According to provisional figures for 2017 publity with €11.2 million annual profit and positive outlook

(lifePR) ( Leipzig, )

Postponing property sales and slower growth in assets under management shaped the last financial year
Nevertheless, clearly profitable development of business with an EBIT of approx. €14.8 million and annual profit of €11.2 million
Clear growth in profits to €15 - 20 million expected for 2018

The Management Board of publity AG (Scale, ISIN DE0006972508) has reported first provisional, not-yet audited framework data for the financial year 2017. The report period was characterised by the unexpected postponement of property sales and the slower speed of property acquisitions for clients caused by market conditions. Sales and the results were accordingly below original expectations. Due to lower growth in assets under management and due to the postponement of planned property sales, profit was more than €12 million lower than expected. Nevertheless, publity concluded the financial year highly positively overall and achieved the most recently notified profit level (see Ad hoc on 31 January 2018).

On the basis of the current negotiating situation with market players, the Management Board assumes that it will be possible to realise planned property disposals with volumes of approximately €280 million in the next few months and accordingly, expects strongly rising profits in the current year.

According to provisional figures prepared as per HGB accounting, sales in the last financial year were about €25.6 million in comparison with €41.6 million one year previously. The operating result (EBIT) thus amounted to €14.8 million after €35.5 million in the previous year. An annual profit of €11.2 million was generated in 2017 compared with €23.1 million in the previous year. The earnings per share were thus €1.87 after €3.89 in the previous period. Assets under management at the year end were a good €4.6 billion after €3.0 billion one year before.

For the financial year 2018, publity expects an increase in the profit after tax to €15 - 20 million. This forecast does not include any increase in the assets under management for reasons of caution.    

Thomas Olek, CEO, publity AG: “Despite the profits of €11.2 million after tax we are not satisfied with developments in 2017, of course. On the other hand, as asset managers acting in our clients’ interests we are also not prepared to lower our sights in terms of price and yield expectations when buying and selling property due to short-term considerations. This is why some developments have taken longer than expected and have extended beyond the reporting period. I can assure our shareholders that on the basis of the current situation we are working flat out to implement the targets for 2018.”  
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