EQS-News: ACCENTRO Real Estate AG: Statement on the announcement of BaFin's audit results

20.12.24 14:10 Uhr

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EQS-News: Accentro Real Estate AG / Key word(s): Statement/Real Estate
ACCENTRO Real Estate AG: Statement on the announcement of BaFin's audit results

20.12.2024 / 14:10 CET/CEST
The issuer is solely responsible for the content of this announcement.


ACCENTRO Real Estate AG: Statement on the announcement of BaFin's audit results

Berlin, 20 December 2024 – Germany’s Federal Financial Supervisory Authority ("BaFin") announced the results of its audits of ACCENTRO Real Estate AG ("Company") in official decisions dated 20 December 2024 and published the official decisions on its homepage today. The audits were only concerned with the Company's accounting regarding the rescission of the acquisition of DIM Holding AG ("DIM transaction") in the disclosed annual and consolidated financial statements dated 31 December 2021 and 31 December 2022 along with the related combined management reports for the 2021 and 2022 financial years.

In the course of its audits, BaFin identified an audit finding pursuant to section 109, paragraph 1, sentence 1 of the German Securities Trading Act (WpHG). Accordingly, the current other receivables and other assets in the consolidated balance sheet and the other assets recognised in the balance sheet from the reversal of the acquisition of DIM Holding AG in the amount of EUR 18.9 million as of 31 December 2021 were overstated by around EUR 5 million and in the amount of EUR 19.8 million as of 31 December 2022 by around EUR 12 million. The result is based on BaFin's assessment that proper repayment of the total receivable was no longer to be expected and that the agreed collateral was valued too high.

Irrespective of the audits, the Management Board has already made a value adjustment of EUR 13.3 million as of 30 September 2023, considering first successful liquidation measures in the amount of EUR 2.6 million, due to the developments in connection with the enforcement of the claim and the very depressed situation on the real estate market. The residual receivable from the DIM transaction has therefore only amounted to EUR 4.4 million since 30 September 2023. In this respect, BaFin's audit finding has no effect on the Company's results.

While the Company therefore shares BaFin's view of the reason for and necessity of an impairment of the accounts receivable, there is a difference of opinion only regarding the relevant and therefore correct time of recognition in a market environment that has become clearly depressed and uncertain over time with more difficult framework conditions for the valuation.
 

About ACCENTRO Real Estate AG

ACCENTRO Real Estate AG is a residential investor and market leader in residential privatisation in Germany. As of 30 September 2023, the property portfolio comprised 5,731 units with an area of around 334,000 square metres. The book value of the entire portfolio totalled around EUR 590 million. In addition to Berlin, the regional focus includes major central German cities and conurbations as well as the Rhine-Ruhr metropolitan region. ACCENTRO's business activities comprise three core areas. These include the tenant-oriented sale of flats to private owner-occupiers and investors, the sale of property portfolios to institutional investors, the management of its own property portfolio and services for third parties. The shares of ACCENTRO Real Estate AG are listed in the Prime Standard segment of the Frankfurt Stock Exchange (WKN: A0KFKB, ISIN: DE000A0KFKB3). www.accentro.de


Contact for investor relations and press:

Thomas Eisenlohr
ACCENTRO Real Estate AG
Kantstraße 44/45
10625 Berlin
E-mail: eisenlohr@accentro.de
Phone +49 (0)30 88 71 81 272
 



20.12.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Accentro Real Estate AG
Kantstr. 44/45
10625 Berlin
Germany
Phone: +49 (0)30 - 887 181 - 0
Fax: +49 (0)30 - 887 181 - 11
E-mail: info@accentro.ag
Internet: www.accentro.ag
ISIN: DE000A0KFKB3
WKN: A0KFKB
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 2056021

 
End of News EQS News Service

2056021  20.12.2024 CET/CEST

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