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OFFON

ACCENTRO REAL ESTATE AG

(A4Y)
  Report
Real-time Estimate Quote. Real-time Estimate Tradegate - 07/29 01:32:02 am
7.425 EUR   -0.34%
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ACCENTRO Real Estate : Interim report for the first quarter 2021

05/31/2021 | 01:20pm EDT

INTERIM REPORT Q12021

ACCENTRO

QUARTERLY STATEMENT for the period

Real Estate AG

1 January through 31 March 2021

ACCENTRO Real Estate AG

INTERIM REPORT

Q1 2021

for the period 1 January through 31 March 2021

Overview

Key Financial Data

First Quarter 2021

First Quarter 2020

ACCENTRO Real Estate AG

01 Jan. 2021 -

01 Jan. 2020 -

31 March 2021

31 March 2020

Income statement

TEUR

TEUR

Group sales

27,587

14,900

Gross profit (interim result)

7,111

4,466

EBIT

2,264

423

EBT

-1,381

-6,008

Consolidated income

-2,877

-7,904

ACCENTRO Real Estate AG

31 March 2021

31 Dec. 2020

Balance sheet ratios

TEUR

TEUR

Non-current assets

339,037

311,348

Current assets

638,887

550,640

Shareholders' equity

247,577

247,101

Equity ratio

25.3%

28.7%

Total assets

977,923

861,987

Loan to value (LTV)*

57.4%

57.1%

  • based on the definition specified in the terms of the 2020/2023 bond   (net financial debt relative to the adjusted total asset value)

ACCENTRO Real Estate AG

Company shares

Stock market segment

Prime Standard

ISIN

DE000A0KFKB3

German Securities Code Number (WKN)

A0KFKB

Number of shares as of 31 March 2021

32,437,934

Free float

12.12%

Share price high (1 January - 31 March 2021)*

EUR 9.05

Share price low (1 January - 31 March 2021)*

EUR 7.25

Closing price on 31 March 2021*

EUR 7.95

Market capitalisation on 31 March 2021*

EUR 257,881,575.30

* Closing prices in Xetra trading

Q1 2021

INTERIM REPORT

ACCENTRO Real Estate AG

for the period 1 January through 31 March 2021

Content

Letter to the Shareholders

4

Earnings, Financial and Asset Position

6

Directors and Officers

9

Supplementary Report

9

Opportunity and Risk Report

9

Forecast Report

10

Consolidated Balance Sheet

12

Consolidated Income Statement

14

The ACCENTRO Real Estate AG Share

16

Forward-looking Statements

19

Financial Calendar

20

Credits

21

ACCENTRO Real Estate AG

INTERIM REPORT

Q1 2021

for the period 1 January through 31 March 2021

Letter to

the Shareholders

Dear Shareholders,

Dear Ladies and Gentlemen,

The year got off to a brisk start for ACCENTRO. The volume of notarised property sales in the individual privatisation segment doubled year on year during the first quarter. Overall, 135 units in a total value of EUR 51.4 million were sold. The month of March actually achieved a new high-water mark in our Company's history.

At the same time, the volume of notarised property sales that are still awaiting their transfers of benefits and burdens continued to grow during the first quarter. It now adds up to EUR 50.7 million. The resurgence is the result of permanently strong marketing activities on the part of ACCENTRO during the past months. But it also shows that the COVID-19 pandemic keeps causing delays in the transfer of benefits and burdens.

The already secured sales, together with our existing sales pipeline in a volume of approximately half a billion euros, serve as mainstays of our growth trajectory. The pipeline assets held for sale, by the way,

have already been lawfully partitioned into condominiums, and are therefore unaffected by Germany's recently passed Development Land Release Act.

In the wake of the auspicious start to the year, ACCENTRO upholds the forecast for this year. We assume that revenues will grow by around 60% to somewhere between EUR 170 and 200 million (previous year: EUR 125.2 million) and the earnings before interest and tax (EBIT) by up to around 44% to somewhere between EUR 45 and 50 million (previous year: EUR 34.8 million).

Going forward, the Company will thus continue the work we started last year. Indeed, we will put the successful performance

of ACCENTRO on an even broader base. This will include, in addition to the selling of apartments to private and institutional investors, the geographical diversification of our real estate portfolio and in particular the further expansion of our proprietary housing

04

Q1 2021

INTERIM REPORT

ACCENTRO Real Estate AG

for the period 1 January through 31 March 2021

After a brisk start we confirm our forecast for the year 2021.

stock. We have the asset management and property management experience it takes to develop the latter for the long term, and thereby to secure sustainably growing rent revenues and cash flows.

Via this strategy, we will benefit even more from the attractive residential property market with its structural growth potential.

At this time, let me thank you for your trust, and tell you how much I look forward to having you aboard for the successful development of ACCENTRO in future.

Please stay safe and sound!

Kind regards,

Lars Schriewer

Chief Executive Officer

05

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Accentro Real Estate AG published this content on 31 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2021 17:19:00 UTC.


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Financials
Sales 2021 195 M 231 M 231 M
Net income 2021 22,5 M 26,7 M 26,7 M
Net Debt 2021 539 M 639 M 639 M
P/E ratio 2021 10,7x
Yield 2021 1,42%
Capitalization 242 M 285 M 286 M
EV / Sales 2021 4,01x
EV / Sales 2022 3,75x
Nbr of Employees 93
Free-Float 12,1%
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 5
Last Close Price 7,45 €
Average target price 11,34 €
Spread / Average Target 52,2%
EPS Revisions
Managers and Directors
Lars Schriewer Chief Executive Officer
Hans-Peter Kneip Chief Financial Officer
Axel Horst Harloff Chairman-Supervisory Board
Carsten Wolff Vice Chairman-Supervisory Board
Natig R. Ganiyev Member-Supervisory Board
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