UBM Development 2Q 20 - 2Q broadly in line with expectations, medium term pipeline increase
As expected, UBMs 2Q results were impacted by the pandemic. Revenues were supported by projects which were sold forward in the past and amounted to EUR 38 mn, down 30% yoy but similar to 1Q. After a strong negative FX impact on other admin costs in 1Q (EUR 18 mn), this was partially reversed in 2Q, which resulted in other costs of only EUR 2 mn. EBITDA was slightly negative at EUR -2 mn due to (1) the lower top line and (2) impairments of hotel operating companies recognized in investments in joint venutures. On the standing asset portfolio UBM did not need to recognize any impairments. Interest costs were overcompensated by a strong financial income of EUR 13 mn, driven by the share deal with ARE, where tax and other financial effects impacted 2Q. This resulted in a slightly positive pre tax and net profit. NAV adjusted for hybrid capital amounts to EUR 44.9 mn and is in line with RCBe.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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