Earnings Release • Aug 3, 2018
Earnings Release
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Mobimo recorded a solid result in the first half of the year. Rental income was down slightly from the prior-year level due to a number of individual disposals. Net income from revaluation was largely generated by developments for the company's own portfolio. Despite the disposals, the value of the portfolio increased slightly due to investments in investment properties under construction.
Profit CHF million HY|2017: 63.3
Profit attributable to the shareholders of MOH including and excluding revaluation CHF million
¢¢ Profit attributable to the shareholders of MOH ££ Profit attributable to the shareholders of MOH excl. revaluation
¢¢ Earnings per share incl. revaluation ££ Earnings per share excl. revaluation
Rental and net rental income and vacancy rate CHF million/%
££ Net rental income
Vacancy rate
¢¢ Income ££ Profit
| Result | Unit | HY 2018 | HY 2017 | Change in % |
|---|---|---|---|---|
| Net rental income | CHF million | 45.4 | 48.6 | –6.5 |
| Profit on development projects and | ||||
| sale of trading properties | CHF million | 3.9 | 13.3 | –70.9 |
| Profit on disposal of investment properties | CHF million | 6.8 | 17.8 | –62.0 |
| Net income from revaluation | CHF million | 17.7 | 30.6 | –42.1 |
| Operating result (EBIT) | CHF million | 57.3 | 92.9 | –38.3 |
| Operating result (EBIT) excluding revaluation | CHF million | 39.6 | 62.3 | –36.5 |
| Profit | CHF million | 37.9 | 63.3 | –40.1 |
| Profit attributable to the shareholders of MOH | CHF million | 37.6 | 62.4 | –39.8 |
| Profit attributable to the shareholders of MOH excluding revaluation | CHF million | 24.4 | 40.1 | –39.3 |
| Balance sheet | Unit | 30.6.2018 | 31.12.2017 | Change in % |
| Assets | CHF million | 3,160.8 | 3,195.7 | –1.1 |
| Equity | CHF million | 1,379.8 | 1,399.1 | –1.4 |
| Equity ratio | % | 43.7 | 43.8 | –0.2 |
| Return on equity | % | 5.5 | 7.0 | –21.4 |
| Return on equity excluding revaluation | % | 3.6 | 5.5 | –34.5 |
| Interest-bearing liabilities | CHF million | 1,507.9 | 1,512.8 | –0.3 |
| Ø Rate of interest on financial liabilities (for the period) | % | 2.12 | 2.17 | –2.3 |
| Ø Residual maturity of financial liabilities | years | 6.0 | 6.5 | –7.7 |
| Net gearing | % | 93.2 | 91.2 | 2.2 |
| Portfolio | Unit | 30.6.2018 | 31.12.2017 | Change in % |
| Overall portfolio | CHF million | 2,814 | 2,799 | 0.5 |
| Investment properties | CHF million | 2,041 | 2,112 | –3.3 |
| Development properties | CHF million | 773 | 687 | 12.4 |
| Gross yield from investment properties | % | 5.1 | 5.1 | 0.0 |
| Net yield from investment properties | % | 4.0 | 4.0 | 0.0 |
| Investment property vacancy rate | % | 5.1 | 4.9 | 4.1 |
| Ø Discount rate for revaluation (nominal) | % | 4.1 | 4.1 | 0.0 |
| Ø Capitalisation rate (real) | % | 3.6 | 3.6 | 0.0 |
| EPRA | Unit | HY 2018 | HY 2017 | Change in % |
| EPRA profit | CHF million | 24.1 | 25.2 | –4.1 |
| EPRA NAV per share | CHF | 255.09 | 255.87 | –0.3 |
| EPRA rental increase like for like | % | 0.0 | –0.1 | nmf |
| EPRA vacancy rate | % | 5.1 | 4.9 | 4.1 |
| Headcount | Unit | 30.6.2018 | 31.12.2017 | Change in % |
| Ø Headcount (full-time basis for the period) | Number | 145.9 | 137.3 | 6.3 |
| Headcount (full-time basis) | Number | 149.9 | 141.4 | 6.0 |
| Share | Unit | HY 2018 | HY 2017 | Change in % |
| Shares outstanding1 | Number | 6,216,367 | 6,217,669 | 0.0 |
| Nominal value per share | CHF | 23.40 | 29.00 | –19.3 |
| NAV per share (diluted) | CHF | 219.47 | 217.66 | 0.8 |
| Earnings per share | CHF | 6.04 | 10.03 | –39.8 |
| Earnings per share excluding revaluation | CHF | 3.92 | 6.46 | –39.3 |
| Distribution per share2 | CHF | 10.00 | 10.00 | 0.0 |
| Share price as at 30.6. | CHF | 245.00 | 269.00 | –8.9 |
1 No. of shares issued 6,218,170 less treasury shares 1,803 = no. of outstanding shares 6,216,367.
2 Distribution of CHF 10.00, of which CHF 4.40 as a distribution from the capital contribution reserves and CHF 5.60 in the form of a nominal value reduction, for the 2017 financial year according to the decision of the General Meeting of 27 March 2018. Some CHF 27.5 million was available for distribution from capital contribution reserves as at 31 December 2017, CHF 27.4 million of which was distributed.
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| 10 |
| Strategy and business performance | 12 |
|---|---|
| Strategy and business model | 12 |
| Group business performance | 13 |
| Consolidated interim financial statements | 18 |
|---|---|
| Property details | 40 |
| Independent auditor's report on the review | 50 |
| EPRA key performance measures | 52 |
Mobimo Holding AG was established in Lucerne in 1999 and has been listed on the SIX Swiss Exchange since 2005. With a real estate portfolio with a total value of more than CHF 2.8 billion, the Group is one of the leading real estate companies in Switzerland. The Mobimo portfolio comprises residential and commercial properties in first-class locations in Germanspeaking and French-speaking Switzerland.
The investment properties are characterised by a balanced portfolio mix and diligent management, thus guaranteeing stable revenues. The company uses its development projects to create potential for capital appreciation and gains for the entire portfolio and for third parties. The development and expansion of entire sites into lively, mixed-use districts is one of Mobimo's core competences.
The ongoing development of the market position creates added value for shareholders, customers and partners over the long term. Mobimo pursues a sustainable strategy, has a stable business model and employs highly qualified and motivated people.
Mobimo Holding AG has reached an agreement with the Board of Directors of the Zurich-based Immobiliengesellschaft Fadmatt AG about a friendly takeover.
| Portfolio value CHF million |
› The portfolio is in a healthy condition after extensive 289 renovation work and a replacement building. › It has a total value of CHF 289 million and generates rental income of more than CHF 10 million per year. › After successfully signing the transaction agreement, Mobimo has submitted an offer of CHF 28,000 per share to the Fadmatt shareholders. |
|---|---|
| Apartments Number |
503 › 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 |
| Target rental income CHF million p.a. |
> 10 22 August 2018. › Mobimo will integrate the new properties into its own portfolio and take over responsibility for their management. |
› The real estate portfolio of Immobiliengesellschaft Fadmatt AG is split between seven good locations in the cantons of Zurich and Schaffhausen and comprises 503 apartments.
Profit attributable to shareholders including revaluation CHF million HY|2017: 62.4
37.6
Earnings per share CHF HY|2017: 10.03
CHF million HY|2017: 56.4
6.04
Mobimo is right on track in the 2018 financial year. We are generating healthy income from active portfolio management and development services, creating added value from the progress being made in our development projects, and continuing to profit from a more challenging but nevertheless stable market environment. Rental income fell slightly in the short term following the successful disposal of a number of properties, but our investment portfolio will enjoy significant growth in the second half of the year, particularly in the residential segment, thanks to the completion of numerous developments and the integration of Immobiliengesellschaft Fadmatt AG.
In line with expectations, the result for the first half of the year was down on the same period last year, which was chiefly driven by a strong boost in net income from revaluation and particularly large profits on the sale of properties. The profit attributable to Mobimo shareholders in the reporting period was CHF 37.6 million including revaluation, and CHF 24.4 million excluding revaluation.
The rental income from our investment portfolio was CHF 54.7 million, slightly below the prior-year figure, due to changes in the portfolio. The vacancy rate remained at a low level of 5.1%. The situation in the Flon district in Lausanne was particularly pleasing, as we were able to successfully renew various contracts that expired in the tenth year after the majority of the properties were completed. This was also aided by new, innovative forms of land use such as co-working concepts. As part of the portfolio optimisation, six properties in the greater Geneva area were sold at a profit.
The major Mobimo construction sites in Zurich, Aarau, Kriens and Lausanne are making good progress. At the Labitzke site in Zurich, where tenants were found for its 277 rental apartments long before their completion, most of the residents moved into their apartments in the second quarter. The building constructed for a third party was also handed over. The 167 newly built rental apartments in the Aeschbachquartier in Aarau will be ready for occupation in the course of the second half of the year, and marketing activities are now in full swing. At the Mattenhof site in Kriens, Mobimo is developing an attractive mix of rental apartments and office and commercial spaces, which will be ready from spring 2019. While the majority of the commercial space has already been let, efforts to find tenants for the attractively priced and spacious apartments have only just begun. Work has commenced on the construction of the Moxy Hotel in the Flon district.
Mobimo achieved a major success in the negotiations with Immobiliengesellschaft Fadmatt AG, which has an attractive portfolio of residential properties in the cantons of Zurich and Schaffhausen worth approximately CHF 289 million. Mobimo has submitted a friendly takeover offer to the company's shareholders. This took place after the reporting date – provided all necessary conditions are fullfilled – and is expected to be completed on 22 August. Around 50% of the purchase price will be paid in the form of new shares created from Mobimo's authorised capital. We would like to take this opportunity to welcome the new shareholders into our Group.
In 2019, Mobimo expects an increase in rental income by around CHF 27 million compared with 2017 thanks to the completion of residential and commercial spaces at the Labitzke site in Zurich, the Seehallen in Horgen, the Aeschbachquartier in Aarau and the Mattenhof site in Kriens, with a further boost coming from smaller projects and the integration of the extensive Fadmatt portfolio. This represents an increase of 24% compared to 2017.
At the General Meeting of Mobimo held on 27 March 2018, we announced that Georges Theiler will step down from the Board of Directors in 2019 due to reaching the age of 70, and that he would like to hand over the chairmanship to Peter Schaub. Wilhelm Hansen will also not be standing for re-election in 2019. The current CEO Christoph Caviezel is to join the Board of Directors. After ten successful years at the helm, he will hand over the operational management of the company to a younger successor in 2019. The search for a new CEO and further reinforcements for the Board of Directors has already started.
The Swiss economy is booming and interest rates remain at a persistently low level – a good basis for continued positive growth in the real estate sector. The market is becoming more challenging, however. While the situation in the office segment has eased slightly, there are signs of saturation following intensive residential construction activity, particularly in peripheral areas. Marketing activities and the support provided to tenants and institutional customers must live up to high standards. Mobimo is well positioned to benefit from this environment. The Board of Directors and the Executive Board are confident that the company will continue to deliver a good performance in the second half of the year and beyond. Mobimo will remain a share with an attractive distribution.
Thank you for the trust you have placed in our company.
Georges Theiler Dr. Christoph Caviezel Chairman of the Board of Directors CEO
The Board of Directors is responsible for the company's strategic management. It acts as the supervisory body and comprises independent, external members. As at 30 June 2018, the following persons were members of the Board of Directors of Mobimo:
Georges Theiler, Chairman
Certified Operating Engineer ETH, Entrepreneur Nationality: Swiss
Born in: 1949 Georges Theiler has been a member of the Board of Directors since 2000 and Chairman of the Board of Directors of Mobimo Holding AG since September 2013. He is a member of the Real Estate Committee.
Attorney at law, Swiss-certified tax expert Nationality: Swiss Born in: 1971 Brian Fischer has been a member of the Board of Directors of Mobimo Holding AG since 2008. He is Chairman of the Real Estate Committee.
Compensation Committee.
Engineer, Masters in Energy, MBA INSEAD Nationalities: Swiss and French Born in: 1966 Bernard Guillelmon joined the Board of Directors of Mobimo Holding AG in 2009. He is Chairman of the Nomination and
Executive MBA HSG Nationality: Swiss Born in: 1964 Peter Barandun was elected to the Board of Directors of Mobimo Holding AG in March 2015. He is a member of the Real Estate Committee.
Nomination and Compensation Committee.
lic. rer. pol., Management Consultant Nationality: Swiss Born in: 1953 Wilhelm Hansen has been a member of the Board of Directors of Mobimo Holding AG since 2008. He is a member of the Audit and Risk Committee and of the Nomination and Compensation Committee.
Daniel Crausaz Engineer, MBA Nationality: Swiss Born in: 1957 Daniel Crausaz has been a member of the Board of Directors of Mobimo Holding AG since 2009. He is a member of the Audit and Risk Committee.
Chairman: Georges Theiler/Vice Chairman: Peter Schaub Peter Barandun, Daniel Crausaz, Brian Fischer, Bernard Guillelmon, Wilhelm Hansen
| Real Estate Committee |
Audit and Risk Committee |
Nomination and Compensation Committee |
|---|---|---|
| Brian Fischer (Chairman) Peter Barandun Georges Theiler |
Peter Schaub (Chairman) Daniel Crausaz Wilhelm Hansen |
Bernard Guillelmon (Chairman) Wilhelm Hansen Peter Schaub |
The Executive Board is charged with the operational management of the Group companies. As at 30 June 2018, the following persons were members of the Executive Board:
Dr. Christoph Caviezel, CEO
Dr. iur., attorney at law Nationality: Swiss Born in: 1957 Christoph Caviezel has been CEO of the Mobimo Group since October 2008. He directly manages the Corporate Center and Purchase and Divestment business area.
Certified civil engineer ETH/SIA, postgraduate diploma BWI Nationality: Swiss Born in: 1964 Thomas Stauber joined Mobimo in November 2011 and set up the Development for Third Parties business area. He has headed the Real Estate business area since July 2014.
Manuel Itten, CFO Business Administration FH Nationality: Swiss Born in: 1965 Manuel Itten joined Mobimo in 2004 and has been CFO since March 2009.
Certified Architect HTL, Master of Advanced Studies (MAS) in Real Estate Management HWZ Nationality: Swiss Born in: 1967 Vinzenz Manser has headed Realisation at Mobimo since 2008. He has been a member of the Executive Board since January 2018.
Head of Mobimo Suisse romande Certified Architect ETH, Executive MBA HSG Nationality: Swiss
Born in: 1974 Marc Pointet joined Mobimo in November 2006 and has been Head of Mobimo Suisse romande since March 2013. He has been a member of the Executive Board since April 2015.
Certified Architect ETH, Executive MBA ZHAW Nationality: Swiss Born in: 1974 Marco Tondel has been a member of the Executive Board since January 2018 and heads Mobimo's development activities.
The complete corporate governance report and information about the Group companies and the Group's shareholdings are included in the full version of the Annual Report 2017 at www.mobimo.ch.
Mobimo maintained its attractive distribution policy, paying out CHF 10.00 per share. The Mobimo share continued to enjoy a sound level of liquidity and a solid trading volume. After the good performance recorded in the previous year, the Mobimo share price was 6.3% lower in the first half of 2018 than at the start of the year.
The registered shares of Mobimo Holding AG are traded on the SIX Swiss Exchange in Zurich and are listed in accordance with the Standard for Real Estate Companies.
| Ticker symbol | MOBN |
|---|---|
| Swiss security no. | 1110887 |
| ISIN code | CH0011108872 |
| Bloomberg | MOBN SW Equity |
| Reuters | MOBN.S |
££ NAV per share (diluted)
› BlackRock, Inc., 4.98%,
As at 30 June 2018, the following shareholders
According to the SIX Swiss Exchange definition, the free float stood at 100% as at 30 June 2018.
| Unit | 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|---|
| Ratios as at 30.6. | ||||||
| Share capital | CHF million | 180.3 | 180.3 | 180.3 | 180.3 | 145.5 |
| No. of registered shares issued | Number | 6,216,606 | 6,218,170 | 6,218,170 | 6,218,170 | 6,218,170 |
| Of which treasury shares | Number | 1,623 | 1,217 | 2,844 | 501 | 1,803 |
| No. of registered shares outstanding |
Number | 6,214,983 | 6,216,953 | 6,215,326 | 6,217,669 | 6,216,367 |
| Nominal value per registered share | CHF | 29.00 | 29.00 | 29.00 | 29.00 | 23.40 |
| Share data as at 30.6. | ||||||
| Earnings per share | CHF | 3.17 | 5.72 | 14.39 | 10.03 | 6.04 |
| Earnings per share excluding revaluation |
CHF | 2.36 | 4.57 | 11.93 | 6.46 | 3.92 |
| NAV per share (diluted) | CHF | 191.03 | 191.91 | 203.89 | 217.66 | 219.47 |
| Distribution per share | CHF | 9.50 | 9.50 | 10.00 | 10.00 | 10.00 |
| Share price HY | ||||||
| Share price – High | CHF | 198.00 | 229.40 | 234.30 | 279.25 | 268.00 |
| Share price – Low | CHF | 184.90 | 190.50 | 206.10 | 253.75 | 241.00 |
| Share price on 30.6. | CHF | 188.00 | 190.50 | 221.70 | 269.00 | 245.00 |
| Average no. of shares traded per day |
Number | 9,657 | 12,387 | 12,521 | 8,567 | 7,287 |
| Market capitalisation on 30.6. | CHF million | 1,168.7 | 1,184.6 | 1,378.6 | 1,672.7 | 1,523.5 |
Performance of bonds
| Issue date | 29.10.2013 | 19.5.2014 | 16.9.2014 | 20.3.2017 |
|---|---|---|---|---|
| Ticker symbol | MOB13 | MOB14 | MOB141 | MOB17 |
| Swiss security no. | 22492349 | 24298406 | 25237980 | 35483611 |
| ISIN code | CH0224923497 | CH0242984067 | CH0252379802 | CH0354836113 |
| Issue volume | CHF 165 million | CHF 200 million | CHF 150 million | CHF 225 million |
| Bloomberg | MOBN SW | MOBN SW | MOBN SW | MOBN SW |
| Reuters | 785VD6 | 792ZMZ | 797G6K | 844KJX |
| Interest rate | 1.500% | 1.625% | 1.875% | 0.750% |
| Term | 5 years | 7 years | 10 years | 9 years |
| Maturity | 29.10.2018 | 19.5.2021 | 16.9.2024 | 20.3.2026 |
| Price as at 30.6.2018 | CHF 100.55 | CHF 103.80 | CHF 106.50 | CHF 97.95 |
| Yield to maturity | –0.161% | 0.301% | 0.798% | 1.027% |
As at 30 June 2018, Mobimo's real estate portfolio comprised 134 properties. It can be broken down into investment properties with a value of CHF 2,041 million and development properties with a value of CHF 773 million.
| CHF million | 30.6.2018 | % | 31.12.2017 | % |
|---|---|---|---|---|
| Total portfolio value | 2,814 | 100 | 2,799 | 100 |
| Investment properties | 2,041 | 73 | 2,112 | 75 |
| Commercial investment properties1 |
1,357 | 49 | 1,381 | 49 |
| Residential investment properties |
684 | 24 | 731 | 26 |
| Development properties | 773 | 27 | 687 | 25 |
| Commercial properties (investment) |
314 | 11 | 268 | 10 |
| Residential properties (investment) |
259 | 9 | 217 | 8 |
| Commercial properties (trading) |
146 | 5 | 55 | 2 |
| Residential properties (trading) |
54 | 2 | 147 | 5 |
73% of the real estate portfolio comprises investment properties. These are broadly diversified in terms of both their location in Switzerland's major economic areas and type of use. The annual potential rental income generated by the rentable area of 419,000 m² as at 30 June 2018 was CHF 104 million, producing stable and predictable income. The value of the portfolio dropped slightly as a result of individual disposals at attractive prices.
Mobimo manages the portfolio through its own portfolio management team and selected properties through its own facility management. Mobimo is therefore close to the market and strives for long-term relationships with its tenants. Value is maintained and increased by cultivating relationships with tenants, ensuring a high level of occupancy, imposing lean cost management and implementing appropriate marketing strategies.
The five biggest tenants generate 21.5% of rental income. The existing fixed-term rental agreements primarily have a medium to longterm maturity profile. The average residual term is 6.5 years.
1 Incl. owner-occupied properties.
1 SV (Schweiz) AG 2 Swisscom Group 3 Senevita AG 4 Coop
%
Switzerland 6 Other tenants
4 5
Mobimo feeds its own investment portfolio by means of targeted ongoing development of residential and commercial properties. The newly constructed investment properties further enhance the portfolio's quality.
Mobimo is currently planning and realising properties with a total investment volume of around CHF 960 million, broken down into CHF 490 million for investment properties for its own portfolio under construction and CHF 470 million for investment properties for its own portfolio in planning.
In addition to developments for its own portfolio and for the sale of condominiums, Mobimo is also active in the area of development services for third parties. Its offering ranges from area, site and project developments to turn-key real estate investments for institutional and private investors. The form taken by each cooperation with a partner depends on the specific requirements and on the project phase reached. Here too, the focus is on sustainable implementation. The pipeline for third-party projects has a total investment volume of some CHF 800 million.
Mobimo develops sites in first-class locations in Switzerland into modern, mixed districts with high-quality architecture and urban design. The map below shows the most important sites and their surrounding areas.
Mobimo's long-term strategy is geared towards qualitative growth based on a balanced portfolio mix and active portfolio management. The company ensures that its activities are solidly financed and sustainable.
Mobimo buys, plans, builds, maintains and sells high-yield investment properties. The investment portfolio comprises commercial, industrial and residential properties with broad-based rental income and correspondingly steady returns. Through its development properties, Mobimo generates considerable upside potential and capital gains. This area of activity includes the sale of condominiums. Development for Third Parties offers planning and implementation services for institutional and private investors. This covers all areas of planning, including the handover of turn-key properties.
Mobimo is solidly financed. In addition to long-term guaranteed financing, the expansion of the company is based on Mobimo's core competences: buying/selling, development and portfolio management.
The company uses the Mobimo brand in its communication with investors, the media, analysts and tenants. The Group brand is sometimes linked with targeted sponsorship and marketing measures. Communication and marketing at project level are generally tied to an image developed by Mobimo and are given project names that correspond to the objective, location and target audience. Although creative freedom is ensured, the Mobimo brand is positioned in all project marketing so that the creator and the responsibilities are always clear.
Mobimo strives to gradually grow its real estate portfolio. This growth takes place primarily through the construction of investment properties for the company's own portfolio as well as through the acquisition of individual properties and portfolios. Growth may also be achieved via company takeovers.
The decision to grow is taken when the elements of price, location and future prospects come together in such a way as to create value for shareholders. Mobimo invests in promising locations in
Switzerland. It sees these primarily as the economic areas of Zurich and Lausanne/Geneva, together with those of Basel, Lucerne/ Zug, Aarau and St. Gallen. Investments are only made in sustainably good locations.
Generally, the strategic investment portfolio comprises approximately one-third residential usage, one-third office usage and onethird other commercial usage.
The real estate portfolio is optimised on an ongoing basis. Value is rigorously maintained and increased by cultivating relationships with tenants, ensuring a high level of occupancy, optimising costs and implementing effective marketing strategies.
Real estate development focuses on the following areas:
For Mobimo, sustainability means striking a balance between generating profits today and preserving and enhancing value over the long term. Quality of life is reflected in the design of our living, leisure and working spaces. In addition to economic considerations, Mobimo also incorporates environmental and socio-cultural factors into its activities. This results in added value for both shareholders and the users of Mobimo properties.
Mobimo can borrow on both a short and long-term basis. Equity should represent at least 40% of total assets.
Mobimo shares are characterised by steady value growth and regular, attractive payouts.
As expected, Mobimo recorded a solid result in the first half of 2018, with earnings per share of CHF 6.04. This was driven above all by stable rental income and positive net income from revaluation, which stemmed mainly from the successful realisation of development properties for the company's own portfolio.
The profit attributable to the shareholders of Mobimo was CHF 37.6 million (first half of 2017: CHF 62.4 million). Excluding revaluation, the profit was CHF 24.4 million (first half of 2017: CHF 40.1 million). EBIT was a solid CHF 57.3 million (first half of 2017: CHF 92.9 million). Excluding revaluation, the EBIT figure was CHF 39.6 million (first half of 2017: CHF 62.3 million). This operating result led to earnings per share of CHF 6.04 (first half of 2017: CHF 10.03) and earnings per share excluding revaluation of CHF 3.92 (first half of 2017: CHF 6.46).
Mobimo used the high demand in the transaction market in the first half of the year to adjust its portfolio through the disposal of six smaller residential properties and two commercial properties. The following investment properties were disposed of:
These transactions generated income from disposal of CHF 76.1 million (first half of 2017: CHF 99.9 million) and a profit on disposal of CHF 6.8 million (first half of 2017: CHF 17.8 million). The disposals reduced the annual potential target rental income by around CHF 3.7 million.
As a consequence, rental income was down slightly year-on-year at CHF 54.7 million (first half of 2017: CHF 56.4 million). As at 30 June 2018, the vacancy rate remained practically unchanged at 5.1% (31 December 2017: 4.9%). This low level was attributable in particular to efficient and customer-oriented management and active portfolio management. Direct expenses for rented properties totalled CHF 9.3 million (first half of 2017: CHF 7.8 million), resulting in a cost/ income ratio of 17% (first half of 2017: 14%). The increase in the cost/ income ratio was due to individual instances of higher expenses in the normal operation of specific properties. We expect the cost/ income ratio to normalise for the year as a whole. In comparable terms, rental income grew by 0.0% in the first half of 2018 (first half of 2017: –0.1%).
In the first half of 2018, Mobimo made a successful offer for the friendly takeover of Immobiliengesellschaft Fadmatt AG. 96% of Fadmatt shares had been tendered by the deadline for the
| Key financial performance figures | |||||
|---|---|---|---|---|---|
| Unit | HY 2018 | HY 2017 | Change in % | ||
| Net rental income | CHF million | 45.4 | 48.6 | –6.5 | |
| Profit on development projects and sale |
|||||
| of trading properties | CHF million | 3.9 | 13.3 | –70.9 | |
| Net income from revaluation |
CHF million | 17.7 | 30.6 | –42.1 | |
| Profit on disposal of investment properties |
CHF million | 6.8 | 17.8 | –62.0 | |
| Operating result (EBIT) including revaluation |
CHF million | 57.3 | 92.9 | –38.3 | |
| Financial result | CHF million | –12.6 | –14.6 | –13.7 | |
| Tax expense | CHF million | –7.9 | –16.0 | –50.7 | |
| Profit | CHF million | 37.9 | 63.3 | –40.1 | |
| Profit attributable to the shareholders of MOH |
CHF million | 37.6 | 62.4 | –39.8 | |
| Profit attributable to the shareholders of MOH |
|||||
| excluding revaluation | CHF million | 24.4 | 40.1 | –39.3 |
submission of offers. The transaction is expected to be completed on 22 August. The Fadmatt real estate portfolio comprises properties in seven good locations with annual target rental revenues of more than CHF 10 million.
The pipeline of investment properties under construction comprises the following projects as at 30 June 2018:
The pipeline equates to annual target rental revenues of over CHF 27 million. The completion of these investment properties will result in a significant increase in rental income in the 2019 and 2020 financial years.
Mobimo's investment portfolio is broadly diversified. As at 30 June 2018, the share of residential usage was 29%, with office usage accounting for 31% and other commercial usage 28%. The remaining 12% related to the use of secondary properties such as parking spaces, storage areas, etc. Mobimo aims to maintain a balanced usage mix through targeted portfolio diversification, with residential usage, office usage and other commercial usage each accounting for approximately 30% of the investment portfolio.
Income from development projects and sale of trading properties was CHF 31.9 million in the first half of 2018 (first half of 2017: CHF 91.2 million), resulting in profit on development projects and sale of trading properties of CHF 3.9 million (first half of 2017: CHF 13.3 million). The sale of ten condominiums was notarised during the reporting period. Most of the condominium notarisations related to six residential properties in the Aarau, Site 4 (Torfeld Süd) project. As Mobimo is to apply the provisions of IFRS 15 from the 2018 financial year onwards, income from condominium sales will be recognised from the date specified on the publicly notarised purchase agreement. The income was previously only realised at the point that ownership was transferred.
%
The revaluation of investment properties and investment properties under construction resulted in net income of CHF 17.7 million (first half of 2017: CHF 30.6 million). The highest contribution came from investment properties under construction for the company's own portfolio, totalling CHF 18.0 million (first half of 2017: CHF 23.8 million).
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%).
The main reason for the fall of 1.1% in total assets to CHF 3,160.8 million (31 December 2017: 3,195.7 million) was the decline in current assets to CHF 500.3 million (31 December 2017: CHF 552.9 million) caused primarily by the reduction in receivables and trading properties due to property sales. The proportion of non-current assets to total assets was up compared with the end of 2017 at 84.2% (31 December 2017: 82.7%). This was mainly attributable to the increase in the value of investment properties held in the portfolio to CHF 2,601.2 million (31 December 2017: CHF 2,583.8 million). Although some investment properties were sold, the portfolio grew due to investments in investment properties under construction.
| Unit | 30.6.2018 | 31.12.2017 | Change in % |
|---|---|---|---|
| CHF | |||
| million | 3,160.8 | 3,195.7 | –1.1 |
| CHF | |||
| million | 2,660.5 | 2,642.8 | 0.7 |
| CHF | |||
| million | 500.3 | 552.9 | –9.5 |
| CHF | |||
| million | 1,379.8 | 1,399.1 | –1.4 |
| –21.4 | |||
| % | 3.6 | 5.5 | –34.5 |
| 1,780.9 | 1,796.6 | –0.9 | |
| 346.7 | 288.5 | 20.2 | |
| million | 1,434.2 | 1,508.1 | –4.9 |
| % | 43.7 | 43.8 | –0.2 |
| % CHF |
5.5 | 7.0 |
Group business performance
2014 2015 2016 2017 HY|2018 774 739 781 855 836 1,293 1,367 1,349 1,513 769 739 1,508 512 513 ¢¢ Bonds ££ Mortgages 512 CHF million
With an equity ratio of 43.7% as at 30 June 2018 (31 December 2017: 43.8%), Mobimo continues to have a very solid capital base. We expect equity to be further strengthened on completion of the friendly takeover of Immobiliengesellschaft Fadmatt AG, which is due to take place on 22 August. At least half of the purchase price of CHF 182.6 million will be paid in the form of Mobimo shares to be created by means of a capital increase from authorised capital. Mobimo's corporate strategy stipulates that the equity ratio should not fall below 40%.
The gross loan to value (LTV) was practically unchanged as at 30 June 2018 at 53.6% (31 December 2017: 54.0%), while the net LTV was 45.8% (31 December 2017: 45.6%). At 2.7, the interest coverage ratio is clearly above the targeted 2.0. This means that Mobimo is readily able to finance its financial obligations from its operating activities. With regard to its capital structure, Mobimo aims to achieve long-term net gearing of a maximum of 150%. As at 30 June 2018, Mobimo had net gearing of 93.2% (31 December 2017: 91.2%).
Financial liabilities currently consist of listed bonds and mortgagesecured mortgage loans. The average interest rate for financial liabilities was 2.12% in the first half of 2018, compared with 2.17% in 2017. As at the reporting date of 30 June 2018, the average interest rate remained unchanged at 2.06% (31 December 2017: 2.06%). Mobimo will continue to use the attractive interest rate environment to keep interest rates low in the long term and for the impending redemption of the CHF 165 million bond maturing in the second half of the year. The average residual maturity of financial liabilities as at the reporting date was 6.0 years (31 December 2017: 6.5 years) and therefore still in the targeted range. The long-term financing and solid capital base form an excellent foundation for the company's further qualitative growth and for investments to realise the project pipeline. As at 30 June 2018, the pipeline contained projects for the company's own portfolio with a
total investment volume (incl. building plots) of approximately CHF 960 million, which included:
The pipeline for Development for Third Parties and condominium projects has a total investment volume of around CHF 950 million and can be broken down as follows:
There is further medium-term investment potential of approximately CHF 1 billion from current site developments.
Mobimo remains optimistic for the 2018 financial year, which like 2019 and 2020 will be marked by the completion of major projects. With this in mind, the company is focusing on ensuring that projects are completed successfully and added smoothly to the portfolio. The company's growth and the significant new additions to the portfolio call for strict cost management and efficient marketing – while maintaining a low vacancy rate. As usual, Mobimo will seize opportunities in the Development for Third Parties business area after careful risk assessment. The same is true for the production of condominiums, which will take place selectively and only in segments and locations where demand is high. In terms of our portfolio, the focus will be on continuously increasing rental income through focused optimisation and on ensuring customer satisfaction.
Manuel Itten CFO
In the following section, Mobimo presents its consolidated interim financial statements in accordance with International Accounting Standard 34. The section also contains detailed information on the company's real estate portfolio and EPRA key performance measures.
Portfolio size CHF million 2017: 2,799
Net income from revaluation CHF million HY|2017: 30.6
17.7
6.8
Profit on disposal of investment properties CHF million HY|2017: 17.8
| 16 |
|---|
| 18 |
| 19 |
| 20 |
| 22 |
| 23 |
| 24 |
| 24 |
| 30 |
| 32 |
| 34 |
| 35 |
| 38 |
Independent auditor's report on the review 50
EPRA key performance measures 52
| TCHF | Note | HY 2018 | HY 2017 |
|---|---|---|---|
| Income from rental of properties | 5 | 54,736 | 56,365 |
| Income from development projects and sale of trading properties | 7 | 31,928 | 91,161 |
| Other income | 1,769 | 1,707 | |
| Revenue | 88,433 | 149,233 | |
| Gains from revaluation of investment properties | 6 | 23,534 | 51,039 |
| Losses on revaluation of investment properties | 6 | –5,823 | –20,470 |
| Net income from revaluation | 17,711 | 30,569 | |
| Profit on disposal of investment properties | 6 | 6,753 | 17,755 |
| Direct expenses for rented properties | 5 | –9,301 | –7,786 |
| Direct expenses from development projects and sale of trading properties | 7 | –28,055 | –77,837 |
| Direct operating expenses | –37,356 | –85,623 | |
| Capitalised own-account services | 3,044 | 2,153 | |
| Personnel expenses | –12,898 | –12,709 | |
| Operating expenses | –4,996 | –5,461 | |
| Administrative expenses | –1,943 | –1,666 | |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 58,748 | 94,250 | |
| Depreciation | –855 | –846 | |
| Amortisation and impairment losses | –597 | –505 | |
| Earnings before interest and tax (EBIT) | 57,296 | 92,899 | |
| Share of profit of equity-accounted investees | 1,087 | 997 | |
| Financial income | 1,149 | 1,624 | |
| Financial expense | –13,745 | –16,223 | |
| Financial result | –12,597 | –14,599 | |
| Earnings before tax (EBT) | 45,787 | 79,297 | |
| Tax expense | –7,886 | –16,004 | |
| Profit | 37,901 | 63,293 | |
| Of which attributable to the shareholders of Mobimo Holding AG | 37,559 | 62,376 | |
| Of which attributable to non-controlling interests | 342 | 917 | |
| EBITDA not including revaluation | 41,037 | 63,682 | |
| Operating result (EBIT) not including revaluation | 39,585 | 62,330 | |
| Earnings before tax (EBT) not including revaluation | 28,076 | 48,728 | |
| Earnings per share in CHF | 12 | 6.04 | 10.03 |
| Diluted earnings per share in CHF | 12 | 6.04 | 10.03 |
| TCHF | Note HY 2018 |
HY 2017 |
|---|---|---|
| Profit | 37,901 | 63,293 |
| Items that may be reclassified subsequently to income statement | 3,179 | 2,670 |
| › Profit on financial instruments for hedge accounting | 9 4,561 |
3,347 |
| › Reclassification adjustments for amounts recognised in income statement | 76 | 78 |
| › Tax effects | –1,459 | –755 |
| Items that will not be reclassified to income statement | 1,799 | –21 |
| › Remeasurement in staff pension schemes | 2,218 | –26 |
| › Tax effects | –419 | 5 |
| Total other comprehensive income | 4,978 | 2,649 |
| Of which attributable to the shareholders of Mobimo Holding AG | 4,978 | 2,649 |
| Of which attributable to non-controlling interests | 0 0 |
|
| Total comprehensive income | 42,879 | 65,942 |
| Of which attributable to the shareholders of Mobimo Holding AG | 42,537 | 65,025 |
| Of which attributable to non-controlling interests | 342 | 917 |
| TCHF Note |
30.6.2018 | 31.12.2017 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash | 151,573 | 87,103 |
| Trade receivables | 10,526 | 73,749 |
| Financial assets | 70,000 | 150,000 |
| Current tax assets | 12,012 | 13,089 |
| Other receivables | 32,037 | 24,546 |
| Contract assets 2 |
20,467 | 0 |
| Trading properties 8 |
199,782 | 201,845 |
| Accrued income and prepaid expenses | 3,857 | 2,565 |
| Total current assets | 500,254 | 552,897 |
| Non-current assets | ||
| Investment properties | ||
| › Commercial properties 6 |
1,344,270 | 1,367,490 |
| › Residential properties 6 |
683,700 | 730,650 |
| › Development properties 6 |
119,660 | 118,960 |
| › Investment properties under construction 6 |
453,520 | 366,660 |
| Property, plant and equipment | ||
| › Owner-occupied properties | 13,149 | 13,454 |
| › Other property, plant and equipment | 5,830 | 5,889 |
| Intangible assets | 8,139 | 8,069 |
| Investments in associates and joint ventures | 27,306 | 27,968 |
| Financial assets | 2,303 | 1,849 |
| Deferred tax assets | 2,633 | 1,811 |
| Total non-current assets | 2,660,510 | 2,642,799 |
| Total assets | 3,160,764 | 3,195,695 |
| TCHF | Note | 30.6.2018 | 31.12.2017 |
|---|---|---|---|
| Equity and liabilities | |||
| Liabilities | |||
| Current liabilities | |||
| Current financial liabilities | 9 | 264,136 | 204,421 |
| Trade payables | 24,846 | 29,604 | |
| Current tax liabilities | 9,551 | 10,433 | |
| Derivative financial instruments | 9 | 0 | 22 |
| Other payables | 5,793 | 5,055 | |
| Contract liabilities | 2 | 2,671 | 0 |
| Advance payments from buyers | 260 | 1,923 | |
| Accrued expenses and deferred income | 39,441 | 37,034 | |
| Total current liabilities | 346,698 | 288,492 | |
| Non-current liabilities | |||
| Non-current financial liabilities | 9 | 1,243,752 | 1,308,407 |
| Employee benefit obligation | 3,926 | 6,053 | |
| Derivative financial instruments | 9 | 27,291 | 32,758 |
| Deferred tax liabilities | 159,274 | 160,878 | |
| Total non-current liabilities | 1,434,243 | 1,508,095 | |
| Total liabilities | 1,780,940 | 1,796,588 | |
| Equity | 11 | ||
| Share capital | 145,505 | 180,327 | |
| Treasury shares | –456 | –133 | |
| Capital reserves | 118,041 | 145,390 | |
| Retained earnings | 1,101,219 | 1,058,352 | |
| Total equity attributable to the shareholders of Mobimo Holding AG | 1,364,309 | 1,383,935 | |
| Attributable to non-controlling interests | 15,515 | 15,172 | |
| Total equity | 1,379,823 | 1,399,108 | |
| Total equity and liabilities | 3,160,764 | 3,195,695 | |
| TCHF | Note | HY 2018 | HY 2017 |
|---|---|---|---|
| Earnings before tax | 45,787 | 79,297 | |
| Net gains from revaluation of investment properties | 6 | –17,711 | –30,569 |
| Share-based payments | 30 | 283 | |
| Depreciation on property, plant and equipment and amortisation of lease incentives | 1,176 | 1,205 | |
| Amortisation of intangible assets | 597 | 505 | |
| Profit on disposal of investment properties | 6 | –6,753 | –17,755 |
| Share of profit of associates and joint ventures | –1,087 | –997 | |
| Financial result | 12,597 | 14,599 | |
| Changes | |||
| › Trade receivables | 63,224 | –12,784 | |
| › Contract assets | –16,058 | 0 | |
| › Trading properties | –1,396 | 42,207 | |
| › Other receivables and accrued income and prepaid expenses | –7,271 | –12,452 | |
| › Employee benefit obligation | 91 | 313 | |
| › Trade payables | –5,708 | –1,698 | |
| › Contract liabilities | 2,671 | 0 | |
| › Advance payments from buyers | –1,663 | –10,288 | |
| › Other liabilities and accrued expenses and deferred income | 3,961 | 4,618 | |
| Income tax paid | –12,941 | –29,241 | |
| Net cash from operating activities | 59,546 | 27,243 | |
| Investments in financial assets | 0 | –150,880 | |
| Acquisition of investment properties | 6 | –66,793 | –56,961 |
| Acquisition of property, plant and equipment | –492 | –1,865 | |
| Acquisition of intangible assets | –666 | –1,013 | |
| Disposal of financial assets | 80,000 | 0 | |
| Disposal of investment properties less selling costs | 6 | 75,957 | 96,768 |
| Dividends received | 1,845 | 1,060 | |
| Interest received | 4 | 19 | |
| Net cash used in investing activities | 89,854 | –112,872 | |
| Proceeds from financial liabilities | 9 | 18,800 | 237,741 |
| Repayment of financial liabilities | 9 | –23,483 | –43,716 |
| Nominal value repayment | 11 | –34,812 | 0 |
| Distribution of capital contribution reserves | 11 | –27,352 | –62,174 |
| Purchase of treasury shares | 11 | –1,096 | –745 |
| Interest paid | –16,988 | –16,716 | |
| Net cash used in financing activities | –84,931 | 114,391 | |
| Increase in cash | 64,470 | 28,762 | |
| Cash at beginning of reporting period | 87,103 | 173,869 | |
| Cash at end of reporting period | 151,573 | 202,631 | |
| TCHF | Note | Share capital |
Treasury shares |
Capital reserves |
Hedging reserve |
Other retained earnings |
Total retained earnings |
Equity attributable to the shareholders of Mobimo Holding AG |
Non-con trolling interests |
Total equity |
|---|---|---|---|---|---|---|---|---|---|---|
| At 31 December 2016/ | ||||||||||
| 1 January 2017 | 180,327 | –446 | 207,466 | –24,500 | 988,090 | 963,589 | 1,350,936 | 15,331 | 1,366,267 | |
| Profit HY 2017 | 62,376 | 62,376 | 62,376 | 917 | 63,293 | |||||
| Cash flow hedges: | ||||||||||
| › Change in fair value | 3,347 | 3,347 | 3,347 | 3,347 | ||||||
| › Transfer to income statement |
78 | 78 | 78 | 78 | ||||||
| › Tax effects | –755 | –755 | –755 | –755 | ||||||
| Staff pension schemes: | ||||||||||
| › Remeasurement | –26 | –26 | –26 | –26 | ||||||
| › Tax effects | 5 | 5 | 5 | 5 | ||||||
| Other comprehensive income |
0 | 0 | 0 | 2,670 | –21 | 2,649 | 2,649 | 0 | 2,649 | |
| Total comprehensive | ||||||||||
| income | 0 | 0 | 0 | 2,670 | 62,355 | 65,025 | 65,025 | 917 | 65,942 | |
| Distribution of capital contribution reserves |
–62,174 | –62,174 | –62,174 | |||||||
| Share-based payments: | ||||||||||
| › Board of Directors and management |
1,057 | 98 | –873 | –873 | 283 | 283 | ||||
| Purchase of treasury shares | –745 | –745 | –745 | |||||||
| At 30 June 2017 | 180,327 | –133 | 145,390 | –21,831 | 1,049,572 | 1,027,741 | 1,353,324 | 16,248 | 1,369,572 | |
| At 31 December 2017 | 180,327 | –133 | 145,390 | –21,060 | 1,079,412 | 1,058,352 | 1,383,935 | 15,172 | 1,399,108 | |
| Impact of changes in | ||||||||||
| accounting policies | 1,067 | 1,067 | 1,067 | 0 | 1,067 | |||||
| At 1 January 2018 | 180,327 | –133 | 145,390 | –21,060 | 1,080,478 | 1,059,418 | 1,385,002 | 15,172 | 1,400,174 | |
| Profit HY 2018 | 37,559 | 37,559 | 37,559 | 342 | 37,901 | |||||
| Cash flow hedges: | 9 | |||||||||
| › Change in fair value | 4,561 | 4,561 | 4,561 | 4,561 | ||||||
| › Transfer to income | ||||||||||
| statement | 76 | 76 | 76 | 76 | ||||||
| › Tax effects | –1,459 | –1,459 | –1,459 | –1,459 | ||||||
| Staff pension schemes: | ||||||||||
| › Remeasurement | 2,218 | 2,218 | 2,218 | 2,218 | ||||||
| › Tax effects | –419 | –419 | –419 | –419 | ||||||
| Other comprehensive income |
0 | 0 | 0 | 3,179 | 1,799 | 4,978 | 4,978 | 0 | 4,978 | |
| Total comprehensive income |
0 | 0 | 0 | 3,179 | 39,358 | 42,537 | 42,537 | 342 | 42,879 | |
| Nominal value repayment | 11 | –34,822 | 10 | –34,812 | –34,812 | |||||
| Distribution of capital | ||||||||||
| contribution reserves | 11 | –27,352 | –27,352 | –27,352 | ||||||
| Share-based payments: | ||||||||||
| › Board of Directors and | ||||||||||
| management | 764 | 3 | –736 | –736 | 30 | 30 | ||||
| Purchase of treasury shares | –1,096 | –1,096 | –1,096 | |||||||
| At 30 June 2018 | 145,505 | –456 | 118,041 | –17,881 | 1,119,100 | 1,101,219 | 1,364,309 | 15,515 | 1,379,823 |
The Mobimo Group is a real estate company which operates exclusively in Switzerland. Its business activities consist of the longterm holding and management of commercial, industrial and residential properties, the development of commercial and residential properties for its own portfolio and third-party investors, and the construction and sale of owner-occupied residential properties.
The parent company is Mobimo Holding AG, a public limited company under Swiss law, headquartered in Lucerne and listed on the SIX Swiss Exchange.
The consolidated interim financial statements of the Mobimo Group for the first half of 2018 have been produced in accordance with International Accounting Standard 34 (IAS 34) on interim financial reporting and comply with Article 17 of the SIX Swiss Exchange Directive on Financial Reporting.
The consolidated interim financial statements as at 30 June 2018 do not contain all information and disclosures required for annual financial reporting and should therefore be read in conjunction with the consolidated annual financial statements as at 31 December 2017.
All amounts contained in the consolidated interim financial statements are shown in thousands of Swiss francs (TCHF), unless stated otherwise. The sums and totals of the individual positions may be larger or smaller than 100% due to rounding.
The accounting principles applied in the consolidated interim financial statements correspond to the Group accounting principles set out in the consolidated annual financial statements for 2017, with the exception of the new standards and interpretations applicable with effect from 1 January 2018.
In preparing the consolidated interim financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and contingent assets and liabilities as at the reporting date.
The main estimates and assumptions used in the measurement of assets and liabilities affect the market values of investment properties, the estimate of costs of trading properties, development services and income tax. This is unchanged from the consolidated annual financial statements as at 31 December 2017. Due to the amendments to IFRS 15 (see new standards/interpretations applied), cost estimates now have a material effect on contract assets and liabilities as well.
On the real estate market at present it can be observed that, owing to the current negative interest rate environment, institutional investors are in some cases buying properties in good locations offering very low yields, their hands forced by the dearth of other investment options. This unforeseeable investor behaviour could result in some investment properties fetching higher sales prices than their most recent estimates of market value.
With effect from 1 January 2018, Mobimo uses the following newly applicable or amended standards and interpretations:
With the exception of the first-time application of IFRS 9 and IFRS 15, the amendments had no effect on the interim financial statements.
Mobimo has applied IFRS 9 "Financial Instruments" since 1 January 2018. The standard includes new regulations on the classification and measurement of financial assets and liabilities, the recognition of impairments and the accounting of hedging relationships.
IFRS 9 includes three categories for classifying financial assets: "measured at amortised cost", "measured at fair value through profit or loss" and "measured at fair value through other comprehensive income".
IFRS 9 therefore replaced the previously applied categories of "held to maturity", "loans and receivables" and "available for sale" under IAS 39. The classification of financial assets under IFRS 9 is based on the company's business model for managing financial assets and on the characteristics of the assets' contractual cash flows. In addition, under IFRS 9 non-consolidated investments previously recognised at cost must now be measured at fair value. The provisions of IFRS 9 on the classification and measurement of financial liabilities deviate only slightly from the previous provisions of IAS 39.
The new provisions have the following effect on Mobimo's reporting:
IFRS 9 replaces the "incurred loss" model in IAS 39 with the "expected credit loss" model. The new impairment model applies to financial assets measured at amortised cost and to contract assets, but not to investments in equity instruments. Credit losses tend to be recognised earlier under IFRS 9 than under IAS 39. Due to the nature of the financial assets held by Mobimo, this amendment had no material effect on the allowances required when the standard was applied for the first time.
Mobimo has decided to switch to the new IFRS 9 hedge accounting model. As a result, Mobimo must ensure that hedging relationships are in line with risk management objectives and strategies, and going forward will in particular have to carry out a qualitative and forwardlooking assessment of hedge effectiveness. All hedging relationships designated under IAS 39 as at 31 December 2017 meet the requirements for the application of hedge accounting under IFRS 9 as at 1 January 2018 and were therefore considered as ongoing hedging relationships. There was thus no impact from the first-time application of IFRS 9.
IFRS 15 introduced a new approach to revenue recognition according to which revenue is recognised when control of a product or service passes to the customer (rather than the previous approach based on the transfer of risks and rewards). IFRS 15 makes a
distinction between revenue recognition at a point in time and revenue recognition over time. With a view to the adoption of IFRS 15, Mobimo analysed its contracts with customers with regard to type, amount, timing and uncertainty as well as revenues and cash flows and identified the following categories. Revenue from contracts with customers in each category is usually recognised as set out in the following sections and reported accordingly in the notes. IFRS 15 makes a distinction with regard to the type of revenue recognition as described below, especially in relation to the sale of condominiums. Mobimo has opted to use the "cumulative effect method" for the first-time application of IFRS 15, whereby only contracts that had not yet been completed before the standard was applied will be recognised in the balance sheet in accordance with IFRS 15. Mobimo is thus refraining from fully applying the provisions of IFRS 15 to the comparison periods presented, and will recognise the cumulative adjustment amounts resulting from the first-time application of the standard in retained earnings as of 1 January 2018.
Mobimo previously reported "income from sale of trading properties and development services" in the income statement. The corresponding item is now called "income from development projects and sale of trading properties". In the notes, this item was broken down into income from deliveries of a property, shown in "income from sale of trading properties", and pure development services, shown in "income from development services". This meant that the income from a development for an investor was shown either in one of the two items or split across both depending on the service and structure of the contracts concerned. All income from Development for Third Parties is now shown as "income from development projects", while "income from sale of trading properties" now mainly comprises the sale of condominiums. The corresponding costs are also listed. Mobimo believes that this new breakdown offers a better picture from a business management perspective than the previous breakdown under IAS 18, where Mobimo made a distinction between income from development services and income from sales of trading properties. The prior-year figures were adjusted in line with the new definitions of revenue categories.
The details of the different revenue categories are therefore as follows:
Income from development projects relates to the provision by Mobimo of services ranging from pure development services to turn-key real estate based on a third-party contract. This corresponds to the revenue of the Development for Third Parties business area. Depending on the structure of the engagement, Mobimo either initially owns the plot to be built on then sells it to the ordering party or the plot is already owned by the third party.
Consolidated interim financial statements: Notes to the consolidated interim financial statements General information
The revenue of Development for Third Parties is recognised on the basis of contractually agreed services and conditions. For such engagements the various service components need to be analysed and assessed to determine whether the individual components (e.g. land sale and building management/project implementation) each constitute an individual service for the buyer or need to be combined. If the service components are combined, revenue is recognised over time based on the percentage of completion (PoC). The percentage of completion is normally calculated on the basis of project progress. If the service components are broken down into land sale and separate services, the revenue from the land sale is recognised at a point in time. Revenue from the separate services is recognised over time based on the percentage of completion (PoC). Payments are made based on the contractual terms.
The application of IFRS 15 has resulted in no material changes to the recognition of revenue compared with the provisions of IAS 18 in conjunction with IAS 11.
Sales of residential property (primarily apartments, but also other facilities such as parking spaces) are reported under sale of trading properties (generally to individuals, rarely to legal entities). Sales of properties held for resale, i.e. building plots and completed properties, are also shown under sale of trading properties.
In the case of income from the sale of condominiums, the revenue for each unit is recognised from the time the condominium unit is notarised. Once the contract has been notarised, Mobimo is no longer able to make an alternative apartment available to the buyer without breaching the current contract. The notarised purchase contract also fulfils the criterion of an enforceable right to payment for work already performed to date. Revenue for condominiums under a notarised purchase contract must therefore be recognised based on the progress of construction if the company has reasonable knowledge that the contract is very likely to be fulfilled by both parties as part of the agreement with the buyer. 20% of the purchase price is generally due from the buyer upon notarisation. At the time when ownership is transferred, the progress of construction is usually 100% and the outstanding purchase price becomes due.
Following the application of IFRS 15 revenue is now recognised from the date of notarisation, whereas under IAS 18 it was not recognised until ownership was transferred. Up to the date of notarisation, accrued costs are capitalised under trading properties in accordance with IAS 2. After notarisation these accrued costs are recognised as expenses based on the progress of construction. A contract liability (customer down payment higher than progress of construction), contract asset (progress of construction higher than customer down payment) or trade receivable (Mobimo claim based solely on timeframe and progress of construction higher than customer down payment) is recognised depending on the progress of construction/financing for the sale and whether or not an invoice has been issued. Prior to the adoption of IFRS 15, accrued costs were capitalised until the transfer of ownership and then recognised in full as expenses. Revenue from the sale of condominiums is thus generally recognised earlier under IFRS 15. As at 1 January 2018, the effect of the first-time application of this standard on equity due to the different treatment of these contracts (sale of condominiums) amounted to CHF 0.7 million (five apartments had been notarised as at 1 January 2018 but ownership had not yet been transferred).
Other income shows all revenue that cannot be reported under the aforementioned items. This includes revenue from services provided to tenants that are not directly related to the rental of properties (e.g. facility management).
Revenue is recognised over time or at a point in time depending on the structure of the contract. Payments are made based on the contractual terms (payment due dates usually within 90 days).
IFRS 15 has no material effect on the recognition of other income.
The recognition of income from rental of properties is covered by the provisions of IAS 17 rather than the provisions of IFRS 15. IFRS 15 therefore has no effect on the recognition of income from rental of properties.
The following table shows the effects from the first-time application of IFRS 9 and IFRS 15, which were recognised in the balance sheet as of 1 January 2018:
| TCHF | 31.12.2017 | Application of IFRS 9 |
Application of IFRS 15 |
1.1.2018 |
|---|---|---|---|---|
| Trade receivables | 73,749 | 0 | –62,577 | 11,172 |
| Contract assets | 0 | 0 | 68,428 | 68,428 |
| Trading properties | 201,845 | 0 | –3,502 | 198,343 |
| Total current assets | 552,897 | 0 | 2,348 | 555,245 |
| Financial assets | 1,849 | 385 | 0 | 2,233 |
| Total non-current assets | 2,642,799 | 385 | 0 | 2,643,183 |
| Total assets | 3,195,695 | 385 | 2,348 | 3,198,428 |
| Trade payables | 29,604 | 0 | –1,654 | 27,950 |
| Contract liabilities | 0 | 0 | 3,165 | 3,165 |
| Total current liabilities | 288,492 | 0 | 1,511 | 290,003 |
| Deferred tax liabilities | 160,878 | 0 | 156 | 161,033 |
| Total non-current liabilities | 1,508,095 | 0 | 156 | 1,508,251 |
| Total liabilities | 1,796,588 | 0 | 1,667 | 1,798,254 |
| Retained earnings | 1,058,352 | 385 | 682 | 1,059,418 |
| Total equity attributable to the shareholders of Mobimo Holding AG | 1,383,935 | 385 | 682 | 1,385,002 |
| Total equity | 1,399,108 | 385 | 682 | 1,400,174 |
| Total equity and liabilities | 3,195,695 | 385 | 2,348 | 3,198,428 |
Consolidated interim financial statements: Notes to the consolidated interim financial statements General information
The following tables show the impact of the first-time application of IFRS 15 on the consolidated interim financial statements, and how the consolidated interim financial statements would look without the application of IFRS 15 (i.e. applying IAS 11 and IAS 18).
| TCHF | HY 2018 | Adjustments | HY 2018 without adoption of IFRS 15 |
|---|---|---|---|
| Income from development projects and sale of trading properties | 31,928 | 2,575 | 34,503 |
| Revenue | 88,433 | 2,575 | 91,008 |
| Direct expenses from development projects and sale of trading properties | –28,055 | –2,091 | –30,146 |
| Direct operating expenses | –37,356 | –2,091 | –39,447 |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 58,748 | 484 | 59,232 |
| Earnings before interest and tax (EBIT) | 57,296 | 484 | 57,780 |
| Earnings before tax (EBT) | 45,787 | 484 | 46,271 |
| Tax expense | –7,886 | –90 | –7,976 |
| Profit | 37,901 | 394 | 38,295 |
| Of which attributable to the shareholders of Mobimo Holding AG | 37,559 | 394 | 37,953 |
| Total comprehensive income | 42,879 | 394 | 43,273 |
| Of which attributable to the shareholders of Mobimo Holding AG | 42,537 | 394 | 42,931 |
Five apartments had been notarised as at the end of last year but ownership had not yet been transferred, meaning the income from them was therefore recognised in equity as at 1 January 2018 due to the first-time application of IFRS 15; the transfer of ownership for four of these apartments took place in the first half of 2018. Without IFRS 15, the revenue from these apartments would therefore have been recognised in the first half of the year. The revenue from a further apartment and a car park that were notarised in the first half of 2018 and whose revenue has already been recognised in accordance with IFRS 15 would not yet have been recognised if IFRS 15 did not apply.
| TCHF | 30.06.2018 | Adjustments | 30.6.2018 without adoption of IFRS 15 |
|---|---|---|---|
| Trade receivables | 10,526 | 17,346 | 27,872 |
| Contract assets | 20,467 | –20,467 | 0 |
| Trading properties | 199,782 | 1,411 | 201,193 |
| Total current assets | 500,254 | –1,709 | 498,545 |
| Total assets | 3,160,764 | –1,709 | 3,159,055 |
| Trade payables | 24,846 | 1,089 | 25,935 |
| Contract liabilities | 2,671 | –2,671 | 0 |
| Advance payments from buyers | 260 | 226 | 486 |
| Total current liabilities | 346,698 | –1,356 | 345,342 |
| Deferred tax liabilities | 159,274 | –65 | 159,208 |
| Total non-current liabilities | 1,434,243 | –65 | 1,434,177 |
| Total liabilities | 1,780,940 | –1,421 | 1,779,519 |
| Retained earnings | 1,101,219 | –288 | 1,100,931 |
| Total equity attributable to the shareholders of Mobimo Holding AG | 1,364,309 | –288 | 1,364,020 |
| Total equity | 1,379,823 | –288 | 1,379,535 |
| Total equity and liabilities | 3,160,764 | –1,709 | 3,159,055 |
Mobimo's cash flow has not changed as a result of the introduction of IFRS 15. However, the cash flow statement shows a shift between earnings before tax (CHF 0.4 million) and the change in various items in net current assets (CHF 0.4 million).
The following new and revised standards and interpretations have been approved but will only enter into force at a later date and were not applied in advance in these interim financial statements.
| Standard/Interpretation | Entry into force | Planned application by Mobimo (financial year) |
||
|---|---|---|---|---|
| IFRS 16 | Leases | * | 1.1.2019 | 2019 financial year |
| IFRIC 23 | Uncertainty over Income Tax Treatments | ** | 1.1.2019 | 2019 financial year |
| Amendments to IFRS 9 | Prepayment Features with Negative Compensation | ** | 1.1.2019 | 2019 financial year |
| Amendments to IAS 28 | Long-term Interests in Associates and Joint Ventures | ** | 1.1.2019 | 2019 financial year |
| Amendments to IAS 19 | Plan Amendments, Curtailment or Settlement | ** | 1.1.2019 | 2019 financial year |
| Amendments to IFRSs 2015 – 2017 | Annual Improvements to IFRSs 2015 – 2017 Cycle | ** | 1.1.2019 | 2019 financial year |
* The potential impact on Mobimo's consolidated annual financial statements is described in the consolidated annual financial statements as at 31 December 2017.
** No impact or no significant impact expected on Mobimo's consolidated annual financial statements.
Some of Mobimo's activities do not generate steady income over the course of the year. These include in particular income from development projects and sale of trading properties. Higher income may be generated in the first or second half of the year depending on the number of properties transferred or the volume of projects.
Consolidated interim financial statements: Notes to the consolidated interim financial statements Segment reporting
Segment information for the first halfof 2018
| TCHF | Real Estate | Development | Total segments | Reconciliation | Total |
|---|---|---|---|---|---|
| Income from rental of properties | 48,373 | 6,363 | 54,736 | 54,736 | |
| Net income from revaluation | 513 | 17,198 | 17,711 | 17,711 | |
| Income from development projects | |||||
| and sale of trading properties | 0 | 31,928 | 31,928 | 31,928 | |
| Profit on disposal of investment properties | 6,753 | 0 | 6,753 | 6,753 | |
| Other income | 1,769 | 0 | 1,769 | 1,769 | |
| Total segment income | 57,408 | 55,488 | 112,897 | 112,897 | |
| Segment result EBIT1 | 41,074 | 16,872 | 57,946 | –650 | 57,296 |
| Share of profit of equity-accounted investees | 1,087 | ||||
| Financial result | –12,597 | ||||
| Earnings before tax (EBT) | 45,787 | ||||
| Tax | –7,886 | ||||
| Profit | 37,901 | ||||
| Trading properties | 0 | 199,782 | 199,782 | 199,782 | |
| Contract assets2 | 0 | 20,467 | 20,467 | 20,467 | |
| Investment properties | 2,027,970 | 119,660 | 2,147,630 | 2,147,630 | |
| Owner-occupied properties | 13,149 | 0 | 13,149 | 13,149 | |
| Investment properties under construction | 0 | 453,520 | 453,520 | 453,520 | |
| Total segment assets | 2,041,119 | 793,429 | 2,834,548 | 2,834,548 | |
| Non-attributed assets | 327,838 | 327,838 | |||
| Total assets | 3,162,386 | ||||
| Depreciation and amortisation | –534 | –918 | –1,452 | –1,452 | |
| Investments in non-current assets | 5,422 | 63,782 | 69,204 | 1,158 | 70,362 |
1 The reconciliation EBIT comprises compensation for the Board of Directors.
2 The balance sheet contains corresponding contract liabilities in the amount of TCHF 2,671.
| TCHF | Real Estate | Development | Total segments | Reconciliation | Total |
|---|---|---|---|---|---|
| Income from rental of properties | 51,535 | 4,831 | 56,365 | 56,365 | |
| Net income from revaluation | 9,648 | 20,921 | 30,569 | 30,569 | |
| Income from development projects and sale of trading properties |
0 | 91,161 | 91,161 | 91,161 | |
| Profit on disposal of investment properties | 17,755 | 0 | 17,755 | 17,755 | |
| Other income | 1,707 | 0 | 1,707 | 1,707 | |
| Total segment income | 80,644 | 116,912 | 197,557 | 197,557 | |
| Segment result EBIT1 | 65,907 | 27,613 | 93,520 | –621 | 92,899 |
| Share of profit of equity-accounted investees | 997 | ||||
| Financial result | –14,599 | ||||
| Earnings before tax (EBT) | 79,297 | ||||
| Tax | –16,004 | ||||
| Profit | 63,293 | ||||
| Trading properties | 0 | 262,682 | 262,682 | 262,682 | |
| Receivables from current projects2 | 0 | 17,421 | 17,421 | 17,421 | |
| Investment properties | 2,046,980 | 121,400 | 2,168,380 | 2,168,380 | |
| Owner-occupied properties | 13,542 | 0 | 13,542 | 13,542 | |
| Investment properties under construction | 0 | 283,720 | 283,720 | 283,720 | |
| Total segment assets | 2,060,522 | 685,223 | 2,745,745 | 2,745,745 | |
| Non-attributed assets | 457,241 | 457,241 | |||
| Total assets | 3,202,986 | ||||
| Depreciation and amortisation | –625 | –726 | –1,351 | –1,351 | |
| Investments in non-current assets | 7,309 | 49,365 | 56,674 | 2,878 | 59,552 |
1 The reconciliation EBIT comprises compensation for the Board of Directors.
2 The balance sheet contains a corresponding net liability from advance payments from customers of TCHF 3,003.
Rental income can be broken down as follows:
The future rental income set out below will be generated from non-cancellable rental agreements for investment properties:
Commercial
Residential
30.6.2018
| TCHF | HY 2018 | HY 2017 |
|---|---|---|
| Commercial properties | 37,396 | 38,869 |
| Residential properties | 15,083 | 15,379 |
| Income from rental of investment properties |
52,479 | 54,248 |
| Trading properties1 | 2,257 | 2,117 |
| Total income from rental of properties | 54,736 | 56,365 |
| Commercial properties | –6,321 | –5,432 |
| Losses on receivables | ||
| commercial properties | –131 | 27 |
| Residential properties | –2,400 | –2,109 |
| Losses on receivables residential properties |
–48 | –55 |
| Investment property expense | –8,900 | –7,569 |
| Rented trading properties1 | –363 | –192 |
| Losses on receivables | ||
| trading properties1 | –38 | –25 |
| Total expense for rental of properties | –9,301 | –7,786 |
| Net rental income | 45,435 | 48,580 |
1 Rental income or expenses from properties for sale or development properties.
| TCHF | properties | properties | Total |
|---|---|---|---|
| Rental income | |||
| within 1 year | 59,731 | 3,066 | 62,797 |
| Rental income within 2 to 5 years |
164,957 | 5,251 | 170,208 |
| Rental income in | |||
| over 5 years | 259,326 | 2,199 | 261,525 |
| Total future rental income from non-cancellable rental |
|||
| agreements | 484,014 | 10,516 | 494,530 |
| TCHF | Commercial properties |
Residential properties |
31.12.2017 Total |
| Rental income within 1 year |
61,313 | 3,665 | 64,979 |
| Rental income | |||
| within 2 to 5 years | 169,337 | 6,635 | 175,972 |
| Rental income in over 5 years |
266,402 | 2,955 | 269,357 |
The five biggest tenants generate the following shares of rental income:
| % | 30.6.2018 | 31.12.2017 |
|---|---|---|
| SV (Schweiz) AG | 6.6 | 6.4 |
| Swisscom Group | 5.5 | 5.4 |
| Senevita AG | 3.3 | 3.2 |
| Coop | 3.2 | 3.1 |
| Rockwell Automation Switzerland | 2.9 | 2.9 |
| Total | 21.5 | 21.0 |
Investment properties changed as follows:
| TCHF | Commercial properties |
Residential properties |
Development properties |
Investment properties under construction |
30.6.2018 Total |
|---|---|---|---|---|---|
| Market value at 1 January | 1,367,490 | 730,650 | 118,960 | 366,660 | 2,583,760 |
| Cumulative acquisition costs | |||||
| Balance at 1 January | 1,219,963 | 562,039 | 147,460 | 317,359 | 2,246,821 |
| Increases from investments1 | 3,344 | 430 | 1,548 | 59,113 | 64,435 |
| Capitalisation of borrowing costs | 0 | 0 | 0 | 1,594 | 1,594 |
| Capitalisation/amortisation of lease incentives | 1,368 | 0 | 0 | 1,487 | 2,854 |
| Disposals | –23,069 | –48,043 | 0 | 0 | –71,112 |
| Transfers between categories | –8,359 | 0 | 0 | 8,359 | 0 |
| Balance at 30 June | 1,193,246 | 514,425 | 149,009 | 387,912 | 2,244,592 |
| Cumulative revaluation | |||||
| Balance at 1 January | 147,527 | 168,611 | –28,500 | 49,301 | 336,939 |
| Gains on valuations2 | 3,356 | 1,667 | 130 | 18,380 | 23,534 |
| Losses on valuations2 | –3,518 | –993 | –978 | –334 | –5,823 |
| Disposals3 | 1,919 | –11 | 0 | 0 | 1,908 |
| Transfers between categories | 1,739 | 0 | 0 | –1,739 | 0 |
| Cumulative revaluation at 30 June | 151,024 | 169,275 | –29,349 | 65,608 | 356,558 |
| Market value at 30 June | 1,344,270 | 683,700 | 119,660 | 453,520 | 2,601,150 |
1 Increases from investments include non-cash transactions from the accrual for construction costs and trade payables.
2 Corresponds to the sum of "Gains from revaluation of investment properties" and "Losses on revaluation of investment properties" in the income statement and
represents the unrealised gains on properties that were in the investment portfolio as at 30 June 2018.
3 Included as a realised gain in "Profit on disposal of investment properties" in the income statement.
| No properties were acquired in the first half of 2018, but see | |||||
|---|---|---|---|---|---|
| also Note 13. |
In the reporting period, the following properties were disposed of:
| Investment property | Category of investment property |
|---|---|
| Carouge, Place d'Armes 8 | Residential property |
| Geneva, Boulevard Carl-Vogt 6 | Residential property |
| Geneva, Rue Daubin 35 | Residential property |
| Geneva, Rue des Peupliers 13 | Residential property |
| Geneva, Rue du Village Suisse 4 | Residential property |
| Lucerne, Alpenstrasse 9 | Commercial property |
| Meyrin, Rue de Livron 17 − 19 | Residential property |
| Neuhausen, Victor-von-Bruns-Strasse 19 | Commercial property |
The disposal of properties for a total of CHF 76.1 million produced a profit of about CHF 6.8 million.
The transfer between categories relates to the property at Rue de la Vigie 3 in Lausanne, which was transferred from commercial properties to investment properties under construction following the granting of building permission for a hotel.
The investment properties are valued by the external, independent and certified real estate appraiser Jones Lang LaSalle AG using the DCF method.
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%).
As at 30 June 2018, capital commitments for future construction investments in investment properties totalled CHF 81.9 million (31 December 2017: CHF 99.9 million). These commitments relate to agreements concluded with general contractors/planners for investment properties under construction and development properties. There are also notarised purchase agreements for investment properties representing a value of more than CHF 100.0 million.
Profit can be broken down as follows:
| TCHF | HY 2018 | HY 2017 |
|---|---|---|
| Income from development projects | 19,598 | 18,444 |
| Income from sale of trading properties | 12,329 | 72,717 |
| Total income from development projects and sale of trading properties |
31,928 | 91,161 |
| Direct expenses development projects | –16,912 | –17,869 |
| Construction costs of | ||
| trading properties sold | –11,142 | –59,898 |
| Changes in valuation allowances | 0 | –70 |
| Total direct expenses from development | ||
| projects and sale of trading properties | –28,055 | –77,837 |
| Profit on development projects and | ||
| sale of trading properties | 3,873 | 13,323 |
Income from development projects comprises income from projects for third-party investors.
Income from sale of trading properties includes six completed apartments in the Aarau, Torfeld 4 development and four completed apartments in Salenstein, Hauptstrasse that were notarised during the first half of the year.
The breakdown of income and direct expenses has been adjusted in line with the revenue categories described in Note 2 under "New standards/interpretations applied"; the comparison period has also been adjusted accordingly.
The recognised portfolio of properties comprises the following:
| TCHF | 30.6.2018 | 31.12.2017 |
|---|---|---|
| Land/development projects | 64,151 | 62,864 |
| Completed real estate and development properties |
135,631 | 138,981 |
| Total trading properties | 199,782 | 201,845 |
No land/development projects were launched or concluded in the first half of 2018.
Five completed properties at Aarau Torfeld 4 that had already been notarised in the previous year were recognised in equity (see Note 2 under "New standards/interpretations applied"), while six completed apartments at the same site were recognised in income in the first half of the year. Four apartments at the Salenstein, Hauptstrasse property were notarised. The Aarau, Buchserstrasse 27 property was transferred to the city of Aarau as planned as the nursery for the Aeschbachquartier. The Horgen, Allmendgütlistrasse 35/39 property was acquired as a development property for condominiums.
Financial liabilities can be broken down as follows:
| TCHF | 30.6.2018 | 31.12.2017 |
|---|---|---|
| Fixed-rate mortgage amortisation due within 12 months | 4,757 | 5,059 |
| Mortgages due for extension or repayment within 12 months | 94,436 | 34,506 |
| Bond | 164,943 | 164,856 |
| Total current financial liabilities | 264,136 | 204,421 |
| Mortgages | 669,851 | 734,675 |
| Bonds | 573,901 | 573,732 |
| Total non-current financial liabilities | 1,243,752 | 1,308,407 |
| Total financial liabilities | 1,507,888 | 1,512,828 |
| Interest rate swaps through profit and loss | 0 | 22 |
| Total current derivative financial instruments | 0 | 22 |
| Interest rate swaps applying hedge accounting | 21,954 | 26,515 |
| Interest rate swaps through profit and loss | 5,338 | 6,244 |
| Total non-current derivative financial instruments | 27,291 | 32,758 |
| Total derivative financial instruments | 27,291 | 32,780 |
All financial liabilities are denominated in Swiss francs.
The following bonds are included under non-current financial liabilities:
| TCHF | 1.5% bond (2013 – 2018) |
1.625% bond (2014 – 2021) |
1.875% bond (2014 – 2024) |
0.75% bond (2017 – 2026) |
Total |
|---|---|---|---|---|---|
| Net proceeds from issuance | 164,158 | 197,967 | 149,452 | 225,119 | 736,696 |
| Cumulative amortisations of issuance costs | 698 | 1,029 | 174 | –8 | 1,892 |
| Carrying amount 1.1.2018 | 164,856 | 198,996 | 149,625 | 225,111 | 738,587 |
| Amortisations of issuance costs | 87 | 147 | 27 | –5 | 256 |
| Carrying amount 30.6.2018 | 164,943 | 199,143 | 149,653 | 225,105 | 738,844 |
| Features | 1.5% bond (2013 – 2018) | 1.625% bond (2014 – 2021) | 1.875% bond (2014 – 2024) | 0.75% bond (2017 – 2026) |
|---|---|---|---|---|
| Volume: | CHF 165 million | CHF 200 million | CHF 150 million | CHF 225 million |
| Term: | 5 years (29 October 2013 – 29 October 2018) |
7 years (19 May 2014 – 19 May 2021) |
10 years (16 September 2014 – 16 September 2024) |
9 years (20 March 2017 – 20 March 2026) |
| Interest rate: | 1.5% p.a., payable annually on 29 October, with the first payment on 29 October 2014 |
1.625% p.a., payable annually on 19 May, with the first payment on 19 May 2015 |
1.875% p.a., payable annually on 16 September, with the first payment on 16 September 2015 |
0.75% p.a., payable annually on 20 March, with the first payment on 20 March 2018 |
| Effective rate of interest: |
1.6070% | 1.7921% | 1.9264% | 0.7550% |
| Listing: | SIX Swiss Exchange | SIX Swiss Exchange | SIX Swiss Exchange | SIX Swiss Exchange |
| Swiss security no.: | 22492349 | 24298406 | 25237980 | 35483611 |
Consolidated interim financial statements: Notes to the consolidated interim financial statements Financing
Mobimo has concluded separate interest rate swaps with a contract volume of CHF 183.7 million (31 December 2017: CHF 194.7 million). These are used to hedge loans in the form of fixed advances (terms of three months) against rising interest rates. Of these, CHF 118.4 million (31 December 2017: CHF 118.4 million) are classified as cash flow hedges. The fair value of these financial instruments with a negative replacement value totals CHF 22.0 million (31 December 2017: CHF 26.5 million). The CHF 4.6 million adjustment in the fair value of the interest rate swaps classified as cash flow hedges was recognised as an unrealised gain under other comprehensive income.
There are also a further CHF 65.3 million (31 December 2017: CHF 76.3 million) of interest rate hedges not classified as cash flow hedges. The fair value of interest rate swaps with a negative replacement value not held for hedge accounting purposes is CHF 5.3 million (31 December 2017: CHF 6.3 million). Fair value adjustments of CHF 0.9 million were recognised in financial income. As at 30 June 2018, the fair value of all derivatives totalled CHF 27.3 million (31 December 2017: CHF 32.8 million).
Financial liabilities as at the reporting date comprised the following maturities, taking into account interest rate hedging, i.e. the maturities of designated swaps are taken into account instead of the maturities of fixed advances:
| TCHF | 30.6.2018 | 31.12.2017 |
|---|---|---|
| Due within 1st year | 264,136 | 204,421 |
| Due within 2nd year | 43,257 | 65,187 |
| Due within 3rd year | 306,104 | 114,918 |
| Due within 4th year | 97,083 | 252,676 |
| Due within 5th year | 114,027 | 152,803 |
| Due within 6th year | 13,450 | 43,005 |
| Due within 7th year | 151,155 | 160,518 |
| Due within 8th year | 233,920 | 1,502 |
| Due within 9th year | 83,731 | 247,550 |
| Due within 10th year | 265 | 69,488 |
| Due within 11th year and longer | 200,760 | 200,760 |
| Total financial liabilities | 1,507,888 | 1,512,828 |
The average residual maturity of total financial liabilities as at 30 June 2018 was 6.0 years (31 December 2017: 6.5 years).
Interest rate periods are as follows (composition until next interest rate adjustment/taking into account interest rate hedging):
| TCHF | 30.6.2018 | 31.12.2017 |
|---|---|---|
| Up to 1 year | 264,136 | 204,421 |
| Up to 2 years | 43,257 | 65,187 |
| Up to 3 years | 306,104 | 114,918 |
| Up to 4 years | 97,083 | 252,676 |
| Up to 5 years | 114,027 | 152,803 |
| Over 5 years | 683,281 | 722,823 |
| Total financial liabilities | 1,507,888 | 1,512,828 |
The average rate of interest applied to all financial liabilities in the first half of 2018 was 2.12% (full-year 2017: 2.17%).
The carrying amounts of cash, trade receivables, other current receivables and current liabilities are very close to the fair values given the short terms involved.
For interest rate swaps, the fair value is the present value of the forward contract and corresponds to the carrying amount.
For fixed-rate financial liabilities, the fair value is the time value of the future cash flows, discounted to the reporting date using the market interest rate. Rates of interest for discounting future cash flows are based on money and capital market rates as at the time of valuation plus an adequate interest spread of 0.80%. The discount rates applied as at 30 June 2018 were between 0.15% and 1.71% (31 December 2017: between 0.22% and 1.61%). The fair value of the listed bonds is the price as at the reporting date.
| Carrying amount 30.6.2018 |
Fair value 30.6.2018 |
Carrying amount 31.12.2017 |
Fair value 31.12.2017 |
|
|---|---|---|---|---|
| Mortgages (Level 2) |
769,044 | 816,756 | 774,240 | 830,310 |
| Bonds (Level 1) | 738,844 | 753,645 | 738,587 | 766,997 |
| Total | 1,507,888 | 1,570,401 | 1,512,828 | 1,597,307 |
The table below shows financial instruments carried at fair value, by measurement method, as at the reporting date. The individual levels have been defined as follows:
Level 1: valuations based on unadjusted, quoted prices.
| 30.6.2018 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|
| Financial assets (measured at fair value | |||
| through profit or loss) | 0 | 0 | 2,303 |
| Derivative financial instruments | 0 | 27,291 | 0 |
| 31.12.2017 | Level 1 | Level 2 | Level 3 |
| Derivative financial instruments | 0 | 32,780 | 0 |
Level 2 fair values for derivative financial instruments are based on valuations by the counterparty (banks). The plausibility of these counterparty valuations is checked by comparing them with calculations in which the expected future cash flows are discounted using the market interest rate.
Level 3 fair values of financial assets (measured at fair value through profit or loss) are based on a DCF valuation.
The Annual General Meeting of 27 March 2018 approved a distribution from the capital contribution reserves of CHF 4.40 per share and a share capital reduction of CHF 5.60 per share for the 2017 financial year. A distribution of CHF 10.00 per share was paid out on 22 June 2018. The nominal value of Mobimo shares after the nominal value reduction is therefore CHF 23.40 (before capital reduction: CHF 29.00).
As at 30 June 2018, the share capital stood at CHF 145.5 million (before capital reduction: CHF 180.3 million) and was composed of 6,218,170 registered shares with a nominal value of CHF 23.40 each. 1,803 treasury shares were held as at 30 June 2018.
Changes in the equity holding can be summarised as follows:
| No. of shares | Shares issued |
Treasury shares |
Shares outstanding |
|---|---|---|---|
| At 1.1.2017 | 6,218,170 | –2,044 | 6,216,126 |
| Share-based payments to Board of Directors and management |
4,348 | 4,348 | |
| Acquisition of treasury shares |
–2,805 | –2,805 | |
| At 31.12.2017/1.1.2018 | 6,218,170 | –501 | 6,217,669 |
| Share-based payments to Board of Directors and management |
2,953 | 2,953 | |
| Acquisition of treasury shares |
–4,255 | –4,255 | |
| At 30.6.2018 | 6,218,170 | –1,803 | 6,216,367 |
Authorised share capital is also available, allowing the Board of Directors to increase the company's share capital by a maximum of CHF 28.1 million within two years (up to March 2020) at most via the issue of up to 1,200,000 registered shares, to be fully paid up, with a nominal value of CHF 23.40 per share.
There is also conditional share capital of a maximum of CHF 0.8 million for the issue of up to 32,446 fully paid up registered shares with a nominal value of CHF 23.40 for the subscription rights created after 5 May 2010 under an employee share option programme. Shareholders' subscription rights are excluded.
Earnings per share are calculated by dividing the Group result attributable to the shareholders of Mobimo Holding AG by the weighted average of the number of shares outstanding during the reporting period. Diluted earnings per share additionally take account of any shares arising from the exercise of options and the conversion of convertible bonds into shares. There were no dilutive effects in the reporting period.
The net asset value (NAV) was CHF 1,364.3 million (31 December 2017: CHF 1,383.9 million), while the NAV per share came to CHF 219.47 (31 December 2017: CHF 222.58). The NAV corresponds to the equity attributable to Mobimo shareholders in accordance with IFRS. As there were neither convertible bonds nor options outstanding as at the reporting date and thus no dilutive effects, the diluted NAV and diluted NAV per share were the same as the NAV and NAV per share.
On 22 January 2018 the Board of Directors of Mobimo Holding AG published its intention to acquire a majority interest in Immobiliengesellschaft Fadmatt AG. The company's real estate portfolio comprises 503 apartments spread over seven locations in the cantons of Zurich and Schaffhausen. After Fadmatt carried out a structured sale process, on 18 June 2018 the Boards of Directors of Fadmatt and Mobimo concluded a transaction agreement resulting in the submission of an offer to acquire all 6,520 issued and publicly held Fadmatt shares at a price of CHF 28,000 per share (offer price). At least 50% of the offer price will be redeemed in the form of shares of the offeror. Each tendering Fadmatt shareholder may choose a share exchange ratio of up to 100% at the time the offer is accepted. If a Fadmatt shareholder chooses an exchange ratio below 100%, the difference will be fully paid out in cash ("cash component"). Cash will also be paid for any fractions of whole Mobimo shares arising as a result of the exchange ratio used for the share exchange, subject to compliance with the minimum exchange ratio of 50%. The exchange ratio is calculated as follows: offer price (CHF 28,000) multiplied by the number of Fadmatt shares tendered multiplied by the share exchange ratio divided by CHF 244.04 gives the number of Mobimo shares due to the Fadmatt shareholder, i.e. the exchange shares. The figure is rounded down to the nearest whole number and the rounding difference incorporated in the calculation of the cash component. 96% of Fadmatt shares had been tendered by the deadline for the submission of offers on 18 July. Mobimo has therefore declared the offer a success subject to the fulfilment of certain conditions. The period of grace runs until 17 August 2018. Mobimo's offer to the shareholders of Immobiliengesellschaft Fadmatt AG remains
subject to the offer restrictions and conditions set out in the public purchase and exchange offer dated 18 June 2018. Provided all other conditions are met, completion is scheduled for 22 August 2018. Based on the Fadmatt shares tendered to date, just over 50% of the acquisition price of CHF 182.6 million will be paid in the form of shares from Mobimo's authorised capital. The shares in question will be created from the authorised capital.
Mobimo acquired the remaining 24.7% of the shares in Immobilien Invest Holding AG in Glarus on 19 July 2018 and therefore now owns 100% of the shares.
The consolidated interim financial statements were approved for publication by the Board of Directors on 27 July 2018.
No other events took place between 30 June 2018 and the approval date of these consolidated interim financial statements that would require adjustments to the carrying amounts of assets and liabilities as at 30 June 2018 or that would require disclosure in this section.
| Location, address |
Description1 | Built | Realisation period |
Acquired | 30.6.2018 Carrying amount in TCHF |
|
|---|---|---|---|---|---|---|
| Brugg, Hauptstrasse | open | open | Jul 2016 | 2,987 | ||
| Châtel-St. Denis, Chemin de la Chaux | open | open | Jul 2016 | 7,149 | ||
| Güttingen, Hauptstrasse | open | open | Dec 2017 | 365 | ||
| Lachen, Zürcherstrasse 19 | open | open | Jul 2016 | 3,003 | ||
| Langenthal, Kühlhausstrasse 8 | open | open | Sep 2015 | 985 | ||
| Merlischachen, Chappelmatt-Strasse (Burgmatt) | 78 con | open | 2014/2015 | 16,432 | ||
| Regensdorf, Watterstrasse | open | open | Jul 2016 | 4,165 | ||
| Schaffhausen, Fischerhäuserstrasse 61 | 11 con | open | Jul 2016 | 2,302 | ||
| Uster, Berchtoldstrasse | open | open | Jul 2016 | 8,299 | ||
| Weggis, Hertensteinstrasse 105 | open | open | May 2010 | 10,672 | ||
| Zurich, Allmendstrasse 92 − 96 (Manegg) | open | open | Mar 2015 | 7,792 | ||
| 11 land entities and | ||||||
| development projects | 64,151 | |||||
| Aarau, Site 4 (Torfeld Süd) | 92 con | 2014/2017 | Jun 2001 | 11,497 | ||
| Allaman, Chemin des Grangettes 22 | open | 1991 | open | Sep 2015 | 24,772 | |
| Cham, Brunnmatt 4 − 6 | com | 2010/2012 | Jul 2016 | 41,029 | ||
| Horgen, Allmendgütlistrasse 35/392 | open | 1955 | open | Feb 2018 | 10,721 | |
| Meggen, Gottliebenrain 5/72 | open | 1960 | open | Jul 2017 | 15,817 | |
| Regensdorf, Im Pfand 2 (Sonnenhof) | 45 con | 2013/2015 | Jun 2007 | 200 | ||
| Salenstein, Hauptstrasse | 22 con | 2012/2015 | Jul 2016 | 5,433 | ||
| St. Erhard, Längmatt | com | 1979 | open | Oct 2012 | 4,814 | |
| St. Moritz, Via Maistra 292 | open | 1930 | open | Jul 2010 | 8,058 | |
| Zurich, Turbinenstrasse (Mobimo Tower) | 53 con | 2008/2011 | May 2008 | 13,289 | ||
| 10 completed real estate and development properties |
135,631 | |||||
| 21 trading properties | 199,782 |
1 Com: commercial property; con: condominium; res: residential property.
2 Development properties.
| Register of polluted sites |
Site area in m2 | tified purchase 30.6.2018 (cer Sales status agreement) |
Sales volumes in TCHF |
Project status 30.6.2018 |
|---|---|---|---|---|
| no | 4,228 | open | open | in planning |
| yes (insignificant) | 21,231 | open | open | in planning |
| no | 6,549 | open | open | in planning |
| no | 969 | open | open | in planning |
| yes (insignificant) | 13,080 | open | open | in planning |
| no | 15,522 | open | open | in planning |
| no | 12,897 | open | open | in planning |
| no | 916 | open | open | in planning |
| no | 4,069 | open | open | in planning |
| no | 3,454 | 0/1 | open | in planning |
| yes (insignificant) | 11,247 | open | open | in planning |
| 94,162 | ||||
| no | 11,105 | 77/92 | 84,355 | for sale |
| no | 23,213 | open | open | in planning |
| no | 8,346 | 0/1 | open | for sale |
| no | 3,722 | open | open | in planning |
| no | 5,207 | open | open | in planning |
| no | 6,106 | 45/45 | 34,254 | for sale |
| no | 6,970 | 17/22 | 21,644 | for sale |
| no | 5,801 | 0/1 | open | for sale |
| no | 557 | open | open | in planning |
| no | 1,936 | 50/53 | 168,858 | for sale |
| 72,963 | 309,111 | |||
| 167,125 | 309,111 | |||
| Location, address |
description1 Property |
Built | renovated Year |
Acquired | Fair value in TCHF |
Gross yield in %2 |
Target rental revenues in TCHF3 |
Vacancy rate in %4 |
|---|---|---|---|---|---|---|---|---|
| Aarau, Industriestrasse 20 (Polygon) | com | 2012 | Jun 2001 | 24,890 | 5.1 | 1,263 | 0.0 | |
| 1905/1916/ | ||||||||
| Aarau, Industriestrasse 28; | 1929/1943/ | Jun 2001/ | ||||||
| Torfeldstrasse Parkhaus | com | 1954/1974 | Oct 2006 | 26,810 | 7.1 | 1,892 | 0.0 | |
| Affoltern am Albis, Obstgartenstrasse 9; | ||||||||
| Alte Obfelderstrasse 27/29 | com/res | 2014 | Aug 2011 | 77,780 | 4.4 | 3,442 | 0.0 | |
| Basel, Lyon-Strasse 40 | com | 1940 | Nov 2015 | 540 | 11.2 | 60 | 0.0 | |
| Brugg, Bahnhofstrasse 11 | com | 2005 | Jun 2006 | 25,920 | 6.1 | 1,582 | 4.4 | |
| Dierikon, Pilatusstrasse 2 | com | 1990 | 2007 | May 2009 | 9,860 | 7.8 | 766 | 1.1 |
| Mar/Dec | ||||||||
| Dübendorf, Sonnentalstrasse 5 | com | 1975 | 2000 | 1999 | 27,120 | 6.8 | 1,835 | 6.2 |
| Dübendorf, Zürichstrasse 98 | com | 1965 | 1983 | Jan 2000 | 20,650 | 6.8 | 1,403 | 5.8 |
| Geneva, Rue des Etuves 16 − 18 | com/res | 1910 | Nov 2015 | 11,210 | 4.8 | 541 | 40.5 | |
| Horgen, Seestrasse 80 | com | 1960 | 2000/2008 | Nov 2005 | 7,570 | 6.8 | 517 | 0.2 |
| Horgen, Seestrasse 82 | CP | 2010/2011 | Nov 2005 | 6,210 | 5.0 | 311 | 2.7 | |
| Kreuzlingen, Lengwilerstrasse 2 | com | 2007 | Apr 2007 | 6,220 | 5.1 | 318 | 0.0 | |
| Kreuzlingen, Leubernstrasse 3; Bottighoferstrasse 1 | com | 1983/2003 | 2003 | Nov 2006 | 56,860 | 6.3 | 3,570 | 3.3 |
| Kreuzlingen, Romanshornerstrasse 126 | BR | n/a | Nov 2006 | 1,860 | 4.3 | 80 | 0.0 | |
| Kriens, Am Mattenhof 10, Parking | CP | 1986 | 2016 | Feb 2004 | 15,140 | 3.3 | 501 | 0.0 |
| Kriens, Sternmatt 6 | com | 1986 | 2008 | Feb 2004 | 7,730 | 7.4 | 573 | 3.1 |
| Lausanne, Avenue d'Ouchy 4 − 6 (Horizon) | com | 1962 | 2013 | May 2010 | 67,180 | 4.7 | 3,132 | 0.0 |
| Lausanne, Flonplex | BR | n/a | Nov 2009 | 4,750 | 4.4 | 210 | 0.0 | |
| Lausanne, Parking du Centre | BR | n/a | Nov 2009 | 8,790 | 5.5 | 485 | 0.0 | |
| Lausanne, Place de la Gare 4 | com | 1961 | 2000 | Nov 2009 | 30,630 | 4.9 | 1,511 | 0.0 |
| Lausanne, Place de la Gare 10; | ||||||||
| Rue du Petit-Chêne 38 | com | 1957 | Dec 2017 | 66,830 | 3.4 | 2,265 | 0.0 | |
| Lausanne, Place de la Navigation 4 − 6 | com/h | 1895 | 2002 | Nov 2009 | 12,870 | 5.9 | 753 | 0.0 |
| Lausanne, Place de l'Europe 6 | com/h | 1905 | 2012 | Nov 2009 | 6,280 | 4.8 | 303 | 0.0 |
| Lausanne, Place de l'Europe 7 | com | 1905 | 2001 | Nov 2009 | 8,740 | 5.1 | 443 | 5.7 |
| Lausanne, Place de l'Europe 8 | com | 1911 | 1989 | Nov 2009 | 9,080 | 7.6 | 688 | 0.0 |
| Lausanne, Place de l'Europe 9 | com | 1900 | 2002 | Nov 2009 | 24,920 | 5.3 | 1,317 | 0.0 |
| Lausanne, Rue de Genève 2/4/6/8 | com | 1904 | 2002 | Nov 2009 | 23,440 | 5.6 | 1,308 | 0.0 |
| Lausanne, Rue de Genève 7 | com5 | 1932 | 1992/2011 | Nov 2009 | 33,390 | 4.9 | 1,641 | 12.0 |
| Lausanne, Rue de Genève 17 | com | 1884 | 2002 | Nov 2009 | 22,330 | 6.5 | 1,457 | 25.0 |
| Lausanne, Rue de Genève 23 | com | 1915 | 2005 | Nov 2009 | 3,550 | 7.9 | 279 | 0.0 |
| Lausanne, Rue de la Vigie 5 | com | 1963 | 1988 | Nov 2009 | 14,420 | 6.0 | 860 | 0.0 |
| Lausanne, Rue des Côtes-de-Montbenon 1/3/5 | com | 2017 | Nov 2009 | 9,830 | 4.9 | 485 | 5.5 | |
| Lausanne, Rue des Côtes-de-Montbenon 6 | com | 1921 | 2009 | Nov 2009 | 8,230 | 4.4 | 365 | 0.0 |
| Lausanne, Rue des Côtes-de-Montbenon 8/10 | com | 1946 | 1998 | Nov 2009 | 9,320 | 5.5 | 516 | 1.2 |
| Lausanne, Rue des Côtes-de-Montbenon 12 | com | 1918 | 2004 | Nov 2009 | 3,400 | 8.3 | 281 | 0.0 |
| Lausanne, Rue des Côtes-de-Montbenon 16 | com5 | 1912 | 2007 | Nov 2009 | 5,740 | 5.4 | 311 | 0.0 |
| Lausanne, Rue des Côtes-de-Montbenon 20 − 24 | com | 2013 | Nov 2009 | 44,200 | 5.0 | 2,225 | 0.0 | |
| Lausanne, Rue des Côtes-de-Montbenon 26 | BR | n/a | Nov 2009 | 1,830 | 4.3 | 79 | 0.0 | |
| Lausanne, Rue des Côtes-de-Montbenon 28/30 | BR | n/a | Nov 2009 | 2,040 | 3.6 | 74 | 0.0 | |
| Lausanne, Rue du Port-Franc 9 | com | 1927 | 2009 | Nov 2009 | 7,220 | 4.7 | 342 | 0.0 |
| Lausanne, Rue du Port-Franc 11 | com | 2008 | Nov 2009 | 12,960 | 5.7 | 735 | 0.0 | |
| Lausanne, Rue du Port-Franc 17 | com | 2002 | Nov 2009 | 16,490 | 5.9 | 969 | 0.0 | |
1 BR: building right; com: commercial property; h: hotel; CP: multi-storey car park; res: residential property.
2 Target rental income as at 30.6.2018 as a % of market value.
3 Incl. building right interest.
4 Vacancy rate as at 30.6.2018 as a % of target rental income.
5 Share in investment property.
| polluted sites Register of |
Site area in m2 | Ownership7 | Vacant area in %6 |
Other in %6 |
Residential space in %6 |
Commercial space in %6 |
Sales space in %6 |
Office space in %6 |
Total rentable area in m2 |
|---|---|---|---|---|---|---|---|---|---|
| yes (to review) | 2,379 | SO | 0.0 | 8.6 | 0.0 | 0.0 | 0.0 | 91.4 | 4,465 |
| yes (insignificant) | 15,161 | SO | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 24,267 |
| no no |
6,455 | SO | 0.0 | 7.0 | 93.0 | 0.0 | 0.0 | 0.0 | 10,625 |
| 1,910 | SO con |
0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 2,505 | |
| no | 2,726 | (773/1000) | 3.2 | 11.7 | 0.0 | 21.1 | 33.8 | 33.4 | 4,022 |
| no | 4,397 | SO | 3.7 | 9.0 | 0.0 | 15.1 | 15.9 | 60.0 | 4,375 |
| yes (to review) | 4,269 | SO | 5.8 | 9.6 | 0.0 | 62.6 | 0.0 | 27.8 | 9,373 |
| yes (petrol station) | 9,809 | SO | 5.4 | 22.0 | 1.1 | 29.8 | 17.4 | 29.7 | 9,849 |
| no | 484 | SO | 28.2 | 0.3 | 68.6 | 0.0 | 16.7 | 14.4 | 2,120 |
| no | 3,483 | SO | 0.0 | 4.8 | 0.0 | 19.0 | 0.0 | 76.2 | 2,151 |
| no | 0 | SO | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 64 |
| no | 6,993 | SO | 0.0 | 33.5 | 0.0 | 0.0 | 66.5 | 0.0 | 1,348 |
| no | 25,529 | SO | 6.0 | 13.9 | 0.0 | 0.0 | 75.7 | 10.4 | 17,812 |
| no | 2,214 | SO | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2,214 |
| no | 5,028 | SO | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 129 |
| no | 5,625 | SO | 5.6 | 47.0 | 0.0 | 52.5 | 0.0 | 0.5 | 6,741 |
| yes (to review) yes (insignificant) |
12,612 1,953 |
SO SO |
0.0 0.0 |
3.4 100.0 |
0.0 0.0 |
0.0 0.0 |
0.0 0.0 |
96.6 0.0 |
8,072 1,953 |
| yes (insignificant) | 6,526 | SO | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6,526 |
| no | 630 | SO | 0.3 | 31.5 | 0.0 | 5.2 | 0.0 | 63.3 | 4,769 |
| no | 2,105 | SO | 0.0 | 4.1 | 1.1 | 0.0 | 37.7 | 57.1 | 10,184 |
| yes (insignificant) | 1,731 | SO | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3,437 |
| yes (insignificant) | 369 | SO | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 902 |
| yes (insignificant) | 391 | SO | 6.1 | 25.3 | 0.0 | 0.0 | 7.9 | 66.8 | 1,441 |
| yes (insignificant) | 1,035 | SO | 51.7 | 0.0 | 0.0 | 0.0 | 23.8 | 76.2 | 1,676 |
| yes (insignificant) | 975 | SO | 0.0 | 23.8 | 0.0 | 0.0 | 26.7 | 49.5 | 3,512 |
| yes (insignificant) | 2,260 | SO | 0.0 | 4.0 | 0.0 | 0.0 | 87.4 | 8.6 | 4,679 |
| yes (insignificant) | 3,343 | SO | 6.0 | 12.7 | 20.8 | 0.0 | 54.2 | 12.3 | 5,296 |
| yes (insignificant) | 2,312 | SO | 10.5 | 19.6 | 0.0 | 3.0 | 29.8 | 47.6 | 7,174 |
| yes (insignificant) | 994 | SO | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2,432 |
| yes (to review) | 852 | SO | 0.0 | 30.1 | 0.0 | 5.6 | 0.0 | 64.3 | 3,368 |
| yes (to review) yes (insignificant) |
1,691 533 |
SO SO |
10.6 0.0 |
42.9 17.8 |
0.0 0.0 |
0.0 0.0 |
36.8 19.7 |
20.3 62.5 |
2,039 2,193 |
| yes (insignificant) | 587 | SO | 1.7 | 23.7 | 0.0 | 0.0 | 0.0 | 76.3 | 2,126 |
| yes (to review) | 773 | SO | 0.0 | 52.5 | 0.0 | 0.0 | 0.0 | 47.5 | 889 |
| yes (insignificant) | 779 | SO | 9.4 | 8.4 | 29.8 | 30.0 | 0.0 | 31.8 | 943 |
| yes | 2,653 | SO | 0.0 | 80.1 | 0.0 | 0.0 | 0.0 | 19.9 | 7,620 |
| yes (insignificant) | 867 | SO | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 867 |
| yes (to review) | 1,067 | SO | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1,068 |
| yes (insignificant) | 895 | SO | 0.0 | 15.5 | 0.0 | 0.0 | 21.7 | 62.8 | 1,728 |
| yes (insignificant) | 612 | SO | 0.0 | 51.0 | 0.0 | 0.0 | 8.2 | 40.8 | 2,023 |
6 Data as at 30.6.2018 as a % of the total rentable area.
7 SO: sole ownership; con: condominium.
Lausanne, Rue du Port-Franc 17 com 2002 Nov 2009 16,490 5.9 969 0.0 2,374 51.9 10.2 0.0 22.5 15.4 0.0 SO 766 yes (insignificant)
| Location, address |
description1 Property |
Built | renovated Year |
Acquired | Fair value in TCHF |
Gross yield in %2 |
Target rental revenues in TCHF |
Vacancy rate in %4 |
|---|---|---|---|---|---|---|---|---|
| Lausanne, Rue du Port-Franc 22; Rue de la Vigie 1 | com | 2007 | Nov 2009 | 20,530 | 4.9 | 1,009 | 0.4 | |
| Lausanne, Voie du Chariot 3 | com | 2008 | Nov 2009 | 15,700 | 5.4 | 848 | 0.0 | |
| Lausanne, Voie du Chariot 4/6 | com | 2008 | Nov 2009 | 32,410 | 6.2 | 2,015 | 0.0 | |
| Lausanne, Voie du Chariot 5/7 | com | 2008 | Nov 2009 | 36,180 | 4.7 | 1,710 | 0.0 | |
| Regensdorf, Althardstrasse 10 | com | 1982 | Dec 2001 | 20,590 | 9.1 | 1,872 | 11.8 | |
| St. Gallen, Schochengasse 6 | com | 1974 | 2000 | Feb 2004 | 17,570 | 6.3 | 1,103 | 0.5 |
| St. Gallen, St. Leonhardstrasse 22 | com | 1900 | 2002/2006 | Dec 2004 | 5,720 | 4.7 | 271 | 0.0 |
| St. Gallen, Wassergasse 42/44 | com | 1966 | 2000 | Feb 2004 | 16,150 | 6.2 | 1,006 | 20.4 |
| St. Gallen, Wassergasse 50/52 | com | 1998 | Feb 2004 | 13,210 | 6.2 | 824 | 0.0 | |
| Winterthur, Industriestrasse 26 | com | 1994 | 2002 | Oct 1999 | 19,860 | 7.7 | 1,530 | 5.4 |
| Zurich, Bahnhofplatz 4 | com | 1881 | 2002/2005 | Jul 2006 | 22,380 | 3.5 | 781 | 5.2 |
| Zurich, Friedaustrasse 17 | com | 1968 | 2013 | Oct 1998 | 14,680 | 4.7 | 685 | 5.5 |
| Zurich, Friesenbergstrasse 75; Im Tiergarten 7 | com | 1976/1992 | 1999 | Feb 2014 | 87,020 | 6.6 | 5,752 | 22.9 |
| Zurich, Hardturmstrasse 3/3a/3b | ||||||||
| (Mobimo-Hochhaus) | com | 1974 | 2001/2008 | Nov 1999 | 64,180 | 4.9 | 3,163 | 0.0 |
| Zurich, Rautistrasse 12 | com | 1972 | 2011 | Nov 1999 | 21,370 | 6.0 | 1,272 | 4.4 |
| Zurich, Thurgauerstrasse 23; | 1963/1968/ | |||||||
| Siewerdtstrasse 25 | com | 1985 | 1998 | Mar 2002 | 14,340 | 6.5 | 926 | 0.0 |
| Zurich, Treichlerstrasse 10; Dolderstrasse 16 | com | 1963 | 2007 | May 2014 | 15,360 | 5.7 | 870 | 0.0 |
| Zurich, Turbinenstrasse 20 (Mobimo Tower Hotel) | com/h | 2011 | May 2008 | 122,190 | 6.0 | 7,345 | 0.0 | |
| 60 commercial investment properties | 1,344,270 | 5.6 | 74,670 | 4.3 | ||||
| Lausanne, Avenue d'Ouchy 4 − 6 | com | 1962 | May 2010 | 60,660 | 4.6 | 2,785 | 4.8 | |
| Lausanne, Rue de Genève 19 | com | 1893 | 2002 | Nov 2009 | 3,640 | 9.7 | 354 | 58.2 |
| Lausanne, Rue de Genève 21 | com | 1902 | Nov 2009 | 3,410 | 12.7 | 432 | 87.8 | |
| Lausanne, Rue des Côtes-de-Montbenon 14 | com | 1963 | Nov 2009 | 1,300 | 2.8 | 36 | 100.0 | |
| Lausanne, Rue du Port-Franc 20; | ||||||||
| Rue de Genève 33 | com | 2007 | Nov 2009 | 36,650 | 7.1 | 2,603 | 0.0 | |
| Regensdorf, Althardstrasse 30 | com | 1976 | Dec 2001 | 14,000 | 12.5 | 1,745 | 89.9 | |
| 6 development properties | ||||||||
| (commercial properties) | 119,660 | 6.6 | 7,956 | 29.2 |
The total acquisition costs for the commercial investment properties are TCHF 1,193,246. The total acquisition costs for the development properties (business) are TCHF 149,009.
1 Com: commercial property; h: hotel; res: residential property.
2 Target rental income as at 30.6.2018 as a % of market value.
4 Vacancy rate as at 30.6.2018 as a % of target rental income.
| Total rentable area in m2 |
Office space in %6 |
Sales space in %6 |
Commercial space in %6 |
Residential space in %6 |
Other in %6 |
Vacant area in %6 |
Ownership7 | Site area in m2 | polluted sites Register of |
|---|---|---|---|---|---|---|---|---|---|
| 3,380 | 88.8 | 10.4 | 0.0 | 0.0 | 0.8 | 0.9 | SO | 1,161 | yes (insignificant) |
| 2,278 | 73.4 | 17.3 | 0.0 | 0.0 | 9.3 | 0.0 | SO | 747 | yes (insignificant) |
| 5,572 | 25.4 | 64.2 | 6.9 | 0.0 | 3.5 | 0.0 | SO | 1,788 | yes (insignificant) |
| 4,965 | 54.7 | 15.8 | 0.0 | 15.5 | 14.0 | 0.0 | SO | 1,622 | yes (insignificant) |
| 13,540 | 39.3 | 28.6 | 7.5 | 0.0 | 24.6 | 6.6 | SO | 7,714 | no |
| 4,458 | 95.4 | 0.0 | 0.0 | 0.0 | 4.6 | 1.7 | SO | 1,315 | no |
| 1,092 | 79.1 | 12.7 | 0.0 | 0.0 | 8.2 | 0.0 | SO | 219 | no |
| con | |||||||||
| 3,977 | 86.3 | 0.0 | 0.0 | 9.3 | 4.4 | 24.9 | (867/1,000) | 1,713 | |
| 3,554 | 72.3 | 0.0 | 0.0 | 0.0 | 27.7 | 0.0 | SO | 1,372 | |
| 11,327 | 64.6 | 0.8 | 20.4 | 0.0 | 14.2 | 7.7 | SO | 3,583 | yes (to review) |
| 758 | 63.5 | 27.8 | 0.0 | 0.0 | 8.7 | 9.8 | SO | 189 | |
| 2,572 | 57.2 | 0.0 | 12.1 | 10.1 | 20.6 | 12.6 | SO | 869 | |
| 22,838 | 76.4 | 0.0 | 0.0 | 0.0 | 23.6 | 22.1 | SO | 11,532 | |
| 8,226 | 94.4 | 0.0 | 0.0 | 0.0 | 5.6 | 0.0 | SO | 1,975 | |
| 6,016 | 76.7 | 9.5 | 4.7 | 1.3 | 7.8 | 4.0 | SO | 1,894 | yes (petrol station) |
| 3,902 | 59.1 | 6.8 | 6.9 | 0.0 | 27.2 | 0.0 | SO | 2,651 | |
| 2,682 | 48.3 | 0.0 | 18.2 | 7.1 | 26.4 | 0.0 | SO | 1,299 | |
| 21,254 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | SO | 5,808 | |
| 313,742 | 38.7 | 14.4 | 15.0 | 4.8 | 27.1 | 4.2 | 193,224 | ||
| 26,758 3,548 |
50.5 25.5 |
8.4 16.9 |
0.3 1.2 |
0.0 0.0 |
40.8 56.4 |
6.6 46.9 |
SO SO |
12,612 1,838 |
yes (to review) yes (insignificant) |
| 3,575 | 42.0 | 1.3 | 0.0 | 0.0 | 56.7 | 63.3 | SO | 1,530 | yes (insignificant) |
| 1,262 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 57.4 | SO | 529 | yes (to review) |
| 9,734 | 43.3 | 31.1 | 13.3 | 0.0 | 12.3 | 0.0 | SO | 2,816 | yes (insignificant) |
| 12,537 | 53.6 | 0.0 | 14.7 | 2.3 | 29.4 | 89.2 | SO | 9,355 | |
| 57,414 | 46.7 | 10.3 | 7.9 | 0.5 | 34.6 | 30.7 | 28,680 |
6 Data as at 30.6.2018 as a % of the total rentable area.
7 SO: sole ownership; con: condominium.
| Location, address |
description1 Property |
Built | renovated Year |
Acquired | Fair value in TCHF |
Gross yield in %2 |
Target rental revenues in TCHF |
Vacancy rate in %3 |
|---|---|---|---|---|---|---|---|---|
| Affoltern am Albis, Alte Obfelderstrasse 31 − 35 | res | 2013 | Aug 2011 | 30,740 | 3.9 | 1,204 | 10.6 | |
| Bergdietikon, | ||||||||
| Baltenschwilerstrasse 3/5/7/9/11/13/15/17 | res | 1973/1980 | 1992/2007 | Oct 2007 | 24,750 | 3.9 | 969 | 5.1 |
| Binz, Zürichstrasse 244/246 | res | 1966 | 1997/2001 | Nov 2005 | 12,500 | 4.0 | 501 | 7.1 |
| Carouge, Rue de la Fontenette 13 | res | 1973 | 2014 | Nov 2015 | 6,910 | 5.1 | 353 | 3.0 |
| Geneva, Boulevard de la Cluse 18 | res | 1951 | Nov 2015 | 5,970 | 4.5 | 269 | 5.1 | |
| Geneva, Rue Chandieu 5 | res | 1976 | 2005 | Nov 2015 | 12,360 | 4.4 | 549 | 11.4 |
| 2005/2010/ | ||||||||
| Geneva, Rue de la Canonnière 11 | res | 1951 | 2011/2013 | Nov 2015 | 8,350 | 4.9 | 411 | 9.0 |
| 2008/2010/ | ||||||||
| Geneva, Rue de la Ferme 6 | res | 1900 | 2012/2014 | Nov 2015 | 6,800 | 4.7 | 321 | 8.9 |
| Geneva, Rue de la Poterie 34 | res | 1895 | 2012 | Nov 2015 | 3,520 | 5.1 | 181 | 0.0 |
| Geneva, Rue de l'Ecole-de-Médecine 3 | res | 1900 | 2014 | Nov 2015 | 4,320 | 4.7 | 204 | 17.9 |
| Geneva, Rue de Malatrex 30 | res | 1951 | 2012 | Nov 2015 | 8,870 | 5.4 | 480 | 11.9 |
| Geneva, Rue de Vermont 9 | res | 1969 | 2014 | Nov 2015 | 7,960 | 5.2 | 414 | 11.2 |
| Geneva, Rue des Confessions 9 | res | 1923 | 2013 | Nov 2015 | 7,690 | 3.9 | 301 | 3.0 |
| Geneva, Rue des Cordiers 5 | res | 1965 | 2008 | Nov 2015 | 18,620 | 4.5 | 829 | 14.3 |
| Geneva, Rue des Photographes 12 | res | 1905 | 2013 | Nov 2015 | 4,480 | 4.7 | 209 | 0.0 |
| Geneva, Rue Dr-Alfred-Vincent 23 | res | 1950 | 2010 | Nov 2015 | 4,050 | 4.6 | 187 | 17.0 |
| Geneva, Rue du 31 Décembre 35 | res | 1956 | 2014 | Nov 2015 | 8,040 | 4.6 | 372 | 4.5 |
| Geneva, Rue Henri-Blanvalet 14 | res | 1915 | 2012 | Nov 2015 | 6,200 | 4.5 | 279 | 5.4 |
| Geneva, Rue Schaub 3 | res | 1960 | 2010 | Nov 2015 | 9,670 | 4.5 | 437 | 7.2 |
| Geneva, Rue Zurlinden 6 | res | 1985 | 2012 | Nov 2015 | 11,630 | 4.8 | 554 | 16.2 |
| Lausanne, Avenue d'Ouchy 70 | res/com | 1906 | 2004 | Nov 2009 | 5,880 | 4.6 | 272 | 20.3 |
| Lausanne, Avenue d'Ouchy 72/74 | res | 1907 | Nov 2009 | 3,220 | 5.0 | 160 | 0.0 | |
| Lausanne, Avenue d'Ouchy 76 | res/com | 1907 | 2004 | Nov 2009 | 16,700 | 4.2 | 700 | 0.5 |
| Lausanne, Place de la Navigation 2 | res/com | 1895 | 2004 | Nov 2009 | 6,970 | 4.2 | 290 | 0.0 |
| Lausanne, Rue Beau-Séjour 8 | res | 2011 | Nov 2009 | 103,760 | 4.0 | 4,162 | 3.6 | |
| Nov 2009/ | ||||||||
| Lausanne, Rue des Fontenailles 1 | res | 1910/1963 | 1993 | Apr 2013 | 4,870 | 4.0 | 196 | 0.0 |
| Lausanne, Rue Voltaire 2 − 12 | res | 2015 | Oct 2012 | 74,950 | 3.8 | 2,840 | 1.6 | |
| Münchwilen, Buchenacker 22/24/26/28; | ||||||||
| Unterer Buchenacker 7 | res | 1994/1995 | Jun 2007 | 15,310 | 5.1 | 778 | 10.5 | |
| Onex, Avenue des Grandes Communes 21/23/25 | res | 1964 | 2012/2014 | Nov 2015 | 38,120 | 4.8 | 1,842 | 4.2 |
| Opfikon-Glattbrugg, Farmanstrasse 47/49 | res | 2008 | Dec 2010 | 29,190 | 3.7 | 1,077 | 6.4 | |
| Regensdorf, Schulstrasse 95/97/99/101/103/105 | res | 2015 | Jun 2007 | 61,060 | 3.8 | 2,295 | 6.8 | |
| Rheinfelden, Rütteliweg 8; Spitalhalde 40 | res | 1972 | 2017 | Sep 2006 | 33,130 | 4.2 | 1,384 | 31.3 |
| Wängi, | ||||||||
| Brühlwiesenstrasse 11a/11b/15a/15b/19a/19b | res | 1984/1988 | Jun 2007 | 13,470 | 5.4 | 728 | 3.9 | |
| Zurich, Katzenbachstrasse 239 | res | 1969 | Mar 2008 | 6,580 | 4.4 | 291 | 3.5 | |
| Zurich, Letzigraben 134 − 136 | res | 2016 | Sep 2006 | 67,060 | 3.4 | 2,247 | 4.6 | |
| 35 residential investment properties | 683,700 | 4.1 | 28,283 | 7.2 |
The total acquisition costs for the residential investment properties are TCHF 514,425.
1 Com: commercial property; res: residential property.
2 Target rental income as at 30.6.2018 as a % of market value.
3 Vacancy rate as at 30.6.2018 as a % of target rental income.
| polluted sites Register of |
Site area in m2 | Ownership5 | Vacant area in %4 |
Other forms of use in %4 |
apartments Total |
apartments 5 or more room |
apartments – 4 ½- room 4 |
apartments – 3 ½- room 3 |
apartments – 2 ½- room 2 |
apartments – 1 ½- room 1 |
Total rentable area in m2 |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| no | 5,174 | SO | 10.1 | 1.0 | 42 | 0 | 26 | 15 | 1 | 0 | 4,706 | |
| no | 11,131 | SO | 4.6 | 6.0 | 54 | 0 | 28 | 18 | 8 | 0 | 5,226 | |
| no | 4,025 | SO | 6.0 | 4.0 | 30 | 0 | 12 | 12 | 6 | 0 | 2,580 | |
| no | 230 | SO | 4.3 | 0.0 | 23 | 6 | 3 | 7 | 6 | 1 | 1,269 | |
| no | 228 | SO | 3.6 | 0.0 | 21 | 0 | 2 | 5 | 14 | 0 | 1,013 | |
| no | 315 | SO | 10.6 | 4.0 | 26 | 2 | 12 | 12 | 0 | 0 | 1,948 | |
| no | 248 | SO | 9.0 | 0.0 | 28 | 0 | 1 | 12 | 14 | 1 | 1,306 | |
| no | 272 | SO | 8.0 | 3.0 | 25 | 0 | 0 | 4 | 16 | 5 | 929 | |
| no | 242 | SO | 0.0 | 0.0 | 15 | 0 | 2 | 4 | 7 | 2 | 707 | |
| no | 492 | SO | 14.0 | 10.0 | 10 | 0 | 4 | 6 | 0 | 0 | 1,064 | |
| no | 241 | SO | 10.4 | 10.0 | 30 | 0 | 0 | 0 | 10 | 20 | 1,314 | |
| no | 426 | SO | 8.5 | 0.0 | 18 | 4 | 5 | 0 | 0 | 9 | 1,177 | |
| no | 351 | SO | 5.3 | 4.0 | 23 | 0 | 5 | 15 | 3 | 0 | 1,409 | |
| no | 1,157 | SO | 20.1 | 14.0 | 27 | 3 | 22 | 2 | 0 | 0 | 2,800 | |
| no | 188 | SO | 0.0 | 6.0 | 9 | 1 | 1 | 4 | 2 | 1 | 743 | |
| no | 234 | SO | 12.4 | 0.0 | 15 | 0 | 1 | 6 | 8 | 0 | 696 | |
| no | 290 | SO | 2.8 | 1.0 | 24 | 0 | 6 | 0 | 18 | 0 | 1,644 | |
| no | 260 | SO | 8.6 | 4.0 | 14 | 0 | 4 | 4 | 6 | 0 | 859 | |
| no | 439 | SO | 5.2 | 4.0 | 27 | 1 | 12 | 14 | 0 | 0 | 1,938 | |
| no | 437 | SO | 15.4 | 6.0 | 15 | 0 | 8 | 4 | 3 | 0 | 1,803 | |
| yes (insignificant) | 340 | SO | 18.6 | 0.0 | 10 | 4 | 1 | 5 | 0 | 0 | 1,122 | |
| yes (insignificant) | n/a | E | 0.0 | 0.0 | 12 | 0 | 3 | 3 | 6 | 0 | 995 | |
| yes (insignificant) | 778 | SO | 0.0 | 18.0 | 10 | 8 | 2 | 0 | 0 | 0 | 2,567 | |
| yes (insignificant) yes (insignificant) |
398 3,758 |
SO SO |
0.0 4.8 |
0.0 2.0 |
8 101 |
4 11 |
2 16 |
0 55 |
2 19 |
0 0 |
1,313 10,288 |
|
| no | 853 | SO | 0.0 | 0.0 | 9 | 4 | 4 | 0 | 0 | 1 | 1,071 | |
| no | 4,743 | SO | 0.3 | 1.0 | 98 | 8 | 21 | 41 | 21 | 7 | 8,663 | |
| no | 5,740 | SO | 9.4 | 5.0 | 44 | 0 | 20 | 20 | 4 | 0 | 4,367 | |
| no | 930 | SO | 3.0 | 0.0 | 107 | 0 | 53 | 54 | 0 | 0 | 6,372 | |
| no | 3,840 | SO | 5.8 | 0.0 | 39 | 0 | 9 | 16 | 13 | 1 | 3,609 | |
| no | 10,551 | SO | 4.3 | 0.0 | 96 | 0 | 30 | 50 | 16 | 0 | 8,716 | |
| no | 14,817 | SO | 33.6 | 0.0 | 84 | 0 | 46 | 0 | 30 | 8 | 5,520 | |
| no | 7,413 | SO | 1.8 | 2.0 | 48 | 0 | 21 | 21 | 6 | 0 | 4,439 | |
| no | 1,987 | SO | 0.0 | 0.0 | 18 | 0 | 5 | 8 | 5 | 0 | 1,589 | |
| no | 5,003 | SO | 3.8 | 2.0 | 72 | 0 | 5 | 34 | 33 | 0 | 6,977 | |
| 87,531 | 6.9 | 2.9 | 1,232 | 56 | 392 | 451 | 277 | 56 | 102,739 |
4 Data as at 30.6.2018 as a % of the total rentable area.
5 SO: sole ownership; E: easement.
| Location, | Description of property1 |
Realisation | Fair value | |||
|---|---|---|---|---|---|---|
| address | Built | period | Acquired | in TCHF | ||
| Aarau, Bahnhofstrasse 102 (Relais 102) | com | 1975 | 2018 | Mar 2004 | 24,540 | |
| Aarau, site 2 (Torfeld Süd) | res/com | 2018 | 2016/2018 | Oct 2006 | 89,880 | |
| Horgen, Seestrasse 93 (Seehallen) | com | 1956 | 2017/2018 | Nov 2005 | 42,330 | |
| Mar 2005/ | ||||||
| Kriens, Am Mattenhof 4, 4a | com/res | 2019 | 2016/2019 | Feb 2013 | 24,390 | |
| Mar 2005/ | ||||||
| Kriens, Am Mattenhof 6 | res/com | 2019 | 2016/2019 | Feb 2013 | 11,340 | |
| Mar 2005/ | ||||||
| Kriens, Am Mattenhof 8 | com/res | 2019 | 2016/2019 | Feb 2013 | 13,600 | |
| Kriens, Am Mattenhof 12/14 | com/res | 2019 | 2016/2019 | Mar 2005/ Feb 2013 |
51,470 | |
| Mar 2005/ | ||||||
| Kriens, Am Mattenhof 16, 16a | com/h | 2019 | 2016/2019 | Feb 2013 | 29,880 | |
| Lausanne, Avenue Edouard Dapples 9/13/15/15a | res | 1925/1926 | 2018/2020 | Apr 2013 | 25,790 | |
| Lausanne, Rue de la Vigie 3 | com | 2018/2019 | Nov 2009 | 8,700 | ||
| Zurich, Hohlstrasse 481 − 485b; | ||||||
| Albulastrasse 34 − 40 | res/com | 2018 | 2016/2018 | Apr 2010 | 131,600 | |
| 11 properties under construction | 453,520 |
| Location, address |
Description of property1 |
Built | Year renovated | Acquired | Carrying amount in TCHF |
|
|---|---|---|---|---|---|---|
| Küsnacht, Seestrasse 59 | com | 2006 | Sep 2002 | 9,634 | ||
| Lausanne, Rue de Genève 7 | com2 | 1932 | 1992/2011 | Nov 2009 | 3,007 | |
| Lausanne, Rue des Côtes-de-Montbenon 16 | com2 | 1912 | 2007 | Nov 2009 | 508 | |
| 3 properties | 13,149 |
| Location, address |
Description of property1 |
Built | Year renovated | Fair value Acquired in TCHF |
|---|---|---|---|---|
| Lausanne, Flonplex | multiplex cinema | 2003 | Nov 2009 | 9,088 |
| Lausanne, Parking du Centre | CP | 2002 | Nov 2009 | 32,590 |
| 2 co-ownership properties | 41,678 |
1 Com: commercial property; h: hotel; CP: multi-storey car park; res: residential property.
2 Share of owner-occupied properties.
| Total rentable | Site area in m2 |
|---|---|
| Ownership3 | polluted sites |
| area in m2 | Register of |
| 13,667 | 5,675 |
| SO | no |
| 19,658 | 18,526 |
| SO | yes (insignificant) |
| 16,281 | 10,542 |
| SO | yes |
| 7,715 | 3,130 |
| SO | no |
| 2,875 | 1,840 |
| SO | no |
| 4,834 | 2,080 |
| SO | no |
| 13,598 | 5,189 |
| SO | no |
| 8,862 | 3,554 |
| SO | no |
| 7,345 | 5,246 |
| SO | no |
| 4,803 | 972 |
| MO | yes (to review) |
| 15,665 | 8,304 |
| SO | no |
| 115,303 | 65,058 |
| Site area in m2 polluted sites Register of |
Ownership | Total rentable area in m2 |
|---|---|---|
| 0 yes (insignificant) 0 yes (insignificant) |
co-ownership 40% co-ownership 50% |
5,519 25,808 |
| 31,327 |
3 SO: sole ownership.
To the Board of Directors of Mobimo Holding AG, Lucerne
We have reviewed the accompanying consolidated statement of financial position of Mobimo Holding AG as at 30 June 2018 and the related consolidated statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, and notes, comprising a summary of significant accounting policies and other explanatory notes (the consolidated interim financial statements) on pages 16 to 49. The Board of Directors is responsible for the preparation and fair presentation of these consolidated interim financial statements in accordance with International Financial Reporting Standards (IFRS) including the requirements of IAS 34 Interim Financial Reporting and article 17 of the Directive on Financial Reporting (Directive Financial Reporting, DFR) issued by the SIX Swiss Exchange. Our responsibility is to express a conclusion on these consolidated interim financial statements based on our review. for the six-month period then ended, and notes, comprising a summary of significant accounting policies and other explanatory notes (the consolidated interim financial statements) on pages 16 to 49. The Board of Directors is responsible for the preparation and fair presentation of these consolidated interim financial statements in accordance with International Financial Reporting Standards (IFRS) including the requirements of IAS 34 Interim Financial Reporting and article 17 of the Directive on Financial Reporting (Directive Financial Reporting, DFR) issued by the SIX Swiss Exchange. Our responsibility is to express a conclusion on these consolidated interim financial statements based on our review.
We conducted our review in accordance with the International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial statements do not give a true and fair view of the financial position of the entity as at 30 June 2018, and of its financial performance and its cash flows for the six-month period then ended in accordance with IFRS including the requirements of IAS 34 Interim Financial Reporting and article 17 of the Directive on Financial Reporting (Directive Financial Reporting, DFR) issued by the SIX Swiss Exchange. 30 June 2018, and of its financial performance and its cash flows for the six-month period then ended in accordance with IFRS including the requirements of IAS 34 Interim Financial Reporting and article 17 of the Directive on Financial Reporting (Directive Financial Reporting, DFR) issued by the SIX Swiss Exchange. KPMG AG
KPMG AG
Kurt Stocker Reto Kaufmann Licensed Audit Expert Licensed Audit Expert
Kurt Stocker Reto Kaufmann Licensed Audit Expert Licensed Audit Expert Zurich, 27 July 2018
Zurich, 27 July 2018
KPMG AG, Badenerstrasse 172, PO Box, CH-8036 Zurich
KPMG AG, Badenerstrasse 172, PO Box, CH-8036 Zurich KPMG AG is a subsidiary of KPMG Holding AG, which is a member of the KPMG network of independent firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss legal entity. All rights reserved.
The Mobimo Group reports its key performance and cost ratio measures in accordance with the Best Practices Recommendations of the EPRA Reporting and Accounting Committee. The European Public Real Estate Association is an association of leading European property companies and is a partner of the FTSE EPRA/NAREIT index family, which added the Mobimo Holding AG share as one of its components on 20 June 2011. The figures published elsewhere by Mobimo on NAV, net initial yield and vacancy rates may deviate from the EPRA measures set out below, as Mobimo does not, for example, include the market value of trading properties, which are recognised at cost, and bases its calculations on effective rents. However, when calculating earnings per share Mobimo does take account of gains on the sale of trading and investment properties.
| A EPRA Earnings and EPRA Earnings Per Share | Unit | HY 2018 | HY 2017 | |
|---|---|---|---|---|
| Earnings per IFRS income statement | TCHF | 37,559 | 62,376 | |
| (i) | Changes in value of investment properties, development properties held for investment and other interests |
TCHF | –17,711 | –30,569 |
| (ii) | Profits or losses on disposal of investment properties, development properties held for invest ment and other interests |
TCHF | –6,753 | –17,755 |
| (iii) | Profits or losses on sales of trading properties and development services adjusted | TCHF | 8,595 | –490 |
| (iv) | Tax on profits or losses on disposals | TCHF | –0 | 5,257 |
| (v) | Negative goodwill/goodwill impairment | TCHF | n/a | n/a |
| (vi) | Changes in fair value of financial instruments and associated close-out costs | TCHF | –2,362 | –1,394 |
| (vii) | Acquisition costs on share deals and non-controlling joint venture interests | TCHF | n/a | n/a |
| (viii) | Deferred tax in respect of EPRA adjustments | TCHF | 4,723 | 7,032 |
| (ix) | Adjustments (i) to (viii) above in respect of joint ventures | TCHF | 0 | 0 |
| (x) | Non-controlling interests in respect of the above | TCHF | 89 | 710 |
| EPRA Earnings | TCHF | 24,140 | 25,167 | |
| Average no. of shares outstanding | 6,216,610 | 6,217,092 | ||
| EPRA Earnings Per Share | CHF | 3.88 | 4.05 |
The definitions of the above key performance measures can be found at www.epra.com.
| B EPRA Net Asset Value | Unit | 30.6.2018 | 31.12.2017 |
|---|---|---|---|
| NAV per consolidated financial statements | TCHF | 1,364,309 | 1,383,935 |
| Effect of exercise of options, convertibles and other equity instruments | TCHF | 0 | 0 |
| Diluted NAV after the exercise of options, convertibles and other equity instruments | TCHF | 1,364,309 | 1,383,935 |
| Include | |||
| (i.a) Revaluation of investment properties (if IAS 40 cost model is used) |
TCHF | n/a | n/a |
| (i.b) Revaluation of investment property under construction (IPUC) (if IAS 40 cost model is used) |
TCHF | n/a | n/a |
| (i.c) Revaluation of other non-current investments (owner-occupied properties and joint ventures) |
TCHF | 25,043 | 24,175 |
| (ii) Revaluation of tenant leases held as finance leases |
TCHF | n/a | n/a |
| (iii) Revaluation of trading properties |
TCHF | 6,981 | 9,608 |
| Exclude | |||
| (iv) Fair value of financial instruments |
TCHF | 27,291 | 32,780 |
| (v.a) Deferred tax |
TCHF | 159,776 | 163,386 |
| (v.b) Goodwill as a result of deferred tax |
TCHF | n/a | n/a |
| Adjustments to (i) to (v) in respect of joint ventures | TCHF | 2,310 | 2,336 |
| EPRA NAV | TCHF | 1,585,710 | 1,616,220 |
| Diluted no. of shares outstanding | 6,216,367 | 6,217,669 | |
| EPRA NAV per share | CHF | 255.09 | 259.94 |
| C Triple Net Asset Value (NNNAV) | Unit | 30.6.2018 | 31.12.2017 |
| EPRA NAV | TCHF | 1,585,710 | 1,616,220 |
| (i) Fair value of derivative financial instruments |
TCHF | –27,291 | –32,780 |
| (ii) Fair value of financial liabilities |
TCHF | –62,513 | –84,479 |
| (iii) Deferred tax |
TCHF | –155,537 | –159,398 |
| EPRA NNNAV | TCHF | 1,340,368 | 1,339,562 |
| Diluted no. of shares outstanding | 6,216,367 | 6,217,669 | |
| EPRA NNNAV per share | CHF | 215.62 | 215.44 |
The definitions of the above key performance measures can be found at www.epra.com.
| Unit | 30.6.2018 | 31.12.2017 |
|---|---|---|
| TCHF | 2,601,150 | 2,583,760 |
| TCHF | 41,678 | 41,666 |
| TCHF | 199,782 | 201,845 |
| TCHF | –497,520 | –445,445 |
| TCHF | 2,345,090 | 2,381,826 |
| TCHF | 0 | 0 |
| TCHF | 2,345,090 | 2,381,826 |
| TCHF | 114,156 | 118,258 |
| TCHF | –16,045 | –17,023 |
| TCHF | 98,111 | 101,236 |
| TCHF | 0 | 0 |
| TCHF | 98,111 | 101,236 |
| % | 4.2 | 4.3 |
| % | 4.2 | 4.3 |
| Unit | 30.6.2018 | 31.12.2017 |
| TCHF | 5,257 | 5,252 |
| TCHF | 102,954 | 107,341 |
| % | 5.1 | 4.9 |
The definitions of the above key performance measures can be found at www.epra.com.
Annual report
Half-year report
Mobimo publishes information on its business performance every six months. The annual report is available in German, English and French, with the French report being an abridged version. The halfyear report is published in German and English. The sustainability report is released once a year in both German and English. The original German version is always binding.
All of the publications and further information are available at www.mobimo.ch.
Publishing details Overall responsibility:
Mobimo Holding AG
Development of content and design concept, consulting and realisation: PETRANIX Corporate and Financial Communications AG, Adliswil-Zurich
Photos: Markus Bertschi, www.markusbertschi.com
Rütligasse 1 CH-6000 Lucerne 7 Tel. +41 41 249 49 80 Fax +41 41 249 49 89
Seestrasse 59 CH-8700 Küsnacht Tel. +41 44 397 11 11 Fax +41 44 397 11 12
Rue de Genève 7 CH-1003 Lausanne Tel. +41 21 341 12 12 Fax +41 21 341 12 13
Dr. Christoph Caviezel, CEO Manuel Itten, CFO Tel. +41 44 397 11 95 [email protected]
Tel. +41 44 809 58 58 [email protected]
Rütligasse 1 CH-6000 Lucerne 7 Tel. +41 41 249 49 80 Fax +41 41 249 49 89 www.mobimo.ch
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