- Expansion into the Rhine-Ruhr region and expansion of the Leipzig location - EBIT of EUR 21.0 million is in line with expectations (previous year: EUR 22.3 million) - Positive outlook: Revenue and earnings forecast for 2018 confirmed
Berlin, November 6, 2018 – ACCENTRO Real EstateAG (WKN: A0KFKB, ISIN: DE000A0KFKB3), Berlin, continued its growth trajectory in the first nine months of fiscal year 2018. Revenue and EBIT were in line with expectations. Given the positive business performance and the transactions expected in the final quarter, ACCENTRO anticipates meeting its forecast for the 2018 fiscal year—EBIT between EUR 36 million and EUR 40 million and double-digit percentage revenue growth.
Nationwide expansion is proceeding according to plan
ACCENTRO has further expanded its presence in its target regions of Leipzig, the Rhine-Ruhr, the Rhine-Main, and the greater Hamburg area. For example, an office was opened in Leipzig, and a joint venture was established with Ruhrwert Immobilien und Beteiligungs GmbH in the Rhine-Ruhr region. In Leipzig, three apartment buildings were acquired in October—the company’s fourth acquisition in the region. Additionally, a portfolio of 80 units in central locations in Rostock was acquired in October. With these acquisitions, the company’s expansion into attractive metropolitan regions in Germany is progressing successfully.
Jacopo Mingazzini, CEO of ACCENTRO Real Estate AG: “The fiscal year has been very encouraging so far. We have strengthened our presence in German metropolitan regions and, with our interim results, confirmed that we are on the right track. In addition, we successfully placed a cash capital increase of approximately 20 million euros in October. We will use these funds to finance our next growth spurt and further expand our privatization portfolio.”
Continuous Expansion of the Real Estate Portfolio
Total assets rose by 17.3% to 407.9 million EUR as of September 30, 2018 (December 31, 2017: 347.8 million EUR). In addition to expanding the privatization portfolio, the company acquired an office property for its own use in the third quarter, which it plans to occupy as early as next year. This move allows the company to avoid the sharply rising commercial rents in the capital and benefit from the expected appreciation in value. Furthermore, the property can be used to build apartments with a gross floor area of approximately 2,900 square meters.
Strong Performance in the Privatization Business
With an increase of approximately 45 million EUR, revenue from the sale of inventory properties rose significantly to 127.1 million EUR (previous year: 82.0 million EUR). The increase in revenue was driven by the formation of a joint venture in Berlin-Hohenschönhausen (“Gehrensee”), which contributed approximately EUR 42.4 million to the revenue growth. A new residential development with up to 2,000 apartments—subject to building and urban planning approvals—is to be built on the site. Although the merger had no material impact on earnings during the reporting period, it offers significant earnings potential in the future.
After the end of the reporting period, the “Hipsterhausen” portfolio was sold to an institutional investor for a sale price of EUR 32 million. The portfolio comprises six older buildings in central locations in Berlin. The sale has already been completed and is fully recognized in earnings for the 2018 fiscal year.
Increased Presence in the Capital Market
During the reporting period, ACCENTRO’s market capitalization rose by more than one-third to EUR 292.9 million (Dec. 29, 2017: EUR 209.6 million). In addition to a bond issue of approximately EUR 100 million in January of this year, a cash capital increase of EUR 20 million was successfully placed within a few hours in October 2018. This increased the free float to approximately 12.1%, thereby improving the trading liquidity of the company’s shares. ACCENTRO’s capital market activities are accompanied by broader coverage. Five research firms now cover the company, which is also increasingly making its presence felt at capital market conferences.
Key Figures for the Period January 1 through September 30, 2018
In millions of EUR |
9M-2018 |
9M-2017 |
|---|---|---|
| Consolidated revenue | 136.7 | 89.0 |
| Gross profit | 28.1 | 27.7 |
| EBIT | 21.0 | 22.3 |
| Consolidated net income | 8.6 | 12.3 |
| Earnings per share in EUR | 0.28 | 0.49 |
| Total assets | 407.9 | 347.8 |
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, 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 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 on behalf of property 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
Contact for Press and Public Relations
Jan Hutterer
Kirchhoff Consult AG
Borselstraße 20
22765 Hamburg
Email: accentro@kirchhoff.de
+49 (0)40 – 609 186 65
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