UBM Development AG

Highest net profit ever recorded in the first half-year - Seite 2

Successful optimisation of financial indicators
Net debt amounted to only EUR 311.2m as of 30 June 2018 and declined by a substantial EUR 166.6m, or nearly 35%, during the first half-year. This reduction was based on sound sales performance as well as the issue of a hybrid bond which is attributed to equity (net effect of EUR 50m after the repayment of EUR 50m of mezzanine capital to PORR). Equity totalled EUR 412.4m as of 30 June 2018, and the equity ratio reached 36.5%. With cash and cash equivalents of EUR 206.7m, UBM has a comfortable cash position - despite the payment of a record dividend in the second quarter - which creates increased flexibility for the future.

Outlook 2018: record year
In view of the positive market environment and the high earnings visibility, UBM expects Total Output and earnings will exceed 2015, the previous record year in the company's history. The Management Board confirms the guidance communicated for 2018 with Total Output of over EUR 750m and profit before tax (EBT) of over EUR 50m. Earnings per share should top the five euro-mark in 2018.

Key figures:

Key earnings figures (in EUR m)	H1 2018	H1 2017	Change
Total Output*	552.8	422.1	31.0%
Revenue	367.9	234.2	57.1%
EBT	28.1	22.6	24.2%
Net profit	20.8	16.3	28.0%

Key asset and financial figures (in EUR m)	30.6.2018	31.12.2017	Change
Total assets	1,129.4	1,130.9	-0.1%
Equity	412.4	355.4	16.0%
Equity ratio (in %)	36.5%	31.4%	5.1 PP
Net debt	311.2	477.9	-34.9%

Key share data and staff	30.6.2018	30.6.2017	Change
Earnings per share (in EUR )	2.53	2.09	21.0%
Share price	40.80	37.37	9.2%
Market capitalisation (in EUR m)	304.9	279.2	9.2%
Staff**	760	745	2.0%

* Total Output corresponds to the revenue generated by fully consolidated companies and companies consolidated at equity as well as the sale