Revenues rise by 53.9 % to EUR 192.7 million
EBIT improves by 30.3 % to a record EUR 45.2 million
Notarised sales volume climbs by 107.7 % to EUR 246.5 million
NAV per share increases to EUR 12.29
Forecast 2022: Revenue increase to EUR 200 to 220 million and EBIT of EUR 45 to 50 million planned
Berlin, 2 May 2022 - ACCENTRO Real Estate AG, residential investor and Germany's leading residential property privatisation company, was able to significantly improve its profitability in 2021, with a marked increase in revenues, thus delivering the best EBIT in the company's history.
Notwithstanding the rising interest rates for real estate financing since mid-2021 and a still scarce supply of residential properties, ACCENTRO was able to more than double its sales volume and dynamically expand its business. New legal and regulatory interventions in the market, the significant increase in the inflation rate since mid-2021 and the massive price increases for attractive properties led to increasing uncertainty on the demand side. In addition, the Covid pandemic-related legal regulations made business more difficult. In this challenging market environment, ACCENTRO benefited from the strategy it has been pursuing since 2020 of building up a large own portfolio of residential properties.
Lars Schriewer, CEO of ACCENTRO Real Estate AG, said upon presentation of the 2021 balance sheet figures: "I am highly satisfied with the result delivered. The market and the political environment had a massive impact on our business. Nevertheless, we were able to significantly increase all important key figures. Our strategy of building up a large own portfolio of attractive residential properties in good time paid off for our company last year." ACCENTRO is ideally positioned to meet the high demand, he said. "With our broadly positioned property portfolio, comprehensive sales network and good reputation, as well as our many years of experience, we continue to offer our clients good options for property ownership, even in challenging markets." In addition to the privatisation business, the development of our own rental portfolio is increasingly paying off. "Therefore, we are again looking back on a strong business development with increasing revenues and an EBIT at a record level. The profitable growth course is also expected to continue in the 2022 financial year, which is already underway." Revenues significantly increased
Based on the strong business development, revenues in 2021 increased significantly by 53.9 % to EUR 192.7 million (previous year: EUR 125.2 million). This reflects the record result in residential property privatisation: the volume of notarised sales more than doubled in 2021, rising by 107.7 % to EUR 246.5 million. The number of units sold increased just as dynamically by 81.2 % to 761 units. Earnings before interest and taxes (EBIT) also improved significantly by 30.3 % to a record EUR 45.2 million (previous year: EUR 34.7 million). The Group net income was EUR 13.1 million (previous year: EUR 18.1 million). Earnings per share amounted to EUR 0.37 (previous year: EUR 0.51).
Total assets increased to EUR 929.5 million as of 31 December 2021 (previous year: EUR 862.0 million). The net asset value (NAV) was EUR 12.29 per share (previous year: EUR 12.05). The Group's good financial position is confirmed by an equity ratio of 28.0 % (previous year: 28.7 %).
In its core business of residential property sale, ACCENTRO achieved a 53.7 % increase in revenues to EUR 172.8 million (previous year: EUR 112.4 million). Rental income - from the growing portfolio as another mainstay of the Group - rose significantly by 64.4 % to EUR 17.1 million (previous year: EUR 10.4 million). The rental portfolio is expected to provide stable and growing income.
Partnership with ImmoScout24 launched
At the end of the year 2021, the property portfolio comprised around 4,900 units. The rental portfolio alone now consists of around 3,600 flats. The Group concentrates on selected metropolitan areas in North Rhine-Westphalia and in the eastern federal states. ACCENTRO sees particularly high potential for value appreciation in the so-called B and C locations.
The sales pipeline for the individual privatisation is well filled with an expected sales volume of around EUR 360 million. The flats earmarked for individual privatisation have all already been legally partitioned and are therefore not affected by the new Building Land Mobilisation Act.
ACCENTRO expects significant sales potential in the medium term from an exclusive partnership with ImmoScout24. The two market leaders are thus combining their strengths in a long-term marketing and sales cooperation. ImmoScout24's wide reach and ACCENTRO's comprehensive network and sales concept offer considerable advantages to project developers and real estate agents, for example.
Forecast 2022: EBIT expected at record level
Based on the partnership with ImmoScout24, the well-filled sales pipeline and the growing rental portfolio, ACCENTRO aims to continue on its profitable growth path in the 2022 financial year: Notwithstanding the current geopolitical situation and the current economic environment, the Group is optimistic for the 2022 financial year and expects another successful business performance despite all imponderables: ACCENTRO anticipates an increase in revenues to EUR 200 to 220 million (previous year : EUR 192.7 million) and an EBIT of EUR 45 to 50 million (previous year : EUR 45.2 million). Due to the development of the global economy, the sales planning took into account that the further increase in inflation combined with a significantly higher interest rate level as well as the general uncertainty will have a negative impact on the purchasing behaviour of retail investors, at least temporarily. In the rental portfolio, the Group expects a declining vacancy rate, while the service business should benefit above all from the cooperation with ImmoScout24.
CEO Lars Schriewer: "The well-filled sales pipeline and the growing rental portfolio as well as the partnership with ImmoScout24 form a strong basis for our future business development. We assume that the demand for residential properties will remain high and the price level stable. Therefore, we would like to continue our profitable growth course in the 2022 financial year and expect another record result. Moreover, we will develop a comprehensive ESG strategy for ACCENTRO this year and establish the necessary processes along the entire value chain. The energy-efficient refurbishment of homes and buildings in particular can contribute significantly to successfully implementing the transformation to a C02-neutral economy and society and minimising the consequences of climate change." About ACCENTRO Real Estate AG ACCENTRO Real Estate AG is a residential investor and market leader in residential privatisation in Germany. As at 31 December 2021, the real estate portfolio comprised around 4,900 units. In addition to Berlin, the regional focus includes major eastern German cities and metropolitan areas as well as the Rhine-Ruhr metropolitan region and Bavaria. ACCENTRO's business activities comprise four core areas. These include the tenant-oriented sale of flats to owner-occupiers and private capital investors, the sale of real estate portfolios to institutional investors, the development and management of its own real estate portfolio, and the marketing of flats for portfolio owners, investors and project developers. The shares of ACCENTRO Real Estate AG are listed in the Prime Standard segment of the Frankfurt Stock Exchange (WKN: A0KFKB, ISIN: DE000A0KFKB3). www.accentro.de
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