Halbjahresergebnis 2018 · 2018-11-23 · Half-year results 2018 1. Overview of the first half of...
Transcript of Halbjahresergebnis 2018 · 2018-11-23 · Half-year results 2018 1. Overview of the first half of...
2018 Halbjahresergebnis
2018 HALF-YEAR RESULTS
Horgen, Seehallen
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Disclaimer
The financial data as well as the other information presented herein constitute selected
information.
The information in this presentation does not constitute an offer or invitation and may not
be construed as a recommendation by us to purchase, hold or sell shares of Mobimo
Holding AG. This information or any copy thereof may not be sent or taken to or
distributed in any jurisdiction in which such transmission or distribution is unlawful. This
document may contain certain “forward-looking” statements. By their nature, forward-
looking statements involve risk and uncertainty because they relate to future events and
circumstances. Actual outcomes and results may differ materially from any outcomes or
results expressed or implied by such forward-looking statements.
3.8.2018 Half-year results 2018 2
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Agenda
3
1. Overview of the first half of 2018
2. Key financial figures first half of 2018
3. Real estate portfolio and pipeline
4. Focus and outlook
3.8.2018 Half-year results 2018
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1. OVERVIEW OF THE FIRST HALF OF 2018
Horgen, Seehallen
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Half-year results 2018
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
Half-year results 2018 5
Profit on development projects
and sale of trading propertiesCHF million
HY|2017: 13.3
37.9ProfitCHF million
HY|2017: 63.3 54.7Rental incomeCHF million
HY|2017: 56.4
6.04Earnings per shareCHF
HY|2017: 10.03
Satisfactory half-year result, down on the
same period last year in line with expectations
Attractive earnings per share
thanks to solid half-year result
Rental income down slightly year-on-year
due to changes in the portfolio
Income generated mainly from the sale
of ten condominiums
3.9
3.8.2018 |
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Friendly takeover of Immobiliengesellschaft Fadmatt AG
6Half-year results 20183.8.2018
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
Portfolio valueCHF million
289
ApartmentsNumber
503
Target rental
incomeCHF million
p.a. > 10
Schaffhausen
48 apartments
Au-Wädenswil
89 apartments
Thalwil
53 apartments
Winterthur
44 apartments
53 apartments
Oberengstringen
25 apartments
Urdorf
191 apartments
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before takeover after takeover
316
12
12
29
10
28
12
5
11
34
10
1 Office
2 Residential
3 Retail
4 Hotel/catering
5 Commercial
6 Other use
5
6
2
3
4
1
6
4
2
5
3
1
Friendly takeover of Immobiliengesellschaft Fadmatt AG
Key figures for the takeover
After successfully signing the transaction agreement, Mobimo has
submitted an offer of CHF 28,000 per share to the Fadmatt
shareholders.
At least half of the purchase price of CHF 182.6 million will be
paid in the form of newly created registered shares from
Mobimo’s authorised capital.
96% of the Fadmatt shares had been tendered by the end of the
offer period on 18 July 2018.
The transaction is expected to be completed on 22 August 2018.
The real estate portfolio of Immobiliengesellschaft Fadmatt AG is
split between seven good locations in the cantons of Zurich and
Schaffhausen.
The portfolio is in a healthy condition after extensive renovation
work and the construction of a replacement building.
The portfolio has a total value of CHF 289 million and comprises
503 apartments which generate rental income of more than
CHF 10 million per year.
7Half-year results 20183.8.2018
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
Rental income by type of use
%
|
CHF million/%
¢ ¢ Expected change in rental income (assuming vacancy
¢ ¢ rate remains unchanged and excluding any sales)
10
8 11
5
111 116
138 1
45
E2020E2019E2018201720162015
Additional rental income from 2018 onwards
8Half-year results 20183.8.2018
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
Developments for our own portfolio:
+ CHF 27 million target rental income p.a.
Aarau, Site 2 (Torfeld Süd)
Horgen, Seestrasse 93 (Seehallen)
Zurich, Hohlstrasse 485; Albulastrasse 30 – 40
Aarau, Bahnhofstrasse 102 (Relais 102)
Kriens, Am Mattenhof 4, 6, 8, 12/14, 16
Lausanne, Rue de la Vigie 3
Lausanne, Ave. Edouard Dapples 9, 13, 15, 15a (GMR)
Fadmatt portfolio
+ CHF > 10 million target rental income p.a.
Forecast for the change in rental income up to 2020
CHF million
|
Market environment
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
3.8.2018 Half-year results 2018 9
Market for office/commercial space
Continued competitive environment in
the commercial space market
Fierce competition in the retail sector
Intact demand for cheap commercial
space
Switch to flexible working spaces
Political/economic environment
Switzerland is an attractive location
for real estate investment
Positive economic outlook
Interest rates remain low
Political risks
Rental apartment market
High levels of demand, particularly in
the mid- and low-price segments in
city centres and areas close to centres
High level of residential construction
activity in peripheral areas is leading
to higher vacancy rates
Condominiums
Low interest rates lead to high
demand, particularly in the low- and
mid-price segments
Desire to own property
Low financing costs, but high equity
requirement
Development for Third Parties
Intact demand for development
services and investment opportunities
Transaction market
Demand for investment properties
remains stable
Stable real estate prices expected
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2. KEY FINANCIAL FIGURES FIRST HALF OF 2018
Horgen, Seehallen
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Key income statement figures
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
3.8.2018 Half-year results 2018
CHF million 2015 2016 HY|2017 HY|2018 Δ y-o-y
Net rental income 94.1 96.2 48.6 45.4 - 6.5%
Direct cost/income ratio for rented properties 13% 16% 14% 17% 21.4%
Profit on development projects
and sale of trading properties 5.5 23.9 13.3 3.9 - 70.9%
Gross margin 6% 16% 15% 12% - 20.0%
Net income from revaluation 34.7 80.7 30.6 17.7 - 42.1%
Profit on disposal of investment properties 63.8 34.9 17.8 6.8 - 62.0%
EBIT including revaluation 170.4 200.3 92.9 57.3 - 38.3%
EBIT excluding revaluation 135.7 119.6 62.3 39.6 - 36.5%
Tax expense - 34.1 - 15.1 - 16.0 - 7.9 - 50.7%
Profit 105.0 159.4 63.3 37.9 - 40.1%
11
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Key income statement figures
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
3.8.2018 Half-year results 2018
CHF million 2015 2016 HY|2017 HY|2018 Δ y-o-y
Profit attributable to the shareholders of MOH 103.9 158.7 62.4 37.6 - 39.8%
Profit attributable to the shareholders of MOH
excluding revaluation 78.6 99.4 40.1 24.4 - 39.3%
EPRA earnings per share (CHF) 8.17 8.27 4.05 3.88 - 4.2%
EPRA like-for-like rental growth 0.8% 0.4% - 0.1% 0.0% nmf
% 2015 2016 2017 HY|2018 Δ y-o-y
Vacancy rate 4.7 4.8 4.9 5.1 4.1
Gross yield from investment properties 5.4 5.3 5.1 5.1 0.0
Net yield from investment properties 4.3 4.1 4.0 4.0 0.0
12
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CHF million/%
¢ ¢ Rental income
Net rental income
Vacancy rate
HY|2014 HY|2017 HY|2018HY|2016HY|2015
50
.9
42
.4
52.6
46
.6
56
.8
48
.3
48
.6
56.4
45.4
54
.7
5.8
5.14.9 4.9
5.1
Rental income and vacancy rate
3.8.2018 Half-year results 2018 13
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
Rental and net rental income
CHF million/%
Fair value of overall portfolio
CHF million
1,140
993266
160
255Central
Switzerland
Eastern
Switzerland
Zurich
North-western
Switzerland
French-speaking
Switzerland
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18
,04
6
23
,81
7
67
4
HY|2017 HY|2018 HY|2017 HY|2018 HY|2017 HY|2018 HY|2017 HY|2018
– 8
48
– 1
62
1 23
4
– 4
,132
13
,780
– 2
,89
5
1 Commercial investment properties 2 Residential investment properties
3 Development properties (Commercial properties) 4 Properties under construction
Revaluation income on investment properties
3.8.2018 Half-year results 2018 14
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
Breakdown of revaluation income
TCHF The successful development of properties from the pipeline
creates added value for the company’s own portfolio from
operational performance.
CHF 18.0 million of the revaluation income can be attributed
to investment properties under construction.
For the DCF valuations as at 30 June 2018, the average
capital-weighted nominal discount rate was 4.09% (as at
31 December 2017: 4.10%), within a range from 3.40% to
6.30% (as at 31 December 2017: 3.40% to 6.30%).
The average capital-weighted capitalisation rate was 3.60%
(as at 31 December 2017: 3.60%), within a range from
2.90% to 5.80% (as at 31 December 2017: 2.90% to 5.80%).
|
CHF million
¢ ¢ Bonds
Mortgages
2014 2017 HY|2018
51
31
,349
83
6
1,2
93
85
551
21
,36
7
20162015
512
78
1
73
91
,51
377
4
73
91
,50
8769
Refinancing
3.8.2018 Half-year results 2018 15
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
31.12.2017 30.6.2018
Total bond issue volume CHF 740 million CHF 740 million
MOB13 redemption as at 29.10.2018 CHF 165 million CHF 165 million
Ø residual maturity as at reporting date 6.5 years 6.0 years
Ø interest rate as at reporting date 2.06% 2.06%
Financing structure Performance of bonds
CHF million
|
3. REAL ESTATE PORTFOLIO AND PIPELINE
Horgen, Seehallen
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in %
1 Office
2 Residential
3 Retail
4 Hotel/catering
5 Commercial
6 Other use
31.3
28.6
12.2
10.5
5.8
11.61
6
2
4
3
5
CHF million 2017 HY 2018 Δ y-o-y
Share
in %
Investment properties 2,112 2,049 - 3.4% 73
Commercial properties 1,381 1,357 - 1.7% 49
Residential properties 731 684 - 6.4% 24
Development properties 687 773 12.5% 27
Commercial properties (investment) 268 314 17.2% 11
Commercial properties (trading) 55 54 - 1.8% 2
Residential properties (investment) 217 259 19.4% 9
Residential properties (trading) 147 146 - 0.7% 5
Total value 2,799 2,814 0.5% 100
Performance of overall portfolio
3.8.2018 Half-year results 2018 17
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
Rental income for investment
properties by type of use
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Long-term maturity profile and diversified tenant structure
Half-year results 2018 183.8.2018
Maturity profile of fixed-term rental agreements1
2014 2015 2016 2017 HY|2018
Ø residual maturity of
rental agreements7.4 years 6.8 years 6.0 years 6.4 years 6.5 years
1 Excluding rental agreements of unlimited duration.
The top 5 tenants
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
in %
6.65.5
3.33.2
78.5
2.9
21.5
1 SV (Schweiz) AG
2 Swisscom Group
3 Senevita AG
4 Coop
5 Rockwell Automation Switzerland
6 Other tenants
0 2 4 6 8 10 12 14 16 18 20 22
1.7.2028
1.7.2027 – 30.6.2028
1.7.2026 – 30.6.2027
1.7.2025 – 30.6.2026
1.7.2024 – 30.6.2025
1.7.2023 – 30.6.2024
1.7.2022 – 30.6.2023
1.7.2021 – 30.6.2022
1.7.2020 – 30.6.2021
1.7.2019 – 30.6.2020
30.6.2019
in %
12.2
15.3
13.3
9.7
0.9
3.6
15.2
2.2
1.6
21.5
4.4
6
12
34
5
|
Investment properties for our own portfolio
Under construction: CHF 490 million (prior year: CHF 470 million) In planning: CHF 470 million (prior year: CHF 370 million)
2018 2019 2020 2021 2018 2019 2020 2021
Lausanne, Rasude (urban development)
19
Horgen, Seestrasse 93 (Seehallen)
Aarau, Site 2 (Torfeld Süd)
Kriens, Am Mattenhof 4, 6, 8, 12/14, 16
Zurich, Hohlstrasse 485; Albulastrasse 30 – 40
Aarau, Bahnhofstrasse 102 (Relais 102)
Lausanne, Ave. Edouard Dapples 9,13,15,15a (GMR)
Lausanne, Rue de Genève 19/21
(Jumeaux)
Lausanne, Rue des Côtes-de-Montbenon 8 – 14
Zurich, Allmendstrasse 92 – 96 (Manegg)
Site development: > CHF 1 billion
Half-year results 20183.8.2018
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
Project pipeline: developments for our own portfolio
Lausanne, Rue de la Vigie 3
Zurich, Im Tiergarten 7
Dübendorf, Zürichstrasse 98
Lausanne, Place de la Gare 10 (Colombo)
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Horgen, Seehallen (occupation from Q1 2018)
Half-year results 20183.8.2018 20
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
16,280
Expected rental incomeCHF million p.a. 3.0
55
Rentable area m2
Investment volumeCHF million
Level of occupancyas a % of target rental income 62%
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Zurich, Labitzke site (occupation from Q2 2018)
Half-year results 20183.8.2018 21
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
15,660
Expected rental incomeCHF million p.a. 5.1
110
201
Rentable area m2
Investment volumeCHF million (excluding Development for Third Parties)
Apartments/studiosNumber+ commercial space
Level of occupancyas a % of target rental income 100%
Visualisation
|
Aarau, Aeschbachquartier, Site 2 (occupation from Q3 2018)
Half-year results 20183.8.2018 22
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
19,650
Expected rental incomeCHF million p.a. 5.1
107
167
Rentable area m2
Investment volumeCHF million (excluding Development for Third Parties)
Apartments/studiosNumber+ commercial space
Level of occupancyas a % of target rental income 36%
Visualisation
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Aarau, Relais 102 (occupation from Q4 2018)
Half-year results 20183.8.2018 23
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
13,670
Expected rental incomeCHF million p.a. 2.2
42
Rentable area m2
Investment volumeCHF million
Level of occupancyas a % of target rental income 83%
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Kriens, Mattenhof (occupation from Q1/Q2 2019)
Half-year results 20183.8.2018 24
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
37,800
Expected rental incomeCHF million p.a. 10.1
172
129
Rentable area m2
Investment volumeCHF million (excluding Development for Third Parties)
Apartments/studiosNumber+ commercial space
Level of occupancyas a % of target rental income 60%
Visualisation
|
Lausanne, Grand Mont Riond (occupation from Q1 2020)
Half-year results 20183.8.2018 25
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
7,310
Expected rental incomeCHF million p.a. 1.5
37
56
Rentable area m2
Investment volumeCHF million
Apartments/studiosNumber+ commercial space
Level of occupancyas a % of target rental income 70%Visualisation
|
Lausanne, Hotel Moxy in Flon (occupation from Q4 2019)
Half-year results 20183.8.2018 26
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
4,800
Expected rental incomeCHF million p.a. 1.2
26
113
Rentable area m2
Investment volumeCHF million
Hotel roomsnumber
Visualisation
100%Level of occupancyas a % of target rental income
|
Condominiums for sale
Under construction: CHF 0 million (prior year: CHF 0 million) In planning: CHF 150 million (prior year: CHF 150 million)
2018 2019 2020 2021 2018 2019 2020 2021
27
Lachen, Zürcherstrasse 19
Meggen, Gottliebenrain 5/7
Development for Third Parties: CHF 800 million
Sale of plot Weggis, Hertensteinstrasse 105
No projects under construction as of the reporting date
Half-year results 20183.8.2018
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
Project pipeline: Development for Third Parties
Schaffhausen, Fischerhäuserstrasse
Merlischachen, Chappelmatt-Strasse (Burgmatt)
|
Varied site development throughout Switzerland
Half-year results 2018 283.8.2018
Current and future
projects with
potential investment
total > CHF 1 billion
100%
Minergie-
certified
Prime
locations
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
Aarau
Aeschbach district
approx. 55,000 m2
Zurich Oerlikon
RAD
approx. 53,000 m2
Lucerne South (Kriens)
Mattenhof
approx. 25,000 m2
Biel/Bienne
Agglolac
approx. 110,000 m2
Lausanne
Rasude
approx. 19,000 m2
Allaman
approx. 23,000 m2
Lausanne
Flon district
approx. 55,000 m2
|
4. FOCUS AND OUTLOOK
Horgen, Seehallen
|
Focus and outlook
3.8.2018 Half-year results 2018 30
1. Overview of the first half of 2018 | 2. Key financial figures first half of 2018 | 3. Real estate portfolio and pipeline | 4. Focus and outlook
Real estate portfolio
Reliable realisation and successful marketing of current construction projects
Further increase in quality and growth of the company’s own portfolio through
developments, sales and acquisitions
Integration of the Fadmatt properties into Mobimo’s own portfolio
Consistent progress with the development projects in Lausanne (train station,
Rasude and Colombo), Biel/Bienne (Agglolac) and Zurich (Rheinmetall site)
Operating business
Potential target rental income to increase by
CHF 37 million p.a. up to the end of 2020
Election of the new CEO
Digitisation
Successful introduction of the digital tenants’
portal and e-mobility for Mobimo tenants
Strategy
Investments are only made when the elements of price, location and future
prospects come together in such a way as to create added value for
shareholders
Continuation of the shareholder-friendly distribution policy
Continued development of the sustainable approach
|
Dr. Christoph Caviezel
CEO
Manuel Itten
CFO
[email protected] [email protected]
Financial calendar
8.2.2019 Publication of annual results 2018
2.4.2019 Annual General Meeting
E-mail: [email protected]
Tel: 044 397 11 95
3.8.2018 Half-year results 2018 31
Your contact persons
|
APPENDIX
Horgen, Seehallen
|
75%
Rental income
25%
Appreciation in value
Capital gains
Service income
Investment properties Development properties
Core competences
Buying and selling
Development and realisation
Portfolio and real estate management
Solid financing
Growth and stable returns
Long-term strategy for growth and stable returns
Appendix
3.8.2018 Half-year results 2018 33
|
CHF million
¢ ¢ Income
Profit
Application of the POC method
HY|2014 HY|2017 HY|2018HY|2016HY|2015
9.4
–0.3
17
.7
1.3
59.7
17
.0
13
.3
91
.2
3.9
31
.9
Development projects and sale of trading properties
3.8.2018 Half-year results 2018 34
Income and profit from development projects
and sale of trading properties Profit on development projects and sale of trading properties
of CHF 3.9 million was generated mainly from the sale of ten
condominiums.
Mobimo is to apply the provisions of IFRS 15 from the 2018
financial year onwards. As a result, income from
condominium sales will be recognised from the date
specified on the publicly notarised purchase contract.
Appendix
|
Key balance sheet figures
3.8.2018 Half-year results 2018 35
2015 2016 2017 HY|2018 Δ y-o-y
Equity (CHF million) 1,264.7 1,366.3 1,399.1 1,379.8 - 1.4%
as a % of total assets 42.8% 45.1% 43.8% 43.7% - 0.2%
Deferred tax liabilities, net (CHF million) 160.7 156.0 159.1 156.6 - 1.5%
as a % of total assets 5.4% 5.1% 5.0% 5.0% 0.0%
Interest-bearing debt (CHF million) 1,366.7 1,349.4 1,512.8 1,507.9 - 0.3%
as a % of total assets 46.3% 44.5% 47.3% 47.7% 0.8%
Loans (CHF million) 854.2 836.4 774.2 769.0 - 0.7%
Bonds (CHF million) 512.5 513.0 738.6 738.8 0.3%
Non-current capital (liabilities and equity)
as a % of total assets 95.3% 93.3% 91.0% 89.0% - 2.2%
Ø interest rate (period) 2.46% 2.38% 2.17% 2.12% - 2.3%
Interest coverage ratio 4.6 3.9 3.8 2.7 - 28.9%
Net gearing 90.4% 86.0% 91.2% 93.2% 2.2%
Appendix
|
Acquisition and disposals in the first half of 2018
Half-year results 20183.8.2018 36
Horgen, Allmendgütlistrasse
35 and 39
Acquisition Disposals
Site area
3,722 m2
Condominiums
planned
Greater Geneva area,
6 properties
Rentable area
9,426 m2
Target rental income
CHF 2.5 million
Lucerne, Alpenstrasse 9
Rentable area
1,986 m2
Target rental income
CHF 0.6 million
Neuhausen, Victor-von-Bruns-
Strasse 19
Rentable area
2,631 m2
Target rental income
CHF 0.7 million
Appendix
|
Updates on projects and properties: Development for Third Parties
Half-year results 20183.8.2018 37
Martigny (occupation from Q3 2020) Schaffhausen, Salaia (occupation from Q3 2020)
Apartments
Number
28Nursing rooms and
Tertianum apartments
Number
111
Apartments
Number
10
Rentable area
m2
1,146Rentable area
m2
8,941
Studios
Number
1Visualisation Visualisation
Appendix
|
Updates on projects and properties: Development for Third Parties
Half-year results 20183.8.2018 38
Killwangen (occupation from Q4 2020) Zurich, Manegg (occupation from Q1 2022)
Visualisation Visualisation
Apartments
Number
90Expected rental income
CHF million
p.a. 1.8
Apartments
Number
+ commercial
space
+ office space
271
Rentable area
m2
19,985Rentable area
m2
7,369
Expected rental income
CHF million
p.a. 6.1
Appendix
|
Current sustainability subjects
3.8.2018 Half-year results 2018
EPRA sBPR Horgen, Seehallen
Mobimo’s report for the 2017 reporting year was
prepared for the first time in accordance with the
EPRA Sustainability Best Practice Recommendations
Mobimo EPRA sBPR report 2017
The results of the awards will be announced
on 5 September 2018
Completion:
First half of 2018
Photovoltaic system, which will be used as follows:
General electricity coverage
Tenants can draw electricity for a fee
Energy feeds back into the EKZ grid
39
Appendix
|
40.5
35.3
9.4
9.15.7
1 French-speaking Switzerland
2 Zurich
3 North-western Switzerland
4 Central Switzerland
5 Eastern Switzerland
1
2
3
4
5
Concentration in key economic areas
Appendix
3.8.2018 Half-year results 2018 40
Target rental income of investment properties by region
CHF million
Geographical breakdown
(fair value of overall portfolio)
%
Central
Switzerland
46
407
9
2Eastern
Switzerland
Zurich
North-western
Switzerland
French-speaking
Switzerland
|
Target of > 40% continues to be met
Capital base still solid
Target of > 2 comfortably exceeded Substantially below the maximum
limit of 150%
High degree of financing leeway
Appendix
3.8.2018 Half-year results 2018 41
Solid foundation for qualitative growth
Equity ratio%
Interest coverage ratio Net gearing%
HY|20182017201620152014HY|20182017201620152014HY|20182017201620152014
Equity ratioin %
Target
> 40%
44.2
42
.8
45.1
Interest coverage factor
> 23.3
4.6
3.9
Net gearingin %
< 150%
87.1
90.4
86
.0
42.8
43.7
3.9
2.7 92
.0
93.2
|
Share data
2015 2016 2017 30.6.2018 Δ y-o-y
Issued shares (number) 6,218,170 6,218,170 6,218,170 6,218,170 0.0%
Share capital (CHF million) 180.3 180.3 180.3 145.5 - 19.3%
Market capitalisation (CHF million) 1,384.8 1,584.1 1,626.1 1,672.7 2.9%
NAV per share (CHF)1 202.45 217.33 222.58 219.47 - 1.4%
EPRA NAV per share (CHF) 244.06 258.53 259.94 255.09 - 1.9%
Year-end price (CHF) 222.70 254.75 261.50 245.00 - 6.3%
3.8.2018 Half-year results 2018 42
1 As at 30 June 2018, the NAV corresponded to the diluted NAV
Appendix
|
180
140
160
100
120
80
— Mobimo (dividend-adjusted) — SPI
— SXI Real Estate Shares
Source: SIX Swiss Exchange
6.2014 6.2015 6.2016 6.2017 6.2018
Outperformed indices in a five-year comparison.
Average annual performance (total return) of 6.0% since
the initial public offering in June 2005.
The share price fell by 6.3% from CHF 261.50 at the start
of the year to CHF 245.00 as at 30 June 2018.
As at 30 June 2018, Mobimo Holding AG’s share price of
CHF 245.00 was 11.6% above the diluted NAV of
CHF 219.47.
Liquidity remains good
An average of some 7,287 shares were traded
each day (first half of 2017: 8,567).
Generating half-year revenues of around
CHF 228.5 million (first half of 2017: CHF 282.0 million).
Positive share price performance
3.8.2018 Half-year results 2018 43
Share performance (indexed)
compared with SPI and SXI
%
Appendix
|
Free float as at 30 June 2018: 100%
(as per SIX Swiss Exchange definition)
As at 30 June 2018, the following shareholders
held 3% or more of the share capital:
BlackRock, Inc., 4.98%
Zuger Pensionskasse, 3.38%
Credit Suisse Funds AG, 3.10%
UBS Fund Management (Switzerland) AG, 3.10%
Dimensional Holdings Inc., 3.00%
Composition of shareholders
Appendix
3.8.2018 Half-year results 2018 44
Shareholder structure%
in %
36.6
28.8
4.8
15.3
14.5
1 Pension funds,
insurers, banks
2 Shares pending registration
3 Individuals
4 Foundations, funds
5 Other companies
5
2
3
4
1
|
Project pipeline
Project/use 2018 2019 2020 2021
Investment properties for our own portfolio
Under construction
CHF 490 million
(PY: CHF 470 million)
Aarau, Site 2 (Torfeld Süd): 6 residential/office buildings, 167 apartments
Horgen, Seestrasse 93 (Seehallen): Commercial and retail
Zurich, Hohlstrasse 481 – 485b; Albulastrasse 30 – 40: 10 office/commercial units, 201 apartments
Aarau, Bahnhofstrasse 102 (Relais 102): Refurbishment of commercial space incl. clearance of
hazardous materials
Kriens, Am Mattenhof 4, 6, 8, 12/14, 16: Office, retail, hotel, 129 apartments
Lausanne, Rue de la Vigie 3
Lausanne, Avenue Edouard Dapples 9, 13, 15, 15a (GMR): Renovation of residential property
In planning
CHF 470 million
(PY: CHF 370 million)
Zurich, Im Tiergarten 7
Lausanne, Rue de Genève 19/21 (Jumeaux): Retail, office, storage
Dübendorf, Zürichstrasse 98
Lausanne, Rue des Côtes-de-Montbenon 8 – 14: Residential, office, retail
Zurich, Allmendstrasse 92 – 96 (Manegg): Residential
Lausanne, Rasude site development: Urban development
Condominiums for sale and Development for Third Parties
Under construction
CHF 0 million
(PY: CHF 0 million)
No projects under construction as of the reporting date
In planning
CHF 150 million
(PY: CHF 150 million)
Schaffhausen, Fischerhäuserstrasse 61: 11 apartments, 10 parking spaces
Lachen, Zürcherstrasse 19: 8 apartments, 13 parking spaces
Merlischachen, Chappelmatt-Strasse (Burgmatt): 78 apartments, 140 parking spaces
Meggen, Gottliebenrain 5/7: 30 apartments, 45 parking spaces, commercial
Weggis, Hertensteinstrasse 105: Open
453.8.2018 Half-year results 2018
Appendix
|
1 Total fair value CHF 1,125 million
Address
Fair value as at 30.6.2018
in TCHF Usage
Lausanne, Horizon 4 – 6
Avenue d’Ouchy 4 – 6127,840 Commercial property
Zurich, Mobimo Tower Hotel
Turbinenstrasse 20122,190 Hotel
Affoltern a. A., Obstgartenstr. 9/
Alte Obstfelderstr. 27/29, 31 – 35108,520
Retirement home, retirement
and rental apartments
Lausanne, Ilot du Centre
Rue Beau-Séjour 8103,760 Rental apartments
Appendix
3.8.2018 Half-year results 2018 46
The 15 biggest properties1
|
1 Total fair value CHF 1,125 million
Address
Fair value as at 30.6.2018
in TCHF Usage
Zurich, Friesenbergstrasse 75/
Im Tiergarten 787,020 Commercial property
Lausanne, Petit Mont-Riond
Rue Voltaire 2 – 1274,950 Rental apartments
Lausanne, Les Merciers
Voie du Chariot 4 – 768,590 Commercial property
Zurich,
Letzigraben 134 – 13667,060 Rental apartments
Appendix
3.8.2018 Half-year results 2018 47
The 15 biggest properties1
|
The 15 biggest properties1
1 Total fair value CHF 1,125 million
Address
Fair value as at 30.6.2018
in TCHF Usage
Lausanne, Place de la Gare 10
Rue du Petit-Chêne 3866,830 Commercial property
Zurich, (Mobimo Tower)
Hardturmstrasse 364,180 Commercial property
Regensdorf, “Sonnenhof”
Schulstrasse61,060 Rental apartments
Kreuzlingen, Ziil Center
Leubernstrasse 3/Bottighoferstrasse 156,860 Commercial property
Appendix
3.8.2018 Half-year results 2018 48
|
The 15 biggest properties1
1 Total fair value CHF 1,125 million
Address
Fair value as at 30.6.2018
in TCHF Usage
Lausanne, Les Pépinières
Rue des Côtes-de-Montbenon 20 – 2444,200 Commercial property
Onex,
Avenue des Grandes-Communes 21, 23, 2538,120 Rental apartments
Lausanne,
Rue de Genève 733,390 Commercial property
Appendix
3.8.2018 Half-year results 2018 49
2018 2019 2020 2021 2022 2023 2024
|
Site development: Aarau Aeschbachquartier
Site area
55,000 m2 (incl. park)
Usage
1,100 workplaces, 92 condominiums,
167 rental apartments, retail, gastronomy,
commercial
Investment
approx. CHF 170 million (excluding third parties)
Location
Central, near Aarau train station
Sustainability
Appendix
Half-year results 20183.8.2018 50
2018 2019 2020 2021 2022 2023 2024
|
Site area
25,000 m2
Usage
Offices, commercial, hotel, apartments,
retail, gastronomy
Investment
approx. CHF 260 million
Location
Mattenhof train station, in the immediate vicinity
of the motorway junction
Sustainability
Appendix
Half-year results 20183.8.2018 51
Site development: Lucerne South (Kriens), Mattenhof
Visualisation
2018 2019 2020 2021 2022 2023 2024
|
Site development: Allaman, Vaud
Site area
23,000 m2
Usage (planned)
300 compact apartments
(26,100 m2 main usable area)
Rental
Tenants: logistics; rental agreements
run until 31 December 2019
Location
Wine-growing village to the south-west of
Morges; right next to the train station on a
gentle slope facing the lake
Sustainability
Appendix
Half-year results 20183.8.2018 52
2018 2019 2020 2021 2022 2023 2024
|
Site development: Biel/Bienne, Agglolac
Gross floor area
approx. 110,000 m2
Usage
Development of a city district, offices,
commercial, hotel, apartments(condominiums/
rental apartments), retail, gastronomy (project
with the towns/cities of Nidau and Biel/Bienne)
Investment
approx. CHF 350 million
Location
Next to the lake, near the train station
Sustainability
Appendix
Half-year results 20183.8.2018 53
2018 2019 2020 2021 2022 2023 2024
|
Site development: Lausanne, Flon Vision 2025
Site area
55,000 m2
Usage
Further development of the Flon district
Investment
approx. CHF 200 million
Location
Central, in the immediate vicinity
of a metro station
Sustainability
Appendix
Half-year results 20183.8.2018 54
2018 2019 2020 2021 2022 2023 2024
|
Site area
19,000 m2 (12,000 m2 Mobimo)
Usage
Offices, hotel, apartments (condominiums/rental
apartments), retail, gastronomy (joint project with
SBB)
Investment
approx. CHF 270 million
Location
Right next to Lausanne train station
Sustainability
Appendix
Half-year results 20183.8.2018 55
Site development: Lausanne, Rasude
2018 2019 2020 2021 2022 2023 2024
|
Site development: Zurich Oerlikon, Rheinmetall
Site area
53,000 m2
Usage
Offices, commercial, apartments
(condominiums/rental apartments),
gastronomy, events
Investment
approx. CHF 500 million
Location
Near Oerlikon train station
Sustainability
Appendix
Half-year results 20183.8.2018 56