- Net debt falls to €480 mn
- Profit before tax climbs to €50 mn
- Total Output grows by 33%
- Equity ratio improves to 31%
(Vienna, 06 March 2018). With net debt of around €480 mn on the basis of preliminary figures, UBM has not only come in 31% below the €691.2 mn figure as of
31 December 2016, but has also significantly beaten the revised guidance of €520 mn announced in the third quarter. This was caused by the sale of the Kotlarska office building in Poland just before the end of the year coupled with an unexpectedly high down payment on a residential project in Austria.
On the basis of preliminary figures, also the earnings situation significantly improved. Earnings before taxes (EBT) of around €50 mn were some 25% above the prior-year figure of €40.1 mn. The positive earnings development of the first nine months not only continued in the fourth quarter, but even accelerated. In the period under review Total Output rose sharply by 33% to approximately €740 mn (2016: €557.5 mn).
On balance, the equity ratio is expected to reach 31% compared to 27.7% at year-end 2016. Operating performance had a positive impact on the balance sheet structure, as did the reduction in total assets of more than €100 mn to €1.13 bn. This decrease was primarily achieved through the successful implementation of the accelerated sales programme “Fast Track 17”. The equity ratio stated does not yet include the successful issue of a €100 mn hybrid bond at the end of February 2018, which will lead to a further strengthening of equity.
“As previously announced, we have not only executed and delivered in 2017, but even over-delivered on the promised targets”, says Thomas G. Winkler, CEO of UBM.
UBM is also optimistic for the current business year, given the sales already announced in January 2018 with a cash effect in excess of €100 mn and promising acquisitions such as the announced hotel project in Berlin with more than 550 rooms. “In the current environment, demand for real estate is unabated”, says Winkler.
Overview of preliminary figures:
| Key figures (in € mn) |
2017 (preliminary) |
2016 | Change (in %) |
| Total Output1 | 740 | 557.5 | +33% |
| EBT | 50 | 40.1 | +25% |
| Total assets | 1,130 | 1,233.8 | -8% |
| Equity ratio (in %) | 31% | 27.7% | nm |
| Net debt | 480 | 691.2 | -31% |
1 Total Output represents the revenue of fully consolidated companies and those accounted for under the equity method, as well as sales proceeds from share deals based on the equity interest held by UBM.
The final figures and the Annual Report 2017 will be published on 10 April 2018.
UBM Development is the leading hotel developer in Europe. The strategic focus is on the three clearly defined asset classes Hotel, Office and Residential and the three core markets Germany, Austria and Poland. With 145 years of experience, UBM focuses on its core competency – developing real estate. From planning through to marketing the property, UBM offers all services from a single source. UBM shares are listed on the prime market of the Vienna Stock Exchange.
For enquiries:
Anna Vay
Head of Investor Relations & Corporate Communications
UBM Development AG
Tel.: +43 (0)664 626 1314
Email: investor.relations@ubm.at