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ACCENTRO Real Estate AG: Sales Volume Matches Prior-Year Level

·5-min read

DGAP-News: Accentro Real Estate AG / Key word(s): 9 Month figures/Real Estate
12.11.2020 / 07:30
The issuer is solely responsible for the content of this announcement.

PRESS RELEASE

ACCENTRO Real Estate AG: Sales Volume Matches Prior-Year Level

- EUR 74.7 million in property sales at the end of first nine months of 2020 (previous year: EUR 77.2 million)

- ACCENTRO maintains its growth trajectory, forecast for 2020 confirmed

 

Berlin, 12 November 2020 - ACCENTRO Real Estate AG, Germany's leading housing privatisation company, published its balance sheet for the first nine months of the 2020 financial year today.

Consolidated revenues at the end of the nine-month period equalled EUR 65.3 million (previous year: EUR 73.4 million). The figure does not yet include sale-and-purchase agreements already notarised that were still awaiting their transfers of benefits and burdens by the balance sheet date, which add up to a total of EUR 29.5 million. The consolidated earnings before interest and taxes (EBIT) at the end of the reporting period equalled EUR 5.6 million (previous year: EUR 26.0 million). It should be noted that this year's earnings performance was impacted by one-off effects amounting to EUR 6.5 million. In addition, the revenue and earnings performance of the past two quarters were affected by the ramifications of the massive restrictions attributable to the coronavirus pandemic.

The company's stock of inventory properties had a total worth of EUR 460.2 million by the balance sheet date of 30 September 2020 (30/09/2019: EUR 362.6 million). Hidden reserves amounted to EUR 124 million by 30 September 2020.

"The volume of our property sales has developed handsomely and, at EUR 74.7 million, nearly matched the prior-year figure (previous year: EUR 77.2 million) by the end of the first nine months, despite the coronavirus pandemic. While the sales figures declined as expected during the corona-based lockdown between mid-March and late May, the volume of property sales rebounded in June and had already regained the high prior-year level in the third quarter," elaborated Lars Schriewer, CEO of ACCENTRO Real Estate AG.

"The trend points in the right direction, and the further increase in sales figures in October suggests as much. Demand for residential real estate in Germany remains strong, both among private and institutional investors. Not just the growing dynamic in the retail privatisation make us optimistic in regard to the fourth quarter. Moreover, the advanced negotiations with institutional investors concerning the sale of real estate portfolios make us confident about the concluding quarter," Schriewer added.

"But our long-term success is not supposed rest exclusively on apartment sales. We continue our growth trajectory, and therefore keep reviewing our options for buying real estate portfolios in attractive locations. The idea is to develop these in order to improve their appeal and liveability for tenants in sustainable ways," Schriewer added.

Based on our business performance during the first nine months and the expected business development during the fourth quarter, the company reaffirms its forecast for the this year, and expects to see revenues modestly exceed the prior-year figure while expecting the earnings before interest and taxes (EBIT) to match the prior-year level. However, it is currently difficult to say whether and to what extent the ramifications of the re-tightened corona-related restrictions and of another lockdown will impact the business performance during the fourth quarter.

The complete quarterly report for the first nine months of the 2020 financial year is available for download at www.accentro.ag/en/investor-relations/publications/financial-reports/ in English and German.

 

About ACCENTRO Real Estate AG

ACCENTRO Real Estate AG is Germany's market leader in housing privatisations. In addition to its home market of Berlin, the company focuses on auspicious metro regions such as Hamburg, Rhine-Ruhr and Leipzig. In its Privatisation business unit, ACCENTRO retails condominiums from its proprietary portfolio to owner-occupiers and buy-to-let investors or-bundled into portfolios-to institutional investors. In its Services & Ventures business unit, ACCENTRO sells apartments on behalf of investors and property developers-including through equity investments in its own right within the framework of joint ventures. ACCENTRO Real Estate AG is listed on the Prime Standard segment of the Frankfurt Stock Exchange (German securities code number WKN: A0KFKB, ISIN: DE000A0KFKB3). www.accentro.ag

 

Investor Relations Contact:

Thomas Eisenlohr
ACCENTRO Real Estate AG
Kantstrasse 44/45
D-10625 Berlin
E-mail: eisenlohr@accentro.de
Tel. +49 (0)30 - 88 71 81 272

Press and Public Relations Contact:

Karl-Philipp Jann
PB3C GmbH
Rankestrasse 17
D-10789 Berlin
E-mail: jann@pb3c.com
Tel. +49 (0)30 - 72 62 76 1612


12.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Accentro Real Estate AG

Kantstr. 44/45

10625 Berlin

Germany

Phone:

+49 (0)30 - 887 181 - 0

Fax:

+49 (0)30 - 887 181 - 11

E-mail:

info@accentro.ag

Internet:

www.accentro.ag

ISIN:

DE000A0KFKB3

WKN:

A0KFKB

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1147452


 

End of News

DGAP News Service

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