DGAP-News: Coreo AG announces Group data (IFRS) for 2021 | News

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Coreo AG Announces Group Data (IFRS) for 2021

11/05/2022 / 18:00
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Coreo AG Announces Group Data (IFRS) for 2021

  • Successful business year 2021
  • The largest volume of purchases in the company’s history
  • Contribution to earnings from all three operational revenue streams has increased significantly

Frankfurt am Main, May 11, 2022 – Coreo Group can look back on the successful fiscal year 2021. With purchasing volumes exceeding 67 million euros, a new record in the company’s history was set. Most of it was residential real estate. Increase in the value of the real estate portfolio by 16%, i.e. PLN 10,509 thousand. euro up to 74 588 thousand the share deal has not yet taken place. Most of the increase was related to real estate held as a financial investment, which increased by PLN 9,265 thousand. EUR from 54 259 ths. A year earlier to EUR 63,524 thousand EUR.

EBIT increased by 3,528 thousand. EUR from -690 thou. EUR up to 2,838,000 EUR in the previous year. In addition to the 24% increase in rental income from 3 515 thousand. euro up to 4 349 thousand euro, the sales result improved by 181% from 488 thousand. euro up to 1,373 thousand : 847k euro). At the same time, there was no increase in the cost of materials, personnel and other items by PLN 5,062 thousand. EUR versus 5,066 thou. EUR in the previous year. Moreover, the decrease in depreciation and write-offs from -698 thous. EUR up to -27 thou. EUR was reflected in the positive development of the operating result.

Financial result worked out as planned. A decrease by 699 thousand EUR up to -2,824 thou. EUR can be largely explained by the increase in interest costs by PLN 649 thousand. EUR as a result of portfolio growth (EUR 2,965 thousand after EUR 2,316 thousand in the previous year). Along with the higher by 1,285 thousand. EUR income tax, the result for the period increased by PLN 1,543 thousand. EUR up to -894 thousand EUR (previous year: EUR -2,437 thousand), which is a smaller increase compared to EBIT. Earnings per share improved from -0.14 euros to -0.05 euros.

In the past financial year, the shares of MagForce AG were transferred as part of the transaction as a down payment towards the purchase price. The price per share agreed in the purchase agreement at that time was higher than the current share price, but lower than the stock exchange price as at December 31, 2020. The difference basically explains the deterioration of other comprehensive income by PLN 2,726 thousand. EUR up to -1,227 thousand EUR (previous year: EUR 1,499 thousand). This resulted in a drop in the overall result compared to the previous year from -938 thousand. euro up to -2,121 thousand euro.

Taking into account long-term deferred tax liabilities, the Net Asset Value (NAV) at 31 December 2021 is EUR 1.63 per share (previous year: EUR 1.73).

The management board will continue to focus on the development of Coreo AG, which is to be achieved primarily through strategic acquisitions of residential real estate in the added value segment.

The Company will publish the consolidated financial statements (IFRS) and the separate financial statements of Coreo AG prepared in accordance with the HGB principles well in advance of the Annual General Meeting and will make them available for download at www.coreo.de in the “Investors” section.

About Coreo AG
Coreo AG (WKN: A0B9VV) based in Frankfurt am Main is a dynamically growing real estate company focused on German commercial and residential real estate. Investments are made in real estate with a high growth potential for growth, preferably in medium-sized cities. The goal is to build an efficiently managed real estate portfolio with high profitability.

Coreo AG
Andrea Glaab
Investor Relations
Grüneburgweg 18
D-60322 Frankfurt al. M.
T: +49 (0) 69-21 93 96-0

05/11/2022 Publication of Corporate News / Financial News broadcast by DGAP – EQS Group AG website.
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