EQS-News

Difficult parameters continue to weigh on business development

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%).