DGAP-News

Coreo announces consolidated half-year figures (IFRS)

DGAP-News: Coreo AG / Key word(s): Half Year Results/Real Estate Coreo announces consolidated half-year figures (IFRS) 06.10.2020 / 08:00 The issuer is solely responsible for the content of this announcement. Coreo announces consolidated half-year figures (IFRS)

• Despite sales, net rental income remains stable
• Result for the period improved from TEUR -1,652 to TEUR -737
• Completion of corporate financing expected by the end of October

Frankfurt am Main - 6 October 2020 - In the first half of 2020, net rental income at Coreo (ISIN: DE000A0B9VV6) was almost constant - compared with the same period of the previous year - with TEUR 1,060 (previous year: TEUR 1,079) despite the partial sales in Göttingen and Mannheim. Furthermore, there was an additional scheduled increase in vacancies in connection with construction measures within the Göttingen portfolio. The residential portfolio acquired in North Rhine-Westphalia at the end of 2019 only contributed to rental income in the course of the second quarter of 2020.
The result of TEUR 492 from the sale of properties was higher than in the same period of the previous year (TEUR 445). At the reporting date of 30 June 2020, the property portfolio last valued on 31 December 2019 was not revalued during the year for cost reasons. This was also the case in the previous year. The result from the valuation of investment property remains correspondingly unchanged.

The result from operating activities improved by TEUR 207 from TEUR -307 to TEUR -100 compared to the previous period. The reasons for this included a decline in the cost of materials by TEUR 294 to TEUR 875 (previous year TEUR 1,169) and in other operating expenses by TEUR 97 to TEUR 780 (previous year TEUR 877), while staff costs rose from TEUR 368 to TEUR 492. Due to the increase in financial liabilities from TEUR 33,990 to TEUR 45,954 used to finance the expansion of the property portfolio from TEUR 45,093 to TEUR 58,561, financial expenses rose by TEUR 97 to TEUR 1,119 (previous year TEUR 1,022). The result for the period improved by TEUR 915 from TEUR -1,652 to TEUR -737, and thus from EUR -0.10 to EUR -0.04 per share.