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EQS-News: Accentro Real Estate AG
/ Key word(s): 9 Month figures/Real Estate
Difficult parameters continue to weigh on business development
30.11.2023 / 19:44 CET/CEST
The issuer is solely responsible for the content of this announcement.
Difficult parameters continue to weigh on business development
Berlin, 30 November 2023 - The development of the German residential property market continues to be severely impacted by the difficult economic environment. One important indicator is the transaction volume, which fell to its lowest level since 2010 in the period from January to September 2023.
The difficult parameters had a significant impact on ACCENTRO's business performance in the first nine months of 2023. Consolidated revenues fell to EUR 56.6 million in the reporting period (comparable period: EUR 144.6 million). This is primarily due to the significant drop in revenues to EUR 42.6 million (comparable period: EUR 130.7 million) in the "Trading and Privatisation" segment because of the strong decline in notarisation volumes since the second half of 2022 and the price trend on the market. Through the expansion of the portfolio last year and rent increases, however, rental revenues again developed positively and increased by around 7.9% to EUR 13.7 million (comparable period: EUR 12.7 million).
Consolidated earnings before interest and taxes (EBIT) totalled EUR -28.0 million in the first nine months (comparable period: EUR 9.6 million). The significant decline is due on the one hand to impairments on receivables totalling EUR 14.6 million. On the other hand, the development in the "Trading and Privatisation" segment had a significant impact on earnings. Rental income again developed positively and rose to EUR 5.7 million (comparable period: EUR 0.1 million).
Consolidated total income fell to EUR -48.2 million (comparable period: EUR -7.1 million). This was also due to the increased interest expenses resulting from the refinancing of the two bonds. Earnings per share totalled EUR -1.49 (comparable period: EUR -0.22). The equity ratio was 26.4% as of 30 September 2023 (31 December 2022: 28.2%).
Due to the still unpredictable business environment with a still tense market situation and weak demand on the housing market, it is still not possible for the Management Board to provide a well-founded and reliable forecast scope for the current financial year. However, a significant reduction in consolidated revenues and consolidated EBIT compared to the previous forecast (revenues: EUR 100 to 120 million; EBIT: EUR 0 to 2 million) must still be expected for the 2023 financial year.
Above all, an improvement in the market situation requires more stable parameters. If Inflation continues to fall, experts believe that interest rates will at least stagnate in the coming months. Additionally, no further sharp falls in residential property prices are expected in the near future. A more stable financing environment and price level as a result are important prerequisites for investors' planning certainty to increase again and consequently could lead to a revival on the German residential property market.
Jörg Neuß, CEO of ACCENTRO, comments: "Even though the market environment is likely to remain challenging for the time being, we are nevertheless looking to the future with more confidence. The fundamentals show that the German residential property market is intact. A market with a steadily increasing demand for housing and a supply that will be far too scarce for a long time, which offers great long-term growth potential and in which our company is ideally positioned with its many years of leading expertise in residential privatisation and its attractive property portfolio." |
About ACCENTRO Real Estate AG
ACCENTRO Real Estate AG is a residential investor and market leader in residential privatisation in Germany. As of 30 September 2023, the property portfolio comprised 5,731 units with an area of around 334,000 square metres. The book value of the entire portfolio totalled around EUR 590 million. In addition to Berlin, the regional focus includes major central German cities and conurbations as well as the Rhine-Ruhr metropolitan region. ACCENTRO's business activities comprise three core areas. These include the tenant-oriented sale of flats to private owner-occupiers and investors, the sale of property portfolios to institutional investors, the management of its own property portfolio and services for third parties. The shares of ACCENTRO Real Estate AG are listed in the Prime Standard segment of the Frankfurt Stock Exchange (WKN: A0KFKB, ISIN: DE000A0KFKB3). www.accentro.de
Contact for investor relations and press:
Thomas Eisenlohr
ACCENTRO Real Estate AG
Kantstraße 44/45
10625 Berlin
E-mail: eisenlohr@accentro.de
Phone +49 (0)30 88 71 81 272
30.11.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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