- Consolidated revenue increase by 47.7% in the first quarter of 2018 to EUR 30.7 million
- EBIT grows by 72.3% year-on-year to EUR 8.4 million
- Expansion of the privatisation portfolio by 6.0% to EUR 322.2 million opens up significant growth potential
Berlin, 03 May 2018 – ACCENTRO Real Estate AG, (WKN: A0KFKB, ISIN: DE000A0KFKB3), Berlin, leading in residential privatisation in Germany, started the 2018 financial year with strong quarterly results. The group revenue rose by 47.7% to EUR 30.7 million (previous year: EUR 20.8 million). At 72.3%, EBIT grew even more significantly to EUR 8.4 million (previous year: EUR 4.9 million). ACCENTRO is thus well on the way to achieving its annual forecast.
Jacopo Mingazzini, CEO of ACCENTRO Real Estate AG:
“The good start to the year shows that we are on the right operational course. A milestone was the placement of a EUR 100 million corporate bond in January. We have thus secured the financial flexibility to realize our ambitious growth plans. Our purchasing pipeline remains well-filled. We are therefore very confident about our future corporate development.”
ACCENTRO shows strong revenue and earnings growth
The group revenue reached EUR 30.7 million in the first quarter of the financial year and is thus significantly above the level of the same period of the previous year (previous year: EUR 20.8 million). The revenue is driven by encouraging developments in individual privatisation and a single large-volume transaction in January 2018. EBIT rose even more significantly with an increase of 72.3% to EUR 8.4 million (previous year: EUR 4.9 million). The EBIT margin thus increased by 3.9% to 27.4% (previous year: 23.5%). Consolidated net income also rose significantly by 33.0% to EUR 3.9 million (previous year: EUR 3.0 million).
ACCENTRO maintains growth course with the expansion of the privatisation business
Revenues from the privatisation of residential properties developed above average, increasing by 50.7% to EUR 27.9 million (previous year: EUR 18.5 million). The gross margin on sales increased to 44.7% and thus reached a similar level to the record achieved in 2016. At the same time, the privatisation portfolio was expanded by 6.0% to EUR 322.2 million (previous year: EUR 304.0 million).
During the reporting period, ACCENTRO participated in a residential portfolio with 321 units via a joint venture in excellent locations in Hamburg. As part of the cooperation, ACCENTRO will privatise 193 residential units in this portfolio. In addition to Berlin and Hamburg, ACCENTRO is also present in Hanover, Leipzig and Cologne.
Significant increase in equity and total assets
The Equity grew by 12.6% to EUR 173.1 million as at 31 March 2018 (previous year: EUR 153.7 million). The significant increase is due in particular to the conversion of the 2014/2019 convertible bond into ACCENTRO shares, which led to a 21.6% increase in the share capital to EUR 30.3 million (previous year: EUR 24.9 million).
Positive outlook for financial year 2018
Building on the encouraging quarterly results, the expansion of the privatisation portfolio and the placement of the corporate bond for growth financing, ACCENTRO plans to further expand its position as the market-leading listed company for residential privatisation in Germany during the course of the year. The Executive Board confirms the forecast of significant double-digit percentage growth in revenue combined with an increase in EBIT to between EUR 37 million and EUR 40 million.
The quarterly report for the first three months of the 2018 financial year can be downloaded from the ACCENTRO website via the following link: www.accentro.ag/investor-relations/veroeffentlichungen/finanzberichte/.
About ACCENTRO Real Estate AG
ACCENTRO Real Estate AG, listed on the stock exchange, is the market leader in residential privatisation in Germany. ACCENTRO generates additional revenues through portfolio sales and marketing apartments for institutional investors and project developers. In addition to its home market of Berlin, the company concentrates on metropolitan regions such as Hamburg, Cologne, Dusseldorf, Rhine-Main region, Leipzig, Hanover or Bonn. ACCENTRO Real Estate AG is listed in the Prime Standard of the Frankfurt Stock Exchange (WKN: A0KFKB, ISIN: DE000A0KFKB3).
Contact Investor Relations
ACCENTRO Real Estate AG
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Tel. +49 (0)30 – 887 181 10
Fax +49 (0)30 – 887 181 11
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