ACCENTRO Improves Profitability in the First Quarter
- Revenue rose by 22.1% to 33.7 million EUR in the first quarter of 2022 (previous year: 27.6 million EUR)
- EBIT rose disproportionately by 56.5% to EUR 3.6 million (previous year: EUR 2.3 million)
- EBIT margin increases to 10.7% (previous year: 8.3%)
- Sales volume in individual privatization remained at a high level of EUR 27.3 million
- Revenue and earnings forecast for 2022 confirmed
Berlin, May 31, 2022 – ACCENTRO Real Estate AG, a residential real estate investor and Germany’s leading residential privatization company, has gotten off to a successful start in 2022 and has significantly improved its operating margin. The company has thus continued its strong business performance.
Lars Schriewer, CEO of ACCENTRO Real Estate AG, looks back on the first quarter with satisfaction: “Despite challenging market conditions, our company has gotten off to a successful start in the new year. We were once again able to increase revenue and, in particular, achieve a disproportionately large improvement in operating profit. Both real estate sales and leasing contributed to this encouraging development. Following this positive start to the year, we remain confident and confirm our revenue and earnings forecast for 2022. In parallel with our core business, we will develop a group-wide sustainability strategy in the coming months and define measures to refinance the bond maturing in February 2023.”Revenue and EBIT Improved Again
Consolidated revenue 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 taxes (EBIT) improved disproportionately by 56.5% to EUR 3.6 million (previous year: EUR 2.3 million). As a result, the profit margin also increased to 10.7% (previous year: 8.3%). Similarly, consolidated net income improved to -1.5 million EUR (previous year: -2.9 million EUR) and earnings per share to -0.05 EUR (previous year: -0.09 EUR).
With total assets remaining stable at EUR 932 million (Dec. 31, 2021: EUR 929 million), cash and cash equivalents in particular continued to rise significantly, amounting to EUR 158.9 million as of the balance sheet date (Dec. 31, 2021: EUR 121.5 million). The equity ratio stood at 27.8% (Dec. 31, 2021: 28.0%).
The residential privatization segment continues to perform well, posting a 21.1% increase in revenue to EUR 29.3 million in the first quarter (prior year: EUR 24.2 million). The profit margin in this segment was also slightly above the prior-year level at 21.8% (prior year: 21.1%). Demand for apartments remains high. As a result, the notarized sales volume reached the second-best result in the company’s history for the first quarter of a fiscal year, totaling EUR 27.3 million with 86 units sold.
The Rental division also performed well in the first quarter. With a consistently high profit margin of 62.5%, revenue increased by 37.9% to EUR 4.0 million (previous year: EUR 2.9 million). Outlook Confirmed
ACCENTRO is ideally positioned to continue growing successfully. In the area of individual privatization alone, the real estate portfolio—which has already been legally divided—comprises an estimated sales volume of approximately EUR 330 million. In addition, the company’s own rental portfolio, which has been massively expanded to around 3,600 units over the past 18 months, offers considerable potential for rental income and value appreciation. Furthermore, the exclusive sales partnership with ImmoScout24, which was concluded just a few months ago, holds significant revenue potential—particularly in the new-construction segment—which both companies will leverage in the coming years. The first revenue contributions are expected in the coming months.
Following a successful start to the year, ACCENTRO is confirming its forecast for the current fiscal year despite challenging market conditions. According to the forecast, revenue is expected to rise to between 200 and 220 million EUR (previous year: 192.7 million EUR), and EBIT is projected to range between 45 and 50 million EUR (previous year: 45.2 million EUR). 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—will weigh on customer spending habits, and whether these factors, along with rising construction costs and potentially longer construction times due to supply bottlenecks, could impact ACCENTRO’s business performance over the remainder of the year. 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, 2021, its real estate portfolio comprised approximately 4,900 units. In addition to Berlin, its regional focus includes major cities and metropolitan areas in eastern Germany as well as the Rhine-Ruhr metropolitan region. ACCENTRO’s business activities comprise three core areas: the sale of apartments to private owner-occupiers and investors at rent-based prices; the sale of real estate portfolios to institutional investors; the development and management of its own real estate portfolio; and services for third parties. 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
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Thomas Eisenlohr
ACCENTRO Real Estate AG
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10625 Berlin
Email: eisenlohr@accentro.de
Phone: +49 (0)30 88 71 81 272