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Revenue for the first 9 months of 2021 rose by 92.0% to 125.4 million EUR (previous year: 65.3 million EUR)
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EBIT more than triples to EUR 31.0 million (previous year: EUR 5.6 million)
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Consolidated net income improves significantly to EUR 9.6 million (previous year: -EUR 11.8 million)
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Earnings per share reached EUR 0.30 (previous year: -EUR 0.36)
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Net asset value (NAV) per share rises to approximately EUR 13
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Forecast for significant revenue and earnings growth in 2021 confirmed
Berlin, November 30, 2021 – ACCENTRO Real EstateAG , a residential real estate investor and Germany’s leading residential privatization company, continues to grow dynamically and looks back on an extremely successful nine-month period.
Lars Schriewer, CEO of ACCENTRO Real Estate AG, expressed his satisfaction: “With an exceptionally successful third quarter, we have continued the excellent business performance we’ve seen since the beginning of the year. Revenue nearly doubled in the first nine months compared to the same period last year. Our EBIT increased significantly. The dynamic growth in residential privatization was the primary driver of this excellent performance. In light of the very strong business performance, we are reaffirming our forecast for fiscal year 2021 and see high growth potential in the long term.”
Group Earnings Significantly Improved
Consolidated revenue rose by 92.0% to EUR 125.4 million (previous year: EUR 65.3 million). Consolidated earnings before interest and income taxes (EBIT) showed even more dynamic growth, reaching EUR 31.0 million (previous year: EUR 5.6 million). Accordingly, consolidated net income improved to EUR 9.6 million (previous year: -EUR 11.8 million) and earnings per share to EUR 0.30 (previous year: -EUR 0.36).
Earnings contributions from the fair value adjustment of investment property—that is, the properties that ACCENTRO holds, develops, and leases on a long-term basis—had a positive impact on EBIT at EUR 16.3 million (previous year: EUR 2.0 million). They are clear evidence of the quality and appreciation potential of these properties.
Total assets increased to EUR 958 million (Dec. 31, 2020: EUR 862 million), which is primarily attributable to the continued expansion of the company’s own rental portfolio. As a result, rental income rose significantly by 86.6% to EUR 15.3 million (previous year: EUR 8.2 million). Consequently, the net asset value (NAV) per share rose to approximately EUR 13.
ACCENTRO once again achieved strong results in the privatization of residential real estate. As a result, dynamic growth continued seamlessly into the third quarter. The company sold 614 units to tenants, owner-occupiers, and private investors—an increase of 132.6% compared to the same period last year (previous year: 264 units). The notarized sales volume amounted to 188.6 million EUR, also significantly exceeding the prior-year figure by 155.2% (prior year: 73.9 million EUR). Revenue nearly doubled in the first nine months, rising by 94.6% to EUR 108.4 million (previous year: EUR 55.7 million). The notarized sales volume, for which no transfer of ownership had yet taken place as of the reporting date of September 30, 2021, amounted to EUR 96.4 million.
Outlook Confirmed
Following the successful business performance in the first nine months, ACCENTRO confirms its forecast for this fiscal year. According to this forecast, revenue is expected to rise by up to approximately 60% to between EUR 170 and 200 million (previous year: EUR 125.2 million), and EBIT by up to approximately 44% to between EUR 45 and 50 million (previous year: EUR 34.8 million). All business segments are contributing to the positive earnings trend. In the fourth quarter, in addition to further revaluation effects on the company’s own rental portfolio, revenues from both individual privatizations and global sales will have a significant impact.
Lars Schriewer is optimistic about the future: “ACCENTRO is exceptionally well-positioned across all business segments. The company has a very well-stocked privatization pipeline of apartments that have already been legally subdivided. In addition, our own rental portfolio—which we are dynamically expanding—offers considerable potential for value appreciation and rental income growth. Furthermore, for our service business—that is, real estate sales on behalf of third parties such as project developers—we have laid the foundation for significant growth through the exclusive sales partnership for residential real estate concluded just a few weeks ago with ImmoScout24. In addition to the successful privatization of existing properties, which has been ongoing for decades, ACCENTRO is thus increasingly entering the sales of new-construction apartments as a further pillar of its business.”
About ACCENTRO Real Estate AG
ACCENTRO Real Estate AG is a residential real estate investor and the market leader in residential privatization in Germany. As of December 31, 2020, its real estate portfolio comprised approximately 5,200 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 rent-like prices, 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
Barckhaustrasse 1
D-60325 Frankfurt
Phone
+49 (0)69 2475689491 / +49 173 6679900
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