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THE EUROSHOPPER 9 783000 245381 Deutsche Euroshop Overvi Ew

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THE EUROSHOPPER 9 783000 245381 Deutsche Euroshop Overvi Ew ANNUAL REPORT 09 feelestate.de THE EUROSHOPPER 9 783000 245381 deutsche eurOshOp Overvi ew revenue in € million eBit in € million eBt* in € million FFO per share in € Result Result Result Result 127.6 110.7 54.9 1.49 Target Target Target Target Target Target Target Target Target Target Target Target 125 – 128 139 – 142 149 – 152 105 – 108 118 – 121 127 – 130 50 – 52 58 – 60 64 – 66 1.38 – 1.43 1.38 – 1.38 1.45 – 1.50 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 * excluding measurement gains and losses Key data in € million 2009 2008 Change Revenue 127.6 115.3 11% EBIT 110.7 98.1 13% Net finance costs -55.9 -49.4 -13% EBT 40.1 87.0 -54% Consolidated profit 34.4 68.9 -50% Earnings per share (€) 1.49 1.38 8% FFO per share (€) 0.93 1.96 -53% Equity* 1,044.4 977.8 7% Liabilities 1,067.8 1,029.1 4% Total assets 2,112.1 2,006.8 5% Equity ratio (%)* 49.4 48.7 LTV-ratio (%) 46.0 46.0 Gearing (%)* 102 105 Cash and cash equivalents 81.9 41.7 97% Net asset value 1,006.9 942.8 7% Net asset value per share (€) 26.63 27.43 -3% Dividend per share (€) 1.05** 1.05 0% * incl. minority interest ** proposal INTRODUCTION Overview Highlights / Multi-year share overview Our values – Our goals 02 Foreword by the Executive Board 05 Report of the Supervisory Board SHOPPING 08 Crisis – what crisis? 12 Statistics 14 “What I bought in 2009” 16 The center voucher 17 Book tips THE CENT ERS 18 Our shopping centers 24 The Triangle offers even greater variety 25 Expansion for Dresden’s best lococation 26 A second mall 27 How much light do people need to shop? 30 Aktivities in the centers 32 Leasing in challenging times 36 The centers 48 Shopping centers: the 7th generation INVESTOR RELATIONS 51 The shopping center share 60 Roadshows & conferences 62 Real Estate Summer 64 IR-events 2009 66 Marketing 68 Keep in the know while you shop 70 Corporate governance GROUP MANAGAGEMENT REPORT 76 Business and economic conditions 78 Overview of the course of business 80 Results of operations, financial position and net assets 87 Environment 87 Reports not included 87 Report on events after the balance sheet date 88 Risks and opportunities management, internal control system 92 Outlook CONSOLIDAT ED FINANCIAL STAT EMENTS 97 Consolidated Balance Sheet 99 Consolidated Income Statement 100 Consolidated Statement of Comprehensive Income 101 Consolidated Cash Flow Statement 102 Consolidated Statement of Changes in Equity 103 Notes 144 Auditor‘s Report SERVICE 145 Reader’s letters 146 Index 148 Glossary 149 Legal Multi-year-overview / Financial calendar HIGHLIGHTS JANUARY JUNE JULY Start of construction for the Stake in City-Point Kassel raised Annual General Meeting on 30 Distribution of a dividend of expansion of Altmarkt-Galerie, to 90% June 2009 €1.05 per share on 1 July 2009 Dresden Deutsche EuroShop overall Deutsche EuroShop is awarded Placement of 3,437,498 new NOVEMBER winner of BIRD survey (Best the “Capital Investor Relations shares from an approx. 10% Ground-breaking ceremony for Investor Relations in Germany) Prize 2009” in the MDAX increase in the share capital with the expansion of Main-Taunus- by the investor magazine Börse- category institutional investors Zentrum, Sulzbach Online MULTI-YEAR SHARE OVERVI EW 2009 2008 2007 2006 2005 2004 2003 2002 2001 Market capitalisation, (basis: year-end closing price) (€m) 895 835 808 965 816 602 527 484 477 Number of shares at year-end 37,812,496 34,374,998 34,374,998 34,374,998 34,374,998 31,250,000 31,250,000 31,250,000 31,250,000 Average number of shares in circulation 36,799,402 35,088,250 34,374,998 34,374,998 31,575,340 31,250,000 31,250,000 31,250,000 31,250,000 26.00 28.40 30.09 29.12 25.25 19.44 17.35 18.58 19.75 High (€) (06.01.09) (13.05.08) (23.04.07) (31.03.06) (27.07.05) (29.12.04) (18.11.03) (28.05.02) (12.03.01) 18.66 18.50 23.22 23.89 19.12 16.45 14.85 13.90 15.00 Low (€) (06.03.09) (20.11.08) (20.08.07) (02.01.06) (05.01.05) (12.08.04) (03.03.03) (31.10.02) (21.09.01) Year-end closing price (31 Dec) (€) 23.67 24.30 23.50 28.08 23.73 19.26 16.88 15.50 15.25 Dividend per share (€) 1.05* 1.05 1.05 1.05 1.00 0.96 0.96 0.96 0.96 Dividend yield (31 Dec) (%) 4.4 4.3 4.5 3.7 4.2 5.0 5.7 6.2 6.3 Annual performance -2,6% / 3.4% / -16.3%/ 18.4%/ 23.2% / 14.1% / 8.9% / 1.6%/ excl. / incl. dividend 2,1% 7.9% -13.1% 22.8% 28.7% 19.6% 15.6% 2.7% -20.6% / - Average daily trading volume (shares) 113,008 143,297 144,361 93,744 76,786 36,698 12,438 3,558 5,512 EPS (€) 0.93 1.96 2.74 2.92 1.55 0.89 0.61 -0.09** -0.48** CFPS (€) 1.72 1.57 1.18 1.08 0.96 0.70 0.67 - - All share price information up to 2002 relates to the Frankfurt Stock Exchange; all information from 2003 onwards relates to Xetra * proposal ** HGB accounting OUR VALUES – OUR GOALS VALUES We are the only public company in Germany that invests solely in shopping centers in prime locations. We invest only in carefully chosen properties. High quality standards and a high degree of flexibility are just as important to us as sustained earnings growth from index- and turnover-linked rental contracts. In addition, we boast a higher than average occupancy rate of around 99% and professional center management – these are the pillars of our success. GOALS Deutsche EuroShop does not seek short-term success, but rather long-term growth and the resulting stable increase in the value of our portfolio. Our objective is to distribute an attractive dividend to our shareholders every year from secure long-term income. In order to achieve this, we shall acquire further prime properties and hence establish ourselves as one of the largest companies in Europe focusing on retail properties. 2 | DES Annual Report 2009 FOREWORD BY THE EXECUTIVE BOARD DEAR SHAREHOLDERS AN D FRI EN DS, The important message with which we wish We predicted revenue of €125 million to In 2009 we managed to increase our funds to begin is that we have once again achieved €128 million in 2009 and ultimately achieved from operations (FFO), which we use to our goals. We also continue to look to the €127.6 million, which represented a year-on- finance ongoing investments in portfolio future with optimism. year increase of 11%. Earnings before inter- properties, scheduled payments on our est and taxes were forecast to lie between long-term bank loans and the distribution This may at first seem surprising. After all, €105 million and €108 million but instead of dividends, by 10% to €54.8 million; this the economic situation inside and outside rose by almost 13% to €110.7 million. We corresponded to €1.49 per share. Germany remains anything from tense to expected earnings before taxes (EBT) with- crisis-ridden. Our confidence is based, how- out measurement gains / losses of between Earnings per share were reduced for the first ever, on our stable business model, which €50 million and €52 million. At the end of time by a measurement loss. In the past we has proven its worth over a long period the day these increased to €54.9 million, cor- had always pointed out that there was no of time. This model is based on an out- responding to growth of 10%. guarantee that valuations would carry on ris- standing portfolio that is now made up of ing. However, as we have always employed 17 shopping centers in prime locations in Taking into account the non-cash measure- conservative estimates, the valuation 2009 four European countries. These are almost ment gains and losses that we do not nor- did not produce a dramatic result, falling by entirely fully let and are generating long- mally forecast and the tax position, consoli- €14.8 million – even though the decline from term secured earnings. Signs that the prop- dated profit decreased by 50%, from €68.9 €38.3 million has had a substantial visual erty markets are returning to normal and million to €34.4 million. impact on the income statement. Not on our recovering are also evident, and we therefore operating profit, however. Our earnings per believe it is possible that we will be able to emerge stronger from the crisis. Foreword by the Executive Board | 3 share were ultimately composed of an oper- Our shares once again experienced a diffi- ating profit of €1.25 and a measurement loss cult and volatile year on the stock market. AT ALMOST 99.3% of €-0.32 and came to €0.93 per share. Starting at a price of €24.30, they ended OUR OCCUPANCY 2009 slightly down at €23.67. Taking into RAT E REMAINS STABLE The net asset value of our Company rose account the dividend paid of €1.05 per share, AT AN EXTREMELY from €942.8 million as at 31 December 2008 the performance of Deutsche EuroShop HIGH LEVEL.
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