Publity AG expects clearly negative annual result in 2022

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publity AG expects clearly negative annual result in 2022

• Annual result expected to be around -195 million euros
• Valuation of PREOS Global Office Real Estate & Technology AG investment reduced by approx. 167 million euros with no effect on liquidity
• Equity expected to be around 370 million euros at year-end 2022 (equity ratio around 76 percent)
• Annual financial statements expected to be published in calendar week 28 with unqualified audit opinion

Frankfurt am Main, June 30, 2023 – In the context of the preparation of the annual financial statements 2022 of publity AG ("publity", ISIN DE0006972508), it is becoming apparent that a consolidated net income of approximately -195 million euros is expected to be reported in the separate financial statements in accordance with HGB accounting principles. Originally, the company had expected a net profit in the range of 6-10 million euros. A significant factor in the loss now being incurred is non-cash adjustments to the carrying amount of the investment in PREOS Global Office Real Estate & Technology AG in the annual financial statements. In consultation with the auditors, the Management Board has agreed to reduce the carrying amount by around EUR 167 million as of December 31, 2022. This reflects publity's response to the negative market environment for real estate companies. In addition, effects in connection with the non-recurring capital increase at GORE German Office Real Estate AG, which was not implemented, will have a one-off negative impact on the 2022 annual result. publity's Management Board assumes that the AG's equity will be reported in the annual financial statements at around 370 million euros as of December 31, 2022, with a corresponding equity ratio of around 76 percent. Following consultation with the Company's auditors, publity expects to publish the complete annual financial statements for 2022 in the 28th calendar week with an unqualified audit opinion.