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UBM Development AG Interim / Quarterly Report 2024
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Interim / Quarterly Report
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Key performance indicators
Key earning figures (in € m)
| 1-6/2024 | 1-6/2023 | Change | |
|---|---|---|---|
| Total Output1 | 249.1 | 116.2 | 114.4% |
| Revenue | 42.9 | 37.8 | 13.5% |
| EBT | -10.9 | -31.6 | n.m. |
| Net profit (before non-controlling interests) | -12.5 | -29.3 | n.m. |
Key asset and financial figures (in € m)
| 30.6.2024 | 31.12.2023 | Change | |
|---|---|---|---|
| Total assets | 1,188.8 | 1,253.8 | -5.2% |
| Equity | 360.9 | 379.7 | -5.0% |
| Equity ratio | 30.4% | 30.3% | 0.1 PP |
| Net debt2 | 550.0 | 610.2 | -9.9% |
| Cash and cash equivalents | 179.4 | 151.5 | 18.4% |
Key share data and staff
| 30.6.2024 | 30.6.2023 | Change | |
|---|---|---|---|
| Earnings per share (in €)3 | -2.06 | -4.34 | n.m. |
| Market capitalisation (in € m) | 159.2 | 195.8 | -18.7% |
| Dividend per share (in €)4 | - | 1.10 | n.m. |
| Staff | 252 | 276 | -8.7% |
1 Total Output includes the revenue and portfolio changes from fully consolidated companies, the proportional share of revenue from companies consolidated at equity, and the revenue from property sales in the form of share or asset deals.
1
2 Net debt equals current and non-current bonds and financial liabilities, excluding leasing liabilities, minus cash and cash equivalents.
3 Earnings per share after the deduction of hybrid capital interest.
4 The dividend is paid in the respective financial year, but is based on profit of the previous financial year.
- 2 Management's Introduction
- 3 Interim Management Report
- 12 Consolidated Interim Financial Statements
- 20 Notes to the Consolidated Interim Financial Statements
- 28 Financial Calendar, Contact, Imprint
Contents At a glance
Non-strategic asset sales finalised by H1. €75m of cash generated
Solid balance sheet. €179m of cash, 30.4% equity ratio
Loss cut by half. Liquidity over profitability
1
H1 Successful apartment sales. Sales target for 2024 financial year already topped
20
24
Dear Shareholders, Dear Stakeholders,
With the sale of non-strategic assets, we successfully generated the previously announced €75m of cash by the end of the first half-year. UBM had liquidity of €179m as of June 30, which is more than €50m over the end of this year's first quarter and the end of 2023. Net debt totalled €550m and remained clearly below the €600m mark. Consistent with our guidance on "liquidity over profitability", we recorded a loss for the reporting period but it was cut in half compared with the previous year.
Our primary focus is now on the "repair" of our business model, in other words how we intend to return to the profit zone. The core of the problem is that we "produce" a product that is too expensive for the market and, consequently, does not attract potential buyers. The question is: How can we develop at a
lower cost? The answer – when we look at other sectors – can only be standardisation, modularisation and simplification. But another fact also makes us stop and think: the wide gap between consumer prices and construction prices during the period from 1 January 2021 (after the peak of the corona pandemic) up to 30 June 2024. Consumer prices in Austria rose by a substantial 23.6% but the increase in construction prices was much stronger at 33.3%. This development was even more extreme in Germany with an increase of 18.2% (CPI) and 36.2% (construction prices).
Standardisation for UBM means timber construction, but could also involve other transfers from the construction site to the factory. The criteria for our decision in favour of timber construction were the obvious advantages in terms of sustainability. As regards modularisation, UBM has only just started – and that means bathroom modules for residential construction. Simplification is at an even earlier stage because it is dependent on changes in the legal framework which are beyond our control. Here, the German Federal Ministry of Justice released a legislative proposal at the end of July with the somewhat complicated title "Act for the facilitation under civil law of building construction". Experts believe greater flexibility from room heights to the number of required electrical sockets could cut building costs by roughly 10%.
This all sounds like we are facing a longer way to go but – in addition to the low-cost purchase of land and the reduction of ancillary costs – there is no alternative. And we want to thank you for joining us.
Thomas G. Winkler CEO
Patric Thate CFO
Martina Maly-Gärtner COO
Peter Schaller CTO
Interim Management Report
General economic environment
Strong performance characterised the financial markets in many regions during the first half of 2024. Market activity was influenced by first interest rate cuts from the world's leading central banks, economic and inflationary developments, momentum in the AI sector, and the ongoing conflicts in Ukraine and the Near East. The inflation rate fell from 2.80% to 2.50% in the eurozone and from 3.10% to 3.00% in the USA. The only slight decline in the USA is explained by price dynamics in the service sector, which are reflected in continuing high core inflation. The US Federal Reserve (Fed) held the target margin for key interest rates constant at 5.25%–5.50% in the first half year, while the European Central Bank (ECB) reduced the main refinancing rate from 4.50% to 4.25%. The forecasts for global growth in 2024 range from 2.9% (OECD) to 3.2% (International Monetary Fund, IMF). For the eurozone, the IMF experts expect are expecting a growth rate of 0.9% in 2024.1,2
Developments on the real estate market
The first half of 2024 has passed and the widely publicised recovery on the transaction market has still not materialised. The investment market in Europe nearly matched the previous year with transactions of €74.0m. Activity on the real estate investment market in Germany remained at a very low level during this period. At €13.6m, the transaction volume and almost 500 closed transactions reflected the first half of 2023. The investment volume amounted to roughly €436m in the second quarter of 2024, after €540m in the first. A comparison of the second quarter in 2024 and 2023 shows a decline of 26%. The thirteen transactions recorded on the Austrian investment market in the second quarter of 2024 had an average volume of €34m (+36% vs. Q1 2024). The office asset class was again the most popular with 45% of the total investment market, followed by residential with 29% and hotels with 12%. The increase in the share of Austrian investors continued from the first quarter and now equals 100%. Many institutional investors are currently reducing their portfolios as a result of capital outflows. The CEE regions recorded an increase of 29% to €3.3 bn in the first six months of the year. For the full 12 months of 2024, the experts at Colliers place the total transaction volume at €5.5 bn.3, 4, 5,6
Stock market developments and the UBM share
The European markets performed well but failed to match their US counterparts. The positive development of the indexes was generally limited to the large cap segment. This drove the ATX Total Return to a new all-time high of 8,572 points on 23 May 2024. The market rally was fuelled by the ongoing AI hype and the performance of major US technology companies. Market players continue to expect the first interest rate cut from the Fed this year – while the stock markets were positively influenced by the monetary policy easing signalled by the ECB with its first rate reduction. Due to the weaker growth momentum, shares with low liquidity and market capitalization have fallen to a historically low valuation compared to large caps.
UBM Development was faced with mixed share price development during the first six months of 2024. The share rose rapidly at the beginning of the year and followed with sideward movements up to mid-February. The share price equalled €21.8 at the beginning of the year, fell steadily starting in mid-February and traded at €18.8 at the end of March. Recovery then took hold in the second quarter and the share rose to €21.3 at the end of June.
1 IWF: World Economic Outlook – July 2024
2 HAIB – Kapitalmarkt Rückblick H1 2024
3 CBRE: Pressemitteilung Immobilieninvestments in Österreich – July 2024
4 Savills: Investmentmarkt Deutschland – July 2024
5 Savills: European Investment – Q2 2024
6 Colliers: The CEE Investment Scene – H1 2024
Business performance
UBM generated Total Output of €249.1m in the first half of 2024 (H1 2023: €116.2m). Total Output for the reporting period was influenced, above all, by the sale of property shares and the progress of construction on previously sold real estate projects, which is included in revenue and earnings over time based on the status of construction and realisation. The largest contribution to Total Output was made by the sale of interests in the LeopoldQuartier section A, the Andaz hotel in Prague and parts of the Poleczki Business Park in Warsaw. Other positive contributions were made by residential construction projects like the Astrid Garden Residences and the Arcus City project in Prague. Total Output from the hotel business rose from €36.6m in the first half of 2023 to €62.4m in the reporting period. This increase reflects the return to travel after the end of the Covid-19 pandemic and the sale of an interest in the Andaz hotel.
Total Output in the Germany segment declined from €41.4m to €20.3m and was influenced in the reporting period primarily by the Flösserhof residential project and the Havn residential project in Mainz. In the comparative period, Total Output included the F.A.Z. Tower in Frankfurt which was forward sold and completed in 2022. This project was transferred to the buyer in the second quarter of 2023.
The Austria segment reported a year-on-year increase in Total Output from €23.0m to €103.9m in the first half of 2024. A major component of Total Output in this segment was generated by the sale of an interest in the LeopoldQuartier section A and the sale of the W3 Wien Mitte standing asset. Positive contributions from the residential business were made primarily by the PEAK HOMES project in the VILLAGE IM DRIT-TEN, which recorded 67 apartment sales following the start of construction in early December.
Total Output in the Poland segment amounted to €62.8m in the first half of 2024 (H1 2023: €19.7 m) and was based on contributions from ongoing hotel operations, the sale of a share in the Poleczki Business Park and various services.
The Other Markets segment reported an increase in Total Output to €62.0m in the first half of 2024 (H1 2023: €32.1m). The largest component was generated by the sale of an interest in the Andaz luxury hotel in Prague. Total Output also included the Arcus City residential project in the Prague district of Stodůlky and the Astrid Garden residential project in the heart of Holešovice. The Arcus City project involves the construction of 283 housing units which are also accounted for according to the percentage of completion (PoC).
Total Output by region
| in €m | 1–6/2024 | 1–6/2023 | Change |
|---|---|---|---|
| Germany | 20.3 | 41.4 | -50.8% |
| Austria | 103.9 | 23.0 | >100% |
| Poland | 62.8 | 19.7 | >100% |
| Other markets | 62.0 | 32.1 | 93.3% |
| Total | 249.1 | 116.2 | >100% |
Total Output in the Residential segment rose to €39.0m, compared with €23.6m in the first half of 2023. The progress of construction on previously sold residential projects in Germany, Austria and Czech Republic was responsible for most of Total Output for the reporting period. Included here are the VILLAGE IM DRITTEN residential project in Vienna and the Arcus City in Prague. Both projects made a positive contribution to Total Output, primarily through the sale of individual apartments.
In the Office segment, Total Output improved substantially to €120.9m (H1 2023: €28.9m). Performance for the reporting period was based primarily on the proportional sale of the Poleczki Business Park and the W3 Wien Mitte standing asset.
The Hotel segment reported Total Output of €62.4m for the first half of 2024 (H1 2023: €36.6m). This improvement is again attributable to the increase in travel after the Covid-19 pandemic as well as the sale of an interest in the Andaz hotel. Ongoing hotel operations and the sale of the hotel share contributed to Total Output, but there are still no hotel projects under development at the present time.
The Other segment recorded an increase in Total Output to €7.1m (H1 2023: €6.1m). Total Output for the reporting period was generated primarily from the rental of mixed use standing assets in Austria.
In the Service segment, Total Output fell from €20.9m to €19.7 m. A major component resulted from the provision of services for various projects in Czech Republic, Austria and Germany. This position also includes charges for management services and intragroup allocations.
Total output by asset class
| in €m | 1–6/2024 | 1–6/2023 | Change |
|---|---|---|---|
| Residential | 39.0 | 23.6 | 65.4% |
| Office | 120.9 | 28.9 | >100% |
| Hotel | 62.4 | 36.6 | 70.7% |
| Other | 7.1 | 6.1 | 16.1% |
| Service | 19.7 | 20.9 | -6.1% |
| Total | 249.1 | 116.2 | >100% |
Financial performance indicators
Business development and earnings
The core activities of the UBM Group revolve around the project-based real estate business. The revenue reported on the income statement can be subject to strong fluctuations because these projects are developed over a period of several years. Real estate projects are recognised as of the signing date based on the progress of construction and realisation (percentage of completion, PoC). The sale of properties through share deals and the development and sale of projects within the framework of equity-accounted investments are not included in revenue. In order to provide a better overview and improve the transparency of information on UBM's business performance, Total Output is also reported. This managerial indicator includes – similar to revenue – the proceeds from property sales, rental income and income from hotel operations as well as the general contractor and project management services capitalised or provided to third parties and companies not included through full consolidation. It also contains the profit or loss from companies accounted for at equity and the results of sales through share deals. Total Output is based on the amount of the investment held by UBM. It does not include advance payments, which are primarily related to large-scale or residential construction projects.
Total Output amounted to €249.1m in the first half of 2024 and was 114.4% higher than the previous year (H1 2023: €116.2m). Revenue as reported on the consolidated income statement rose from €37.8m to €42.9m and was influenced primarily by the progress of construction on previously sold real estate projects which are recorded over time based on the progress of construction and realisation. Substantial contributions were made by various residential projects in Germany and Czech Republic as well as forward sales in Austria.
The profit from companies accounted for at equity increased only minimally from €-7.00m in the first half of 2023 to €-7.02m in the reporting period. The prior period contributions were based on real estate projects like the F.A.Z. Tower in Frankfurt and the Gmunderhöfe in Munich.
An income of €1.7m was recorded from fair value adjustments to investment property in the first half of 2024. No income from fair value adjustments to investment property was recorded in the comparative period. The expenses from fair value adjustments amounted to €0.4m in the first six months of 2024. There were no major rental defaults from fully consolidated standing assets.
Other operating income amounted to €5.6m and included, among others, income from the release of provisions, employee-related settlements and various other items. In the previous year, other operating income equalled €13.3m. Other operating expenses fell from €23.4m to €11.1m, above all due to foreign exchange losses in the reporting period. This position also includes office operating costs, legal and consulting fees, and management fees as well as taxes, duties and miscellaneous expenses.
The cost of materials and other related production services declined to €26.5m (H1 2023: €31.6m). These expenses consist largely of material costs for the construction of residential properties and various other development projects which were sold through forward transactions. Also included are the book value disposals from property sales in the form of asset deals and purchased general contractor services.
Income of €4.6m was recorded in the first half of 2024 from changes in the portfolio related to residential property inventories (H1 2023: €14.8m).
Personnel expenses were lower year-on-year at €11.0m (H1 2023: €14.1m). The number of employees in the companies included in the consolidated financial statements totalled 252 at the end of June 2024 (30 June 2023: 276).
EBITDA decreased by €23.7m year-on-year to €-1.2m in the first half of 2024, and EBIT totalled €-2.5m (H1 2023: €-26.2m). Financial income increased only slightly from €8.1m in the first half of 2023 to €8.4m in the reporting period. Financial costs were higher than the previous year at €16.9m (H1 2023: €13.4m) and included no material write-downs in the reporting or comparative period.
EBT improved from €-31.6m in the first half of 2023 to €-10.9m in the reporting period. Tax expense equalled €1.6m and reflects an increase in the tax rate to 14.6% (H1 2023: tax rate of 7.3%).
The net loss (after-tax result for the period) totalled €-12.5m (H1 2023: €-29.3m), and the net loss attributable to the shareholders of the parent company equalled €-15.4m. The share attributable to the hybrid capital holders equalled €2.7m in the first six months of 2024. The resulting earnings per share equalled €-2.06 for the reporting period.
Asset and financial position
Total assets recorded by the UBM Group amounted to €1,188.8m as of 30 June 2024 and were €65.0m below the level on 31 December 2023. This decline resulted primarily from the sale of an interest in the Poleczki Business Park which was accompanied by a reduction in the project-related debt.
Tangible assets declined slightly by €0.6m to €10.5m. This position consists primarily of capitalised rights of use from leases. The carrying amount of investment property fell by €86.3m to €321.6m at the end of June.
The carrying amount of the investments in equity-accounted companies totalled €132.6m at the end of June and was slightly lower than on 31 December 2023 (€150.2m). Project financing rose by €33.3m to €176.9m at the end of the first half of 2024.
Current assets rose by €17.3m to €525.7m as of 30 June 2024. Cash and cash equivalents increased by €27.9m due to the previously mentioned sales and totalled €179.4m at the end of the reporting period. Financial assets changed by €5.7m compared with 31 December 2023.
Real estate inventories totalled €269.6m at the end of June 2024 and were slightly higher than at year-end 2023 (€265.4m). This position includes miscellaneous inventories as well as specific residential properties under development which are designated for sale. Trade receivables declined from €37.3m at the end of 2023 to €35.0m at the end of the first half of 2024. Included here, in particular, are real estate inventories which are sold during development as well as the proportional share of forward sales of investment properties.
Equity was €18.8m below year-end 2023 at €360.9m as of 30 June 2024. The equity ratio equalled 30.4% at the end of the reporting period and remained within the target range of 30–35% (31 December 2023: 30.3%).
Bond liabilities totalled €377.2m at the end of June and were slightly higher than the previous year (31 December 2023: €376.1m). Financial liabilities (current and non-current) declined by €33.9m to €374.2m.
Trade payables amounted to €22.0m at the end of June 2024 and were below the level at year-end 2023 (€25.7m). This amount includes payments for subcontractor services which were outstanding at the end of the reporting period. Other financial liabilities (current and non-current) declined from €27.9m as of 31 December 2023 to €23.0m. Deferred taxes and current taxes payable amounted to €15.0m as of 30 June 2024 (31 December 2023: €17.2m).
Net debt fell from €610.2m as of 31 December 2023 to €550.0m as of 30 June 2024. Net debt includes current and non-current bonds and financial liabilities, excluding lease liabilities, less cash and cash equivalents.
Cash flow
Operating cash flow increased from €-0.2m to €3.2m in the first half of 2024. The fair value adjustments included in profit for the reporting year were excluded from operating cash flow because of their non-cash character.
Cash flow from operating activities totalled €-1.7m, compared with €–42.2m in the first half of 2023. The increase in real estate inventories (€4.2 m), interest paid (€13.3m) and a decline in liabilities (€ 1.4m) reduced cash flow. In contrast, cash flow was positively influenced by the reduction in receivables (€15.2m). The change in inventories includes cash inflows of €10.3m from the sale of real estate inventories and expenses for the additions to real estate inventories amounting to €15.0m. Inflows from the sale of properties sold forward amounted to € 24.8 million, while € 25.8 million was recorded from the creation of assets already sold.
Cash flow from investing activities amounted to €14.0m, compared with €6.9 m in the first six months of the previous year. Investments in project financing totalled €45.8m, and the investments in property, plant and equipment, investment property and financial assets amounted to €26.9m. Cash inflows from the repayment of project financing and from the sale of consolidated companies had an effect of €22.0m and €37.9m, respectively, on cash flow from investing activities.
Cash flow from financing activities amounted to €16.0m (H1 2023: €-74.1m), whereby the comparative period was significantly influenced by the repayment of the hybrid bond 2018 at €52.9m. New borrowings totalled €48.4m, and loans of €26.8m were repaid.
Non-financial performance indicators
Environmental and social issues
UBM carries high responsibility for society as a project developer and property owner. Especially in the area of real estate development, the company can influence its own sustainable growth but also creates the foundation for future users (e.g. through the selection of materials, energy sources etc.). The inclusion of sustainability aspects during the planning process, production and operation also represents an important instrument for the sustainable preservation of a property. The environment and sustainability have been anchored in UBM's strategy for many years and are presented annually in an extensive ESG Report.
Employees
The UBM Group, including all its subsidiaries, had a total workforce of 252 as of 30 June 2024, compared with 268 as of 31 December 2023.
Detailed information on environmental and social issues, respect for human rights, the fight against corruption and bribery, and employee-related issues can be found in the ESG Report for 2023.
Outlook
Against the backdrop of geopolitical conflicts and continuing high interest rates, the experts at the International Monetary Fund (IMF) are standing by their April 2024 growth projection of 3.2% for the world's economy in 2024. Global growth has been slowed by the ongoing war in Europe, the conflict between Israel and Hamas and between Israel and Iran which has been escalating since October 2023 as well as the impact of high inflation and the resulting high interest rates. The increase in interest rates led to a decline in inflation in the eurozone which was reflected in the ECB's decision to hold rates constant at 4.5% from September 2023 up to 6 June 2024 when a reduction to 4.25% was announced. Despite the downward trend in recent months, inflation is only expected to approach the ECB target of 2% during the next 12 months. 1, 2
UBM's financial position remains solid. Internal controls and a strong focus on cash management dispelled any doubts over sufficient liquidity in the first half of 2024. Key underlying factors included the sale of non-strategic assets: Among others, two buildings in the Poleczki Business Park, shares in the Andaz Prague, the LeopoldQuartier (section A) and, above all, the W3-Center Wien Mitte shopping centre were sold during the reporting period. Cash and cash equivalents totalled over €179m at the end of the first half year. No further bond repayments are scheduled until November 2025, which creates a competitive advantage over other market players.
The healthy balance sheet indicators achieved in recent years despite the difficult market environment – for example, the equity ratio of 30.4% and the above-mentioned liquidity situation – create a comparatively comfortable position for these uncertain times in the real estate sector.
In addition to its solid balance sheet, UBM's position is underscored by consequent market positioning as one of the largest developers of timber-hybrid buildings in Europe. Further investments will be made in the 1.9 billion euro project pipeline up to 2028, and the projects are continuously advancing.
The constant high demand for housing will continue, driven by population growth and an increasing gap to the available supply. This is particularly evident in large metropolitan regions like Vienna, Munich, Frankfurt and Prague, where most of UBM's residential projects are located. UBM sees the successful sales in the first half of 2024 – which have already topped the full 12 months of 2023 – as an early indicator for a turnaround. Nearly 3,000 apartments are currently under development or on the market.
UBM expects a significant reduction of the year-on-year loss in 2024, but the protection of liquidity still has priority. A return to the profit zone is expected in 2025, most likely due to the growing supply gap on the housing market as well as a further increase in office rents in all UBM markets. In view of the current market reorganisation, there can be no doubt that the remaining market participants will be able to enjoy above-average benefits.
1 EZB: Pressemitteilung July 2024
2 IMF: World Economic Outlook July 2024
Risk report
The risks which have, or could have, a significant impact on UBM Development AG are discussed in the 2023 Annual Report on pages 129 to 134. Detailed information on UBM's risk management system is also provided in this section.
There have been no significant changes in the risk profile since the publication of the financial statements for the 2023 financial year. Therefore, the statements in the 2023 Annual Report/risk report still apply without exception. Reference is also made, in particular, to the risks associated with the war in Ukraine (see pages 132-134).
Responsibility statement
We confirm to the best of our knowledge that these consolidated interim financial statements, which were prepared in accordance with the applicable accounting standards, provide a true and fair view of the financial position and financial performance of the Group. Furthermore, we confirm to the best of our knowledge that the interim management report provides a true and fair view of the important events that occurred during the first six months of the financial year and their effects on these consolidated interim financial statements as well as the principal risks and uncertainties for the remaining six months of the financial year and the major reportable transactions with related parties.
Vienna, 28 August 2024
The Management Board
Thomas G. Winkler CEO
Patric Thate CFO
Martina Maly-Gärtner COO
Peter Schaller CTO
Consolidated Income Statement
from 1 January to 30 June 2024
| in T€ | 1–6/2024 | 1–6/2023 | 4–6/2024 | 4–6/2023 |
|---|---|---|---|---|
| Revenue | 42,896 | 37,839 | 22,464 | 19,944 |
| Changes in the portfolio | 4,580 | 14,826 | –9,231 | 9,186 |
| Share of profit/loss from companies accounted for at equity |
–7,020 | –7,003 | –3,183 | –7,551 |
| Income from fair value adjustments to investment property |
1,684 | - | 1,684 | –3,470 |
| Other operating income | 5,609 | 13,277 | 4,143 | 8,766 |
| Cost of materials and other related production services |
–26,490 | –31,599 | –4,613 | –17,102 |
| Personnel expenses | –10,981 | –14,143 | –5,392 | –6,824 |
| Expenses from fair value adjustments to investment property |
–356 | –14,687 | –243 | –14,283 |
| Other operating expenses | –11,140 | –23,437 | –4,624 | –18,371 |
| EBITDA | –1,218 | –24,927 | 1,005 | –29,705 |
| Depreciation and amortisation | –1,259 | –1,317 | –622 | –669 |
| EBIT | –2,477 | –26,244 | 383 | –30,374 |
| Financial income | 8,437 | 8,109 | 5,135 | 4,884 |
| Financial costs | –16,890 | –13,448 | –9,103 | –7,168 |
| EBT | –10,930 | –31,583 | –3,585 | –32,658 |
| Income tax expenses | –1,601 | 2,312 | –966 | 2,498 |
| Profit for the period | –12,531 | –29,271 | –4,551 | –30,160 |
| of which: attributable to shareholders of the parent |
–15,378 | –32,464 | –5,899 | –31,329 |
| of which: attributable to holder of hybrid capital |
2,727 | 3,198 | 1,410 | 1,372 |
| of which: attributable to non-controlling interests |
120 | –5 | –62 | –203 |
| Basic earnings per share (in €) | –2.06 | –4.34 | –0.79 | –4.19 |
| Diluted earnings per share (in €) | –2.06 | –4.34 | –0.79 | –4.19 |
Consolidated Statement of Comprehensive Income
from 1 January to 30 June 2024
| in T€ | 1–6/2024 | 1–6/2023 | 4–6/2024 | 4–6/2023 |
|---|---|---|---|---|
| Profit for the period | –12,531 | –29,271 | –4,551 | –30,160 |
| Other comprehensive income | ||||
| Remeasurement of defined benefit obligations | - | –18 | - | 94 |
| Income tax expense (income) on other comprehensive income |
- | 4 | - | –22 |
| Other comprehensive income which cannot be reclassified to profit or loss (non-recyclable) |
- | –14 | - | 72 |
| Currency translation differences | –778 | –3,976 | –375 | –3,538 |
| Other comprehensive income which can subsequently be reclassified to profit or loss (recyclable) |
–778 | –3,976 | –375 | –3,538 |
| Other comprehensive income of the period | –778 | –3,990 | –375 | –3,466 |
| Total comprehensive income of the period | –13,309 | –33,261 | –4,926 | –33,626 |
| of which: attributable to shareholders of the parent |
–16,156 | –36,453 | –6,274 | –34,794 |
| of which: attributable to holder of hybrid capital |
2,727 | 3,198 | 1,410 | 1,372 |
| of which: attributable to non-controlling interests |
120 | –6 | –62 | –204 |
Consolidated Balance Sheet
as of 30 June 2024
| in T€ | 30 June 2024 | 31 December 2023 |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Intangible assets | 1,868 | 1,915 |
| Property, plant and equipment | 10,515 | 11,129 |
| Investment property | 321,578 | 407,894 |
| Investments in companies accounted for at equity | 132,559 | 150,208 |
| Project financing | 176,891 | 143,552 |
| Other financial assets | 10,632 | 19,358 |
| Financial assets | 198 | 2,356 |
| Deferred tax assets | 8,816 | 8,883 |
| 663,057 | 745,295 | |
| Current assets | ||
| Inventories | 269,599 | 265,411 |
| Trade receivables | 35,016 | 37,315 |
| Financial assets | 34,421 | 40,089 |
| Other receivables and assets | 7,308 | 14,147 |
| Cash and cash equivalents | 179,393 | 151,520 |
| 525,737 | 508,482 | |
| Assets total | 1,188,794 | 1,253,777 |
| Equity and liabilities | ||
| Equity | ||
| Share capital | 52,305 | 52,305 |
| Capital reserves | 98,954 | 98,954 |
| Other reserves | 105,379 | 121,535 |
| Hybrid capital | 98,832 | 101,605 |
| Equity attributable to shareholders of the parent | 355,470 | 374,399 |
| Equity attributable to non-controlling interests | 5,443 | 5,323 |
| 360,913 | 379,722 | |
| Non-current liabilities | ||
| Provisions | 8,582 | 11,129 |
| Bonds and promissory note loans | 377,176 | 376,066 |
| Financial liabilities | 214,733 | 287,815 |
| Other financial liabilities | 867 | 1,404 |
| Deferred tax liabilities | 10,035 | 10,415 |
| 611,393 | 686,829 | |
| Current liabilities | ||
| Provisions | 2,946 | 3,554 |
| Financial liabilities | 159,506 | 120,365 |
| Trade payables | 22,018 | 25,653 |
| Other financial liabilities | 22,168 | 26,502 |
| Other liabilities | 4,841 | 4,325 |
| Taxes payable | 5,009 | 6,827 |
| 216,488 | 187,226 | |
| Equity and liabilities total | 1,188,794 | 1,253,777 |
Consolidated Statement of Cash Flows
from 1 January to 30 June 2024
| in T€ | 1–6/2024 | 1–6/2023 |
|---|---|---|
| Profit for the period | –12,531 | –29,271 |
| Depreciation, impairment and reversals of impairment on fixed assets and investment property | –72 | 15,983 |
| Interest income/expense | 7,445 | 5,362 |
| Income from companies accounted for at equity | 7,020 | 7,003 |
| Dividends from companies accounted for at equity | 3,200 | 5,500 |
| Decrease in long-term provisions | –2,547 | –1,849 |
| Deferred income tax | 643 | –2,924 |
| Operating cash flow | 3,158 | –196 |
| Decrease in short-term provisions | –677 | –697 |
| Decrease in tax liabilities | –1,725 | 306 |
| Losses on the disposal of assets | 932 | 164 |
| Increase in inventories | –4,188 | –11,020 |
| Increase/decrease in receivables | 15,200 | –6,773 |
| Decrease in payables (excluding banks) | –1,428 | –6,594 |
| Interest received | 1,301 | 1,135 |
| Interest paid | –13,340 | –11,273 |
| Other non-cash transactions | –976 | –7,265 |
| Cash flow from operating activities | –1,743 | –42,213 |
| Proceeds from the sale of property, plant and equipment and investment property | 6,331 | 181 |
| Proceeds from the sale of financial assets | 37,890 | 40 |
| Proceeds from the repayment of project financing | 22,038 | 51,989 |
| Investments in intangible assets | –69 | –247 |
| Investments in property, plant and equipment and investment property | –26,705 | –23,118 |
| Investments in financial assets | –188 | - |
| Investments in project financing | –45,810 | –22,035 |
| Proceeds from the sale of consolidated companies | 20,555 | 125 |
| Cash flow from investing activities | 14,042 | 6,935 |
| Dividends | –5,500 | –16,629 |
| Dividends paid to non-controlling interests | - | –780 |
| Increase in loans and other financing | 48,370 | 14,317 |
| Repayment of loans and other financing | –26,848 | –18,134 |
| Repayment of hybrid capital | - | –52,900 |
| Cash flow from financing activities | 16,022 | –74,126 |
| Cash flow from operating activities | –1,743 | –42,213 |
| Cash flow from investing activities | 14,042 | 6,935 |
| Cash flow from financing activities | 16,022 | –74,126 |
| Change in cash and cash equivalents | 28,321 | –109,404 |
| Cash and cash equivalents at 1 Jan | 151,520 | 322,929 |
| Currency translation differences | –448 | 818 |
| Cash and cash equivalents at 30 June | 179,393 | 214,343 |
| Taxes paid | –2,683 | –306 |
Consolidated Statement of Changes in Equity
as of 30 June 2024
| in T€ | Share capital | Capital reserves | Remeasurement of defined benefit obligations |
Currency translation reserve |
|---|---|---|---|---|
| Balance as of 31 December 2022 | 52,305 | 98,954 | –2,426 | 2,231 |
| Total profit/loss for the period | - | - | - | 33 |
| Other comprehensive income | - | - | –14 | –3,977 |
| Total comprehensive income for the period | - | - | –14 | –3,944 |
| Dividend | - | - | - | - |
| Income taxes on interest for holders of hybrid capital |
- | - | - | - |
| Hybrid capital | - | - | - | - |
| Balance as of 30 June 2023 | 52,305 | 98,954 | –2,440 | –1,713 |
| Balance as of 31 December 2023 | 52,305 | 98,954 | –2,455 | –3,113 |
| Total profit/loss for the period | - | - | - | - |
| Other comprehensive income | - | - | - | –778 |
| Total comprehensive income for the period | - | - | - | –778 |
| Dividend | - | - | - | - |
| Balance as of 30 June 2024 | 52,305 | 98,954 | –2,455 | –3,891 |
| Total | Non-controlling interests | Equity attributable to equity holders of the parent |
hybrid capital | Other reserves |
|---|---|---|---|---|
| 501,449 | 5,571 | 495,878 | 156,395 | 188,419 |
| –29,271 | –5 | –29,266 | 3,198 | –32,497 |
| –3,990 | –1 | –3,989 | - | 2 |
| –33,261 | –6 | –33,255 | 3,198 | –32,495 |
| –17,409 | –780 | –16,629 | –8,410 | –8,219 |
| 1,934 | - | 1,934 | - | 1,934 |
| –52,900 | - | –52,900 | –52,302 | –598 |
| 399,813 | 4,785 | 395,028 | 98,881 | 149,041 |
| 379,722 | 5,323 | 374,399 | 101,605 | 127,103 |
| –12,531 | 120 | –12,651 | 2,727 | –15,378 |
| –778 | - | –778 | - | - |
| –13,309 | 120 | –13,429 | 2,727 | –15,378 |
| –5,500 | - | –5,500 | –5,500 | - |
| 360,913 | 5,443 | 355,470 | 98,832 | 111,725 |
Segment Reporting1
from 1 January to 30 June 2024
| Germany | Austria | |||
|---|---|---|---|---|
| in T€ | 1–6/2024 | 1–6/2023 | 1–6/2024 | 1–6/2023 |
| Total Output | ||||
| Residential | 7,029 | 4,469 | 4,772 | 4,078 |
| Office | 286 | 23,589 | 81,602 | 422 |
| Hotel | 8,926 | 8,037 | 5,001 | 5,856 |
| Other | 418 | 358 | 5,236 | 4,365 |
| Service | 3,676 | 4,917 | 7,247 | 8,294 |
| Total Output² | 20,335 | 41,370 | 103,858 | 23,015 |
| Less revenue from companies accounted for at-equity and of minor importance as well as |
||||
| changes in the portfolio | –16,521 | –35,724 | –99,443 | –17,777 |
| Revenue | 3,814 | 5,646 | 4,415 | 5,238 |
| Residential | –4,539 | –8,644 | –1,645 | –2,810 |
| Office | –3,486 | –4,553 | –487 | –3,002 |
| Hotel | 295 | 52 | –1,722 | –2,008 |
| Other | 895 | 225 | –2,293 | 14 |
| Service | –1,678 | –5,719 | 8,710 | –1,163 |
| Total EBT | –8,513 | –18,639 | 2,563 | –8,969 |
1 Part of the notes. Intersegment revenue is immaterial.
² Total Output includes the revenue and portfolio changes from fully consolidated companies, the proportional share of revenue from companies consolidated at equity, and the revenue from property sales in the form of share or asset deals.
| Group | Other markets | Poland | |||
|---|---|---|---|---|---|
| 1–6/2023 | 1–6/2024 | 1–6/2023 | 1–6/2024 | 1–6/2023 | 1–6/2024 |
| 23,588 | 39,005 | 15,041 | 24,845 | - | 2,359 |
| 28,940 | 120,850 | - | - | 4,929 | 38,962 |
| 36,571 | 62,419 | 10,030 | 29,327 | 12,648 | 19,165 |
| 6,140 | 7,127 | - | - | 1,417 | 1,473 |
| 20,937 | 19,664 | 7,019 | 7,873 | 707 | 868 |
| 116,176 | 249,065 | 32,090 | 62,045 | 19,701 | 62,827 |
| –78,337 | –206,169 | –18,165 | –35,258 | –6,671 | –54,947 |
| 37,839 | 42,896 | 13,925 | 26,787 | 13,030 | 7,880 |
| –9,955 | –9,474 | –1,171 | –1,882 | 2,670 | –1,408 |
| –11,650 | –4,148 | –17 | –445 | –4,078 | 270 |
| –3,202 | –1,038 | –1,227 | 422 | –19 | –33 |
| 1,165 | –1,304 | –482 | - | 1,408 | 94 |
| –7,941 | 5,034 | –377 | –1,608 | –682 | –390 |
| –31,583 | –10,930 | –3,274 | –3,513 | –701 | –1,467 |
Notes to the Consolidated Interim Financial Statements
1. General information
The UBM Group comprises UBM Development AG (UBM) and its subsidiaries. UBM is a public limited company under Austrian law which maintains its registered headquarters at 1100 Vienna, Laaer-Berg-Strasse 43. It is registered with the commercial court of Vienna under reference number FN 100059x. The business activities of the Group are focused primarily on the development, sale and management of real estate.
These consolidated interim financial statements were prepared in accordance with IAS 34, Interim Financial Reporting, based on the International Financial Reporting Standards (IFRS) which were issued by the International Accounting Standards Board (IASB) and adopted by the European Union as well as the interpretations of the International Financial Reporting Interpretations Committee (IFRIC). The applied accounting principles also include the standards which required mandatory application as of 1 January 2024.
The reporting currency is the euro, which is also the functional currency of UBM. The functional currency of the subsidiaries included in the consolidated financial statements is the euro or the respective national currency, depending on the business field. Amounts are reported in thousands of euros (T€) based on commercial rounding.
2. Scope of consolidation
These consolidated interim financial statements include UBM as well as 50 (31 December 2023: 51) domestic and 68 (31 December 2023: 73) foreign subsidiaries.
Two companies were sold and three were deconsolidated. The sale of shares in another company reached a level where only significant influence remains. The net sale price of T€20,555 was paid in cash and included the disposal of investment property totalling T€107,891 and financial liabilities of T€55,744.
In addition, 23 (31 December 2023: 23) domestic and 20 (31 December 2023: 20) foreign associates and joint ventures were accounted for at equity. One company was sold during the reporting period and another company is now accounted for at equity following a partial sale.
3. Accounting and valuation methods
These consolidated interim financial statements are based on the same accounting and valuation methods applied in preparing the consolidated financial statements as of 31 December 2023, which are presented in the related notes. Exceptions to these methods are formed by the following standards and interpretations that required mandatory application for the first time during the reporting period.
The following standards were initially applied by the Group as of 1 January 2024 and had no material effect on the consolidated interim financial statements.
| New or revised standard | Date of publication by IASB |
Date of adoption into EU |
Date of initial application |
|---|---|---|---|
| Amendments to IAS 1: Classification of Liabilities as Current or Non-Current |
23.1.2020 + 15.7.2020 + 31.10.2022 |
19.12.2023 | 1.1.2024 |
| Amendments to IFRS 16: Lease Liability in a Sale and Leaseback | 22.9.2022 | 20.11.2023 | 1.1.2024 |
| Amendments to IAS 1: Non-Current Liabilities with Covenants | 31.10.2022 | 19.12.2023 | 1.1.2024 |
| Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements | 25.5.2023 | 15.5.2024 | 1.1.2024 |
The following standards and interpretations were published but do not yet require mandatory application and/or have not yet been adopted into EU law:
| New or revised standard | Date of publication by IASB |
Date of adoption into EU law |
Date of initial application |
|---|---|---|---|
| Amendments to IAS 21: Lack of Exchangeability | 15.8.2023 | – | 1.1.2025 |
| Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments |
30.5.2024 | – | 1.1.2026 |
| Annual Improvements to IFRS Accounting Standards - Volume 11 | 18.7.2024 | – | 1.1.2026 |
| IFRS 18: Presentation and Disclosure in Financial Statements | 9.4.2024 | – | 1.1.2027 |
| IFRS 19: Subsidiaries without Public Accountability: Disclosures | 9.5.2024 | – | 1.1.2027 |
4. Notes to the income statement
The net loss for the period improved from T€-29,271 in the first half of 2023 to T€-12.531 in the reporting period. The improvement was supported in part by higher revenue from the partial realisation of profit on sold apartments T€26,585 (Q2 2023: T€19,400) in accordance with the progress of construction (percentage of completion method). The foreign exchange gains included in other operating income totalled T€1,533 (Q2 2023: T€11.107) and resulted from the development of the polish zloty. Other operating expenses declined to T€12,297, and the revaluation of real estate inventories included in this position equalled T€0 (Q2 2023: T€-8,954).
Revenue
The following table shows the classification of revenue according to the major categories, the time of recognition and the reconciliation to segment reporting:
| Germany | Austria | Poland | Other Markets | Group | |
|---|---|---|---|---|---|
| in T€ | 1–6/2024 | 1–6/2024 | 1–6/2024 | 1–6/2024 | 1–6/2024 |
| Revenue | |||||
| Residential | 1,843 | 26 | 2,361 | 24,625 | 28,855 |
| Office | 326 | 416 | 2,000 | - | 2,742 |
| Hotel | - | - | - | 1,858 | 1,858 |
| Other | 93 | 549 | 2,180 | - | 2,822 |
| Service | 1,551 | 3,424 | 1,339 | 305 | 6,619 |
| Revenue | 3,813 | 4,415 | 7,880 | 26,788 | 42,896 |
| Recognition over time | 1,823 | 1,663 | - | 23,099 | 26,585 |
| Recognition at a point in time | 1,990 | 2,752 | 7,880 | 3,689 | 16,311 |
| Revenue | 3,813 | 4,415 | 7,880 | 26,788 | 42,896 |
| Germany | Austria | Poland | Other Markets | Group | |
| in T€ | 1–6/2023 | 1–6/2023 | 1–6/2023 | 1–6/2023 | 1–6/2023 |
| Revenue | |||||
| Residential | 250 | 1,956 | 5,689 | 12,201 | 20,096 |
| Office | 483 | 422 | 4,676 | - | 5,581 |
| Hotel | - | - | - | 1,181 | 1,181 |
| Other | 39 | 531 | 2,057 | - | 2,627 |
| Service | 4,874 | 2,329 | 608 | 543 | 8,354 |
| Revenue | 5,646 | 5,238 | 13,030 | 13,925 | 37,839 |
| Recognition over time | 813 | 699 | 5,687 | 12,201 | 19,400 |
| Recognition at a point in time | 4,833 | 4,539 | 7,343 | 1,724 | 18,439 |
| Revenue | 5,646 | 5,238 | 13,030 | 13,925 | 37,839 |
5. Share capital
| Share capital | Number | € | Number | € |
|---|---|---|---|---|
| 30 June 2024 | 30 June 2024 | 31 Dec 2023 | 31 Dec 2023 | |
| Ordinary bearer shares | 7,472,180 | 52,305,260 | 7,472,180 | 52,305,260 |
6. Authorised capital, conditional capital, stock option programme
The following resolutions, among others, were passed at the 143rd Annual General Meeting on 21 May 2024:
Resolution revoking the authorisation of the Management Board pursuant to Section 169 of the Austrian Stock Corporation Act to increase the company's share capital by 9 June 2027, with the approval of the Supervisory Board, by up to EUR 5,230,526.00, also in several tranches, through the issue of up to 747,218 new ordinary zero par value bearer shares in exchange for cash and/or contributions in kind, also through indirect subscription rights as defined by Section 153 (6) of the Austrian Stock Corporation Act and with the possible exclusion of subscription rights as currently provided by Para. 4 (4) of the Statutes.
Resolution authorising the Management Board to increase the company's share capital within a period of five years following recording in the company register of this authorisation by the Annual General Meeting on 21 May 2024, with the approval of the Supervisory Board, also in several tranches, by up to EUR 26,152,630.00 through the issue of up to 3,736,090 new ordinary zero par value bearer shares in exchange for cash and/or contributions in kind, also through indirect subscription rights as defined by Section 153 (6) of the Austrian Stock Corporation Act and with the possible exclusion of subscription rights (authorised capital). Furthermore, authorisation of the Management Board to determine the issue price, terms and conditions, the subscription ratio and all other details in agreement with the Supervisory Board. The subscription rights of shareholders to the new shares issued from authorised capital are excluded if, and to what extent, this authorisation (authorised capital) is used through the issue of shares in exchange for cash as part of greenshoe options in connection with the placement of new shares by the company. The Management Board is also authorised, with the approval of the Supervisory Board, to exclude the subscription rights of shareholders.
The Supervisory Board is authorised to approve amendments to the Statutes which result from the use of this authorisation by the Management Board.
Para. 4 (4) of the Statutes in the current version was revoked and replaced by the following paragraph as the new Para. 4 (4) of the Statutes:
"(4) The Management Board is authorised, with the approval of the Supervisory Board, to increase the company's share capital within a period of five years following recording in the company register of this authorisation by the Annual General Meeting on 21 May 2024, with the approval of the Supervisory Board, also in several tranches, by up to EUR 26,152,630.00 (twenty-six million, one hundred fifty-two thousand and six hundred thirty euros) through the issue of up to 3,736,090 (three million, seven hundred thirty-six thousand and ninety) new ordinary zero par value bearer shares in exchange for cash and/or contributions in kind, also through indirect subscription rights as defined by Section 153 (6) (paragraph one hundred fifty-three, section six) of the Austrian Stock Corporation Act and with the possible exclusion of subscription rights (authorised capital). Furthermore, authorisation of the Management Board to determine the issue price, terms and conditions, the subscription ratio and all other details in agreement with the Supervisory Board. The subscription rights of shareholders to the new shares issued from authorised capital are excluded if, and to what extent, this authorisation (authorised capital) is used through the issue of shares in exchange for cash as part of greenshoe options in connection with the placement of new shares by the company. The Management Board is also authorised, with the approval of the Supervisory Board, to exclude the subscription rights of shareholders. The Supervisory Board is authorised to approve amendments to the Statutes which result from the use of this authorisation by the Management Board."
Stock option programme for managers 2024:
UBM has implemented a stock option programme for managers which is intended to support the long-term increase in the value of the company and, at the same time, create an opportunity to participate in the company's positive development. The programme requires the eligible persons to make a personal investment in UBM shares and to submit a participation statement by 19 July 2024. The exercise price represents the average closing price for the UBM share during the period from 27 May 2024 to 22 July 2024, i.e. EUR 21.43. The virtual stock options can be exercised during each of two two-month windows up to 31 October 2027 if the price of the UBM share equals at least EUR 27.00 on 15 consecutive days and net debt as of the balance sheet date does not exceed four-times the market capitalisation.
7. Notes on segment reporting
Segment reporting is based on geographical regions in accordance with the internal organisational structure of the UBM Group. The individual development companies in a segment are combined into groups for the purpose of segment reporting. Each of these groups constitutes a business area (asset class) in the UBM Group.
8. Notes to the balance sheet
Non-current assets (incl. investment property) declined by T€86,977 to T€333,961 as of 30 June 2024 (31 December 2023: T€420,938). Investments in tangible and intangible assets (incl. financial assets) increased non-current assets by T€26,774. In addition, T€45,998 was directed to financing for equity accounted companies. Transactions concluded during the first half year reduced the carrying amount of investment property by T€107,891.
Net debt declined by T€60,270 to T€549,976 in the first half of 2024 (31 December 2023: T€610,246). This reduction was based on an increase in cash and cash equivalents to T€179,393 (31 December 2023: T€151,520) and to a decline of T€55,744 in financial liabilities following changes in the scope of consolidation.
9. Financial instruments
The carrying amount of the financial instruments represents a reasonable approximation of fair value as defined by IFRS 7.29. Exceptions are the financial assets carried at amortised cost and the fixed-interest bonds (fair value hierarchy level 1) as well as the fixed-interest borrowings and overdrafts from banks and other fixed-interest financial liabilities (fair value hierarchy level 3).
The fair value measurement of the bonds is based on quoted prices. Loans and borrowings as well as other financial assets are valued using the discounted cash flow method, whereby the zero coupon yield curve published by Reuters on 30 June 2024 was used to discount the cash flows.
Carrying amounts, measurement approaches and fair values
| Measurement in acc. with IFRS 9 | |||||||
|---|---|---|---|---|---|---|---|
| in T€ | Measurement category (IFRS 9) |
Carrying amount as of 30 June 2024 |
(Amortised) cost |
Fair value (other com prehen sive income) |
Fair value (through profit or loss) |
Fair value hierarchy |
Fair value as of 30 June 2024 |
| Assets | |||||||
| Project financing at variable interest rates |
Amortised Cost |
176,891 | 176,891 | - | - | - | - |
| Other financial assets | Amortised Cost |
10,000 | 10,000 | - | - | Level 3 | 10,000 |
| Other financial assets | FVTPL | 632 | - | - | 632 | Level 3 | 632 |
| Trade receivables 1 | Amortised Cost |
6,460 | 6,460 | - | - | - | - |
| Financial assets | Amortised Cost |
34,341 | 34,341 | - | - | - | - |
| Derivatives (excl. hedges) | FVTPL | 278 | - | - | 278 | Level 2 | 278 |
| Cash and cash equivalents | – | 179,393 | 179,393 | - | - | - | - |
| Liabilities | |||||||
| Bonds and promissory note loans at fixed interest rates |
Amortised Cost |
377,176 | 377,176 | - | - | Level 1 | 363,150 |
| Borrowings and overdrafts from banks |
|||||||
| at variable interest rates | Amortised Cost |
304,821 | 304,821 | - | - | – | - |
| at fixed interest rates | Amortised Cost |
46,475 | 46,475 | - | - | Level 3 | 43,779 |
| Other loans and borrowings |
|||||||
| at fixed interest rates | Amortised Cost |
897 | 897 | - | - | Level 3 | 138 |
| Lease liabilities | – | 22,046 | 22,046 | - | - | – | - |
| Trade payables | Amortised Cost |
22,018 | 22,018 | - | - | – | - |
| Other financial liabilities | Amortised Cost |
23,035 | 23,035 | - | - | – | - |
| By category: | |||||||
| Financial assets at amortised cost |
Amortised Cost |
227,692 | 227,692 | - | - | - | - |
| Financial assets at fair value through profit or loss |
FVTPL | 910 | - | - | 910 | - | - |
| Cash and cash equivalents | – | 179,393 | 179,393 | - | - | - | - |
| Financial liabilities at amortised cost |
Amortised Cost |
774,422 | 774,422 | - | - | - | - |
1 without contract assets according to IFRS 15
| Measurement in acc. with IFRS 9 | |||||||
|---|---|---|---|---|---|---|---|
| in T€ | Measurement category (IFRS 9) |
Carrying amount as of 31 December 2023 |
(Amortised) cost |
Fair value (other com prehen sive income) |
Fair value (through profit or loss) |
Fair value hierarchy |
Fair value as of 31 December 2023 |
| Assets | |||||||
| Project financing | Amortised | ||||||
| at variable interest rates | Cost | 143,552 | 143,552 | - | - | - | - |
| Amortised | |||||||
| Other financial assets | Cost | 8,721 | 8,721 | - | - | Level 1 | 8,802 |
| Amortised | |||||||
| Other financial assets | Cost | 10,000 | 10,000 | - | - | Level 3 | 10,000 |
| Other financial assets | FVTPL | 637 | - | - | 637 | Level 3 | 637 |
| Amortised | |||||||
| Trade receivables 1 | Cost | 7,903 | 7,903 | - | - | - | - |
| Amortised | |||||||
| Financial assets | Cost | 42,445 | 42,445 | - | - | - | - |
| Cash and cash equivalents | – | 151,520 | 151,520 | - | - | - | - |
| Liabilities | |||||||
| Bonds and promissory note | Amortised | ||||||
| loans at fixed interest rates | Cost | 376,066 | 376,066 | - | - | Level 1 | 337,887 |
| Borrowings and | |||||||
| overdrafts from banks | |||||||
| Amortised | |||||||
| at variable interest rates | Cost | 338,332 | 338,332 | - | - | – | - |
| Amortised | |||||||
| at fixed interest rates | Cost | 46,475 | 46,475 | - | - | Level 3 | 43,223 |
| Other loans and borrowings |
|||||||
| Amortised | |||||||
| at fixed interest rates | Cost | 893 | 893 | - | - | Level 3 | 139 |
| Lease liabilities | – | 22,480 | 22,480 | - | - | – | - |
| Amortised | |||||||
| Trade payables | Cost | 25,653 | 25,653 | - | - | – | - |
| Amortised | |||||||
| Other financial liabilities | Cost | 27,906 | 27,906 | - | - | – | - |
| By category: | |||||||
| Financial assets | Amortised | ||||||
| at amortised cost | Cost | 212,621 | 212,621 | - | - | - | - |
| Financial assets at fair value through profit or loss |
FVTPL | 637 | - | - | 637 | - | - |
| Cash and cash equivalents | – | 151,520 | 151,520 | - | - | - | - |
| Financial liabilities | Amortised | ||||||
| at amortised cost | Cost | 815,325 | 815,325 | - | - | - | - |
1 without contract assets according to IFRS 15
10. Transactions with related parties
Transactions between Group companies and companies accounted for at equity are related primarily to project development and construction as well as the provision of loans and the related interest charges.
In addition to the companies accounted for at equity, related parties in the sense of IAS 24 include PORR AG and its subsidiaries, as well as the member companies of the IGO Industries Group and the Strauss Group because they, or their controlling entities, have significant influence over UBM through the existing syndicate
Transactions between companies included in the UBM Group's consolidated financial statements and the PORR Group companies during the first half of 2024 were related primarily to construction services.
An office property in Poland and shares in an Austrian office property were sold to the PORR Group during the first half of 2024. The purchase price of T€15,126 was paid in cash.
In addition, the IGO Industrie Group purchased an office property in Poland and an additional 15.00% interest in two equity accounted companies. The purchase price of T€13,944 was paid in cash.
11. Events after the balance sheet date
No reportable events occurred after the balance sheet date on 30 June 2024.
Vienna, 28 August 2024
The Management Board
Thomas G. Winkler CEO
Patric Thate CFO
Martina Maly-Gärtner
COO
Peter Schaller CTO
Responsibility Statement pursuant to section 125 para. 1 stock exchange act 2018 – Consolidated Interim Financial Statements
We confirm to the best of our knowledge that these consolidated interim financial statements, which were prepared in accordance with the applicable accounting standards, provide a true and fair view of the financial position and financial performance of the Group. Furthermore, we confirm to the best of our knowledge that the interim management report provides a true and fair view of the important events that occurred during the first six months of the financial year and their effects on these consolidated interim financial statements as well as the principal risks and uncertainties for the remaining six months of the financial year and the major reportable transactions with related parties.
Vienna, 28 August 2024
The Management Board
Thomas G. Winkler CEO
Patric Thate CFO
Martina Maly-Gärtner COO
Peter Schaller CTO
Financial calendar
2024
| Interest payment on the UBM Green Bond 2023 | 10.07.2024 |
|---|---|
| Publication of the Half-Year Report 2024 | 29.08.2024 |
| Interest payment on UBM bond 2019 | 13.11.2024 |
| Publication of the Q3 Report 2024 | 28.11.2024 |
Contact
Investor Relations
Christoph Rainer Tel: +43 (0) 664 80 1873 200 [email protected]
Imprint
Media Proprietor and Publisher
UBM Development AG Laaer-Berg-Strasse 43, 1100 Viena, Austria Tel: +43 (0) 50 1873 100 www.ubm-development.com
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UBM Development AG
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Disclaimer
This Half-Year Report includes forward-looking statements which are based on current assumptions and estimates made to the best of their knowledge by the management of UBM Development AG. These forward-looking statements can be identified by words like "expectation", "goal" or similar terms and expressions. The forecasts concerning the future development of the company represent estimates which are based on the information available at the time the Half-Year Report was prepared. If the assumptions underlying these forecasts do not materialise or if unexpected risks occur at an amount not quantified or quantifiable, the actual future development and actual future results can differ from these estimates, assumptions and forecasts.
Significant factors for these types of deviations can include, for example, changes in the general economic environment or the legal and regulatory framework in Austria and the EU as well as changes in the real estate sector. UBM Development AG will not guarantee or assume any liability for the agreement of future development and future results with the estimates and assumptions made in this Half-Year Report.
The use of automated data processing equipment can lead to rounding differences in the addition of rounded amounts and percentage rates.
The Half-Year Report as of 30 June 2024 was prepared with the greatest possible care to ensure the accuracy and completeness of the information in all sections. The key figures were rounded based on the compensated summation method. However, rounding, typesetting and printing errors cannot be excluded.
This Half-Year Report is also published in German and is available in both languages on the website of UBM Development AG. In the event of a discrepancy or deviation, the German language version takes precedence.
www.ubm-development.com