UBM Development 4Q 19 - Net profit ahead of estimates, dividend of EUR 2.20
4Q 19 results: Group revenues came in below our expectations at EUR 58.8 mn in 4Q, mostly driven by less proceeds from disposals being recognized in revenues, since there were more disposals from JVs. This was also reflected in 4Q EBITDA and EBIT (adj. for revaluation gains and income from associates of EUR 4.0 mn and EUR -2.8 mn, respectively) falling short of our expectations of EUR 18.7 mn and EUR 27.6 mn. Due to a significantly better than forecasted income from associated companies (containing JV property sales) pre-tax profit came ahead of RCBe and guidance at EUR 24.3 mn. Net profit for the quarter was also ahead of estimates and guidance at EUR 13.5 mn resulting in a record year of EUR 53.1 mn. NAV/share at the end of FY 19 was in line with RCBe at EUR 43.5 per share (RCBe EUR 43.2 per share, adjusted for hybrid capital).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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