DGAP-News

Coreo AG publishes consolidated figures (IFRS) for 2020 - Seite 2

Rental income increased from TEUR 2,919 to TEUR 3,515 compared to the previous year. The result from the sale of real estate declined from TEUR 1,434 to TEUR 488 with significantly increased revenues from the sale of real estate (TEUR 6,092 compared to TEUR 2,983 in the previous year). The realised sales margin is, however, significantly lower, as the income from the partial sale of the Göttingen portfolio was already recognised in the previous year. Compared to the previous year, the reduced acquisition volume had a noticeable effect on the valuation result, which fell from TEUR 3,060 to TEUR 847.

Therefore, the result for the period fell from TEUR -862 to TEUR -2,437, with an increase in consolidated turnover from TEUR 5,902 to TEUR 9,607. Expenses for personnel and materials as well as other operating expenses rose only slightly from TEUR 4,946 to TEUR 5,066 compared to the previous year (and are proof of the consistent cost management). Due to the significant increase in financing volume (TEUR 51,620 compared to TEUR 33,990 in the previous year), interest expenses increased from TEUR 2,181 to TEUR 2,316 compared to the previous year.

The rise in the MagForce share price was reflected in the significantly improved 'Other result' compared to the previous year. That result of TEUR 1,499 was TEUR 2,616 higher than the previous year's figure of TEUR -1,117. The Net Asset Value (NAV) as of 31 December 2020 is EUR 1.73 per share (previous year EUR 1.88), based on the 10% increase in share capital and considering the long-term deferred tax liabilities.

The Board of Managing Directors expects a significant increase in the acquisition volume for the current year. For this purpose, Coreo still has EUR 7 million available from the corporate financing concluded in December and thus a financeable acquisition volume of approximately EUR 25 million. An additional EUR 15 million of this amount was used for the early redemption of the outstanding option bond and will result in a noticeable reduction in current interest expenses. At least a moderate increase in rental income is expected at the same time, depending on the transfer of benefits and encumbrances of newly acquired properties.