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Do, 26.11.2020 07:36
pta20201126007
Business news for the stock market
UBM Development AG: Q1-3 2020 stronger than expected - earnings rise to over EUR 50m
Wien (pta007/26.11.2020/07:36) -
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UBM Development increased EBT by 10% to over EUR 50m in the first three quarters of 2020 despite the Corona-related declines in the hotel business and foreign currency losses. Cash reserves are even higher than before Corona at over EUR 230m, and equity has risen to a new high. In addition, UBM has used the past months to reinvent itself to a certain extent: The development pipeline, which has again grown to EUR 2.2 bn, now consists of 50% residential and 30% office, with only 15% in the hotel sector. UBM's strategic focus has shifted to
"green. smart. and more."
UBM completed a number of very successful property sales in recent months despite corona: A total of 1,000 apartments were sold in less than one year - more than ever before. The demand for UBM's office projects also remains unbroken. The largest office project currently under construction in Germany, the F.A.Z. Tower, was sold for almost EUR 200m. Plans call for a further increase in the strong development pipeline over the coming months with additional office and residential projects. With its financial strength, UBM is positioned to react quickly and take advantage of potential opportunities. "We will see a Corona dent in 2021 but are very optimistic that our current set-up will allow us to smoothly resume our pre-crisis growth in 2022", comments Winkler in conclusion.
Weaker top line, higher earnings
EBT rose by 10.4% year-on-year to EUR 51.0m (Q1-3/2019: EUR 46.2m). The tax rate rose substantially to 34.7%, primarily due to a higher share of earnings from Germany, which led to a decline of EUR 4.8m in profit for the period to EUR 33.3m. The resulting earnings per share equalled EUR 3.63, compared with EUR 4.60 in the first three quarter of the previous year. (Beginning with the 2020 financial year, the calculation of this indicator includes a deduction for the share attributable to the hybrid capital holders; the comparative prior year data were adjusted accordingly.)
Proven crisis-resistance
Outlook
Key performance indicators Q1-3 2020 (in EURm)
UBM Development creates real estate for Europe's top cities. The strategic focus is on green building and smart office in major European metropolitan areas like Vienna, Berlin, Munich or Prague. With over 145 years of history, UBM is a one-stop provider for the entire development value chain from initial planning all the way to marketing. The company's shares are listed in the Prime Market of the Vienna Stock Exchange, the segment with the highest transparency requirements. (Ende)
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