HAMBURG (dpa-AFX) - German-based international real estate investment company Deutsche EuroShop AG (DUSCF.PK) reported that its preliminary funds from operations for fiscal year 2021 slightly declined to 122.3 million euros from 123.3 million euros in the previous year.
Consolidated profit was 59.9 million euros compared to loss of 251.7 million euros in the prior year. Earnings per share was 0.97 euros compared to 4.07 euros in the prior year.
Consolidated revenue for the year declined 5.5% year-over-year to 211.8 million euros. This was due in particular to the rent concessions agreed with tenants owing to the coronavirus. The company had offered affected tenants a rent waiver of 50% during the closure phases in 2021 to help mitigate the major negative impact on their business and also in view of legal aspects.
Assuming that the pandemic shows signs of continued and sustainable stabilisation, the company Board expects funds from operations of 1.95 euros to 2.05 euros per share for the 2022 financial year, which as a transitional year is still affected by the after-effects of the pandemic.
The company aims to return to a sustainable dividend policy.
The company noted that the Executive Board will develop a dividend proposal together with the Supervisory Board, which will be communicated along with the publication of the Annual Report.
The 2021 Annual Report with the final audited figures will be published on 26 April 2022.
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