ACCENTRO Achieves Best Results in Company History
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Revenue rises by 53.9% to 192.7 million EUR
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EBIT improves by 30.3% to a record high of EUR 45.2 million
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Notarized sales volume rises by 107.7% to EUR 246.5 million
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NAV per share rises to EUR 12.29
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2022 Forecast: Revenue expected to rise to between 200 and 220 million EUR, with EBIT projected at 45 to 50 million EUR
Berlin, May 2, 2022 – ACCENTRO Real EstateAG , a residential real estate investor and Germany’s leading residential privatization company, significantly improved its profitability in 2021 amid a sharp rise in revenue, thereby delivering the highest EBIT in the company’s history.
Despite rising interest rates for real estate financing since mid-2021 and a continued shortage of residential properties, ACCENTRO more than doubled its sales volume and dynamically expanded its business. New legal and regulatory interventions in the market, the significantly higher inflation rate since mid-2021, and massive price increases for attractive properties led to growing uncertainty on the demand side. In addition, legal regulations resulting from the COVID-19 pandemic made business more difficult. In this challenging market environment, ACCENTRO benefited from the strategy it had been pursuing since 2020 to build up a large portfolio of residential properties.
Lars Schriewer, CEO of ACCENTRO Real Estate AG, said upon presenting the 2021 financial results: “I am highly satisfied with the results we delivered. The market and the political environment had a massive impact on our business. Nevertheless, we were able to significantly increase all key performance indicators. Our strategy of building up a large portfolio of attractive residential properties in a timely manner paid off for our company last year.” ACCENTRO is ideally positioned to meet the high demand. “With our diversified real estate portfolio, extensive sales network, strong reputation, and many years of experience, we continue to offer our customers good options for real estate ownership even in challenging markets.” In addition to the privatization business, the expansion of our own rental portfolio is also increasingly paying off. “As a result, we can once again look back on strong business performance with rising revenue and record-high EBIT. This profitable growth trajectory is expected to continue in the current fiscal year 2022.” Revenue Increased Significantly
Driven by strong business performance, revenue in 2021 rose significantly by 53.9% to EUR 192.7 million (previous year: EUR 125.2 million). This reflects the record results in residential privatization: The notarized sales volume more than doubled in 2021, rising by 107.7% to EUR 246.5 million. The number of units sold also increased dynamically, rising by 81.2% to 761 units. Earnings before interest and taxes (EBIT) also improved significantly by 30.3% to a record high of 45.2 million EUR (previous year: 34.7 million EUR). Consolidated net income amounted to 13.1 million EUR (previous year: 18.1 million EUR). Earnings per share accordingly amounted to EUR 0.37 (previous year: EUR 0.51).
Total assets increased to EUR 929.5 million as of December 31, 2021 (previous year: EUR 862.0 million). Net asset value (NAV) was EUR 12.29 per share (previous year: EUR 12.05). The Group’s strong financial position is confirmed by an equity ratio of 28.0% (previous year: 28.7%).
In its core business of residential privatization, ACCENTRO achieved a 53.7% increase in revenue to EUR 172.8 million (previous year: EUR 112.4 million). Rental income—from the growing rental portfolio, which serves as another pillar of the Group’s business—rose significantly by 64.4% to EUR 17.1 million (previous year: EUR 10.4 million). The rental portfolio is expected to generate stable and growing revenues.
Partnership with ImmoScout24 Launched
At year-end, the real estate portfolio comprised approximately 4,900 units. The rental portfolio alone now consists of approximately 3,600 apartments. The Group focuses on selected metropolitan areas in North Rhine-Westphalia and the eastern federal states. ACCENTRO sees particularly high potential for value appreciation in so-called B and C locations.
The sales pipeline for individual privatization is well-stocked, with an expected sales volume of approximately 360 million EUR. The apartments earmarked for individual privatization have all already been legally subdivided and are therefore not affected by the new Building Land Mobilization Act.
ACCENTRO anticipates significant revenue potential in the medium term from an exclusive partnership with ImmoScout24. Through this partnership, the two market leaders are combining their strengths in a long-term marketing and sales collaboration. ImmoScout24’s broad reach and ACCENTRO’s comprehensive network and sales strategy offer significant advantages to project developers and real estate agents, for example.
2022 Forecast: EBIT Expected to Reach Record Levels
Based on the partnership with ImmoScout24, the well-stocked sales pipeline, and the growing rental portfolio, ACCENTRO aims to continue its profitable growth trajectory in fiscal year 2022: Regardless of the current geopolitical situation and economic conditions, the Group is optimistic about fiscal year 2022 and expects another successful business performance despite all uncertainties: ACCENTRO anticipates revenue growth to between 200 and 220 million EUR (previous year: 192.7 million EUR) and EBIT of 45 to 50 million EUR (previous year: 45.2 million EUR). In its sales planning, the Group took into account—given global economic trends—that rising inflation, combined with significantly higher interest rates and general uncertainty, will have a negative impact, at least temporarily, on the purchasing behavior of private investors. In its rental portfolio, the Group expects a declining vacancy rate, while the services business is likely to benefit primarily from the partnership with ImmoScout24.
CEO Lars Schriewer: “The well-stocked sales pipeline, the growing rental portfolio, and the partnership with ImmoScout24 form a strong foundation for our future business development. We expect demand for residential real estate to remain high and price levels to stay stable. Therefore, we intend to continue our profitable growth trajectory in fiscal year 2022 and once again expect record earnings. Furthermore, this year we will develop a comprehensive ESG strategy for ACCENTRO and establish the necessary processes along the entire value chain. In particular, the energy-efficient renovation of apartments and buildings can make a significant contribution to successfully implementing the transition to a carbon-neutral economy and society and minimizing the consequences of climate change.”
About ACCENTRO Real Estate AG
ACCENTRO Real Estate AG is a residential real estate investor and the market leader in housing privatization in Germany. As of December 31, 2021, its real estate portfolio comprised approximately 4,900 units. In addition to Berlin, its regional focus includes major East German cities and metropolitan areas, as well as the Rhine-Ruhr metropolitan region and Bavaria. ACCENTRO’s business activities encompass four core areas. These include the sale of apartments to owner-occupiers and private investors at market-rate rents, the sale of real estate portfolios to institutional investors, the development and management of its own real estate portfolio, and the marketing of apartments for property owners, investors, and project developers. The shares of ACCENTRO Real Estate AG are listed on the Prime Standard segment of the Frankfurt Stock Exchange (WKN: A0KFKB, ISIN: DE000A0KFKB3). www.accentro.de
Contact for Press and Public Relations
Christian Dose
WMP EuroCom AG
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Phone
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Investor Relations Contact:
Thomas Eisenlohr
ACCENTRO Real Estate AG
Kantstraße 44/45
10625 Berlin
Email: eisenlohr@accentro.de
Phone: +49 (0)30 88 71 81 272