Noratis AG significantly expands its real estate portfolio in 2020 and closes the financial year as planned

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DGAP-News: Noratis AG / Keyword (s): Dividend / Real estate
04/28/2021 / 8:30 AM
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Noratis AG significantly expands its real estate portfolio in 2020 and closes the financial year as planned – Proposed dividend of EUR 0.50 per share

EBIT: 8.2 million euros; EBT: 4.2 million euros in accordance with IFRS standards

– Portfolio extended to 3,632 units at the end of 2020

– 2021: Significantly higher EBIT and EBT forecast with further expansion of the portfolio

Eschborn, April 28, 2021 – Noratis AG (ISIN: DE000A2E4MK4, WKN: A2E4MK, “Noratis”) closed the financial year 2020 as planned. The real estate portfolio was significantly extended by approximately 50% to 3,632 units of which the property acquired 12.9 million during the previous year.

In order to expand the portfolio, Noratis deliberately refrained from making larger property sales during the past year. As a result, in the financial statements, prepared for the first time in accordance with IFRS, profit before interest and taxes (EBIT) remained at € 8.2 million below the comparable IFRS value of € 15.8 million of the previous year, as planned. Profit before tax (EBT) amounted to 4.2 million euros, after 11.5 million euros the previous year. Consolidated net income amounted to 2.8 million euros after 8.3 million euros in 2019.

As a portfolio developer, Noratis recognizes its properties in current assets so that the published figures do not include any revaluation gain. In the future, however, the company may transfer individual properties to a permanent portfolio of fixed assets. The declared equity reached 74.2 million euros at the end of 2020. Including the hidden reserves of the portfolio of approximately 49 million euros, the net asset value (NAV) based on market values ​​amounted to 22 , 80 euros per share.

The Management Board and the Supervisory Board will propose the distribution of a dividend of 0.50 EUR per share at the ordinary general meeting, scheduled for June 16, 2021. This includes the distribution of approximately half of the result after tax in accordance with the Noratis dividend policy as well as the distribution reserve retained last year.

Noratis is very satisfied with the business development of 2020. 1,311 units have been acquired across Germany and only 86 units have been sold, as planned, through individual condominium sales and small portfolio transactions. Due to this deliberate reduction in sales volume in 2020, Noratis AG has laid the groundwork for further results in the years to come. With Merz Real Estate, which acquired a stake in Noratis last year, the company has at its side a reference shareholder who also financially supports the continuation of the expected growth.

As for 2021, Noratis assumes that the good business development will continue. In addition to a further expansion of the portfolio, a significant increase in turnover is expected. Consequently, Noratis anticipates significantly higher EBIT and EBT for 2021 compared to the previous year.

André Speth, CFO of Noratis AG: “In 2020 we achieved our plans in full and continued to develop the company also strategically. With the significant expansion of our portfolio, we have taken a major step towards our goal of already being profitable on the basis of recurring rental income alone. This allows us to better control the timing of the sale of the optimized buildings and therefore generate additional returns for our shareholders. With the transition from our financial information system to IFRS, Noratis AG has also opened up to a wider circle of investors. “

The 2020 annual report is due for publication on May 10, 2021 on the website www.noratis.de in the Investor Relations section.

About Noratis:

Noratis AG (www.noratis.de) is one of the leading developers of residential property portfolios in Germany. The company identifies and realizes potentials for tenants, owner-occupiers and investors, thus creating and preserving an attractive and at the same time affordable living space throughout Germany. Noratis specializes in upgrading aging residential portfolios, mainly apartments owned by companies, residential areas or subdivisions in cities with more than 10,000 inhabitants and in the outskirts of urban areas. After successful development, buildings remain in the company’s portfolio or are sold over the medium term to investors and / or individually to existing tenants, equity investors and owner-occupiers. Noratis thus creates significant and lasting added value for all stakeholders: from investors, employees and financial partners to current and future tenants. Noratis AG is listed on the Frankfurt Stock Exchange.

Investor contact and public relations:

edicto GmbH
Dr Sönke Knop
T +49 (0) 69 905 505 51
E [email protected]
Eschersheimer Landstrasse 42
60322 Frankfurt am Main

04.28.2021 Distribution of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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