ACCENTRO (A4Y) H1 2023 earnings summary

Executive summary

• Revenue for H1 2023 fell sharply to €36.1m from €93.5m year-over-year, mainly due to a significant drop in sales volume and weak market conditions in the Trading and Privatisation segment.

• EBIT declined to -€9.4m from €9.0m year-over-year, with consolidated net income at -€24.6m compared to -€2.3m.

• Rental income increased by 17% to €9.1m, supported by portfolio expansion and higher rents.

• The company suspended its 2023 financial guidance due to ongoing market uncertainty and expects a significant reduction in revenue and EBIT versus previous forecasts.

Financial highlights

• Gross profit dropped to €7.9m from €26.5m year-over-year.

• EBT was -€23.9m, down from -€0.4m year-over-year.

• Cash and cash equivalents decreased to €38.1m from €100.8m at year-end 2022.

• Equity ratio slightly increased to 28.4% from 28.2% at year-end 2022.

• Loan-to-value (LTV) ratios rose to 59.6% (2020/2026 bond) and 56.8% (2021/2029 bond).

Outlook and guidance

• Previous revenue guidance of €100–120m and EBIT of €0–2m for 2023 are no longer achievable.

• Management has suspended the financial forecast for 2023 due to unpredictable market conditions and expects a significant reduction in both revenue and EBIT.