Berlin, 16 March 2018 – ACCENTRO Real Estate AG, (WKN: A0KFKB, ISIN: DE000A0KFKB3), Berlin, leader in residential property privatisation in Germany, looks back at a successful 2017 reporting year, having outperformed expectations with a strong business performance. Revenue climbed 17.8% to EUR 147.3 million (previous year: EUR 125.1 million). EBIT increased by 7.3% to EUR 36.4 million (previous year: EUR 33.9 million) and is thus above the earnings forecast of EUR 34 million to EUR 36 million.
“The encouraging 2017 figures confirm our strategy of a clear focus on residential property privatisation. We secured further growth potential in the financial year through expanding our privatisation portfolio. Our latest acquisitions and collaborations make us confident that we will continue this course in our 2018 financial year.”
ACCENTRO sold a total of 992 units from its own portfolio to owner occupiers, private investors and institutional investors in the reporting year (previous year: 976). “We have again proven our ability to perform in the field of sales by selling almost 1,000 appartments within a single year. In so doing, we achieved attractive returns: our EBIT margin was around 25% in the 2017 financial year,” said Jacopo Mingazzini.
The rise in revenue from sales is based on the increase in individual privatisations to more than 600 residential units, of which 488 were from our own portfolio (previous year: 271). In addition, rental income from the privatisation portfolio increased by 17.8% to EUR 7.8 million. ACCENTRO also expanded its business activities from its home market of Berlin to other German metropolitan regions. ACCENTRO is now present in Berlin, Hamburg, Hanover, Leipzig and Cologne.
In the reporting year, total assets increased by 15.7% to EUR 347.8 million (previous year: EUR 300.5 million). The increase was largely due to the significant expansion of the portfolio of inventory properties, which increased to EUR 304.0 million – a 36.0% on the last year (previous year: EUR 223.6 million). This privatisation portfolio was further strengthened in the 2017 financial year with the acquisition of 1,339 residential units, mainly in Berlin, Hanover, Cologne and the area around Leipzig. Purchase agreements for a further 376 units in Berlin with a purchase price of EUR 63.0 million were concluded in the reporting period. The transfer of rights and duties for these properties is to take place in 2018. “The successfully placed EUR 100 million corporate bond, in particular, is expected to ensure the rapid completion of the purchases already made and help to further accelerate expansion,” said Jacopo Mingazzini.
The significant increase in shareholders' equity by 12.3% to EUR 153.7 million is also encouraging (previous year: EUR 136.8 million). Despite the increase in total assets, ACCENTRO has kept its equity ratio of 44.2% at a stable level (previous year: 45.5 %). Due to positive business development, the Executive Board plans to propose distributing a dividend of EUR 0.17 per share for 2017. This represents an increase of 13.3% compared to the previous year's dividend of EUR 0.15. On the basis of the XETRA-closing price of EUR 7.92 on 15 March 2018, this is equivalent to a dividend yield of approximately 1.9%.
Building on the expansion of the privatisation portfolio that has already taken place, ACCENTRO has positive expectations for the 2018 financial year. The Executive Board expects further significant growth in revenue by a double-digit percentage, and a corresponding increase in EBIT to between EUR 37 million and EUR 40 million. ACCENTRO will thus further expand its position as a market leading, listed company for residential property privatisation in Germany.
ACCENTRO Real Estate AG's 2017 annual report is available for download here.
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 condominiums 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 condominium 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). investors.accentro.de
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