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Coreo AG publishes consolidated figures (IFRS) for 2021

DGAP-News: Coreo AG / Key word(s): Annual Report Coreo AG publishes consolidated figures (IFRS) for 2021 11.05.2022 / 18:00 The issuer is solely responsible for the content of this announcement. Coreo AG publishes consolidated figures (IFRS) for 2021

• Successful Financial Year 2021
• Highest purchase volume in the company's history
• All three operating income sources significantly increase their contribution to earnings

Frankfurt am Main, 11 May 2022 - The Coreo Group can look back on a successful Financial Year 2021. A new record in the company's history was achieved with a purchase volume of over EUR 67 million. The majority of this was accounted for by residential properties. The 16% or TEUR 10,509 increase in the value of the property portfolio to TEUR 74,588 (previous year TEUR 64,079) only partially reflects the successful development, as the economic transfer of the residential portfolio acquired in July 2021 by way of a share deal has not yet taken place. The majority of the growth was accounted for by investment property, which increased from TEUR 54,259 to TEUR 63,524, an increase of TEUR 9,265 compared to the previous year.

The EBIT rose by TEUR 3,528 from TEUR -690 to TEUR 2,838 compared to the previous year. This was due to a 24% increase in rental income from TEUR 3,515 to TEUR 4,349, an 181% improvement in the result from disposals from TEUR 488 to TEUR 1,373, and a more than doubling of the valuation result to TEUR 1,863 (previous year TEUR 847). There was no increase in the cost of materials, personnel, and other expenses, which came to TEUR 5,062, compared to TEUR 5,066 in the previous year. The decrease in depreciation and impairments from TEUR -698 to TEUR -27 was also reflected in the positive development of the operating result.

The financial result developed as planned. Most of the decrease of TEUR 699 to TEUR -2,824 can be explained by the TEUR 649 increase in interest expenses (TEUR 2,965 after TEUR 2,316 in the previous year) as a result of portfolio growth. The increase of TEUR 1,543 in net profit for the period to TEUR -894 (previous year TEUR -2,437), together with the TEUR 1,285 increase in income tax expense, resulted in a smaller increase than EBIT. Earnings per share improved from EUR -0.14 to EUR -0.05.