HAMBURG (dpa-AFX) - German-based international real estate investment company Deutsche EuroShop AG (DUSCF.PK) reported that its funds from operations for the 2020 financial year declined to 123.3 million euros from 149.6 million euros last year. Funds from operations declined by 0.42 euros per share to 2.00 euros per share.
Consolidated loss was 251.7 million euros, compared to a profit of 112.1 million euros in the previous year. Loss per share was 4.07 euros compared to profit of 1.81 euros in the prior year.
EPRA earnings, which exclude measurement gains/losses, fell significantly to 124.5 million euros or 2.02 euros per share, due mainly to impairments of rent receivables and the decline in revenue.
Consolidated revenue decreased 3.2% to 224.1 million euros from 231.5 million euros last year. This was partly due to a law change in Poland from mid-March to cushion the effects of the coronavirus pandemic, which included a provision allowing affected tenants to temporarily suspend payments of their rent.
For the 2021 financial year, the company expects that revenue, EBIT, EBT, excluding measurement gains/losses, and FFO will be lower than the business figures achieved in 2020 due to the stricter operating restrictions and longer store closures overall compared with the first lockdown. The situation is expected to stabilise significantly in the second quarter of 2021, and particularly in the second half of the year.
The Executive board has decided to propose to the Annual General Meeting only to pay a dividend amounting to 4% of share capital (equivalent to a total dividend of 2.47 million euros or 0.04 euros per share) from the unappropriated surplus remaining after allocation to other retained earnings.
The Supervisory Board of Deutsche EuroShop re-elected Wilhelm Wellner as a member of the Executive Board effective 1 January 2022 for a period of three-and-a-half years until the end of June 2025. Wilhelm Wellner has been CEO since July 2015.
Copyright RTT News/dpa-AFX