Revenues increase by 92.0 % to EUR 125.4 million during first nine months of 2021 (previous year: EUR 65.3 million)
EBIT multiply, climbing to EUR 31.0 million (previous year: EUR 5.6 million)
Consolidated earnings improve significantly to EUR 9.6 million (previous year: EUR -11.8 million)
Earnings per share climb to EUR 0.30 (previous year: EUR -0.36)
Net asset value (NAV) per share rises to around EUR 13
Forecast confirmed for significant revenue and earnings growth in 2021
Berlin, 30 November 2021 – ACCENTRO Real Estate AG, an investor in residential real estate and Germany’s leading housing privatisation company, continues to grow dynamically and looks back on a very successful nine-month period.
Lars Schriewer, CEO of ACCENTRO Real Estate AG, is satisfied: “We continued the strong business development we have been seeing since the start of this year with a very successful third quarter. Compared to the same period last year, revenues during the first nine months almost doubled. Our EBIT increased many times over. The main driver behind this performance was the dynamic trend in our housing privatisation business. Given the strong business performance, we confirm the forecast for 2021, and see great potential for long-term growth.”
Group earnings substantially increased
Group revenues rose by 92.0 % to EUR 125.4 million (previous year: EUR 65.3 million). Even more dynamic was the performance of group earnings before interest and taxes (EBIT): These climbed up to EUR 31.0 million (previous year: EUR 5.6 million). Accordingly, group earnings after taxes (EAT) increased to EUR 9.6 million (previous year: EUR -11.8 million) and earnings per share increased to EUR 0.30 (previous year: EUR -0.36).
Fair value adjustments of investment properties — meaning real estate that ACCENTRO holds in its portfolio for the longer term — had a positive impact on EBIT with EUR 16.3 million (previous year: EUR 2.0 million). It clearly demonstrates the quality and the capital appreciation potential of our real estate.
Total assets increased to EUR 958 million (31 December 2020: EUR 862 million), which is primarily attributable to the further expansion of the proprietary stock of rental flats. As a result, rental income surged by 86.6 % to EUR 15.3 million (previous year: EUR 8.2 million). This prompted a rise in net asset value (NAV) per share to around EUR 13.
ACCENTRO repeated its strong performance in the privatisation of residential real estate, seamlessly maintaining the dynamic growth of the previous quarters in the third quarter. The company sold 614 units to tenants, owner-occupiers and private investors – an increase by 132.6 % over prior-year period (previous year: 264 units). The volume of notarised property sales totalled EUR 188.6 million and also exceeded the prior-year figure by a significant 155.2 % (previous year: EUR 73.9 million). Revenues almost doubled during the first nine months, growing by 94.6 % to EUR 108.4 million (previous year: EUR 55.7 million). The volume of notarised property sales whose transfer of benefits and burdens was still pending by the balance sheet date of 30 September 2021 amounted to EUR 96.4 million.
Given the successful business development during the first nine months, ACCENTRO confirms its forecast for this year. Accordingly, revenues will grow by up to around 60 % to somewhere between EUR 170 and 200 million (previous year: EUR 125.2 million) and EBIT by up to around 44 % to somewhere between EUR 45 and 50 million (previous year: EUR 34.8 million). All of the company’s business units will contribute to the positive earnings performance. During the fourth quarter, further income from fair value adjustments of investment properties will be significantly complemented by earnings both from individual apartment sales and from block sales.
Lars Schriewer takes an optimistic view of the future: “ACCENTRO is superbly positioned in all of its business units. The company has a very well-filled privatisation pipeline of residential properties already legally partitioned into condominiums. In addition, our proprietary rental portfolio, which we keep expanding in a dynamic effort, offers plenty of appreciation and rental potential. Moreover, we have laid the foundation for significant growth in our service business, i.e. real estate sales for third parties such as project developers, by entering into an exclusive sales cooperation for residential properties with ImmoScout24 just a few weeks ago. In addition to the privatisation of existing properties, which has been successful for decades, ACCENTRO is thus increasingly entering into the sale of new-build flats."
About ACCENTRO Real Estate AG
ACCENTRO Real Estate AG is a residential property investor and Germany’s market leader in housing privatisations. Its real estate portfolio consisted of around 5,200 units as of 31 December 2020. In addition to Berlin, regional focal points include East German cities and conurbations, as well as the Rhine-Ruhr metro region and Bavaria. The business activity of ACCENTRO comprises four core divisions. These are the tenant-sensitive retailing of apartments to owner-occupiers and private buy-to-let investors, the sale of real estate portfolios to institutional investors, the set-up and management of a proprietary real estate portfolio, and third-party apartment marketing for property asset holders, investors and developers. The shares of ACCENTRO Real Estate AG are listed on the Prime Standard segment of the Frankfurt Stock Exchange (German securities code number WKN: A0KFKB, ISIN: DE000A0KFKB3). www.accentro.de
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