DGAP-News

Accentro Real Estate AG: Annual Report - Seite 2

history of ACCENTRO AG. Around 900 residential units out of this portfolio
are earmarked for privatisation, whereas around 3,400 are intended for
long-term ownership by the ADLER Group. In conjunction with the
acquisition, a sizeable share of the housing stock was refinanced in order
to exploit the favourable market conditions. In line with the shift in
focus toward privatisations, ACCENTRO divested itself entirely from its
commercial real estate stock in December. Mingazzini is convinced that
"concentrating on our core competence will translate into substantial cost
savings in the future."

Privatisation Business as Revenue Driver
Between July and December 2014, ACCENTRO realised revenues in the amount of
EUR 21.5 million (prior-year period: EUR 12.5 million). The bulk of it
reflects sales of inventory properties (EUR 12.8 million), with lettings
accounting for another major share (EUR 8.0 million) and investment
property sales for a smaller share (EUR 0.7 million). The gross profit rose
to EUR 27.9 million (prior-year period: EUR 7.3 million), and was
essentially paced by the appreciation of investment properties. The impact
from the financial results increased to EUR -7.1 million (EUR -3.2 million)
due to the substantially expanded share in debt-finances assets. Both
segments, "Trading" and "Portfolio," made positive contributions to the
funds from operations. In the "Trading" segment, the inflow of funds from
business lines devoted to the wind-up of former property development and
listed property activities has visibly declined.

Mingazzini: Clear-Cut Growth Outlook
"The great result is fuelled by two components," said Mingazzini, "one
being the elimination of debts from the wind-up of the former business
lines, the other being the significant progress made in the company's
realignment." Accordingly, his outlook for the 2015 financial year is
upbeat: "We are strategically and operationally so well positioned that the
upward trend in consolidated income is likely to harden during the ongoing
year. We are reinforcing our strengths, meaning any new investments will go
toward the housing portfolio earmarked for privatisation. This translates
into a clear-cut growth outlook."

Key ratios for the 2014 short financial year (01 July - 31 December 2014)
Compared to the figures of the prior year period (01/07/2013 - 31/12/2013)
and the 2013/2014 financial year (01/07/2013 - 30/06/2014), respectively