ACCENTRO Reports Dynamic Growth in Revenue and Earnings
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Revenue in the first half of 2021 rose by 95.2% to EUR 73.0 million (previous year: EUR 37.4 million)
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EBIT more than doubles to EUR 19.1 million (previous year: EUR 1.2 million)
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Consolidated net income improves significantly to EUR 4.7 million (previous year: -EUR 11.6 million)
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Earnings per share reach EUR 0.14 (previous year: -EUR 0.36)
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Forecast for significant revenue and earnings growth in 2021 confirmed
Berlin, August 31, 2021 – ACCENTRO Real EstateAG , a residential real estate investor and Germany’s leading residential privatization company, continues to grow dynamically and looks back on an extremely successful first half-year.
Lars Schriewer, CEO of ACCENTRO Real Estate AG, expressed his satisfaction: “Overall, we achieved excellent business performance. We nearly doubled revenue compared to the first half of 2020. Our EBIT increased significantly. All business segments contributed to this excellent performance. Our strong strategic market position is the foundation for our long-term success.”
Consolidated revenue rose by 95.2% to EUR 73.0 million (previous year: EUR 37.4 million). Consolidated earnings before interest and income taxes (EBIT) showed even more dynamic growth, reaching EUR 19.1 million (previous year: EUR 1.2 million). Accordingly, consolidated net income improved to EUR 4.7 million (previous year: -EUR 11.6 million) and earnings per share to EUR 0.14 (previous year: -EUR 0.36).
Contributions to earnings from the fair value adjustment of investment property—that is, the properties that ACCENTRO holds, develops, and leases on a long-term basis—had a very positive impact on EBIT at EUR 16.3 million. They are clear evidence of the quality and appreciation potential of these properties.
Total assets increased to EUR 981 million (Dec. 31, 2020: EUR 862 million), attributable in part to the continued expansion of the company’s own rental portfolio. This expansion is also reflected in rental revenue, which rose very significantly by 96.4% to EUR 10.8 million (previous year: EUR 5.5 million).
ACCENTRO achieved outstanding results in the privatization of residential properties. There, too, revenue nearly doubled in the first six months, rising by 97.4% to EUR 61.0 million (previous year: EUR 30.9 million). The company sold 360 units to tenants, owner-occupiers, and private investors—an increase of 122.2% compared to the same period last year (previous year: 162 units). The notarized sales volume amounted to EUR 116.3 million, also significantly exceeding the prior-year figure by 155.0% (prior year: EUR 45.6 million).
Following the encouraging business performance in the first half of the year, ACCENTRO confirms its forecast for this year. According to this forecast, revenue is expected to rise by up to approximately 60% to between 170 and 200 million EUR (previous year: 125.2 million EUR), and EBIT by up to approximately 44% to between 45 and 50 million EUR (previous year: 34.8 million EUR). The goal is to generate growing and steady earnings. Earnings performance in the second half of the year will be driven not only by further revaluation effects but also by proceeds from privatization—partly due to the high level of sales activity in the first half of the year—as well as revenue from global sales and leasing.
Lars Schriewer is optimistic about the future: “ACCENTRO is exceptionally well-positioned. The company has a well-stocked privatization pipeline. Furthermore, the valuation results show that we have quickly built up a rental portfolio that not only generates rising rental income but also has enormous potential for value appreciation. We will continue to grow significantly in both areas and will thus be able to provide much-needed housing in Germany.”
About ACCENTRO Real Estate AG
ACCENTRO Real Estate AG is a residential real estate investor and the market leader in apartment 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 East German cities and metropolitan areas, 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 segment of the Frankfurt Stock Exchange (WKN: A0KFKB, ISIN: DE000A0KFKB3). www.accentro.ag
Contact for Press and Public Relations
Christian Dose
WMP EuroCom AG
Barckhaustrasse 1
D-60325 Frankfurt
Phone
+49 (0)69 2475689491 / +49 173 6679900
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