Berlin, August 9, 2018 – ACCENTRO Real Estate AG (WKN: A0KFKB, ISIN: DE000A0KFKB3), Berlin, continued its growth trajectory in the first half of 2018. Revenue rose significantly by 129.4% to EUR 97.9 million (previous year: EUR 42.7 million). EBIT increased by 28.1% to EUR 14.3 million (previous year: EUR 11.2 million). The company is thus well on track to meet its full-year forecast, which calls for double-digit revenue growth and an increase in EBIT to between EUR 36 million and EUR 40 million.
Jacopo Mingazzini, Member of the Executive Board of ACCENTRO Real Estate AG: “In addition to the encouraging operational performance, we took important strategic steps in the first half of the year. We have continued to drive forward the expansion of our privatization division. This was made possible by the corporate bond issued in January 2018, the proceeds of which we have already reinvested almost in full. This positive development is increasingly reflected in our stock, which rose by just under 40 percent in the first half of the year.”
Continued Positive Performance in the Privatization Business
ACCENTRO’s sustained growth is based on the continued strong performance of its sales activities. Revenue from the sale of real estate inventory rose particularly sharply by 139.3% compared with the same period last year, reaching EUR 91.1 million (previous year: EUR 38.1 million). The formation of the joint venture in Berlin-Hohenschönhausen (“Gehrensee”) had a major impact on the strong increase in revenue in the privatization segment. It contributed approximately EUR 42 million in revenue and offers significant revenue and earnings potential for the Services & Ventures segment in the future. Adjusted for this transaction, ACCENTRO increased its revenue by over 46%. In addition, the privatization portfolio was significantly strengthened in the first half of the year through acquisitions in prime locations in Berlin. In total, 442 units were added to the balance sheet in the first half of the year, and additional purchase agreements were signed for 213 units. Going forward, the company plans to expand into other metropolitan regions in Germany as well. To this end, an office was opened in Leipzig.
Encouraging Development in the Services & Ventures Division
ACCENTRO is recording significant growth in its services business for project developers and property owners. Earnings in this segment quadrupled compared to the same period last year, reaching EUR 1.5 million (previous year: EUR 0.4 million). Further growth potential stems in particular from the joint venture partnerships established in Hamburg and Berlin during the first half of the year. In total, partnerships covering 1,046 units were established.
Signs Point to Growth, 2018 Forecast Confirmed
Given the positive business performance, the Executive Board is optimistic about the coming months: “Over the course of the year, we aim to expand our position as the market-leading, publicly traded company for residential privatization in Germany. Accordingly, we confirm our forecast of significant revenue growth in the double-digit percentage range, coupled with an increase in EBIT to between EUR 36 million and EUR 40 million,” said Jacopo Mingazzini.
To accelerate growth, ACCENTRO is also exploring further financing options via the capital markets and has commissioned Baader Bank AG and Quirin Privatbank AG to conduct a management roadshow for this purpose. Depending on market conditions, a potential equity financing measure may be implemented in the near term. This will be accompanied by an increase in the free float.
Market Capitalization Rises by Approximately 66.4% in the First Half of the Year
ACCENTRO also performed strongly on the capital market in the first half of 2018: Market capitalization rose significantly by EUR 139.1 million to EUR 348.7 million (December 31, 2017: EUR 209.6 million). In addition to the share price rising by approximately 40%, the conversion of the majority of the 2014/2019 convertible bond issued in March 2014 was also a key factor. This explains the significant increase in the number of shares by 5,393,031 to 30,317,934 shares.
Download the Half-Year Report
The complete half-year report for the 2018 fiscal year is available in German and English. The condensed interim consolidated financial statements on which the report is based were prepared in accordance with International Financial Reporting Standards (IFRS).
Key Figures for the First Half of 2018
In millions of EUR |
H1-2018 |
H1-2017 |
|---|---|---|
| Consolidated revenue | 97.9 | 42.7 |
| Gross profit | 19.1 | 15.0 |
| EBIT | 14.3 | 11.2 |
| Consolidated net income | 5.8 | 5.8 |
| Earnings per share in EUR | 0.19 | 0.21 |
| Total assets | 409.5 | 314.5 |
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 tenant-oriented sale of apartments to owner-occupiers and private investors, 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