DGAP-Ad-hoc: Accentro Real Estate AG / Key word(s): Preliminary Results/Real Estate
ACCENTRO Publishes Figures for its 2020 Financial Year - EBIT before One-off Effects Tops Prior-Year Figure
- Consolidated revenues of EUR 125.2 million
- Consolidated earnings before interest and taxes (EBIT) of EUR 34.8 million
- One-off expenses of EUR 6.0 million negatively impact EBIT
- Notarised volume of property sales exceeds prior-year level at EUR 118.7 million
The consolidated earnings before interest and taxes (EBIT) amounted to EUR 34.8 million by the end of the 2020 financial year. In its forecast, the Management Board had assumed the EBIT would match the prior-year level (previous year: EUR 39.8 million). One main reason for the deviation from the forecast was the pandemic-driven delay to the transfer of benefits and burdens, which caused some of the earnings expected in the fourth quarter of 2020 to be pushed back into 2021. In addition, one-off expenses incurred during the year under review in the amount of EUR 6.0 million negatively impacted the EBIT, with Q4 2020 accounting for EUR 4.0 million thereof. When disregarding the one-off expenses, the EBIT during the 2020 financial year would amount to EUR 40.8 million, modestly exceeding the prior-year figure.
The consolidated revenues of the 2020 financial year added up to EUR 125.2 million. In its forecast, the Management Board had anticipated revenues slightly higher than the prior-year figure (previous year: EUR 143.3 million). Here, too, the delayed transfer of benefits and burdens caused revenues originally scheduled for the fourth quarter of 2020 to be pushed back into 2021. Accordingly, the accumulated notarised sales awaiting their transfer of benefits and burdens continued to rise to EUR 36.9 million by 31 December 2020 (total as of 30 September 2020: EUR 29.5 million).
Despite the severe marketing restrictions imposed by the pandemic, the sales figures of ACCENTRO followed an upward trend in 2020. With 420 units retailed in privatisation sales, the company almost matched the robust performance of the year before (previous year: 463 units). In fact, the notarised sales volume topped the prior-year figure at EUR 118.7 million (previous year: EUR 109.8 million). The same is true for the fourth quarter of 2020, as the sales total of 156 units (previous year: 117 units) and the notarised sales total of EUR 44.9 million (previous year: EUR 32.6 million) represented a year-on-year increase.
Analyst assessments had, on average, assumed consolidated revenues in the amount of EUR 141.1 million and consolidated earnings before interest and taxes (EBIT) of EUR 35.9 million for the 2020 financial year.
ACCENTRO intends to publish the final results for the financial year concluded and its 2020 annual report on 30 April 2021.
ACCENTRO Real Estate AG is Germany's market leader in housing privatisations. In addition to its home market of Berlin, the company focuses on auspicious metro regions such as Hamburg, Rhine-Ruhr and Leipzig. In its Privatisation business unit, ACCENTRO retails condominiums from its proprietary portfolio to owner-occupiers and buy-to-let investors or-bundled into portfolios-to institutional investors. In its Services & Ventures business unit, ACCENTRO sells apartments on behalf of investors and property developers-including through equity investments in its own right within the framework of joint ventures. ACCENTRO Real Estate AG is listed on the Prime Standard segment of the Frankfurt Stock Exchange (German securities code number WKN: A0KFKB, ISIN: DE000A0KFKB3). www.accentro.ag
26-Apr-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||Accentro Real Estate AG|
|Phone:||+49 (0)30 - 887 181 - 0|
|Fax:||+49 (0)30 - 887 181 - 11|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1188378|
|End of Announcement||DGAP News Service|
1188378 26-Apr-2021 CET/CEST