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Deutsche Euroshop confirms forecast – but Corona could screw this up

As expected, business at the real estate group Deutsche Euroshop, which specializes in shopping centers, has been going better in the summer than until the middle of the year due to the more relaxed Corona situation.

The board of directors of the SDAX company Deutsche Euroshop therefore confirmed the forecast for operating profit in Hamburg on Thursday. However, a further worsening of the corona situation could spoil these plans.

The basis for the forecast is a sustainable controllability of the pandemic situation without renewed business closings or without significant restrictions for center operations. A further recovery in rental income, especially in the upcoming Christmas business, and a stabilization of the rental income rate (collection ratio) at the recently significantly improved level are also necessary.

Should that happen, the operating profit – measured by the so-called funds from operations (FFO) – is expected to be between EUR 1.70 and EUR 1.90 per share in the current year. That would be a decrease of up to 15 percent compared to 2020. In the first nine months this value sank by almost three percent to 1.43 euros and thus significantly less than in the first six months. Sales fell by 6 percent to 158 million euros by the end of September compared to the previous year.

/zb/he

HAMBURG (dpa-AFX)

Reference-www.finanzen.at

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