Berlin, August 12, 2016 – ACCENTRO Real EstateAG (WKN: A0KFKB, ISIN: DE000A0KFKB3), Berlin, has significantly exceeded expectations with a half-year profit of EUR 7.4 million. ACCENTRO is raising its forecast for the full year 2016 from EUR 10.0 million to just under EUR 20.0 million. In light of this very encouraging development, ACCENTRO plans to propose to next year’s Annual General Meeting that a dividend be paid for the 2016 fiscal year for the first time.
Retail Business Successfully Expanded
Revenue from the sale of real estate inventory, at EUR 49 million after just the first six months of the 2016 fiscal year, is already significantly higher than the total trading revenue for the entire previous year (EUR 31 million). The positive development of the privatization business is also reflected in the profit margin, which has more than doubled compared to the same period last year. “This significant growth shows that we have consistently and successfully advanced our strategic development into a pure privatization company. As a leading publicly traded residential privatization company, we have established a strong position in an attractive segment,” said Mingazzini.
Privatization Portfolio Further Expanded
ACCENTRO’s privatization portfolio has been further expanded since the beginning of the year with the notarization of a total of 519 residential units at a purchase price of just under EUR 53 million. With the acquisition of properties in locations such as Hanover, Ahrensburg near Hamburg, Bonn, and Bayreuth, the regional focus was also broadened as planned. Approximately 45 percent of the residential units acquired since the beginning of the year are located outside Berlin. Thanks to the successful expansion of the privatization portfolio, total assets remained virtually constant in the first half of 2016, despite portfolio disposals resulting from real estate sales. Total revenue was lower compared to the same period last year, though this is attributable to the major transaction involving the portfolio in Berlin-Hohenschönhausen that took place in the prior year.
ACCENTRO Remains on a Growth Trajectory
The sale of a real estate portfolio in a central Berlin location—which took place after the reporting date and contributed approximately EUR 10 million in earnings after taxes—will not take effect until the second half of the year and is not yet included in the encouraging half-year results. “The strong half-year figures underscore the excellent performance of our privatization business. Due to sharply rising prices in this segment, new construction is becoming increasingly important for us. Prices for existing apartments in central Berlin locations have reached a level that is on par with the construction costs of new buildings. We are seeking partnerships with developers who can benefit from our efficient sales organization. An initial project is expected to start shortly, with others to follow,” said Mingazzini. Table: Key Figures for the First Half of 2016 Compared to the figures for the same period last year (January 1, 2015, to June 30, 2015)
Key figures for the first half of 2016
|
|
H1-2016 |
H1-2015 |
|---|---|---|
| Revenue (in millions of EUR) | 73.6 | 118.0 |
| Gross profit (in millions of EUR) | 23.0 | 34.7 |
| EBIT (in millions of EUR) | 19.0 | 30.5 |
| Consolidated net income (in millions of EUR) | 7.4 | 20.0 |
| Earnings per share (EUR) | 0.30 | 0.81 |
| Total assets in millions of EUR | 393.2 | 395.2 |
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