- Group revenue increased by 47.7% to EUR 30.7 million in the first quarter of 2018 - EBIT grew by 72.3% year-over-year to EUR 8.4 million - Expansion of the privatization portfolio by 6.0% to EUR 322.2 million opens up significant growth potential
Berlin, May 3, 2018 – ACCENTRO Real EstateAG (WKN: A0KFKB, ISIN: DE000A0KFKB3), Berlin, a leader in residential privatization in Germany, has started the 2018 fiscal year with strong quarterly results. Consolidated revenue rose by 47.7% to EUR 30.7 million (previous year: EUR 20.8 million). EBIT grew even more significantly, by 72.3%, to EUR 8.4 million (previous year: EUR 4.9 million). ACCENTRO is thus well on track to meet its full-year forecast.
Jacopo Mingazzini, Member of the Executive Board of ACCENTRO Real Estate AG: “The strong start to the year shows that we are on the right track operationally. A key milestone was the placement of a corporate bond with a volume of 100 million euros in January. This has secured the financial flexibility we need to implement our ambitious growth plans. Our acquisition pipeline remains well-stocked. We are therefore looking to the future development of our company with great confidence.”
ACCENTRO Reports Strong Revenue and Earnings Growth
Consolidated revenue reached 30.7 million EUR in the first quarter of the fiscal year, significantly exceeding the level of the same period last year (previous year: 20.8 million EUR). Revenue was driven by encouraging developments in individual privatization as well as a large-volume individual transaction in January 2018. EBIT rose even more sharply, up 72.3% to EUR 8.4 million (previous year: EUR 4.9 million). As a result, the EBIT margin increased by 3.9 percentage points to 27.4% (previous year: 23.5%). Consolidated net income also rose significantly by 33.0% to EUR 3.9 million (previous year: EUR 3.0 million).
ACCENTRO on a Growth Trajectory with Expansion of Privatization Business
Revenue from residential privatization grew at an above-average rate, rising by 50.7% to EUR 27.9 million (previous year: EUR 18.5 million). The gross profit margin from sales rose to 44.7%, reaching a level similar to that of the record year 2016. At the same time, the privatization portfolio expanded by 6.0% to EUR 322.2 million (previous year: EUR 304.0 million).
During the reporting period, ACCENTRO acquired a stake in a residential portfolio comprising 321 units in prime locations in Hamburg through a joint venture. As part of this partnership, ACCENTRO will privatize 193 residential units from this portfolio. In addition to Berlin and Hamburg, ACCENTRO also has a presence in Hanover, Leipzig, and Cologne.
Significant Increase in Equity and Total Assets
As of March 31, 2018, equity grew by 12.6% to EUR 173.1 million (previous year: EUR 153.7 million). This significant increase is primarily attributable to the conversions of the 2014/2019 convertible bond into ACCENTRO shares, which led to a 21.6% increase in share capital to EUR 30.3 million (previous year: EUR 24.9 million).
Positive Outlook for Fiscal Year 2018
Building on the encouraging quarterly results, the expansion of the privatization portfolio that has already taken place, and the placement of the corporate bond to finance growth, ACCENTRO plans to further strengthen its position as the market-leading publicly traded company for residential privatization in Germany over the course of the year. The Executive Board confirms its forecast of significant revenue growth in the double-digit percentage range, coupled with an increase in EBIT to between EUR 37 million and EUR 40 million.
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 rent-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 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