Annual General Meeting June 18, 2003
Jürgen Wundrack 1
Location Hamburg 2
Highlights Acquisition of two shoppingcenters in Germany (Hamm) and Hungary (Pècs) Opening of City-Point Kassel, Altmarkt-Galerie Dresden and Rhein-Neckar Zentrum Viernheim according to schedule Operating result up by 37 % Implementation of Corporate Governance 2003: Admission to the Prime Standard and nomination for SDAX Performance in 2002 about +8 % in comparision to the DAX with -44 % 3
Acquisition of two Shoppingcenters: Hamm Investment Investment 87.7% 87.7% Lettable Lettable space space sqm sqm 34,8 34,8 Parkings Parkings 1,300 1,300 No. No. of of shops shops approx. approx. 80 80 Occupancy Occupancy rate rate 100% 100% Catchment Catchment area area 1 1 mio. mio. inhabitants inhabitants Year Year openend openend 1992 1992 4
Acquisition of two Shoppingcenters: Pècs Investment Investment 50.0% 50.0% Lettable Lettable space space sqm sqm 34,200 34,200 Parkings Parkings 850 850 No. No. of of shops shops approx. approx. 130 130 Occupancy Occupancy rate rate 78% 78% Catchment Catchment area area 0.5 0.5 Mio Mio inhabitants inhabitants Planned Planned opening opening Spring Spring 2004 2004 5
Scheduled Opening: : City-Point Kassel Investment Investment 40.0% 40.0% Lettable Lettable space space sqm sqm 29,400 29,400 Parkings Parkings 200 200 No. No. of of shops shops approx. approx. 70 70 Occupancy Occupancy rate rate 100% 100% Catchment Catchment area area 0,8 0,8 Mio Mio inhabitants inhabitants Opening Opening Feb. Feb. 2002 2002 6
Scheduled Opening: : Altmarkt-Galerie Dresden Investment Investment 50.0% 50.0% Lettable Lettable space space sqm sqm 43,800 43,800 Parkings Parkings 520 520 No. No. of of shops shops approx. approx. 100 100 Occupancy Occupancy rate rate 94% 94% Catchment Catchment area area 1 1 mio. mio. inhabitants inhabitants Opening Opening Sept. Sept. 2002 2002 7
Scheduled Opening: : Rhein-Neckar Zentrum Viernheim Investment Investment 92.8% 92.8% Lettable Lettable space space sqm sqm 64,000 64,000 Parkings Parkings 3,500 3,500 No. No. of of shops shops approx. approx. 100 100 Occupancy Occupancy rate rate 100% 100% Catchment Catchment area area 1.4 1.4 mio. mio. inhabitants inhabitants Opening Opening Nov. Nov. 2002 2002 8
Income Statement of the AG in in million 2001 2002 Change* Income from investments 12.6 23.1 +83% Interest income 6.9 4.5-35% Result from ordinary activities 18.1 24.8 +37% Net profit for for the year 14.4 18.3 +27% Balance sheet profit 30.0 30.0 -- The The result result from from ordinary ordinary activities of of the the AG AG is is the the earned earned and and distributable liquidity liquidity (free (free cash cash flow) flow) 9
Income Statement of the Group in in Million 2001 2002 Change Sales 22.7 46,5 105% Income from investments 2.8 2.8 4.5 4.5 61% Amortisation 11.9 21.6 82% Other operating expenses 16.5 12.9-22% net net interest -9.7-11 -11-18% Result from ordinary activities -12-12 4.9 4.9 140% Net Net loss for for the the year -17-17 -3-3 82% 10
Investment Volume Wuppertal 10% Kassel 5% Etrembières Tuscia 3% Friuli 3% 6% Pécs 4% International 16% Wolfsburg 12% Hamm 10% Main-Taunus- Zentrum 11% Domestic 84% Dresden 10% Rhein-Neckar- Zentrum 26% The proportionate total investment volume amounts to 1.0 billion 11
Balance sheet of the Group in in million 2001 2002 YoY Total assets 932.8 1,000.3 7% Fixed assets 704.1 814.7 16% Current assets 228.7 185.6-19% Equity 597.1 556.8-7% Provisions 25.5 22.6-11% Liabilities 309.2 420.0 36% 12
Liabilities to Banks 450 400 409 21.1 19.1 Shopping Etrembiéres Rhein-Neckar-Zentrum 350 71.4 Allee-Center Hamm 300 298 250 298 298 200 2001 2002 13
Forecast 2003 AG in in million 2002 2002 2003e 2003e Income from from investments 23.1 23.1 25.9 25.9 Interest income 4.5 4.5 3.9 3.9 Result from from ordinary 24.8 24.8 27.6 activities 27.6 Net Net income for for the the year year 18.3 18.3 20.3 20.3 Balance sheet sheet profit profit 30.0 30.0 30.0 30.0 Group in in million 2002 2002 2003e Rents Rents 46.5 46.5 48.0 48.0 EBITDA 37.0 37.0 44.6 44.6 Net Net profit profit // loss loss -3.0-3.0 1.6 1.6 e = estimate 14
Continuity of Dividend Dividend in 2,00 Share price in 34,00 1,90 33,00 1,80 32,00 1,70 1,60 31,00 1,50 2001 2002 2003 Dividend Annual Accounts * 30,00 * = Share price on June, 16, 2003 Dividend expected 15
Corporate Governance 16
Prime Standard, SDAX and Free Float DES - Stock market volume 2003 compared with the previous year 140.000 4.500 shareholders, thereof 60 institutional investors Free Float 56% 10 days to 13.06. DB Industrial Holdings AG 23% Otto family 21% 120.000 100.000 volume 2003 volume previous year 80.000 60.000 40.000 20.000 SDAX 0 Jan 03 Feb 03 Mrz 03 Apr 03 Mai 03 Jun 03 date: Juni 2003 17
Share price Share price development Deutsche EuroShop AG vs. Dax January 2002 to May 2003 indexed (basis 100) 120 8% performance per year 2002 incl. Dividend 110 100 90 80 70 60 50 Deutsche EuroShop AG DAX 40 Dec-01 Jan-02 Mar-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 18
Thank you for your attention! 19