18.05.2015
Accentro Real Estate AG DE000A0KFKB3
DGAP-News: Accentro Real Estate AG Ends Q1 2015 with Surge in Profits
DGAP-News: Accentro Real Estate AG / Key word(s): Quarter
Results/Quarter Results
Accentro Real Estate AG Ends Q1 2015 with Surge in Profits
18.05.2015 / 08:16
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PRESS RELEASE
ACCENTRO Real Estate AG Ends Q1 2015 with Surge in Profits
- Consolidated income rises to EUR 5.0 million (prior-year result: EUR
0.8 million)
- Earnings per share at EUR 0.20
- Expansion in the housing privatisation segment making good progress
Berlin, 18 May 2015 - ACCENTRO Real Estate AG (ISIN: DE000A0KFKB3) ended
the first quarter of 2015 with a profit of EUR 5.0 million. Compared to the
first quarter of 2014 (EUR 0.8 million), this implies an increase of 641
percent. Earnings per share reached EUR 0.20 and EBIT grew significantly to
11.4 million euros (prior-year period: 3.7 million euros). Pre-tax earnings
also improved noticeably to 7.9 million euros (prior-year period: 1.7
million euros). "We are rather pleased with the first quarter of the
ongoing financial year. We considerably improved our earnings position and
expanded our activities in the field of housing privatisations," said
Jacopo Mingazzini, CEO of ACCENTRO Real Estate AG.
While the group's total revenues climbed to EUR 8.99 million (previous
year: EUR 7.64 million), ACCENTRO lowered its staff expense ratio
drastically to 5.9% (previous year: 10.9%). Among the factors that made
this possible is ACCENTRO's decision to centrally manage more and more of
the top-down tasks in corporate controlling, financing, and administration
for its fully consolidated subsidiaries.
Progressive Expansion in the Housing Privatisation Segment
"Our ongoing effort to intensify the focus on our profitable housing
privatisation business line is right on schedule. During the first quarter,
we set the stage for divesting ourself of the management portfolios in
Berlin and Chemnitz as part of this effort," said Mingazzini. One of the
milestones was the sale of the residential property portfolio in
Berlin-Hohenschönhausen on 30 April 2015 (transacted after the end of the
reporting period), which returned a profit of EUR 13,1 million that will
contribute to the net income of the second quarter. The sale will result in
an inflow of EUR 51.5 million in liquid assets for ACCENTRO that are
earmarked for the acquisition of additional housing stock. "In a first
step, we already acquired roughly 360 apartments in Berlin that are
superbly suitable for retailing to tenants, owner-occupiers and buy-to-let
investors. We expect to see further growth in this sector in the coming
months," Mingazzini went on to say.
Brisk Growth in Revenues and Earnings during Ongoing Financial Year
"We have reason to take an optimistic view of the future, and to reaffirm
our forecast of a brisk growth of revenue and earnings in the course of the
ongoing financial year," said Mingazzini. "Especially in the Trading
segment we expect to see a substantial increase in net income, and we
already laid the ground for it by signing a rather reassuring number of
sales contracts."
Key performance indicators for Q1 of the 2015 financial year (JAN - MAR)
Figures in brackets: results of the prior-year quarter (adjusted)
- Revenue: EUR 8.99 (7.64) million
- Gross profit or loss EUR 13.29 (6.22) million
- EBIT: EUR 11.42 (3.71) million
- Consolidated income: EUR 5.01 (0.78) million
- Earnings per share: EUR 0.20 (0.04)
- Assets EUR 417.9 (221.2) million
The complete quarterly report for the first three months of the 2015
financial year will be available for download as of 18 May 2015 at
http://www.accentro.ag/investor-relations/finanzberichte in English and
German.
About ACCENTRO Real Estate AG
ACCENTRO Real Estate AG is a listed residential property company. Its core
business is the socially accountable and tenant-sensitive housing
privatisation. 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:
Andy Dietrich
Media and Communication Consulting
Dr. ZitelmannPB. GmbH
Rankestrasse 17
D-10789 Berlin
E-mail: [email protected]
Tel.: +49 30 - 72 62 76 153
Fax: +49 30 - 83 62 76 1793
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18.05.2015 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
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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 News-Service
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