ACCENTRO (A4Y) H1 2022 earnings summary

Executive summary

• Revenues rose 28.1% year-over-year to EUR 93.5 million in H1 2022, mainly driven by a 39% increase in apartment sales, while letting revenues declined due to successful disposals.

• EBIT fell to EUR 9.0 million from EUR 19.0 million, as the prior year included EUR 16.3 million in positive valuation effects; adjusted EBIT excluding a EUR 4.0 million valuation allowance was EUR 13.0 million.

• Net income turned negative at EUR -2.3 million (H1 2021: EUR 4.7 million), with EPS at EUR -0.07 (H1 2021: EUR 0.10).

• Cash and cash equivalents increased to EUR 150.7 million, and the equity ratio remained stable at 27.9%.

• The company reaffirmed its full-year 2022 guidance, expecting revenues of EUR 200–220 million and EBIT of EUR 45–50 million.

Financial highlights

• Group revenues: EUR 93.5 million (H1 2021: EUR 73.0 million), gross profit: EUR 26.5 million (H1 2021: EUR 15.1 million).

• EBIT: EUR 9.0 million (H1 2021: EUR 19.0 million); EBIT margin: 9.7% (H1 2021: 26.0%).

• EBT: EUR -0.4 million (H1 2021: EUR 7.8 million); consolidated income: EUR -2.3 million (H1 2021: EUR 4.7 million).

• Cash flow from operating activities: EUR 48.8 million (H1 2021: EUR 34.3 million); cash flow from investment activities: EUR 5.1 million (H1 2021: EUR -50.7 million).

• Total assets: EUR 927.0 million (31/12/2021: EUR 929.5 million); equity: EUR 258.6 million (31/12/2021: EUR 260.6 million).

Outlook and guidance

• Full-year 2022 guidance reaffirmed: revenues expected at EUR 200–220 million, EBIT at EUR 45–50 million, assuming continued positive business development and further block sales.

• Management remains confident despite market volatility, citing strong demand for homeownership and rental accommodation.