13.05.2016
Accentro Real Estate AG DE000A0KFKB3
Accentro Real Estate AG: ACCENTRO reports strong start to financial year 2016
DGAP-Media / 13.05.2016 / 08:00
PRESS RELEASE
ACCENTRO reports strong start to financial year 2016
* Revenue more than doubles to EUR 24.1 million (Q1-2015: EUR 9.0 million)
* EBIT before measurement effects up to EUR 7.5 million (Q1-2015: EUR 2.9
million)
* Successful expansion of apartment privatisation business
* Positive outlook for financial year 2016 confirmed
Berlin, May 13, 2016 - ACCENTRO Real Estate AG (ISIN: DE000A0KFKB3) is
building on its successes of the previous year and has made an extremely
positive start to financial year 2016. ACCENTRO has strategically increased
its focus on apartment privatisation, a key factor in strengthening the
company's results. In comparison with the same prior-year period, revenues
increased to EUR 24.1 million (Q1-2015: EUR 9.0 million). The main growth
driver was the revenues generated by property sales, which registered a
more than fourfold year-on-year increase, totalling EUR 20.5 million
(Q1-2015: EUR 4.4 million). Earnings before interest and income taxes
(EBIT) and before measurement effects grew significantly over the previous
year's Q1, rising to EUR 7.5 million (Q1-2015: EUR 2.9 million). "We
continue to register strong growth in demand for housing, both from
owner-occupiers and buy-to-let investors. Excellent market conditions and
our focus on apartment privatisation have clearly given our results a
sizeable boost. We will continue with our strategy and increase the
profitability of ACCENTRO," said Jacopo Mingazzini, CEO of ACCENTRO Real
Estate AG.
Profitable privatisation business
Sales revenues from the privatisation of apartments were significantly
increased from EUR 0.4 million in Q1-2015 to EUR 5.4 million in the current
reporting period. This strong growth proves that its strategic focus on
apartment privatisation has enabled ACCENTRO to boost its profitability.
During Q1-2016, EUR 9.3 million (Q1-2015: EUR 2.2 million) in cash receipts
were generated by sales. The reinvestment of freed-up capital in the
expansion of the company's privatisation portfolio is a major element of
ACCENTRO's strategy. "In view of property price increases over the last few
years and our sizeable share of the Berlin market, we will increasingly
focus our activities on metropolitan regions beyond Berlin," continued
Mingazzini. During the current financial year ACCENTRO has already acquired
attractive objects in Berlin (76 residential units), Hamburg (46
residential units), Hannover (26 residential units) and Bonn (106
residential units), successfully expanding the number of regions within
which it holds residential properties.
Significant NAV potential
The EPRA NAV of EUR 4.77 Euro represents an increase of EUR 0.09 over
December 31, 2015. Given the fact that ACCENTRO's privatisation portfolio
is largely reported at acquisition cost value, there is significant price
potential for the company's shares. Taking undisclosed reserves into
account, the market valuation of the company's property portfolio results
in an NAV of EUR 6.55. Via strategic development of the property portfolio,
ACCENTRO expects to continue generating sustainable additional value
potentials.
Outlook for financial year 2016 confirmed
Throughout the current financial year ACCENTRO will continue to focus on
the privatisation of apartments from within its own portfolio and on behalf
of third-parties. "We are restating our outlook for the current financial
year, forecasting extremely positive earnings growth," said Mingazzini.
"In particular, we expect positive developments in the results of our
trading division." For the current financial year, management has forecast
group profits of around EUR 10 million.
The complete quarterly report for the first three months of financial year
2016 is available as a download at
http://www.accentro.ag/investor-relations/finanzberichte.
About ACCENTRO Real Estate AG
ACCENTRO Real Estate AG is a listed residential property company. Its core
business consists of tenant-sensitive apartment 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).
Press and Media Relations Contact:
Jan Hutterer
Medien- und Kommunikationsberatung
Dr. ZitelmannPB. GmbH
Rankestraße 17
10789 Berlin
Email: [email protected]
Tel. 030 - 72 62 76 1613
Fax 030 - 72 62 76 163
End of Media Release
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Issuer: Accentro Real Estate AG
Key word(s): Real estate
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of EQS Group AG.
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 Media
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