UBM Development 1Q 20 - Revaluations drive earnings, FY 20 & FY 21 affected by crisis
Total sales of EUR 41.3 mn came in slightly above last year's result of EUR 36 mn. EBIT, pre-tax profit and net earnings were quite strong at EUR 41.7 mn, EUR 39.3 mn and EUR 20.5 mn respectively (vs. EUR 12.5 mn, EUR 7.9 mn and EUR 5.8 mn in 1Q 19). The strong result was mainly driven by a positive revaluation effect of EUR 69.8 mn, which can be attributed to UBM entering into a strategic partnership with ARE regarding the Baubergerstraße project, which triggered a positive revaluation. This was compensated by negative FX effects (mostly due to devaluation of PLN) of about EUR 17 mn recorded in other expenses. Book value per share (excl. hybrid bonds) increased to EUR 46.9 (vs. EUR 43.5 at year end).UBM Realitaetsentwicklung is engaged in the the development, utilization and management of real estate. Co.'s projects include: hotels; trade/entertainment; office blocks; logistics/commerce; urban development; residential buildings; revitalization; special projects; and garages/parking.
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