Investor Presentation • Feb 9, 2018
Investor Presentation
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| Lausanne, Flon (Les Garages) The financial data as well as the other information presented herein constitute selected information.
The information in this presentation does not constitute an offer or invitation and may not be construed as a recommendation by us to purchase, hold or sell shares of Mobimo Holding AG. This information or any copy thereof may not be sent or taken to or distributed in any jurisdiction in which such transmission or distribution is unlawful. This document may contain certain "forward-looking" statements. By their nature, forwardlooking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements.
91.5 Profit CHF million
Strong operating performance in 2017
Stable rental income despite individual sales
24.7
Profit on sale of trading properties and development services CHF million 2016: 23.9
Continuation of the attractive distribution policy
Expanded pipeline for third-party projects
Active portfolio management Low vacancy rate
The realisation of the project pipeline for the company's own portfolio is on track
Expected rental income from the implementation of the pipeline for the company's own portfolio
Switzerland is an attractive location for real estate investments
Positive economic outlook
Interest rates remain low
Political risks
Continued competitive environment in the commercial space market
Fierce competition in the retail sector
Intact demand for cheap commercial space
High levels of demand, particularly in the mid- and low-price segments in city centres and areas close to centres
High level of residential construction activity in peripheral areas is leading to higher vacancy rates
Strong demand for development services and investment opportunities
Demand for investment properties remains stable
Stable real estate prices expected
Low interest rates lead to high demand, particularly in the low- and mid-price segments
Desire to own property
Low financing costs, but high equity requirement
Stable average financing costs due to the long-term fixed financing arrangement in place (residual maturity as at reporting date 31.12.2017 is 6.5 years)
In the short term, there is an opportunity to further reduce financing costs by means of a new financing arrangement
In the event of rising interest rates and the resultant price expectations in the transaction market, the discount rate for real estate valuations could increase in the medium term
Thanks to its solid capital base, Mobimo is also well equipped to deal with changes in valuation
Linking of apartment rents to the reference interest rate and linking of commercial rents to the national consumer price index
Medium-term adjustment of apartment rents in the event of rising interest rates (positive effect on real estate valuations)
Adjustment of rents in the event of rising interest rates in connection with inflation (positive effect on real estate valuations)
The forecast economic growth could lead to interest rate adjustments in the OECD area, which would also provide the Swiss National Bank with greater leeway again in terms of its monetary policy
Portfolio growth of CHF 450 million
Share capital has increased by CHF 200 million
Solid equity ratio of more than 40% (target value)
Growth and added value attributable to the company's development activities
Profits realised through sales of investment properties
New New
| Christoph Caviezel CEO |
Manuel Itten CFO |
Thomas Stauber Head of Real Estate, Deputy CEO |
Marc Pointet Head of Suisse romande |
Vinzenz Manser, Head of Realisation |
Marco Tondel Head of Development |
|---|---|---|---|---|---|
| Dr. iur., attorney at law | Business Administration FH |
Certified civil engineer ETH/SIA; postgraduate diploma BWI |
Certified architect ETH, Executive MBA HSG |
Certified architect HTL; MAS in Real Estate Mgmt HWZ |
Certified architect ETH, Executive MBA ZHAW |
| Joined Mobimo in 2008 |
Joined Mobimo in 2004 |
Joined Mobimo in 2011 |
Joined Mobimo in 2006 |
Joined Mobimo in 2002 |
Joined Mobimo in 2012 |
| Change | |||||
|---|---|---|---|---|---|
| CHF million | 2014 | 2015 | 2016 | 2017 | y-o-y |
| Net rental income | 87.6 | 94.1 | 96.2 | 94.1 | -2.2% |
| Direct cost/income ratio for rented properties | 17% | 13% | 16% | 15% | -6.3% |
| Profit on sale of trading properties and development | |||||
| services | 24.9 | 5.5 | 23.9 | 24.7 | 3.5% |
| Gross margin | 15.9% | 6.4% | 15.7% | 12.4% | -21.0% |
| Net income from revaluation | 3.8 | 34.7 | 80.7 | 27.3 | -66.2% |
| Profit on disposal of investment properties | 4.9 | 63.8 | 34.9 | 27.5 | -21.4% |
| Operating result (EBIT) including revaluation | 97.6 | 170.4 | 200.3 | 142.3 | -29.0% |
| Operating result (EBIT) excluding revaluation | 93.8 | 135.7 | 119.6 | 115.0 | -3.8% |
| Tax expense | -4.8 | -34.1 | -15.1 | -24.4 | 61.5% |
| Profit | 63.2 | 105.0 | 159.4 | 91.5 | -42.6% |
| 2014 | 2015 | 2016 | 2017 | Change y-o-y |
|
|---|---|---|---|---|---|
| Profit attributable to the shareholders of MOH (CHF million) |
62.2 | 103.9 | 158.7 | 91.6 | -42.2% |
| Profit attributable to the shareholders of MOH excl. revaluation (CHF million) |
60.2 | 78.6 | 99.4 | 71.9 | -27.7% |
| EPRA earnings per share (CHF) | 8.13 | 8.17 | 8.27 | 8.05 | -2.7% |
| EPRA like-for-like rental growth | 0.6% | 0.8% | 0.4% | -0.4% | nmf |
| Vacancy rate | 5.4% | 4.7% | 4.8% | 4.9% | 2.1% |
| Gross yield from investment properties | 5.6% | 5.4% | 5.3% | 5.1% | -3.8% |
| Net yield from investment properties | 4.5% | 4.3% | 4.1% | 4.0% | -2.4% |
| Average financing costs (period) | 2.5% | 2.5% | 2.4% | 2.2% | -8.8% |
| Interest rate spread | 2.0% | 1.9% | 1.7% | 1.8% | 5.9% |
1) Excluding rental agreements of unlimited duration.
82 apartments transferred to new owners, 66 of which were from the project Aarau, site 4 (Torfeld Süd) and last apartments transferred in Lucerne (Am Meggerwald) and Feldmeilen (Flair)
Pipeline supplemented with the purchase of a plot of land in a central location in Meggen in the canton of Lucerne
The total investment volume of the pipeline for the sale of condominiums stood at CHF 150 million as at 31.12.2017
Conclusion of the first stage of the project in Bad Zurzach and sale of a building on the Labitzke site
The total investment volume of the pipeline of Development for Third Parties stood at approximately CHF 850 million as at 31.12.2017
Successful development of properties from the pipeline creates added value for the company's own portfolio from operational performance
CHF 36.3 million of the revaluation income can be attributed to the properties under construction
The valuation of other investment properties resulted in a depreciation of CHF –9.0 million, which corresponds to a lower valuation of –0.4%.
March 2017: Issue of a CHF 225 million bond with a coupon of 0.75% and a nine-year term
Investment in the project pipeline for the company's own portfolio creates added value due to attractive returns
Additional rental income growth of around CHF 25 million over the coming years
Bond expiring in October 2018 with a coupon of 1.5%
Further reduction of the average financing costs to 2.06% as at the reporting date 31.12.2017
Condominiums now sold in accordance with the PoC method
Development services for third-party investors remain unchanged, normally in accordance with the PoC method
Recognition of building rights agreements as the grantee of building rights
Recognition of long-term rents of premises, vehicles and office equipment
| Total value | 2,766 | 2,799 | 1.2% | 100 |
|---|---|---|---|---|
| Residential properties (trading) |
246 | 147 | -40.2% | 5 |
| Residential properties (investment) |
140 | 217 | 55.0% | 8 |
| Commercial properties (trading) |
59 | 55 | -6.8% | 2 |
| Commercial properties (investment) |
209 | 268 | 28.2% | 10 |
| Development properties | 654 | 687 | 5.0% | 25 |
| Residential properties | 724 | 731 | 1.0% | 26 |
| Commercial properties |
1,388 | 1,381 | -0.5% | 49 |
| Investment properties | 2,112 | 2,112 | 0.0% | 75 |
| CHF million | 2016 | 2017 | Change | Share in % |
1) Breakdown of target rental income by type of use (investment properties).
2) Other use mainly comprises car parks and ancillary uses.
Lausanne, Place de la Gare 10; Rue du Petit-Chêne 38
Meggen (LU) trading property
Site area 5,207 m2
planned
Condominiums
Renens, Chemin de la Rueyre 116/118
Zurich, Stauffacherstrasse 41 (Apollo)
Target rental income CHF 0.9 million Rentable area
4,341 m2
Target rental
CHF 2.4 million Rentable area
income
6,755 m2
Versoix, Chemin de l'Ancien Péage 2-4
Target rental income CHF 1.1 million Rentable area 4,495 m2
Target rental income CHF 1.9 million Rentable area 14,261 m2
Kriens, Sternmatt 6 (partial sale of office building)
Rentable area m2
10,184
Future investment volume CHF million
30
Fair value as at 31.12.2017 CHF million
67
Current rental income CHF million p.a. 2.3
Site development: Aarau, Aeschbachquartier, Site 2 (occup. from Aug 2018)
Rentable area m2
19,152
Apartments Number
167
+ commercial and gastronomy space
Investment volume CHF million
101
Expected rental income CHF million p.a. 5.1
Rentable area m2
15,590
201
+ commercial space
CHF million (excluding Development for Third Parties) 110
Under construction: CHF 470 million (prior year: CHF 480 million) In planning: CHF 370 million (prior year CHF 370 million)
Site development: > CHF 1 billion
Investments are only made when the elements of price, location and future prospects come together in such a way as to create added value for shareholders
Continuation of the shareholder-friendly distribution policy
Successful realisation and marketing of current construction projects
Further increase in quality and growth of the company's own portfolio through developments and acquisitions
Stable rental income, low vacancy rate and high level of tenant satisfaction
Selective production of condominiums
Strict cost and risk management
Ongoing review of purchase and sale opportunities
Reinvestment of sales proceeds in projects from the pipeline
[email protected] [email protected]
E-mail: [email protected] Tel: 044 397 11 95
|
| Growth and stable returns | |
|---|---|
| Rental income | Appreciation in value Capital gains Service income |
| 75% | 25% |
| Investment properties | Development properties |
| Core competences | |
| Buying and selling Development and realisation Portfolio and real estate management |
Certified 2016: 100%
Certified 2016: 20% 100%
World's most comprehensive collection of environmental data
Organisation for assessing the sustainability performance of real estate portfolios
Certification system for assessing the sustainability of buildings/neighbourhoods
Organisation for Sustainability Reporting Guidelines
Building standards for new and modernised buildings
| 2014 | 2015 | 2016 | 2017 | Change y-o-y | |
|---|---|---|---|---|---|
| Equity (CHF million) | 1,222.5 | 1,264.7 | 1,366.3 | 1,399.1 | 2.4% |
| - as a % of total assets |
44.2% | 42.8% | 45.1% | 43.8% | -2.9% |
| Deferred tax liability, net (CHF million) | 120.3 | 160.7 | 156.0 | 159.1 | 2.0% |
| - as a % of total assets |
4.3% | 5.4% | 5.1% | 5.0% | -2.0% |
| Interest-bearing debt (CHF million) | 1,292.7 | 1,366.7 | 1,349.4 | 1,512.8 | 12.1% |
| - as a % of total assets |
46.7% | 46.3% | 44.5% | 47.3% | 6.3% |
| - Loans (CHF million) |
780.7 | 854.2 | 836.4 | 774.2 | 7.4% |
| - Bonds (CHF million) |
512.0 | 512.5 | 513.0 | 738.6 | 44.0% |
| - Non-current capital (liabilities and equity) as a % of total assets |
95.9% | 95.3% | 93.3% | 91.0% | -2.5% |
| Net financing costs (CHF million) | 31.4 | 33.6 | 28.5 | 28.6 | 0.3% |
| Ø interest rate (period) | 2.51% | 2.46% | 2.38% | 2.17% | -8.8% |
| Interest coverage ratio | 3.3 | 4.6 | 3.9 | 3.8 | -2.6% |
| Net gearing | 87.1% | 90.4% | 86.0% | 91.2% | 6.0% |
| 9.2.2018 Annual results 2017 36
Target of > 40% continues to be met Capital base still solid
Target of > 2 comfortably exceeded Substantially below the maximum limit of 150%
High degree of financing leeway
| 2014 | 2015 | 2016 | 2017 | Change y-o-y |
|
|---|---|---|---|---|---|
| Issued shares (number) | 6,216,606 | 6,218,170 | 6,218,170 | 6,218,170 | 0.0% |
| Share capital (CHF million) | 180.3 | 180.3 | 180.3 | 180.3 | 0.0% |
| Market capitalisation (CHF million) | 1,238.3 | 1,384.8 | 1,584.1 | 1,626.1 | 2.7% |
| (CHF)1) NAV per share |
195.93 | 202.45 | 217.33 | 222.58 | 2.4% |
| EPRA NAV per share (CHF) | 229.05 | 244.06 | 258.53 | 259.94 | 0.5% |
| Year-end price (CHF) | 199.20 | 222.70 | 254.75 | 261.50 | 2.7% |
| Earnings per share (CHF) | 10.00 | 16.72 | 25.52 | 14.74 | -42.2% |
| Distribution per share (CHF) | 9.50 | 10.00 | 10.00 | 10.00 | 0.0% |
| Payout ratio | 95% | 60% | 39% | 68% | 74.4% |
1) As at 31 December 2017, the NAV corresponded to the diluted NAV.
Free float as at 31.12.2017: 100% (as per SIX Swiss Exchange definition)
As at 31.12.2017, the following shareholders held 3% or more of the share capital:
| Project/use | 2018 | 2019 | 2020 | 2021 | |
|---|---|---|---|---|---|
| Investment properties for our own portfolio | |||||
| Horgen, Seestrasse 93 (Seehallen): Commercial and retail | |||||
| Zurich, Hohlstr. 485;Albulastr. 30-40: 10 office/commercial units, 201 apartments, 80 parking spaces |
|||||
| Aarau, Site 2 (Torfeld Süd): 6 residential/office buildings, 167 apartments | |||||
| Under con struction |
Aarau, Bahnhofstrasse 102 (Relais 102): Refurbishment of commercial space incl. clearance of hazardous materials |
||||
| Kriens, am Mattenhof 4, 6, 8, 12/14, 16: Office, retail, hotel, 129 apartments | |||||
| Lausanne, Avenue Edouard Dapples 9, 13, 15, 15a (GMR): Renovation of residential property | |||||
| Investment: CHF 470 million (prior year: CHF 480 million) | |||||
| Lausanne, Rue de la Vigie 3: Hotel | |||||
| Lausanne, Rue de Genève 19/21 (Jumeaux): Retail, office, storage | |||||
| In planning | Lausanne, Rue des Côtes-de-Montbenon 8-14: Residential, office, retail | ||||
| Zurich, Allmendstrasse 92-96 (Manegg): Residential | |||||
| Lausanne, Rasude site development: Urban development | |||||
| Investment: CHF 370 million (prior year: CHF 370 million) | |||||
| Condominiums for sale | |||||
| Under con struction |
No projects under construction as of the reporting date | Investment: CHF 0 million (prior year: CHF 80 million) | |||
| Lachen, Zürcherstrasse 19: 8 apartments, 13 parking spaces | |||||
| Schaffhausen, Fischerhäuserstrasse 61: 11 apartments, 10 parking spaces | |||||
| In planning | Merlischachen, Chappelmatt-Strasse (Burgmatt): 78 apartments, 140 parking spaces | ||||
| Meggen, Gottliebenrain 5/7: 30 apartments, 45 parking spaces, commercial | |||||
| Weggis, Hertensteinstrasse 105: Open | |||||
| Investment: CHF 150 million (prior year: CHF 100 million) |
| Address | Fair value as at 31.12.2017 in TCHF |
Usage |
|---|---|---|
| Lausanne, Horizon 4-6 Avenue d'Ouchy 4-6 |
127,870 | Commercial property |
| Zurich, Mobimo Tower Hotel Turbinenstrasse 18 |
122,750 | Hotel |
| Affoltern a. A., Obstgartenstr. 9; Alte Obstfelderstr. 27/29, 31-35 |
109,440 | Retirement home, retirement and rental apartments |
| Lausanne, Ilot du Centre Rue Beau-Séjour 8 |
103,710 | Rental apartments |
| Address | Fair value as at 31.12.2017 in TCHF |
Usage |
|---|---|---|
| Zurich, Friesenbergstrasse 75; Im Tiergarten 7 |
86,780 | Commercial property |
| Lausanne, Petit Mont-Riond Rue Voltaire 2-12 |
74,490 | Rental apartments |
| Lausanne, Les Merciers Voie du Chariot 4-7 |
68,140 | Commercial property |
| Zurich, Letzigraben 134-136 |
67,040 | Rental apartments |
| Address | Fair value as at 31.12.2017 in TCHF |
Usage |
|---|---|---|
| Lausanne, Place de la Gare 10; Rue du Petit-Chêne 38 |
66,830 | Commercial property |
| Zurich, (Mobimo Tower) Hardturmstrasse 3/3a/3b |
63,970 | Commercial property |
| Regensdorf, Sonnenhof Schulstrasse |
61,310 | Rental apartments |
| Kreuzlingen, Ziil Center Leubernstrasse 3; Bottighoferstrasse 1 |
57,120 | Commercial property |
| Address | Fair value as at 31.12.2017 in TCHF |
Usage |
|---|---|---|
| Lausanne, Les Pépinières Rue des Côtes-de-Montbenon 20-24 |
44,200 | Commercial property |
| Onex, Avenue des Grandes-Communes 21-23-25 |
38,080 | Rental apartments |
| Lausanne, Rue de Genève 7 |
33,410 | Commercial property |
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
19,000 m2 (12,000 m2 Mobimo)
Offices, hotel, apartments (condominiums/rental apartments), retail, gastronomy (joint project with SBB)
Investment approx. CHF 270 million
Right next to Lausanne train station
1,100 workplaces, 92 condominiums, 167 rental apartments, retail, gastronomy, commercial
approx. CHF 170 million (excluding third parties)
Central, near Aarau train station
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
Usage Further development of the Flon district
Investment approx. CHF 200 million
Location Central, in the immediate vicinity of a metro station
Offices, commercial, hotel, apartments, retail, gastronomy
Investment approx. CHF 260 million
Mattenhof train station, in the immediate vicinity of the motorway junction
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
Development of a city district, offices, commercial, hotel, apartments (condominiums/rental apartments), retail, gastronomy (project with the towns/cities of Nidau and Biel/Bienne)
approx. CHF 350 million
Next to the lake, near the train station
Gross site area 53,000 m2
Offices, commercial, apartments (condominiums/rental apartments), gastronomy, events
Investment approx. CHF 500 million
Location Near Oerlikon train station
Usage (planned) 300 compact apartments (26,100 m2 main usable area)
Tenants: logistics; rental agreements run until 31 December 2019
Wine-growing village to the south-west of Morges; right next to the train station on a gentle slope facing the lake
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