Berlin, 9 August 2018 – ACCENTRO Real Estate AG (WKN: A0KFKB, ISIN: DE000A0KFKB3), Berlin, has seen continued growth in the first half of 2018. Revenue increased significantly by 129.4 % to EUR 97.9 million (previous year: EUR 42.7 million). EBIT increased by 28.1 % to EUR 14.3 million (previous year: EUR 11.2 million). The company is therefore well on its way to achieving its annual forecast of revenue growth in the double-digit percentage range and an EBIT increase to EUR 36 million to EUR 40 million.
Jacopo Mingazzini, CEO of ACCENTRO Real Estate AG, commented,
“In the first half of this year, we have not only seen very pleasing operational developments, but also defined important strategic milestones. We have moreover continued to drive the growth of our privatisation business. This was all facilitated by the corporate bond placed in January 2018, the funds from which we have nearly entirely reinvested. These positive developments are increasingly reflected in our share price, which rose by almost 40 percent in the first half year.”
Privatisation business continues to perform well
The sustainable growth shown by ACCENTRO is based on the continued strength of the company’s sales activities. Sales figures stemming from the sale of inventory properties were especially significant increasing by 139.3 % on the previous year to EUR 91.1 million (previous year: EUR 38.1 million). This pronounced increase was attributable in large part to the formation of the joint venture in Berlin-Hohenschönhausen (“Gehrensee”), which contributed around EUR 42 million to overall sales and harbours considerable potential in the future in terms of revenue and operating results in the Services & Ventures division. However, even when adjusted for this transaction, ACCENTRO’s sales still increased by over 46 %. The company also further strengthened its privatisation portfolio over the course of the first half year through purchases in central areas of Berlin. A total of 442 units were transferred to the balance sheet in the first half of the year and further purchase agreements were concluded for 213 units. The company is currently planning to drive growth in other metropolitan regions of Germany too. To this end, ACCENTRO opened an office in Leipzig.
Positive development of the company’s Services & Ventures division
ACCENTRO recorded significant growth within the provision of services for project developers and property holders. Indeed, its services segment achieved a result of EUR 1.5 million, quadrupling its result on the previous year (previous year: EUR 0.4 million). Further significant growth potential is offered by the joint ventures entered into in Hamburg and Berlin during the first half of the year. In total, cooperation agreements for 1,046 units were established.
All the indicators signal continuous growth, forecast for 2018 confirmed
Due to the company’s positive business development, the management board is optimistic about the coming months. “Over the course of the year, we want to further consolidate our position as a market-leading, listed company for residential property privatisation in Germany. In keeping with this, we can confirm our forecasts of revenue growth in the double-digit percentage range and an EBIT increase to EUR 36 million to EUR 40 million,” states Mingazzini.
In order to accelerate growth, ACCENTRO is looking into further financing opportunities via the capital market. In this regard the company has commissioned Baader Bank AG and Quirin Privatbank AG to conduct a management roadshow. Depending on the market environment, potential equity measures may be implemented at short notice. These would result in an increase of the free float.
Market capitalisation increases by around 66.4 % in the first half of the year
ACCENTRO also saw strong capital market development in the first half of 2018, with market capitalisation increasing significantly by EUR 139.1 million to EUR 348.7 million (31 Dec. 2017: EUR 209.6 million). This was primarily attributable to a share price increase of around 40 % and to the conversion of much of the 2014/2019 convertible bond floated in March 2014. This also explains the significant increase in the number of shares by 5,393,031, taking the total to 30,317,934.
Key performance figures for the first half of 2018
In EUR millions
Earnings per share (in EUR)
Total equity and liabilities
Download of the half-yearly report
The full half-year report for the 2018 financial year is available for download in English and German at www.accentro.ag/en/investor-relations/publications/financial-reports/. The condensed interim financial statements on which the report is based were prepared according to the International Financial Reporting Standards (IFRS).
About ACCENTRO Real Estate AG
ACCENTRO Real Estate AG is the market leader in residential privatisation in Germany. In addition to its home market Berlin, the company concentrates on metropolitan regions such as Hamburg, Cologne, Dusseldorf, Rhine-Main region, Leipzig, Hanover or Bonn.
In the privatization segment ACCENTRO sells appartments of the company’s portfolio to private users and investors or to institutional investors as portfolio deals. In the business segment Services & Ventures ACCENTRO markets appartments for investors and project developers – also in the context of participations in Joint Ventures.
ACCENTRO Real Estate AG is listed in the Prime Standard of the Frankfurt Stock Exchange (WKN: A0KFKB, ISIN: DE000A0KFKB3).
More information at www.accentro.ag
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