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Deutsche EuroShop AG Call Transcript 2010

Apr 30, 2010

104_ip_2010-04-30_7c432026-7c3b-4c99-bae4-093fd59125c0.pdf

Call Transcript

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Annual Earnings Conference Call FY 2009 resultsHamburg, 30 April 2010

Target – Performance Comparison g p

* adjusted for one-time proceeds from disposals/excluding valuation result ** 2004-2009, Compound Annual Growth Rate (CAGR)

Key Figures

*2004-2008, Compound Annual Growth Rate (CAGR)/**proposal

City-Point Kassel

  • Stake of DES raised from 40% to 90%
  • Eff ti f 1 J 2009Effective from January
  • Seller: Arcandor AG
  • €65 million total investment volume(i l i i i ) (incl. minorities)
  • Net initial yield: 6.4%
  • Redesign of 7.000m² selling area
  • 8 new tenants

Altmarkt-Galerie Dresden

  • Work on expansion is well underway
  • Additional 32,000m² lettable area (y ) currently: 44,500m²)
  • 90 new shops
  • DES participation 50%
  • €165 million total investment volume
  • Expected net initial yield: 5.6%
  • Apr 2010 pre-letting status:

approx. 75%

opening planned for spring 2011

Main-Taunus-Zentrum

  • Construction work for the expansion finally began
  • Additional 12,000m² selling area (currently: 79,000m²)
  • 70 new shops
  • DES p p articipation 43.1%
  • €72 million total investment volume
  • Expected net initial yield: 8.9%
  • Jan 2010 pre-letting status: approx. 35% p g pp
  • opening planned for autumn 2011

A10 Center

  • Acquisition in January 2010
  • grand opening: autumn 1996, new development ( g) A10 Triangle): spring 2011
  • approx. 120,000 sqm lettable space ( c a g e), e eo incl. Triangle), thereof 66,000 sqm retail space
  • Total investment: approx. €265 million (incl. Triangle)
  • 43% equity, 57% debt
  • expected annualised rents from 2011 €19 4. million
  • expected gross yield (incl. Triangle): 7.3%
  • expected net initial yield (NOI, incl. Triangle): 6.5%

Performance 2009:

DES: +2.1%MDAX: +34 0% +34.0% EPRA: +35.1%

INDEX RANKING (MDAX)

Index ranking MDAX March 2009:

  1. (Market Cap) 41. (Turnover)

Retail turnover2009*

%
h
c
a
n
g
e		 l
t-
t
r
e
n
o
-s
a
e
s		 %
f
o		 %
f
o
R
i
l
t
t
e
a
s
e
c
o
r		 i
2
0
0
9
n		 i
i
%
t
r
a
o
n		 l
s
a
e
s		 s
p
a
c
e
D
t
t
t
e
p
a
r
m
e
n
s
o
r
e
s		 7
7
-		 4
5		 6
1		 1
3
7
F
d
o
o		 2
4.
-		 6
2.		 1
0
7.		 3.
7
F
h
i
i
l
t
t
a
s
o
n
e
e
s
x		 3
4
-		 1
1
6		 2
8
6		 3
6
5
S
h
&
l
h
d
t
o
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s
e
a
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r
g
o
o
s		 0
1
-		 1
3
2		 4
9		 6
4
S
t
p
o
r
s		 0
0.		 8
6.		 4
3.		 5
5.
H
l
h
&
B
t
t
e
a
e
a
u
y		 1
4
-		 1
7		 1
1
1		 6
2
G
l
R
i
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r
a
e
a		 3
3
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9		 1
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9
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i
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o
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s		 1
2.
-		 2
4.		 1
6
0.		 8
4.
S
i
e
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e
s
v		 4
1		 4
9		 3
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3
F
d
i
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a
e
r
n
g		 3
7
-		 1
3
1		 4
1		 3
9
T
l
t
o
a		 2
5
-		 8
3		 1
0
0
0		 1
0
0
0

*all German DES centers on a like-for-like basis (10 centers with a 2009 turnover of €1.5 billion)

Tenants Structure Top 10 tenants*

  • Metro-Group 4.6%
  • Douglas-Group 4.6%
  • Peek & Cloppenburg 2 5%.
  • H&M 2.5%
  • New Yorker 2.2%
  • Inditex 2 0%2.0%
  • Deichmann 2.0%
  • C&A 1.8%
  • dm-Drogeriemarkt 1 4%.
  • Esprit 1.3% total 24.9%

Low level ofdependence on the top 10 tenants

total 75.1%

*in % of total rents as at 31 Dec 2009, excluding A10 and extensions

Sector and Retailer Mix*non-food/electronics21%department stores 10%food7%fashionhealth & beauty 6%catering 4%servicesinter-/national retailers47%Balanced sector and retailer diversification51% 1%localentrepreneurs regional retail chains26%p 27%*in % of lettable space as at 31 Dec 2009, excluding A10 and extensions

Annual Earnings Conference Call | FY 2009 Results

Key Figures

0
1.
0
1.
-		 0
1.
0
1.
-
€
i
l
l
io
m
n		 3
1.
1
2.
2
0
0
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1
2.
2
0
0
8		 /-
+
R
e
e
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2
7
6.		 1
1
5
3.		 1
1
%
N
i
i
t
t
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o
p
e
r
a
n
g
n
c
o
m
e		 1
1
4
5		 1
0
2
3		 1
2
%
E
B
I
T		 1
1
0
7		 9
8
1		 1
3
%
N
f
i
t
t
e
n
a
n
c
e
c
o
s
s		 5
5
9
-		 4
9
4
-		 1
3
%
V
l
i
l
t
t
a
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a
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n
r
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s
u		 1
4
8
-		 3
8
3		 1
3
9
%
-
E
B
T		 4
0
1		 8
7
0		 5
4
%
-
C
l
i
d
d
f
i
t
t
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n
s
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a
e
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r
o		 3
4
4		 6
8.
9		 5
0
%
-
F
F
O
h
(
€
)
p
e
r
s
a
r
e		 1.
4
9		 1.
3
8		 8
%
E
i
h
(
€
)
a
r
n
n
g
s
p
e
r
s
a
r
e		 0
9
3		 1.
9
6		 3
%
5
-
€
i
l
l
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m
n		 3
1.
1
2.
2
0
0
9		 3
1.
1
2.
2
0
0
8		 /-
+
T
l
i
t
t
o
a
e
q
u
y		 1,
0
4
4
4		 9
7
7
8		 7
%
I
I
b
b
i
i
d
d
b
b
t
t
t
t
t
t
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s
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e		 9
3
4
2.		 8
9
9
8.		 4
%
O
h
d
b
t
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r
e		 4
8
0		 4
7
0		 2
%
T
l
t
t
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a
a
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1
1
2
1
,		 2
0
0
6.
8
,		 5
%
E
i
i
t
t
q
q
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y
r
a
o		 4
9
9
%
%
5
5		 4
8
8
%
%
7
L
T
V
i
t
r
a
o		 4
6
0
%		 4
6
0
%

Annual Earnings Conference Call | FY 2009 Results

Balance Sheet

in
€
ho
d
t
us
an		 3
3
1
1.
1
1
2
2.
2
2
0
0
0
0
9
9		 3
3
1
1.
1
1
2
2.
2
2
0
0
0
0
8
8		 /
/-
+
+
N
t
t
o
n-
c
r
r
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n
a
s
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u		 2,
0
2
0,
2
0
4		 1,
9
3,
9
8
4
5		 6
6,
2
2
0
C
t
t
u
r
r
e
n
a
s
s
e
s		 9
1,
9
4
1		 5
2,
8
6
5		 3
9,
0
7
6
T
l
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t
o
a
a
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e
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1
1
2,
1
4
5		 2,
0
0
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8
4
9		 1
0
5,
2
9
6
G
i
t
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o
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2
1,
3
2
5		 8
6
0,
4
5
0		 6
0,
8
7
5
M
i
i
i
t
n
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e
s		 1
1
2
2
3
3,
0
0
3
3
5
5		 1
1
1
1
3
3
2
2
0
0
7
7,		 1
5
5 ,
7
T
l
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e
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4,
3
6
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7
7,
7
7
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6,
5
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0
B
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d
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4,
1
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9
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8
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8		 3
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7
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D
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5,
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2,
3
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3		 3,
2
8
7
O
h
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b
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9
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7,		 4
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9
8
5		 1,
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2
T
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i
d
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b
i
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t
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1
1
2,
1
4
5		 2,
0
0
6,
8
4
9		 1
0
5,
2
9
6

Loan Structure*

bank debt: €929 million

P
i
i
l
t
r
n
c
p
e
a
m
o
u
n
s		 S
h
f
a
r
e
o		 a
a
v
v
g
g
I
l
k
i
t
t
n
e
r
e
s
o
c
n		 D
i
t
u
r
a
o
n		 (
)
€
h
d
t
o
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s
a
n		 l
l
t
t
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a
o
a
n		 i
t
t
t
n
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s
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a
e
U
1
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r		 1
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3
3
9
9
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4
%		 2
%
5
7
1
t
5
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y
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a
r
s		 4
4
3
3		 4
4
2
2
4
4
0
0
7
7
1
1
,		 4
4
5
5
7
7
%
%		 5
5
4
4
8
8
%
%
5
1
0
t
o
e
a
r
s
y		 7
8		 3
8
2
1
5
1
,		 4
1
1
%		 5
1
0
%
O
1
0
v
e
r
y
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r
s		 1
6
8		 1
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4
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8
%		 5
0
6
%
T
l
2
0
0
9
t
o
a		 7
1		 9
2
9
0
2
2
,		 1
0
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%		 5
2
7
%
T
l
2
0
0
8
t
o
a		 0
7		 8
9
4
9
4
5
,		 5
3
3
%

avg. interest rate 5.27%

Weighted maturity 7.1 years

*as of 31 December 2009

Reconciliation of Long term Assets 2009

  • avg. investment rating A (very good) unchanged
  • avg cap rate avg. increased to 6 80% . (2008: 6 68%) 2008: 6.68%)
  • avg. net initial yield 5.82% (2008: 5.64%)

2) German Federal Statistical Office, March 2010

Annual Earnings Conference Call | FY 2009 Results

Profit and Loss Account

in
€
ho
d
t
us
an		 0
1.
0
1.
-
3
1.
1
2.
2
0
0
9		 0
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0
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3
1.
1
2.
2
0
0
8		 /-
+
R
e
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n
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v
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2
5
6
3
7,		 1
1
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3
4
3		 1
1
%
P
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9
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3
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2
%
O
h
i
i
t
t
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1
6		 7
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6
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7
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7
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7		 9
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1
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1
7
5
N
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A
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/
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9		 8
6,
9
9
1		 5
4
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-
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x		 1
1
1
1
5
5
7
7
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,		 1
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8
1
1
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,
An
l
Ea
ing
Co
fer
Ca
l
l

F
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2
0
0
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Re
lts
nu
a
rn
s
n
en
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su		 1
8
p
ag
e

Net Finance Cost Bridge 2009

Valuation Result

€
i
l
l
io
m
n		 2
0
0
9		 2
0
0
8		 /-
+
I
i
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7.
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1.
0		 4
2.
8
-

Net Asset Value

in
€
ho
d
t
us
an		 2
0
0
9		 2
0
0
8
l
to
ta		 ha
p
er
re
s		 l
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y		 9
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5.
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6
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0		 €
2.
2
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3
1
3		 €
2.
3
9
N
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6,
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2
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6.
6
3
€		 9
4
2,
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3
7		 2
7.
4
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€
N
b
f
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a
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e
s
u		 3
8
1
2,
4
9
6
7,		 3
4,
3
4,
9
9
8
7

Earnings per Share

2
0
0
9		 2
0
0
8
(
)
)
I
I
d
d
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h
3
1
D
D
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u		 3
3
7
7
8
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1
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2
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,
,		 3
3
4
4
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7
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,
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d
d
f
i
i
b
b
l
G
h
h
l
d
t
t
t
t
t
t
t
o
n
s
o
a
e
n
e
p
r
o
a
r
a
e
o
r
o
p
s
a
r
e
o
e
r
s
u
u		 T
€		 3
4
3
6
7
,		 6
8
8
7
2
,
E
i
h
a
r
n
n
g
s
p
e
r
s
a
r
e		 € 0
9
3		 1.
9
6
P
f
e
r
o
r
m
a		 n
c
e
D
E
S
:		 D
A
X
:
5
y
e
a
r
s
:		 5
1
3
%
+
=		 8
6
%
+
p
a		 7
0
%
+
p
a
3
y
e
a
r
s
:		 4
2
%
=
-		 1
4
%
p
a
-		 3
3
%
p
a
-
(
1
2
y
e
a
r		 )
0
0
9
:		 1
7
%
+		 2
3
9
%
+

*Status: 29 April 2010/**proposal

Outlook

  • Consumer spending stagnates but still on a sufficient level
  • Write-downs remain at a very low level (0.4%), the vacancy rate rests stable under 1% (retail 0%), YTD no changes
  • F th h i t i iti Further shopping center acquisitions more lik l e y due to a solid fi i l nancial basis
  • Positive viewon the transaction market
  • Debt financing possible at acceptable margins
  • Extensions of Altmarkt-Galerie Dresden andMain-Taunus-Zentrum according to budget
  • First investment in 2010 executed: A10 Center (€265 million investment volume, YTD €210 million)

Good start into 2010

Key Figures Q1 2010*

0
1.
0
1.
-		 0
1.
0
1.
-
3
1.
0
3.
2
0
1
0		 3
1.
0
3.
2
0
0
9		 /-
+
3
4
6.		 3
1
8.		 9
%
3
0
9		 2
9
7		 1
1
%
3
0
1		 2
7
1		 1
1
%
1
3
0
-		 1
2
6
-		 3
%
0
0		 1
6
8		 1
0
0
%
-
1
5
4		 2
9
6		 4
8
%
-
1
2
8		 2
4
4		 4
%
7
-
0
3
7		 0
3
5		 6
%
0
3
1		 0
6
6		 5
3
%
-
€
i
l
l
io
m
n		 3
1.
0
3.
2
0
1
0		 3
1.
1
2.
2
0
0
9		 /-
+
T
l
i
t
t
o
a
e
q
u
y		 1,
1
8
1.
1		 1,
0
4
4
4		 1
3
%
I
b
i
d
b
t
t
t
n
e
r
e
s
e
a
r
n
g
e		 1,
0
5
5
1		 9
3
4
2		 1
3
%
O
h
d
d
b
b
t
t
e
r
e		 4
8
6		 4
8
0		 1
%
T
l
t
t
o
a
a
s
s
e
s		 2
3
7
2
0
,		 2
1
1
2
1
,		 1
2
%
E
i
i
t
t
q
u
y
r
a
o		 4
9
8
%		 4
9
5
%
L
T
V
i
t
r
a
o		 4
4
2
2
%
%
7
7		 4
4
6
6
0
0
%
%
*P
l
i
i
l
t
r
e
m
n
a
ry
r
e
su
s

Forecast

€ million

Key Data of the Share

L
i
d
i
t
s
e
s
n
c
e		 0
2
0
1.
2
0
0
1
N
i
l
i
l
t
o
m
n
a
c
a
p
a		 €
4
4
1
1
4
5
7
8.
0
0
,
,
O
d
i
h
t
t
u
s
a
n
n
g
s
a
r
e
s		 4
4
1
1
4
8
5
7
,
,
C
l
f
h
a
s
s
o
s
a
r
e
s		 R
i
d
h
t
e
g
s
e
r
e
s
a
r
e
s
(
)
)
D
i
i
d
d
2
0
0
9
1
8
0
6
2
0
1
0
e
n
v		 €
1.
0
*
5
5
2
W
H
i
h
g		 €
2
5
3
4
W
L
5
2
o
w		 €
2
0
1
0
S
h
i
(
)
2
8
0
4
2
0
1
0
a
r
e
p
r
c
e		 €
2
2
5
3
M
k
i
i
l
l
i
i
i
i
t
t
t
t
t
a
r
e
c
a
p
a
s
a
o
n		 €
0
9,
b
i
l
l
i
o
n
d
l
1
2
h
t
t
t
a
v
g
u
r
n
o
v
e
r
p
e
r
a
y
a
s
m
o
n
s		 1
1
3
0
0
0
h
s
a
r
e
s
,
I
d
i
n
c
e
s		 G
S
C
S
C
M
D
A
X
E
P
R
A
P
R
M
I
l
l
m
a
a
p
,
,
,
O
O
f
f
f
f
i
i
i
i
l
l
k
k
t
t
c
a
m
a
r
e		 P
i
S
d
d
t
r
m
e
a
n
a
r
F
k
k
f
f
d
X
E
T
R
A
t
t
r
a
n
u
r
a
n
O
C
T
k
t
m
a
r
e		 B
l
i
B
D
l
d
f,
H
b
e
r
n-
r
e
m
e
n,
u
s
s
e
o
r
a
m
u
r
g
,
S
H
M
i
h
d
t
t
t
t
a
n
o
v
e
r,
u
n
c
a
n
u
g
a
r
I
S
I
N		 D
E
0
0
0
7
4
8
0
2
0
4
T
i
k
c
e
r		 D
D
E
E
Q
Q
R
D
D
E
E
Q
Q
G
G
D
D
E
E
t
e
u
e
r
s
n
n.
:
,
M
k
k
t
a
r
e
m
a
e
r
s		 C
S
l
B
h
d
l
W
L
B
t
t
o
s
e
r
o
e
r
s
e
e
r,
e
s
y

Financial Calendar2010

3
0.
0
4.		 A
l
i
f
H
b
n
n
u
a
e
a
r
n
n
g
s
p
r
e
s
s
c
o
n
e
r
e
n
c
e,
a
m
u
r
g
0
3.
0
5.		 R
d
h
Z
i
h,
U
B
S
o
a
s
o
r
c
w
u
0
0
5.
5.		 R
d
h
H
l
i
k
i,
i
t
o
a
s
o
e
s
n
e
q
n
e
w
u
0
6.
0
5.		 M
M
W
b
N
h
H
i
h
l
i
h
C
f
H
b
t
t
a
r
u
r
g
o
r
e
r
n
g
g
g
g
s
o
n
e
r
e
n
c
e,
a
m
u
r
g
g
,
1
2.
0
5.		 I
i
Q
1
2
0
1
0
t
t
n
e
r
m
r
e
p
o
r
2
6.
0
5.		 C
S
K
&
E
P
i
A
d
t
t
e
m
p
e
n
o
u
r
o
p
e
a
n
r
o
p
e
r
y
e
m
n
a
r,
m
s
e
r
a
m
2
0
7.
5.		 S
é
é
G
é
é
S
C
C
i
l
E
M
i
d
d
l
l
f
N
i
t
o
c
n
r
a
e
u
r
o
p
e
a
n
a
n
m
a
a
p
s
o
n
e
r
e
n
c
e,
c
e
0
9.
0
6.		 M
l
P
D
F
k
f
t
t
t
e
e
r
r
o
p
e
r
a
r
a
n
r
z
y
y,
u
1
0.
0
6.		 M
S
l
E
P
C
f
L
d
t
t
o
r
g
a
n
a
n
e
r
o
p
e
a
n
r
o
p
e
r
o
n
e
r
e
n
c
e,
o
n
o
n
y
u
y
1
7.
0
6.		 A
l
G
l
M
i
H
b
t
n
n
u
a
e
n
e
r
a
e
e
n
g,
a
m
u
r
g
3
0.
0
6.		 R
d
h
L
b
D
Z
B
k
o
a
s
o
w
u
x
e
m
o
u
r
g,
a
n
0
6.
0
7.		 C
C
R
d
h
h
U
i
d
i
t
o
a
s
o
w
o
p
e
n
a
g
e
n,
n
r
e
1
2.
0
8.		 I
i
H
1
2
0
1
0
t
t
n
e
r
m
r
e
p
o
r
1
6.
-1
9.
0
8.		 R
d
h
U
S
A
B
b
o
a
s
o
e
r
e
n
e
r
g
w
,
1
6.
0
8.		 R
d
h
L
d
U
i
C
d
i
t
o
a
s
o
o
n
o
n,
n
r
e
w
1
6.
0
8.		 R
d
h
L
d
U
i
C
d
i
t
o
a
s
o
w
o
n
o
n,
n
r
e
1
7.
0
8.		 R
d
h
D
b
l
i
U
i
C
d
i
t
o
a
s
o
w
u
n,
n
r
e
1
8.
-1
9.
0
8.		 C
f
f
C
f
B
k
h
L
R
i
l
d
i
F
k
t
t
t
a
n
a
u
s
a
m
p
e
o
n
e
r
e
n
c
e
o
r
e
a
a
n
o
n
s
u
m
p
o
n,
r
a
n
u
r
0
2.
-0
3.
0
9.		 C
E
P
R
A
A
l
f
A
d
t
n
n
u
a
o
n
e
r
e
n
c
e,
m
s
e
r
a
m
2
1.
0
9.		 U
i
C
d
i
G
I
C
f
M
i
h
t
t
t
n
r
e
e
r
m
a
n
n
e
s
m
e
n
o
n
e
r
e
n
c
e,
n
c
v
u
0
4.
-0
6.
1
0.		 E
R
l,
M
i
h
p
o
e
a
n
c
x
u
1
2.
1
0.		 R
d
h
A
d
R
b
t
o
a
s
o
w
m
s
e
r
a
m
a
o
,
1
9.
1
0.		 R
l
S
h
I
i
i
i
F
k
f
t
t
t
e
a
a
r
e
n
a
v
e,
r
a
n
u
r
1
1.
1
1.		 I
i
9
M
2
0
1
0
t
t
n
e
r
m
r
e
p
o
r
1
1
2
2.
1
1
1
1.		 R
R
d
d
h
h
B
B
l
l
W
W
L
L
B
B
t
o
a
s
o
w
r
u
s
s
e
s,
e
s
1
6.
1
1.		 R
d
h
Z
i
h,
D
h
B
k
t
o
a
s
o
r
c
e
s
c
e
a
n
w
u
u

Appendix I Contact

Deutsche EuroShop AG

Investor & Public RelationsOderfelder Straße 2320149 Hamburg Claus-Matthias Böge

Tel. +49 (40) 41 35 79 - 20 / -22 Fax +49 (40) 41 35 79 - 29 E-Mail: [email protected] @ p Web: www.deutsche-euroshop.com

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Important Notice: Forward-Looking Statements

Statements in this presentation relating to future status or circumstances, including statements regarding manage g gg g ment'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 forward looking and obligation to do so.

Chief Executive Officer

Olaf G. BorkersChief Financial Officer

Patrick KissHead of Investor & Public RelationsInvestor

Nicolas LissnerManager Investor & Public Relations

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