UBM Development AG

UBM on course in Q1 2019 - Solid earnings and good prospects for the future - Seite 2

Strong balance sheet as an important competitive advantage
Equity totalled EUR436.3m as of 31 March 2019. With 35% the equity ratio reflected the upper end of the promised range of 30-35%. Despite record investments in new projects during the previous year, net debt remained at a low EUR462.0m. Net debt in relation to total assets equalled 37% at the end of March 2019, which represents the lower end of the range for a pure play developer.

Progress on sales activities and well-filled pipeline
The 2019 financial year will see fewer spectacular completions than 2018, but several projects will become suitable for forward sales during the course of the year such as the QBC 1&2 office project in Vienna and five new hotel development projects. Good progress was also made on trade sales in recent months, which could have an influence on earnings in 2019. UBM's pipeline is also well-filled after 2019 - in total the pipeline amounts to EUR1.8 bn (sales volume up to 2022). The pipeline includes 16 hotels with roughly 4,200 rooms in the top cities of UBM's core markets, which will allow the company to continue to participate in the ongoing boom in city tourism.

In view of the continuing low interest environment, demand on the European real estate market is expected to remain high. The shortage of attractive projects in all of UBM's asset classes and core markets is contrasted by unbroken demand. UBM is optimistic that it can benefit from this situation due to its high-quality pipeline and generate steady earnings growth over the medium-term.

Key performance indicators Q1 2019 (in EUR m)

Key earnings figures	Q1 2019	Q1 2018	Change
Total Output*	71.6	219.9	-67.4%
Revenue	36.0	176.1	-79.5%
EBT	7.9	8.2	-4.1%
Net profit	5.9	6.4	-7.6%
Key asset and financial figures
Total assets	1,247.3	1,234.6	1.0%
Equity	436.3	436.3	0.0%
Equity ratio (in %)	35.0%	35.3%	-0.3PP
Net debt**	462.0	421.9	9.5%
Key share data and staff
Earnings per share (in EUR)	0.78	0.91	-14.3%
Market capitalisation	270.5	249.6	8.4%
Dividend per share (in EUR)***	2.20****	2.00	10.0%
Staff	368	365	0.8%

Note: The key data were rounded using the compensated summation method. Changes were calculated using the exact amounts.