FCR Immobilien AG preliminary EBT 2020 of EUR 11.5 million exceeds forecast

FCR Immobilien AG preliminary EBT 2020 of EUR 11.5 million exceeds forecast

- Sales revenues from property management increased to EUR 25.2 million (PY: EUR 21.6 million)

- Good business development through focusing on portfolio management

- Innovative strength supports successful growth course

- 4.25 % bond for conclusion with two-stage subscription over up to EUR 20 million

- Continuation of the positive business development planned for 2021
 

Munich, 11 March 2021: FCR Immobilien AG ("FCR", ISIN DE000A1YC913) has closed fiscal 2020, as expected, with very good results according to preliminary IFRS figures. Earnings before taxes amounted to EUR 11.5 million and hence exceed the forecast of EUR 11.1 million.
FCR Immobilien AG has continued on its road to success during the fiscal year, which was challenging because of the Covid-19 pandemic, and almost achieved its prior year earnings before taxes of EUR 11.9 million. The good development was supported by the change in strategy adopted last year, with a focussing on the portfolio management of shopping and special retail centres as well as local stores.

The market value of the real estate portfolio rose to around EUR 315 million during the reporting period as a result of acquisitions, after EUR 299 million a year before. Around EUR 268 million were accounted for by the portfolio of existing properties and EUR 46 million by the trading and development portfolio. The expert changes in value of the properties have altogether resulted in a slightly positive contribution to earnings of EUR 0.8 million in 2020. Sales revenues from property management in total increased in 2020 to EUR 25.2 million, after EUR 21.6 million during the previous year. Of this amount, EUR 22.7 million was attributable to sales revenues from portfolio management (PY: EUR 19.1 million). The funds from operations (FFO) climbed to EUR 5.0 EUR. During the previous year, when the company did not yet focus on portfolio management, the FFO amounted to EUR -3.1 million. During the fiscal year 14 properties were purchased and 7 were sold.

In addition, the high IT competency of FCR Immobilien AG has had a clearly positive impact and is reflected by the asset management of the portfolio properties. The self-developed software allows for efficient workflows through the use of Artificial Intelligence. It was, for instance, possible to reduce the vacancy rate in the portfolio of existing properties by 9.7 percent (PY: 17.9 percent) in this way.

Through a private placement in the 4.25 % corporate bond 2020/25 (ISIN DE000A254TQ9), an institutional investor has subscribed to EUR 10 million. Moreover, an option concerning an additional placement of a further EUR 10 million was agreed, so that FCR can draw, if necessary, on this amount until the end of 2021. FCR has currently liquid funds in the amount EUR 28 million, which are completely available for the further enlargement of the portfolio of existing properties.

For fiscal 2021, FCR plans to continue its profitable growth course. Its objective is to purchase properties with a value of around EUR 160 million for the portfolio of existing properties.

About FCR Immobilien AG

FCR Immobilien AG is a dynamically growing portfolio manager and portfolio developer specialising in shopping centres and specialist retail centres in Germany. The company's focus is on properties on attractive secondary sites which offer above-average return potentials due to their location. FCR also invests, whenever opportunities arise, in the asset classes office, residential and logistics. Apart from purchases at favourable conditions, the positive development of FCR Immobilien AG is based on the successful management of portfolio properties, supplemented by opportunistic sales of trading objects. The portfolio of FCR Immobilien AG currently includes a total of around 90 properties; the annualised annual net rent from the existing portfolio amounts to around EUR 20 million. The tenants include well-known brands such as EDEKA, Netto, ROSSMANN, OBI, REWE and NORMA. The FCR share (WKN A1YC91, ISIN DE000A1YC913) is quoted in the m:access of the Munich Stock Exchange and is listed in the General Standard of the Frankfurt Stock Exchange, and is traded, amongst others, on Xetra.
 

Website: fcr-immobilien.de
Twitter: @FCR_Immobilien
Facebook: facebook.com/fcrimmobilien
 

Press contact

edicto GmbH
Dr. Sönke Knop
Telephone +49 69 9055 05 51
Email: FCR-Immobilien@edicto.de
 

Company contact

Ulf Wallisch
Senior Director, Head of Operations Management
Telephone +49 89 413 2496 11
Email: u.wallisch@fcr-immobilien.de
 

FCR Immobilien AG
Paul-Heyse-Straße 28
D-80336 Munich
www.fcr-immobilien.de
 

CEO: Falk Raudies
Chairman of the Supervisory Board: Prof. Dr. Franz-Joseph Busse
HRB 210430 | Amtsgericht München