• Consolidated revenue reached 125.2 million EUR in 2020 • Consolidated earnings before interest and taxes (EBIT) of 34.8 million EUR • One-time expenses of EUR 6.0 million had a negative impact on EBIT • Notarized sales volume of EUR 118.7 million exceeded the previous year’s level • 2021 Outlook: Double-digit growth in revenue and EBIT planned
Berlin, May 5, 2021 – ACCENTRO Real EstateAG , a residential real estate investor and Germany’s leading residential privatization company, once again surpassed the already strong figures from the previous year in 2020 in terms of EBIT excluding one-time items and sales volume. In the new fiscal year 2021, the Group aims to achieve double-digit growth in revenue and EBIT.
Consolidated earnings before interest and taxes (EBIT) for the 2020 fiscal year amounted to EUR 34.8 million (previous year: EUR 39.8 million). Earnings contributions from the fair-value measurement of the real estate portfolio had a significantly positive impact on earnings. However, earnings performance was affected by the pandemic-related delay in the transfer of ownership and encumbrances, which caused earnings planned for the fourth quarter of 2020 to be deferred to 2021. In addition, one-time expenses totaling EUR 6.0 million had a negative impact on EBIT. Excluding these one-time expenses, EBIT for fiscal year 2020 would have amounted to EUR 40.8 million, setting a new record in the company’s history.
Consolidated revenue for the 2020 fiscal year amounted to EUR 125.2 million (previous year: EUR 143.3 million). Here, too, the delayed transfer of benefits and liabilities has shifted revenue originally planned for the fourth quarter of 2020 into 2021. Accordingly, the cumulative sales volume already notarized but for which the transfer of benefits and liabilities had not yet been completed rose further to EUR 36.9 million as of December 31, 2020 (as of September 30, 2020: EUR 29.5 million).
In addition, due to real estate acquisitions, total assets as of December 31, 2020, increased significantly to EUR 862.0 million (as of December 31, 2019: EUR 580.8 million). As of the balance sheet date, the hidden reserves of the real estate inventory amounted to EUR 135 million, and the adjusted net asset value (Adj. NAV) per share stood at approximately EUR 12. The equity ratio was 28.7 percent as of the balance sheet date.
Real Estate Portfolio More Than Doubled
Over the past year, ACCENTRO has invested heavily in expanding its real estate portfolio, more than doubling it to over 5,000 units. Investment focused on high-growth regions in eastern Germany and the Rhine-Ruhr metropolitan region.
Of the approximately 3,500 units acquired, the majority are being added to the company’s own portfolio. In general, portfolio expansion will play a significant role in the future. In this way, the company is increasing rental income and, through value-enhancing portfolio development combined with successful sales, is sustainably improving the profitability of its business model.
High Sales Volume Despite the COVID-19 Pandemic
Despite severe sales restrictions due to the pandemic, ACCENTRO’s sales figures developed positively in 2020. With 420 units sold through individual privatization, the company was able to nearly match the strong performance of the previous year (prev. yr.: 463 units). The notarized sales volume of EUR 118.7 million was even higher than the previous year’s figure (prev. yr.: EUR 109.8 million). In the fourth quarter of 2020 as well, sales of 156 units (prev. yr.: 117 units) and the notarized sales volume of 44.9 million EUR (prev. yr.: 32.6 million EUR) exceeded the previous year’s figures.
The sale of real estate portfolios to institutional investors, such as pension funds and family offices, was equally successful last year. ACCENTRO closed transactions for 320 units with a notarized sales volume of approximately 40 million EUR.
“The positive sales trend demonstrates, on the one hand, the continued significance of German residential real estate for private and institutional investors. It is also an indication of our sales strength and the quality of our products. Without the one-time special effects, ACCENTRO would have achieved a record year,” says Lars Schriewer, CEO of ACCENTRO Real Estate AG.
2021 Forecast: Double-Digit Growth Expected
For the 2021 fiscal year, the Executive Board anticipates revenue and earnings growth in the high double-digit range. Revenue is expected to range between 170 and 200 million EUR, and EBIT between 45 and 50 million EUR.
Furthermore, ACCENTRO’s privatization portfolio is well-stocked with an expected sales volume of approximately EUR 550 million and forms the foundation for continued successful business development in the coming years. At the same time, the growing real estate portfolio and the associated rental income, with its recurring revenue, are expected to further stabilize the business model.
“We are very well positioned and are continuing on our path of expansion. In doing so, we can rely on the long-term, structural growth of the German residential real estate market as a solid foundation for our success,” adds Lars Schriewer.
Note: The 2020 Annual Report was published on April 30, 2021.
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 cities and metropolitan areas in eastern Germany, 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 rental-based 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 portfolio owners, investors, and project developers. The shares of ACCENTRO Real Estate AG are listed on the Prime Standard of the Frankfurt Stock Exchange (WKN: A0KFKB, ISIN: DE000A0KFKB3). investors.accentro.de
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ACCENTRO Real Estate AG
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Phone: +49 (0)30 88 71 81 272