Berlin, November 12, 2020 – ACCENTRO Real EstateAG , Germany’s leading residential privatization company, today released its financial results for the first nine months of 2020.
Consolidated revenue for the first nine months amounted to EUR 65.3 million (previous year: EUR 73.4 million). This figure does not yet include purchase agreements that have already been notarized with a total volume of EUR 29.5 million, for which the transfer of rights and obligations had not yet taken place as of the balance sheet date. Consolidated earnings before interest and taxes (EBIT) amounted to EUR 5.6 million in the reporting period (previous year: EUR 26.0 million). It should be noted that this year’s earnings performance was influenced by one-time effects totaling 6.5 million EUR. In addition, revenue and earnings performance in the last two quarters were affected by the impact of the massive COVID-19-related restrictions.
The inventory of real estate for sale as of the balance sheet date of September 30, 2020, amounted to EUR 460.2 million (September 30, 2019: EUR 362.6 million). Hidden reserves totaled EUR 124 million as of September 30, 2020.
“Our sales volume has developed positively and, despite the COVID-19 pandemic, nearly reached the prior-year level in the first nine months at EUR 74.7 million (prior year: EUR 77.2 million). After sales figures declined as expected during the COVID-19-related lockdown between mid-March and the end of May, sales volume picked up again in June and had already returned to the high level of the previous year by the third quarter,” explains Lars Schriewer, CEO of ACCENTRO Real Estate AG.
“The trend is positive, as confirmed by a further increase in sales figures in October. Demand for residential real estate in Germany remains strong among both private and institutional investors. It’s not just the increasing momentum in individual privatization that has us looking optimistically toward the fourth quarter. The advanced negotiations with institutional investors regarding the sale of real estate portfolios also have us feeling positive about the final quarter,” adds Schriewer.
“But the sale of apartments alone is not meant to be the foundation of our long-term success. We are continuing on our growth path and are therefore constantly evaluating the acquisition of additional real estate portfolios in attractive locations. We intend to develop these properties and thereby sustainably improve their appeal and quality of living for tenants,” Schriewer adds.
Based on business performance in the first nine months and the expected business development in the fourth quarter, the company once again confirms its forecast for this year and anticipates revenue slightly above the prior-year figure, as well as earnings before interest and taxes (EBIT) at the prior-year level. However, it is currently difficult to assess whether—and to what extent—the effects of the renewed tightening of COVID-19 restrictions and the renewed lockdown will impact business performance in the fourth quarter.
The quarterly report for the first nine months of 2020 is available for download in German and English at www.accentro.ag/investor-relations/veroeffentlichungen/finanzberichte/.
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 portfolio holders, 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
Karl-Philipp Jann
PB3C GmbH
Rankestrasse 17
10789 Berlin
Phone
+49 (0)30 - 72 62 76 1612
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