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Accentro Real Estate AG
Earnings Release • Nov 13, 2015
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Earnings Release
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Corporate | 13 November 2015 08:00
ACCENTRO Real Estate AG Heading for Banner Year
(DGAP-Media / 2015-11-13 / 08:00)
PRESS RELEASE
ACCENTRO Real Estate AG Heading for Banner Year
– Revenue in the core business increased by 120 percent to 26 million euros during the first nine months
– Consolidated income rose to 22.2 million euros (previous year: -3.1 million euros)
– Earnings per share at EUR 0.90 (previous year: EUR -0.15)
– At 4.77 euros, NAV per share substantially exceeds share price
Berlin, 13 November 2015 – The listed German property company ACCENTRO Real Estate AG (WKN A0KFKB, ISIN DE000A0KFKB3) is heading for its best year-end result on record. In its core segment, which is housing privatisation, the company reported a leap in revenues as well as a surge in portfolio and inventory property lettings by 30 September.
The consolidated income realised during the first nine months of the financial year came to 22.2 million euros, after -3.1 million euros by the end of the prior-year period. The EBIT rose to 35.4 million euros. This is up from just 5.6 million euros at the end of the first nine months of 2014. ‘Our strong position in the core business of housing privatisation is reflected in a great scorecard. Due to economies of scale, the leap in revenues by more than 100 percent has been a disproportionate boost to the year’s profit,’ said Jacopo Mingazzini, CEO of ACCENTRO Real Estate AG. Earnings per share went up significantly to 0.90 euros. As late as the end of the prior-year period, the balance sheets still recognised a loss of 1.15 euros that was mainly explained by fiscal effects of the change of control.
Privatisation Business Remains the Driving Success Factor
In its housing privatisation segment, ACCENTRO Real Estate AG generated revenue of 26.0 million euros during the first nine months of 2015. This implies a revenue increase by 120 percent year on year. In 2014, the nine-month turnover had still been 11.8 million euros. At the same time, revenues increased in the letting business. ACCENTRO Real Estate AG no longer considers property letting and property asset ownership part of its core business. This explains why the total value of the company’s stock of investment properties dropped from 278.1 million euros to 199.2 million euros since the beginning of the year. During the same period, the combined value of its inventory properties increased from 75.9 million euros to 158.6 million euros. Meanwhile, the equity ratio rose from 21.3 to 26.9 percent since the start of this year.
‘We are extremely content with the development of our portfolio, our balance sheet, and specifically with the result of the first nine months. Moreover, we continued to expand our total assets – and this despite the sale of our Hohenschönhausen portfolio. This was by no means a foregone conclusion,’ commented Mingazzini.
EPRA-NAV Rises to 4.77 Euros per Share
The period under review also saw the company’s net asset value grow. By 30 September, the NAV according to EPRA equalled 4.77 euros per share. ‘Our continued efforts to streamline the group structure makes us confident of our ability to keep pursuing the company’s sound performance beyond the end of the 2015 financial year. The group’s structure now provides a robust foundation for sustainable and profitable growth,’ said Mingazzini.
About ACCENTRO Real Estate AG
ACCENTRO Real Estate AG is a listed residential property company. Its core business consists of tenant-sensitive housing privatisations. The company’s subsidiary ACCENTRO GmbH is the market leader for housing privatisation services in Germany.
ACCENTRO Real Estate AG has its registered office in Berlin and is listed on the Prime Standard of the Frankfurt Stock Exchange (German securities code number [WKN]: A0KFKB).
Media and Public Relations Contact:
Felix Georg Rösner
Media and Communication Consulting
Dr. ZitelmannPB. GmbH
Rankestrasse 17
D-10789 Berlin
E-mail: [email protected]
Tel.: +49 30 – 72 62 76 188
Fax: +49 30 – 83 62 76 1793
End of Media Release
Issuer: Accentro Real Estate AG
Key word(s): Enterprise
2015-11-13 Dissemination of a Press Release, transmitted by DGAP – a service of EQS Group AG.
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| Language: | English |
| Company: | Accentro Real Estate AG |
| Uhlandstr. 165 | |
| 10719 Berlin | |
| Germany | |
| Phone: | +49 (0)30 – 887 181 – 0 |
| Fax: | +49 (0)30 – 887 181 – 11 |
| E-mail: | [email protected] |
| Internet: | www.accentro.ag |
| ISIN: | DE000A0KFKB3 |
| WKN: | A0KFKB |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart |
| End of News | DGAP Media |
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| 412575 2015-11-13 |