Corporate | 15 August 2016 08:09
Final figures for publity show net profit of EUR 4.2 million in first half of 2016
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DGAP-News: publity AG / Key word(s): Half Year Results
Press release Final figures for publity show net profit of EUR 4.2 million in first half of 2016
– Preliminary figures fully confirmed – profits up by more than 40 per cent
Leipzig, 15 August 2016 – publity AG (Entry Standard, ISIN DE0006972508), an investor and asset manager for German office properties, today announced that it generated EUR 4.2 million in net profit in the first half of 2016 according to final figures for the period, thus fully confirming the preliminary results published in July 2016. The result represents an increase of more than 40 per cent on the net profit of EUR 3.0 million achieved in the same period last year and equates to earnings per share of EUR 0.69. In accordance with HGB (German Commercial Code) accounting rules, earnings before interest and taxes (EBIT) were EUR 6.4 million compared to EUR 4.0 million a year earlier, while sales rose from EUR 5.7 million to EUR 11.6 million. publity significantly increased its equity to EUR 46 million from EUR 33 million at the end of 2015, resulting in an equity ratio of 59 per cent, up from 46 per cent at the end of December 2015. This substantial increase in sales and profits primarily resulted from co-investment with international investors. By markedly expanding its managed real estate assets to EUR 2.1 billion, up from EUR 1.6 billion at the end of December 2015, publity increased not only its income from property acquisitions but also the regular and long-term income it receives from asset management agreements. The company also achieved vital letting success and sold properties at a profit. publity receives a finders’ fee for the acquisition of real estate, is compensated for its asset management activities and participates in the profitable sale of joint venture properties. The company also reinforced the non-performing loans (NPL) segment as the second pillar of its business model during the reporting period by accepting orders for the sale of non-performing real estate loans with a total nominal value of EUR 1.7 billion. publity continues to expect its annual net profit for 2016 to double to EUR 25 million, EBIT to increase to EUR 37.5 million from EUR 20.3 million and sales to rise to EUR 44 million from EUR 23.0 million. The company will experience the full-year effect of higher assets under management (AuM) from its 2015 co-investments for the first time in 2016. Commercial real estate acquisitions totalling EUR 0.9 billion are also expected by the end of 2016, thus increasing AuM to more than EUR 3 billion. publity believes it is well positioned and adequately funded to achieve this growth. Furthermore, the company is currently in advanced negotiations regarding the sale of additional real estate from joint venture agreements. publity also confirms its dividend forecast and is still aiming to distribute a dividend of EUR 2.80 per share for the 2016 financial year. The Executive Board and Supervisory Board of publity AG will propose this dividend at the next Annual General Meeting, having distributed a dividend of EUR 2.00 for the 2015 financial year. The 2016 semi-annual financial statements are available for download on the company’s website at www.publity.de .
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2016-08-15 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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