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Coreo AG publishes consolidated figures (IFRS) for 2020

DGAP-News: Coreo AG / Key word(s): Annual Report/Annual Results Coreo AG publishes consolidated figures (IFRS) for 2020 21.04.2021 / 08:00 The issuer is solely responsible for the content of this announcement. Coreo AG publishes consolidated figures (IFRS) for 2020

• Growth of real estate portfolio by 41% or TEUR 18,986 to TEUR 64,079 (previous year: TEUR 45,093)
• Rental income increased by 20% from TEUR 2,919 to TEUR 3,515
• Consolidated net result at TEUR -2,437 after TEUR -862

Frankfurt am Main - 21 April 2021 - In 2020, the company increased its real estate portfolio by 42% from TEUR 45,093 to TEUR 64,079. Coreo AG's 10.1% share in the St. Martin Tower office property in Frankfurt is still reported under financial assets rather than under real estate. Compared with the previous year's figure of TEUR 38,502, the share of investment property increased by TEUR 15,757, or 41%, to TEUR 54,259. This was due not only to the transfer of the apartments in Wuppertal and Bielefeld, but also to the valuation result of TEUR 847 (previous year: TEUR 3,060).
There was a significant increase in real estate inventories of TEUR 8,208 to TEUR 8,918 (previous year TEUR 709). This was caused by the acquisition of the two development sites in Wiesbaden and the takeover of the residential units in Gelsenkirchen and Lünen, which are scheduled to be privatised by 2023. The closing of the sold part of the real estate portfolio in Göttingen is reflected in the decrease in the item of assets held for sale from TEUR 5,881 to TEUR 902.
In total, it was not possible to achieve the acquisition target in the past year. This was mainly due to the pandemic-related reassessment of the sustainable letting risks in combination with the planned acquisition of a large-volume property and the corporate financing of EUR 23 million, which was only concluded in December. Furthermore, there was an unexpected exercise of the right of first refusal for the property in Hassloch, which was acquired at the end of September 2020.