Corporate | 18 May 2015 08:16

Accentro Real Estate AG Ends Q1 2015 with Surge in Profits

Accentro Real Estate AG / Key word(s): Quarter Results/Quarter Results

2015-05-18 / 08:16

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:
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E-mail: dietrich@zitelmann.com
Tel.: +49 30 – 72 62 76 153
Fax: +49 30 – 83 62 76 1793

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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:	info@accentro.ag
Internet:	www.accentro.ag
ISIN:	DE000A0KFKB3
WKN:	A0KFKB
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart

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