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DGAP-News: Accentro Real Estate AG / Key word(s): Quarterly / Interim Statement/Real Estate
ACCENTRO Improves Profitability in the First Quarter
Lars Schriewer, CEO of ACCENTRO Real Estate AG, is satisfied with the first quarter: “Our company has made a successful start to the new year despite the challenging market conditions. We continued to increase revenues and, in particular, improved the operating result disproportionately. Both property sales and letting activities contributed to this pleasing performance. We remain confident after the positive start to the year and confirm our revenues and earnings forecast for the year 2022. In parallel to the operating business, we will develop a group-wide sustainability strategy in the coming months and define measures for refinancing the bond maturing in February 2023.”
Further Improvement in Revenues and EBIT
Consolidated revenues rose by 22.1 % to EUR 33.7 million (previous year: EUR 27.6 million). At the same time, consolidated earnings before interest and income tax (EBIT) improved disproportionately by 56.5% to EUR 3.6 million (previous year: EUR 2.3 million). This also increased the profit margin to 10.7 % (previous year: 8.3 %). Consolidated income also improved to EUR -1.5 million (previous year: EUR -2.9 million) and earnings per share to EUR -0.05 (previous year: EUR -0.09).
While the company’s total assets remained stable at EUR 932 million (31 December 2021: EUR 929 million), cash and cash equivalents in particular continued to increase significantly and now amount to EUR 158.9 million as of the reporting date (31 December 2021: EUR 121.5 million). The equity ratio at quarter-end equalled 27.8 % (31 December 2021: 28.0 %).
Meanwhile, the housing privatisation continued to develop positively and achieved a revenue increase by 21.1 % up to EUR 29.3 million in the first quarter (previous year: EUR 24.2 million). The profit margin in this segment was also slightly above the prior-year level at 21.8 % (previous year: 21.1 %). Demand for housing remains high. The notarised sales volume reached the second-best result in the company's history in the first quarter of a financial year. It amounted to EUR 27.3 million with 86 units sold.
The rental business also developed positively in the first quarter. With a stable high profit margin of 62.5 %, turnover increased by 37.9 % to EUR 4.0 million (previous year: EUR 2.9 million).
ACCENTRO is optimally positioned to maintain its successful growth path. The individual privatisation segment alone comprises a lawfully partitioned property portfolio worth c. EUR 330 million in prospective sales. In addition, the company’s proprietary rental portfolio, which was massively expanded to around 3,600 residential units over the past 18 months, offers significant rental upside and appreciation potential. And the exclusive sales collaboration with the ImmoScout24 real estate portal that was set up just a few months ago also offers serious revenue potential, especially in the new-build segment, which the two companies intend to exploit over the next few years. The cooperation is expected to start contributing to revenues in the coming months.
After a successful start to the year, ACCENTRO confirms its forecast for the current financial year despite the challenging market conditions. Accordingly, revenues are expected to rise to between EUR 200 and 220 million (previous year: EUR 192.7 million) and EBIT to be between EUR 45 and 50 million (previous year: EUR 45.2 million). However, it is difficult to assess at this time to what extent the Russia-Ukraine conflict and, as a result, high inflation and rising interest rates in particular, may weigh on customers' consumer behaviour and, if necessary, these factors as well as rising construction costs and possibly longer construction times due to supply bottlenecks may influence ACCENTRO's business development in the further course of the year.
ACCENTRO Real Estate AG is a residential property investor and Germany’s market leader in housing privatisations. Its real estate portfolio consisted of around 4,900 units as of 31 December 2021. In addition to Berlin, regional focal points include eastern German cities and conurbations, as well as the Rhine-Ruhr metro region. The business activity of ACCENTRO comprises three core divisions. They are the tenant-sensitive retailing of apartments to private owner-occupiers and buy-to-let investors as well as the selling of real estate portfolios to institutional investors, and the build-up and management of a proprietary real estate portfolio, plus the provision of services for third parties. The shares of ACCENTRO Real Estate AG are listed on the Prime Standard segment of the Frankfurt Stock Exchange (German securities code number WKN: A0KFKB, ISIN: DE000A0KFKB3). www.accentro.de
31.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Accentro Real Estate AG
+49 (0)30 - 887 181 - 0
+49 (0)30 - 887 181 - 11
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
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