ("Q1 2023/2024"). The interim financial statements have been prepared in accordance with IFRSs as adopted by the EU. The interim financial statements have not been audited.
In the first few days of the new financial year 2023/2024, the DKR share recorded significant price losses, after which the price stabilised at a lower level and recently showed a slight upward trend. Starting from the closing price on 30 September 2023 (EUR 5.74)1 , the share price fell significantly in the following days and weeks and finally reached its low of EUR 2.502 . These price losses were subsequently at least partially offset, with the share closing the 2023 calendar year at a price of EUR 3.453 .
Based on the share price on 30 September 2023, the price fell by EUR 2.29 or 39.9% in the reporting period. The closing price for the first quarter of the 2022/2023 financial year was EUR 7.56, which represents a decline of EUR 4.11 or 53.4% over the year. In contrast to the unsatisfactory development of the share price, the development of the average trading volume of the share on the Xetra stock exchange continued to be pleasing: compared to the first quarter of the 2022/2023 financial year, the average daily trading volume increased by 177.2% to 39,255 shares, which significantly improves the tradability of the share.
The Company's market capitalisation as at 31 December 2023 was around EUR 120 million.
1 Closing price Xetra.
2 Variable price Xetra as of 27 November 2023.
3 Closing price Xetra.
Up to the end of the first quarter of the 2023/2024 reporting period, there were no transfers of benefits and encumbrances for acquired properties; property sales were also not concluded with a transfer of benefits and encumbrances. Revitalisation and modernisation measures amounting to EUR 2.0 million were carried out in the reporting period, which were capitalised and mainly relate to the revitalisation projects in Stendal, Dudweiler and Angerm¸nde.
As a result, DKR's property portfolio as at 31 December 2023 comprises 184 properties with a balance sheet value of around EUR 997.4 million and a rental area of around 1,082,000 sqm.
The sale of the vacant former real hypermarket in Trier, which was notarised in summer 2023, was completed with the payment of the purchase price. The transfer of benefits and encumbrances of the property to the buyer took place on 1 January 2024. Once the building permit for the planned project development has been granted, a further instalment of the purchase price will be due, which DKR expects to receive in summer 2024.
As a result, DKR's total portfolio (pro forma - including acquisitions, excluding property sales) currently comprises 183 retail properties with an annual rent of around EUR 79.3 million and a balance sheet value of approximately EUR 991.0 million.
DKR has now settled the majority of the income taxes for the period 2016 to 2021 (EUR 9.8 million) and the tax prepayments for 2022 (EUR 3.2 million) to be paid in the course of the ongoing proceedings regarding the REIT status. As of the reporting date, an outstanding retrospective tax payment of around EUR 3.7 million remains, which will be paid in full in the coming months.
Irrespective of this, DKR is continuing to take legal action against the tax assessment notices issued by the tax authorities. The Potsdam tax office has not yet issued a decision on the appeal.
After the loan receivable from the main shareholder Obotritia Capital KGaA was not repaid by 30 September 2023 as planned, DKR concluded a repayment and collateral agreement with Obotritia, which was notarised on 9 December 2023. The agreement essentially stipulates that Obotritia will repay the loan by 30 June 2025 at the latest. At the same time, DKR will receive a collateral package in return, which among other securities includes mortgages on various properties.
The Company is in constructive talks with the bondholder of the corporate bonds with a total volume of EUR 105.9 million maturing in April and May 2024 with the aim of extending these financial instruments.
| Assets | 31/12/2023 | 30/09/2023 | Equity and liabilities | 31/12/2023 | 30/09/2023 |
|---|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | ||
| Non-current assets | 988,108 | 989,968 | Equity | 322,910 | 316,400 |
| Current assets | 34,872 | 33,860 | Non-current liabilities | 515,346 | 529,879 |
| Current liabilities | 189,860 | 183,899 | |||
| Non-current assets held for sale |
10,201 | 6,350 | Financial liabilities re garding non-current as sets held for sale |
5,066 | 0 |
| Total assets | 1,033,181 | 1,030,178 | Total equity and liabili ties |
1,033,181 | 1,030,178 |
The balance sheet of Deutsche Konsum REIT-AG as at 31 December 2023 is as follows:
Total assets increased by TEUR 3,003 to TEUR 1,033,181 (30/09/2023: TEUR 1,030,178), mainly due to the profit for the period generated in the first quarter of the 2023/2024 financial year. The reduction in financial and tax liabilities had an opposing effect. The majority of the assets are investment properties, which are recognised at TEUR 987,174 as at 31 December 2023 (30/09/2023: TEUR 989,014). In addition, properties held for sale with a value of TEUR 10,210 (30/09/2023: TEUR 6,350) are shown.
The Company's equity increased by TEUR 6,511 to TEUR 322,910 (30/09/2023: TEUR 316,400) in the first quarter of the 2023/2024 financial year due to the current net profit for the period.
The NAV per share (undiluted) and the EPRA NTA per share (diluted) as of 31 December 2023 are as follows:
| TEUR | 31/12/2023 | 30/09/2023 | ||
|---|---|---|---|---|
| NAV | EPRA NTA | NAV | EPRA NTA | |
| Equity (TEUR) | 322,910 | 322,910 | 316,400 | 316,400 |
| Effects from the conversion of the convertible bonds |
- | 36,803 | - | 36,764 |
| Deferred taxes | 32,045 | 32,045 | 31,704 | 31,704 |
| Key figures, TEUR | 354,955 | 391,758 | 348,103 | 384,867 |
| Number of shares on the balance sheet date |
35,155,938 | 35,155,938 | 35,155,938 | 35,155,938 |
| Potential conversion shares | - | 15,195,154 | - | 15,195,154 |
| Key figures per share, EUR | 10.10 | 7.78 | 9.90 | 7.64 |
Due to retrospective tax payments made for previous assessment periods, tax provisions decreased by TEUR 1,905 to TEUR 6,218 (30/09/2023: TEUR 8,123). Income tax liabilities were reduced by TEUR 2,741 to TEUR 2,577 (30/09/2023: TEUR 5,318).
Non-current and current financial liabilities to banks decreased by TEUR 5,964 to TEUR 417,452 (30/09/2023: TEUR 423,416) due to ongoing repayments.
Accordingly, the Net-LTV as of 31 December 2023 is as follows:
| TEUR | 31/12/2023 | 30/09/2023 |
|---|---|---|
| Financial liabilities to banks | 417,452 | 423,416 |
| Convertible bonds | 36,803 | 36,764 |
| Corporate bonds | 179,108 | 177,887 |
| Total liabilities | 633,363 | 638,067 |
| minus cash and cash equivalents | -9,472 | -4,934 |
| minus fiduciary funds of property management | -1,542 | -1,630 |
| minus loans | -14,421 | -18,421 |
| minus maintenance reserves4 | -2,324 | -1 |
| Net debt | 605,604 | 613,081 |
| Investment properties | 987,174 | 989,014 |
| Properties held for sale | 10,201 | 6,350 |
| Total investment properties | 997,375 | 995,364 |
| Net-LTV | 60.7% | 61.6% |
The cash flow statement is as follows:
| TEUR | Q1 2023/2024 | Q1 2022/2023 |
|---|---|---|
| Cash flow from operating activities | 6,303 | 11,159 |
| Cash flow from investing activities | 7,932 | -27,418 |
| Cash flow from financing activities | -9,696 | 16,083 |
| Cash changes in cash and cash equivalents | 4,539 | -176 |
| Financial funds at the beginning of the period | 4,934 | 4,827 |
| Financial funds at the end of the period | 9,472 | 4,651 |
Cash flow from operating activities is significantly lower than in the same period of the previous year due to retrospective tax payments for previous assessment periods totalling TEUR 4,667. Excluding tax effects, the cash flow from operating activities is at the previous year's level.
Cash flow from investing activities mainly includes payments for investments in the property portfolio totalling TEUR 2,011, which are offset by proceeds from the sale of investment properties amounting to TEUR 5,000. This item also includes interest received and returns from short-term investments of cash and cash equivalents totalling TEUR 4,953.
The cash flow from financing activities includes payments for repayments and interest (including ground rents) totalling TEUR 9,681. There were no payouts of new loans in the reporting period.
4 30 September 2023: Interest-bearing investments.
The Company's earnings position developed as follows in Q1 2023/2024:
| TEUR | Q1 2023/2024 | Q1 2022/2023 |
|---|---|---|
| Rental income | 19,913 | 18,681 |
| Net rental income | 12,749 | 13,004 |
| Result from disposals | -17 | -208 |
| Other operating income | 208 | 859 |
| Valuation result | 0 | 0 |
| Administrative expenses | -2,048 | -2,880 |
| EBIT | 10,893 | 10,775 |
| Financial result | -4,037 | -2,523 |
| EBT | 6,856 | 8,252 |
| Income taxes and other taxes | -345 | 0 |
| Net profit for the period | 6,511 | 8,252 |
Rental income increased by TEUR 1.231 to around TEUR 19,913 (Q1 2022/2023: TEUR 18,681) as a result of the property acquisitions completed in the past financial year and rent increases. By contrast, net rental income fell slightly to TEUR 12,749 (Q1 2022/2023: TEUR 13,004), which is mainly due to rental expenses relating to other periods and higher costs for the external management of the property portfolio.
Other operating income mainly includes the reversal of general value adjustments.
Value adjustments on inventories and receivables totalled TEUR 74 in the reporting period (Q1 2022/2023: TEUR 1,660). In the same period of the previous year, value adjustments on short-term investments of cash and cash equivalents were recognised here.
Administrative expenses, comprising personnel expenses and other administrative expenses, increased noticeably, but include one-off and special effects totalling TEUR 1,085 (Q1 2022/2023: TEUR 323), which mainly consist of legal and consulting costs as well as expenses relating to other periods. Adjusted for these effects, there was a slight decrease in administrative expenses of TEUR 34, which was mainly due to lower personnel expenses as a result of lower variable compensation components.
The administrative expense ratio is as follows:
| TEUR | Q1 2023/2024 | Q1 2022/2023 |
|---|---|---|
| Personnel expenses | -307 | -337 |
| Other operating expenses | -1,638 | -879 |
| Adjustment of one-time and other non-recurring effects | 1,085 | 323 |
| Adjusted administrative expenses | -860 | -894 |
| Rental income | 19,913 | 18,681 |
| Administrative expense ratio | 4.3% | 4.8% |
In summary, EBIT increased by TEUR 118 to TEUR 10,893 (Q1 2022/2023: TEUR 10,775).
Interest expenses rose to a total of TEUR 4,989 (Q1 2022/2023: TEUR 4,020) due to higher interest costs. Interest expenses include ground rents totalling TEUR 180 (Q1 2022/2023: TEUR 166).
Interest income of TEUR 952 was generated in the reporting period (Q1 2022/2023: TEUR 1,274), which
mainly resulted from the terminated loan to Obotritia Capital KGaA.
As a result, the financial result decreased by TEUR 1,513 to TEUR -4,037 (Q1 2022/2023: TEUR -2,523), which directly leads to a corresponding reduction in FFO.
In total, this results in a net profit for the period of TEUR 6.511 (Q1 2022/2023: TEUR 8.252), from which FFO and aFFO are derived as follows:
| TEUR | Q1 2023/2024 | Q1 2022/2023 |
|---|---|---|
| Net profit for the period | 6,511 | 8,252 |
| Adjustment of income taxes | 345 | 0 |
| Adjustment of depreciation | 29 | 4 |
| Adjustment of valuation result | 0 | 0 |
| Adjustment of result from disposals | 17 | 208 |
| Adjustment for non-cash expenses | 185 | 922 |
| Adjustment for one-time effects | 933 | 781 |
| FFO | 8,020 | 10,166 |
| - Capex | -2,011 | -8,012 |
| aFFO | 6,009 | 2,154 |
Non-cash expenses include the compounding of interest on debt instruments using the effective interest method and impairments on rent receivables. The one-off effects include non-recurring expenses. In the first quarter of the current financial year, these were in particular expenses relating to other periods for acquired properties as well as legal and consulting costs incurred in connection with the ongoing tax audit and the refinancing of expiring financial instruments.
The capitalised maintenance costs (capex) mainly comprise value-enhancing modernisation and expansion measures at the properties in Angerm¸nde, Stendal (Gneisenaustrafle) and Dudweiler.
This results in FFO per share of EUR 0.23 (Q1 2022/2023: EUR 0.29) and aFFO of EUR 0.17 per share (Q1 2022/2023: EUR 0.06).
The vacant property in Trier/Kenn, which was sold by notarised contract in summer 2023, was transferred to the buyer on 1 January 2024 following payment of the purchase price.
Through its business activities, DKR is exposed to operational and economic opportunities and risks. Please refer to the detailed presentation in the Management Report of the Annual Report 2022/2023 in the section "Opportunity and Risk Report".
In the opinion of the Management Board, the risk position has not materially improved or worsened since 1 October 2023.
The operating business development is stable as expected, with the focus remaining on efficient portfolio management. In the coming quarters, the priority will be on refinancing the corporate bonds maturing in the short term. In order to gradually reduce the LTV ratio, the Company plans to execute selective property disposals when attractive offers arise.
Due to the planned bond refinancing and the property sales that may possibly be implemented, the Management Board is currently unable to make a reliable forecast of the key financial figures for the current financial year 2023/2024. However, the Management Board aims to provide a forecast for the second half of the financial year.
According to listing requirements of the JSE Limited (JSE), the earnings figure "Headline Earnings per Share" (HEPS) is to be presented, which essentially represents the net income for the period adjusted for valuation results:
| TEUR | Q1 2023/2024 | Q1 2022/2023 | ||
|---|---|---|---|---|
| Net income (undiluted) | 6,510.5 | 8,251.6 | ||
| Excluding valuation result according to IAS 40 | 0.0 | 0.0 | ||
| Excluding valuation result according to IFRS 5 | 16.7 | 207.8 | ||
| Headline Earnings (undiluted) | 6,527.2 | 8,459.3 | ||
| Interest expenses on convertible bonds | 157.7 | 157.1 | ||
| Headline Earnings (diluted) | 6,685.0 | 8,616.4 | ||
| Average number of shares issued in the reporting period (undi | 35,155.9 | 35,155.9 | ||
| luted), in thousands | ||||
| Potential conversion shares, in thousands | 15,195.2 | 15,039.4 | ||
| Average number of shares issued in the reporting period (diluted), in | 50,351.1 | 50,195.4 | ||
| thousands | ||||
| Headline Earnings per share (EUR) | ||||
| Diluted | 0.19 | 0.24 | ||
| Undiluted | 0.13 | 0.17 |
Interim financial statements for the period from 1 October 2023 to 31 December 2023 of the 2023/2024 financial year
| Assets Non-current assets Investment properties 987,173.6 989,013.9 Intangible assets 0.0 Tangible assets 934.6 988,108.2 Current assets Trade and other receivables 3,957.8 Other current assets 21,442.0 Cash and cash equivalents 9,472.4 34,872.3 Non-current assets held for sale 10,201.0 1,033,181.5 1,030,178.2 TOTAL ASSETS Equity and liabilities Equity Issued share capital 35,155.9 Capital reserve 197,141.6 Other reserves 723.4 Retained earnings 89,889.1 322,910.1 Non-current liabilities Financial liabilities 362,833.8 Convertible bonds 36,802.6 Corporate bonds 71,686.0 Other provisions 3.5 Other non-current liabilities 11,974.9 Deferred tax liabilities 32,044.9 515,345.6 Current liabilities Financial liabilities 54,618.5 45,117.2 Corporate bonds 107,422.4 106,835.0 Tax provisions 6,217.7 8,122.8 Other provisions 5,399.1 5,422.9 Trade payables 8,615.7 9,301.1 Income tax liabilities 2,577.1 5,318.0 Other current liabilities 5,009.9 3,782.4 189,860.3 183,899.5 Financial liabilities regarding non-current assets held for sale 5,065.5 1,033,181.5 TOTAL EQUITY AND LIABILITIES |
TEUR | 31/12/2023 | 30/09/2023 |
|---|---|---|---|
| 0.0 | |||
| 954.1 | |||
| 989,968.0 | |||
| 2,721.5 | |||
| 26,205.1 | |||
| 4,933.6 | |||
| 33,860.2 | |||
| 6,350.0 | |||
| 35,155.9 | |||
| 197,141.6 | |||
| 723.4 | |||
| 83,378.6 | |||
| 316,399.5 | |||
| 378,298.8 | |||
| 36,763.6 | |||
| 71,051.9 | |||
| 3.5 | |||
| 12,057.6 | |||
| 31,703.7 | |||
| 529,879.2 | |||
| 0.0 | |||
| 1,030,178.2 |
| TEUR | 01/10/2023- 31/12/2023 |
01/10/2022- 31/12/2022 |
|---|---|---|
| Rental income | 19,912.8 | 18,681.4 |
| Income from operating and ancillary costs | 5,074.6 | 4,855.9 |
| Operating expenses | -12,238.2 | -10,533.4 |
| Net rental income | 12,749.1 | 13,004.0 |
| Proceeds from the disposal of properties | 0.0 | 8,850.0 |
| Expenses on the sale of properties | -16.7 | -9,057.8 |
| Net proceeds from the disposal of properties | -16.7 | -207.8 |
| Other income | 208.5 | 858.8 |
| Subtotal | 12,940.9 | 13,654.9 |
| Personnel expenses | -307.0 | -337.4 |
| Deprecitation and amortisation of tangible and intangible assets | -29.3 | -3.6 |
| Impairment loss of inventories and receivables | -73.8 | -1,659.7 |
| Other administrative expenses | -1,638.3 | -879.4 |
| Administrative expenses | -2,048.4 | -2,880.1 |
| EBIT | 10,892.5 | 10,774.8 |
| Interest income | 952.2 | 1,496.9 |
| Interest expense | -4,988.8 | -4,020.2 |
| Financial result | -4,036.5 | -2,523.3 |
| EBT | 6,856.0 | 8,251.6 |
| Income tax | -345.5 | 0.0 |
| Other tax | 0.0 | 0.0 |
| Net income | 6,510.5 | 8,251.6 |
| Earnings per share (in EUR) | ||
| Undiluted earnings per share | 0.19 | 0.23 |
| Diluted earnings per share | 0.13 | 0.17 |
| Net income | 6,510.5 | 8,251.6 |
|---|---|---|
| Other comprehensive income | ||
| Items reclassified to profit or loss | ||
| Impairment of acquired loans | 0.0 | 146.9 |
| Change in fair value of acquired loans | 0.0 | -71.9 |
| Fair value change on acquired loans reclassified to profit or loss | 0.0 | -75.0 |
| Subtotal | 0.0 | 0,0 |
| Total other comprehensive income | 0.0 | 0.0 |
| Total comprehensive income | 6,510.5 | 8,251.6 |
| TEUR | Issued share capital |
Capital reserve |
Other reserves | OCI | Retained earnings |
Total equity |
|---|---|---|---|---|---|---|
| As at 01/10/2022 | 35,155.9 | 197,141.6 | 723.4 | 0.0 | 281,278.7 | 514,299.6 |
| Period result | 8,251.6 | 8,251.6 | ||||
| As at 31/12/2022 | 35,155.9 | 197,141.6 | 723.4 | 0.0 | 289,530.2 | 522,551.2 |
| As at 01/10/2023 | 35,155.9 | 197,141.6 | 723.4 | 0.0 | 83,378.6 | 316,399.5 |
| Period result | 6,510.5 | 6,510.5 | ||||
| As at 31/12/2023 | 35,155.9 | 197,141.6 | 723.4 | 0.0 | 89,889.1 | 322,910.1 |
| Information in TEUR | 01/10/2023- 31/12/2023 |
01/10/2022- 31/12/2022 |
|
|---|---|---|---|
| Period result | 6,510.5 | 8,251.6 | |
| +/- | Interest expense/interest income | 4,036.5 | 2,523.3 |
| +/- | Depreciation, amortisation and write-downs/reversals of intangible as sets, tangible assets and financial assets |
29.3 | 3.6 |
| + | Impairments on inventories and receivables | 73.8 | 1,659.7 |
| -/+ | Gains/losses on disposals of investment properties | 0.0 | 207.8 |
| +/- | Increase/decrease in provisions | -23.8 | 885.6 |
| +/- | Income tax expense/income Current income taxes | 4.3 | 0.0 |
| +/- | Income tax expense/income Deferred income taxes | 341.2 | 0.0 |
| - | Income taxes paid | -4,667.2 | -184.1 |
| -/+ | Increase/decrease in inventories, trade receivables and other assets not attributable to investing or financing activities |
-545.6 | -426.8 |
| +/- | Increase/decrease in trade payables and other liabilities not attributable to investing or financing activities |
543.9 | -1,761.7 |
| Cash flow from operating activities | 6,302.8 | 11,158.9 | |
| + | Cash receipts relating to disposals of investment properties | 0.0 | 8,642.2 |
| - | Cash payments related to property investments | -2,010.7 | -56,846.2 |
| - | Cash payments related to investments in financial assets | -9.8 | 0.0 |
| + | Cash receipts from the investment of cash funds for short-term cash management |
1,885.0 | 36,498.8 |
| - | Cash payments related to short-term cash investments | 0.0 | -16,036.9 |
| + | Proceeds from the disposal of other non-current assets held for sale | 5,000.0 | 0.0 |
| + | Interest received | 3,067.8 | 324.0 |
| Cash flow from investing activities | 7,932.4 | -27,418.1 | |
| + | Proceeds from borrowings | 0.0 | 25,895.0 |
| - | Cash payments related to the issue of borrowings | -15.0 | -156.9 |
| - | Amortisation of loans | -6,015.1 | -7,045.0 |
| - | Interest paid | -3,666.3 | -2,609.6 |
| Cash flow from financing activities | -9,696.4 | 16,083.5 | |
| Change in cash and cash equivalents | 4,538.9 | -175.7 | |
| Cash and cash equivalents at the beginning of the period | 4,933.6 | 4,827.0 | |
| Cash and cash equivalents at the end of the period | 9,472.4 | 4,651.3 |
Deutsche Konsum REIT-AG is a listed real estate company focusing on German retail properties for everyday consumer goods in established micro-locations. The focus of the Company's activities is on the acquisition, management and development of local supply properties with the aim of achieving a steady increase in value and lifting hidden reserves. The shares of the Company are traded on the Prime Standard of Deutsche Bˆrse (ISIN: DE000A14KRD3) and by way of a secondary listing on the JSE (JSE Limited) (South Africa).
Deutsche Konsum holds a retail portfolio with a lettable area of around 1,070,000 sqm and an annualised rent of around EUR 79.3 million, spread over 183 properties, at the time of publication of this quarterly statement. The balance sheet value of the portfolio is currently around EUR 1.0 billion.
| As at | 12 February 2024 |
|---|---|
| ISIN | DE000A14KRD3 |
| WKN | A14KRD |
| Ticker symbol | DKG |
| Initial offering | 15/12/2015 |
| Number of shares | 35,155,938 |
| Share capital | EUR 35,155,938.00 |
| Trading locations | XETRA, Frankfurt, Berlin, JSE (South Africa/secondary listing) |
| Market segment | Prime Standard |
| Share price (closing price Xetra on 12 February 2024) | EUR 3.33 |
| Market capitalisation | more than EUR 110 million |
| 52W – high/low (Xetra) | EUR 8.38/2.50 |
| 14 February 2024 | Publication of the quarterly statement for the first quarter of 2023/2024 financial year |
|---|---|
| 15 May 2024 | Publication of the half-yearly financial report of 2023/2024 financial year |
| 31 May 2024 | Annual General Meeting, Berlin |
| 14 August 2024 | Publication of the quarterly statement for the third quarter of 2023/2024 financial year |
| 23 September 2024 | Baader Investment Conference, Munich |
| 19 December 2024 | Publication of the final annual statements/annual financial report for the financial year 2023/2024 |
The Management Board of Deutsche Konsum REIT-AG.
Deutsche Konsum REIT-AG
Business address: Marlene-Dietrich-Allee 12b 14482 Potsdam Germany Phone +49 (0) 331 74 00 76 -555 Fax +49 (0) 331 74 00 76 -599 Email [email protected]
(Incorporated in the Federal Republic of Germany) (Registration number HRB 13072) FSE Share Code: A14KRD JSE Share Code: DKR ISIN: DE000A14KRD3 LEI: 529900QXC6TDASMCSU89
PSG Capital
This quarterly statement contains forward-looking statements. These are based on current estimates and are, therefore, subject to risks and uncertainties. In this respect, the events actually occurring may deviate from the statements formulated here.
The report is also available in English. In doubtful cases, the German version is authoritative.


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