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Mobimo Holding AG: A good year for all business areas Donnerstag, 14. Februar 2013 - 06:59
Mobimo Holding AG: A good year for all business areas
Mobimo Holding AG / Key word(s): Final Results 14.02.2013 06:55 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- P r e s s r e l e a s e A good year for all business areas * Operating result (EBIT) of CHF 117 million - at the same high level as in the previous year * Net profit up year-on-year excluding last year's non-recurring tax effect * Rental income increased according to plan following portfolio adjustments * Ongoing low vacancy rate of 3.8% * Acquisition of new sites has filled the project pipeline for years to come Lucerne, 14 February 2013 - Mobimo Holding AG enjoyed another good year in 2012. The real estate portfolio grew to a total value of CHF 2,355 million (prior year: CHF 2,171 million). The Group achieved an operating result (EBIT) of CHF 117.4 million, almost as high as in the previous year (CHF 121.1 million), while net profit excluding last year's non-recurring tax effect increased by 2% to CHF 76.3 million (prior year: CHF 75.0 million after adjustment for the tax effect). Both net rental income from the growing investment portfolio and trading and revaluation gains contributed to this pleasing result. The profit before revaluations was CHF 48.6 million (prior year: CHF 49.6 million). This will enable the Board of Directors to once again propose a distribution of CHF 9 per share to the Annual General Meeting. Continued good market conditions in a challenging environment The Swiss real estate market remained robust in 2012. In the major economic centres especially, the stable economy, the persistent inflow of immigrants, the need for more living space and the growing number of small households are driving the continued demand for high-quality living space. Despite numerous calls to exercise restraint, demand for condominiums shows no sign of flagging. The low interest rates are making condominiums too attractive for many people when compared to apartment rentals. Sales of condominiums in the highest price ranges have slowed, however, while high rents are only achievable in the best locations. Market demand for centrally located office and commercial space remains good. The transaction prices for purchasing investment properties often do not match Mobimo's return expectations. Due to our own development activities this does not affect our growth, but makes it easier to sell investments at good prices. Building is becoming increasingly expensive, though, but this has more to do with the obstacles of increasingly stringent regulation and building restrictions than with rising contractor and materials costs. Mobimo's locations and products mean it is still well positioned to succeed even in the face of increasing competition. Comprehensive construction activity progressing according to plan Mobimo's building programme has progressed according to plan. Mid-2012 saw the completion of the 'Polygon' office building for Rockwell Automation in Aarau. The resulting concentration of space will now allow for the realisation of the new 'AQA' urban district on the former 'Torfeld Süd' industrial site. The renovation of the office building on the Post Office site in Lausanne, which has also already been let, is at an advanced stage. In Adliswil, 51 of the 57 apartments realised in the 'Wilacker' development were transferred to their new owners. Three apartment buildings in the same residential development have also been completed and transferred to an investor. The condominium apartments of the 'Schilf' project on the Zürichberg have also been completed and in most cases are now occupied. The shells of the three residential buildings containing 250 rental and condominium apartments on the 'Am Pfingstweidpark' site in Zurich West are practically complete. Construction has started on the multifunction 'Pépinières' building in Lausanne-Flon, which has already been fully let, and on the mixed development on the OVA site near the station in Affoltern am Albis. Finally, construction of the new 'Im Pfand' housing development in Regensdorf, with 141 apartments, began at the end of the year. Higher income from all areas Income from the sale of condominiums (trading properties) once again reached the high figure of CHF 21.7 million (prior year: CHF 22.3 million). Apartments were sold for a total of CHF 152 million. While demand in the mid-price segment continues to be as high as ever, the sale of the final high-price apartments in the Mobimo Tower is proving to be more complex than planned, despite sustained high interest. Consequently, we have sold the land we had set aside for the construction of luxury properties in Erlenbach and are now focusing primarily on developments in the mid-price segment. Rental income rose substantially again to CHF 92.8 million (2011: CHF 88.8 million) despite the reduction in the reference interest rate. This is due in part to the acquisition of new investment properties and also to the completion of the extensive portfolio adjustments in 2010 and 2011 in particular, which have substantially raised the quality of the investment portfolio and rental income. The vacancy rate remains low compared with the rest of the market at 3.8 %. In the office segment, the focus on newly built or sustainably renovated mid-price buildings in central locations is paying off. The progress made on the construction of existing projects, rental contract optimisations and the market-related reduction in the discount rate also contributed towards net income from revaluation of 36.9 million (2011: CHF 41.2 million). Pipeline filled with attractive new sites Mobimo is set to continue on its growth path. Properties intended for the company's own investment portfolio, with an investment volume of around CHF 440 million, are currently under construction or close to completion. There are also plans for more projects for the company's own portfolio with an investment volume of some CHF 670 million. 2012 saw the addition of a commercial and office building in Zurich Altstetten, which is being converted into aresidential property with more than 40 lofts and studios. In Lausanne, the realisation of 81 rental apartments on Rue Voltaire, very close to the railway station, began at the turn of the year. Winning a competition to be a development partner for the towns of Nidau and Biel was a special honour for Mobimo. This project will see 130,000 square metres of the former Expo 2002 site on the shores of Lake Biel developed into a new and attractive suburb under the name 'AGGLOlac'. Shortly before the end of the year, Mobimo and Hochtief Development AG signed a development contract with Rheinmetall Air Defence, which is searching for a new production location outside the city of Zurich, for its 53,000 m² site in Zurich Oerlikon. The company's withdrawal offers the city of Zurich a great opportunity to turn this area between the station and the residential district into a new urban zone. This and other development projects such as Mattenhof Lucerne Süd, Flon Lausanne and the Post Office in Lausanne will ensure that Mobimo has a stable and broad-based pipeline for years to come. The new 'Investments for Third Parties' business area, active since 1 January 2012, is also performing well. The team has already acquired its first project, a residential development of around 250 rental apartments in Dübendorf, and secured a further site in Olten at the beginning of 2013. Solid financing and a high equity ratio Mobimo's balance sheet is extremely solid and our business is highly predictable. The average residual maturity of our financial liabilities is 9.1 years and the average interest rate as at 31 December 2012 is a modest 2.83 %. As at the end of the year our equity amounted to CHF 1,201.0 million, corresponding to a solid equity ratio of 48 %. Outlook for 2013 The Board of Directors and Executive Board are also optimistic for the coming financial year. From today's standpoint Mobimo expects continuity, which means the usual continuation of our company's dynamic performance. Investment guidelines and Code of Conduct The Board of Directors has updated Mobimo's investment guidelines, but there have been no fundamental changes. In particular, the guidelines now include more specific information on the criteria applicable to real estate investment decisions, and the monitoring of environmental sustainability has been added. The investment guidelines come into effect on 1 April 2013 and are available on the company's website at www.mobimo.ch/en/portrait/anlagerichtlinien. The Board of Directors has also issued a Code of Conduct for Mobimo, which is also available on our website at www.mobimo.ch/en/portrait/verhaltenskodex. Detailed reporting You can find the Annual Report 2012 on our website at Investor Relations / Reporting or on the homepage at www.mobimo.ch. (Link: http://ir.mobimo.ch/websites/mobimo2011/English/40/reporting.html) Telephone conference for analysts and media today at 2.00 p.m. A telephone conference for analysts and the media will be held today at 2.00 p.m. (in English). Dr. Christoph Caviezel (CEO) and Manuel Itten (CFO) will be presenting the results and will be available to answer questions. Registration is not required. Telephone no.: +41 22 592 73 12 / conference ID: 4589880 You can view the associated PowerPoint presentation on the homepage at www.mobimo.ch. For enquiries please contact: Mobimo Holding AG Dr. Christoph Caviezel, CEO Manuel Itten, CFO +41 44 397 11 86 ir@mobimo.ch www.mobimo.ch About Mobimo Mobimo Holding AG was established in Lucerne in 1999 and has been listed on the SIX Swiss Exchange since 2005. The Mobimo Group has an attractive portfolio mix of investment properties providing stable income and development properties offering extensive value enhancement potential. Investments are targeted mainly in the promising locations of Zurich and Lausanne/Geneva and in the economic regions of Basel, Lucerne/Zug, Aarau and St. Gallen. With a property portfolio that has an overall value of over CHF 2.3 billion, Mobimo is one of the leading real estate companies in Switzerland. The portfolio contains development properties with an investment volume of more than CHF 1 billion up to 2015 (as at 31 December 2012). 14.02.2013 News transmitted by EquityStory AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news