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Accentro Real Estate AG: Annual Report
DGAP-News: Accentro Real Estate AG / Key word(s): Real Estate/Final
Results
Accentro Real Estate AG: Annual Report
30.03.2015 / 13:31
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PRESS RELEASE
ACCENTRO REAL ESTATE AG Reports Best FFO Performance in the Company's
Annals
- Net income during 2014 short financial year: EUR 7.07 million
- Earnings per share jump to EUR 0.28
- Focus on privatisation business line pays off
- Fivefold increase in earnings before interest and taxes
- NAV per share EUR 3.51 (end of 2013/2014 FY: EUR 3.28)
Berlin, 30 March 2015 - The Berlin-based public limited company ACCENTRO
Real Estate AG (ISIN: DE000A0KFKB3) concluded its 2014 short financial year
with its best-ever funds from operations performance. ACCENTRO, one of
Germany's market leaders in housing privatisation, recorded EUR 19.35
million in funds from operations (EBIT) at the end of the 2014 short
financial year of six months, which is five times the EBIT of EUR 3.8
million that had been posted by the end of the prior-year period (second
semester 2013). At EUR 7.07 million, the post tax profits achieved their
highest value since 2007. Earnings per share rose to EUR 0.29 (diluted: EUR
0.28). The company, which has been listed in the Prime Standard since 2006,
and whose financial year used to end on 30 June, began a short financial
year ending on 31 December 2014 in order to adjust its financial year with
that of its parent company, the Frankfurt-based ADLER Real Estate AG, which
coincides with the calendar year.
ACCENTRO thus accomplished a significant turnaround in the course of the
short financial year, which is remarkable insofar as the previous financial
year of 2013/2014 had still been concluded at a loss that was essentially
caused by tax effects in connection with the company's takeover by ADLER
Real Estate AG.
Focus on Residential Real Estate
"Behind us lies a time of very hard work," said Jacopo Mingazzini, who took
over the job of representing the company as its sole Board Member on 01
September 2014. "The effort is now paying off in two ways: The pinpoint
changes to the portfolio have brought us a big step closer to our target
structure, and helped us achieve a robust result."
An important prerequisite was the acquisition of 4,300 residential units in
October 2014, which represented the largest portfolio acquisition in the
PRESS RELEASE
ACCENTRO REAL ESTATE AG Reports Best FFO Performance in the Company's
Annals
- Net income during 2014 short financial year: EUR 7.07 million
- Earnings per share jump to EUR 0.28
- Focus on privatisation business line pays off
- Fivefold increase in earnings before interest and taxes
- NAV per share EUR 3.51 (end of 2013/2014 FY: EUR 3.28)
Berlin, 30 March 2015 - The Berlin-based public limited company ACCENTRO
Real Estate AG (ISIN: DE000A0KFKB3) concluded its 2014 short financial year
with its best-ever funds from operations performance. ACCENTRO, one of
Germany's market leaders in housing privatisation, recorded EUR 19.35
million in funds from operations (EBIT) at the end of the 2014 short
financial year of six months, which is five times the EBIT of EUR 3.8
million that had been posted by the end of the prior-year period (second
semester 2013). At EUR 7.07 million, the post tax profits achieved their
highest value since 2007. Earnings per share rose to EUR 0.29 (diluted: EUR
0.28). The company, which has been listed in the Prime Standard since 2006,
and whose financial year used to end on 30 June, began a short financial
year ending on 31 December 2014 in order to adjust its financial year with
that of its parent company, the Frankfurt-based ADLER Real Estate AG, which
coincides with the calendar year.
ACCENTRO thus accomplished a significant turnaround in the course of the
short financial year, which is remarkable insofar as the previous financial
year of 2013/2014 had still been concluded at a loss that was essentially
caused by tax effects in connection with the company's takeover by ADLER
Real Estate AG.
Focus on Residential Real Estate
"Behind us lies a time of very hard work," said Jacopo Mingazzini, who took
over the job of representing the company as its sole Board Member on 01
September 2014. "The effort is now paying off in two ways: The pinpoint
changes to the portfolio have brought us a big step closer to our target
structure, and helped us achieve a robust result."
An important prerequisite was the acquisition of 4,300 residential units in
October 2014, which represented the largest portfolio acquisition in the
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