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Accentro Real Estate AG Ends Q1 2015 with Surge in Profits

DGAP-News: Accentro Real Estate AG / Key word(s): Quarter
Results/Quarter Results
Accentro Real Estate AG Ends Q1 2015 with Surge in Profits

18.05.2015 / 08:16

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PRESS RELEASE

ACCENTRO Real Estate AG Ends Q1 2015 with Surge in Profits
- Consolidated income rises to EUR 5.0 million (prior-year result: EUR
0.8 million)

- Earnings per share at EUR 0.20

- Expansion in the housing privatisation segment making good progress

Berlin, 18 May 2015 - ACCENTRO Real Estate AG (ISIN: DE000A0KFKB3) ended
the first quarter of 2015 with a profit of EUR 5.0 million. Compared to the
first quarter of 2014 (EUR 0.8 million), this implies an increase of 641
percent. Earnings per share reached EUR 0.20 and EBIT grew significantly to
11.4 million euros (prior-year period: 3.7 million euros). Pre-tax earnings
also improved noticeably to 7.9 million euros (prior-year period: 1.7
million euros). "We are rather pleased with the first quarter of the
ongoing financial year. We considerably improved our earnings position and
expanded our activities in the field of housing privatisations," said
Jacopo Mingazzini, CEO of ACCENTRO Real Estate AG.
While the group's total revenues climbed to EUR 8.99 million (previous
year: EUR 7.64 million), ACCENTRO lowered its staff expense ratio
drastically to 5.9% (previous year: 10.9%). Among the factors that made
this possible is ACCENTRO's decision to centrally manage more and more of
the top-down tasks in corporate controlling, financing, and administration
for its fully consolidated subsidiaries.

Progressive Expansion in the Housing Privatisation Segment
"Our ongoing effort to intensify the focus on our profitable housing
privatisation business line is right on schedule. During the first quarter,
we set the stage for divesting ourself of the management portfolios in
Berlin and Chemnitz as part of this effort," said Mingazzini. One of the
milestones was the sale of the residential property portfolio in
Berlin-Hohenschönhausen on 30 April 2015 (transacted after the end of the
reporting period), which returned a profit of EUR 13,1 million that will
contribute to the net income of the second quarter. The sale will result in
an inflow of EUR 51.5 million in liquid assets for ACCENTRO that are
earmarked for the acquisition of additional housing stock. "In a first