EQS-News

ACCENTRO Increases Revenues – but Revises 2022 Forecast due to Challenging Market Environment - Seite 2

Solid Business Development within a Challenging Market Environment

In this market environment, which is difficult for the entire industry, ACCENTRO managed to increase its consolidated revenues by 15.3% to EUR 144.6 million (previous year: EUR 125.4 million) during the first nine months of 2022. The growth was mainly driven by apartment sales, which registered a revenue increase of 20.6% up to EUR 130.7 million (previous year: EUR 108.4 million). At the same time, the profit margin in this segment remained stable on a high level at 25.9% (previous year: 26.5%).

The rental income from our proprietary rental portfolio continued to follow a very reassuring trend as it rose by 47.2% to c. EUR 9.7 million. Among the factors that contributed to this positive development were, in addition to further acquisitions, the successful lettings in our “Central Germany” portfolio. Since the beginning of the year, 377 apartments belonging to this portfolio were let on new leases. As a result, the vacancy rate continued to decline. Total letting revenues amounted to EUR 12.7 million (previous year: EUR 15.3 million). The decline is attributable exclusively to strong privatisation sales and the disposal of a larger portfolio in southern Germany last year.

Consolidated earnings before interest and tax (EBIT) equalled EUR 9.6 million at the end of the reporting period, trailing far behind the prior-year figure (previous year: EUR 31.0 million). However, the earnings performance of the previous year reflected positive valuation effects due to large-scale portfolio acquisitions in an amount of EUR 16.3 million, whereas the periodic valuation of the portfolio by the key date of 30 June 2022 returned no adjustments. In addition, impairments of inventories and accounts receivable in the amount of EUR 4.1 million weighted down on the earnings of the first nine months of 2022. Earnings per share equalled EUR -0.22 (previous year: EUR 0.25). The equity ratio rose to 28.4% (31 December 2021: 28.0%) while the total assets experienced a modest decline.