23.04.2020 Coreo AG  DE000A0B9VV6

DGAP-News: Coreo releases consolidated figures (IFRS) for 2019


DGAP-News: Coreo AG / Key word(s): Annual Results/Real Estate
Coreo releases consolidated figures (IFRS) for 2019

23.04.2020 / 14:00
The issuer is solely responsible for the content of this announcement.

Coreo releases consolidated figures (IFRS) for 2019

  • Acquisition volume increased for the third time in a row to EUR 33.7 million
  • Rental revenues increased from TEUR 2,164 to TEUR 2,919
  • Consolidated net result at TEUR -862 after TEUR 1,660

Frankfurt am Main - 23 April 2020 - In 2019 the company increased the volume of direct and indirect acquisitions of properties to EUR 33.7 million for the third year in a row. The balance sheet value of investment property nevertheless declined by TEUR 1,515 to TEUR 38,502 compared to the previous year (TEUR 40,017). The main reasons for this decline were the reclassification of properties as assets held for sale, the lack of transfer of ownership and the sale of properties. The transfer of benefits and burdens for the residential portfolio in North Rhine-Westphalia, which was acquired in November 2019, was still outstanding at the end of the year. This was also the case for the part of the Göttingen property portfolio sold in July 2019. Along with the properties of the Göttingen residential portfolio that were put up for sale, this portfolio was reclassified as assets held for sale. Furthermore, the 10.1 % stake in Frankfurt's St. Martin Tower, which was indirectly acquired in October, is reported under financial assets. On the other hand, the increase in the valuation result of investment properties from TEUR 2,643 to TEUR 3,060 also had an increasing effect on the value of investment properties.

Rental revenues also developed in a positive way. In comparison with the previous year, they increased from TEUR 2,164 to TEUR 2,919. Compared to the previous year, revenues and earnings from the sale of properties declined from TEUR 6,730 to TEUR 2,983 and from TEUR 2,503 to TEUR 1,434, respectively. Considering the sale of the Göttingen sub-portfolio and the Viersen Hydra property, which did not had an effect on sales and earnings in 2019, both values would have increased compared to the previous year.

With consolidated sales falling from TEUR 8,894 to TEUR 5,902, the result for the period fell from TEUR 1,660 to TEUR -862. One reason for this was a significant increase in the cost of materials by TEUR 1,496 to TEUR 2,592 (previous year: TEUR 1,096), particularly as a result of portfolio development measures. Another reason was a decline in other operating revenues by TEUR 1,382 to TEUR 47 (previous year TEUR 1,429), of which TEUR 1.344 were due to the absence of the one-time effect in connection with the initial consolidation of Coreo Göttingen Residential UG & Co. KG from 2018.

Whereas staff costs of TEUR 807 were only slightly higher than the previous year's figure of TEUR 747, other operating expenses fell by TEUR 801 to TEUR 1,547 (previous year: TEUR 2,348).
As a result of the partial repayment of the outstanding bond at the end of 2018, financial expenses fell from TEUR 2,527 to TEUR 2,181. Income taxes simultaneously increased from TEUR 845 to TEUR 1,223.

The other result was again negative with TEUR -1,117 (previous year TEUR -1,690), mainly due to the continued decline in the MagForce share price and was therefore responsible for the decline in the net asset value (NAV), considering deferred tax liabilities, from EUR 1.93 per share to EUR 1.88.

The ongoing expansion of the property portfolio during the current business year is primarily dependent on the availability of additional capital. It is impossible to forecast at this time whether and when these funds can be secured on the capital and financing markets in view of the current economic situation as a result of the COVID 19 pandemic. For the current fiscal year the Board of Management does, however, expects a significant increase in rental revenues and an ongoing reduction in the vacancy rate in the Hydra portfolio for the current fiscal year.

The consolidated financial statements (IFRS) and the separate financial statements of Coreo AG prepared in accordance with the German Commercial Code (HGB) will be published by the company in good time before the Annual General Meeting and will be available for download at www.coreo.de under "Investors".

About Coreo AG
Coreo AG, which has its registered office in Frankfurt am Main, is a dynamically growing real estate company with a focus on German commercial and residential properties. Investments are made in real estate with considerable potential for appreciation thru refurbishment and repositioning, preferred in A and B macro locations. The goal is to build up an efficiently managed, high-yielding real estate portfolio through prudent development and the sale of non-strategic properties.

Coreo AG
Investor Relations
Grüneburgweg 18
D-60322 Frankfurt a. M.
[email protected]
T: +49 69 219396-0

23.04.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Coreo AG
Grüneburgweg 18
60322 Frankfurt am Main
Phone: +49 69 2193 96-0
Fax: +49 69 2193 96-150
E-mail: [email protected]
Internet: www.coreo.de
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1026455

End of News DGAP News Service

1026455  23.04.2020 


Die wichtigsten Finanzdaten auf einen Blick
  2015 2016 2017 2018 2019 2020 2021e
Umsatzerlöse1 0,00 0,00 0,48 8,89 5,90 9,61 0,00
EBITDA1,2 -0,49 -2,47 3,25 4,91 2,52 -0,01 0,00
EBITDA-Marge3 0,00 0,00 677,08 55,23 42,71 -0,10 0,00
EBIT1,4 -3,80 -7,26 3,24 4,90 2,50 -0,69 0,00
EBIT-Marge5 0,00 0,00 675,00 55,12 42,37 -7,18 0,00
Jahresüberschuss1 -5,55 -7,27 3,08 1,66 -0,86 -2,44 0,00
Netto-Marge6 0,00 0,00 641,67 18,67 -14,58 -25,39 0,00
Cashflow1,7 -5,40 -2,47 -0,79 -11,30 -5,25 -13,80 0,00
Ergebnis je Aktie8 -0,89 -0,78 0,19 0,10 -0,05 -0,14 0,09
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2020 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Votum

WKN Kurs in € Einschätzung Börsenwert in Mio. €
A0B9VV 1,260 Halten 22,10
KGV 2022e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
9,00 14,06 0,64 -5,63
0,83 - 2,30 8.805,50
Dividende '20 in € Dividende '21e in € Div.-Rendite '21e
in %
0,00 0,00 0,00 14.09.2021
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
30.10.2021 30.04.2021
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-6,80% -11,70% -27,17% -10,00%
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