Preliminary figures show publity AG’s 2021 revenues above expectations/ Annual result below plan due to market-related value adjustments of investments

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Preliminary figures show publity AG’s 2021 revenues above expectations/ Annual result below plan due to market-related value adjustments of investments

Frankfurt/Main, 13.09.2022, 18:34 pm – Asset manager publity AG (“publity”, ISIN DE0006972508) assumes in the context of the preparation of the annual financial statements 2021 that sales in the past fiscal year according to HGB accounting will be significantly above the previous year’s figure of EUR 16.0 million at EUR 28.7 million and thus significantly above previous expectations. Previously, sales for the 2021 financial year had been expected to be slightly below the previous year’s level. The budget overrun results from the operating business, through the high asset management fees from the managed portfolios in 2021. Above all, however, it was generated from a final transaction business in 2022, which had an impact on sales and earnings in 2021. The operating result (EBIT) also developed correspondingly positively, more than doubling to an expected EUR 14.6 million in 2021 compared with the prior-year figure of EUR 6.5 million.

In the course of the annual financial statements, publity will adjust the carrying amount of its investments in the Group subsidiary PREOS Global Office Real Estate & Technology AG, as well as GORE Office Real Estate AG, to the current market conditions. The Group’s large-volume real estate portfolio is bundled in these subsidiaries. Not least against the backdrop of significantly rising interest rates, publity will recognize a non-cash impairment loss on the investment in the lower double-digit million euro range. As a result, publity expects a net loss of EUR 15.5 million for 2021. This figure is below the previous year’s figure of EUR 12.1 million and the previous expectation of a net profit of EUR 9 – 12 million.

Building on the operationally successful year 2021 and the good performance in the first eight months of the current year, publity expects the positive trend in its operating business to continue overall in 2022. With a high equity ratio of around 85 percent, a very robust liquidity position, a proven business model and a viable partner network, publity believes it is also ideally positioned for the coming years.

Press Contact:

edicto GmbH
Axel Mühlhaus
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Mail: publity@edicto.de

Preliminary figures show publity AG’s 2021 revenues above expectations