For the first time, Coreo publishes consolidated half-year report (IFRS)

• Increase of rental income by more than 120 percent
• Half-year result marked by increased investments in the portfolio
• 2019 growth target reaffirmed

Frankfurt am Main - 17 September 2019 - The Coreo (ISIN: DE000A0B9VV6) increased net rental income in the first half of 2019 by more than 120 percent compared to the same period of the previous year to TEUR 1,079. A positive earnings contribution of TEUR 445 (previous year: EUR 0) was also generated from the sale of properties, comprising the sale of the property in Flensburg and the first apartment sales in Göttingen. The partial sale of the Göttingen portfolio announced in July and the sale of the Werdohl site will not contribute to revenues and earnings until the transfer of benefits and encumbrances in the second half of the year. The property portfolio last valued as of 31 August 2018 was not revalued as of 30 June 2019. Consequently, there was no earnings contribution here.

Besides higher operating costs, investments in the residential portfolio in Göttingen and Bad Köstritz as well as in the Hydra properties in Frankfurt a. M. and Kiel were the main reasons for the TEUR 1,015 increase in the cost of materials to TEUR 1,168. Simultaneously, increased administrative costs for the real estate portfolio, which grew significantly compared to the previous year's period, as well as additional costs in connection with Group accounting (IFRS) contributed to an increase in other operating expenses of TEUR 405 to TEUR 877. With an increase of less than 20 percent, personnel expenses developed disproportionately less than expected. The result for the period amounts to TEUR 1,652 (previous year TEUR 1,073) and thus to EUR -0.10 per share (previous year EUR -0.11 per share).

As before, the Management Board expects to be able to double the property portfolio in the current year through new acquisitions. Besides the last two properties held as inventories in Bielefeld and Viersen, parts of the Mannheim property are also to be sold in 2019. The company expects to conclude further rental agreements for the Hydra portfolio.

From now on, the complete half-year report 2019 is available for download at
 

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.