Interim / Quarterly Report • Aug 4, 2017
Interim / Quarterly Report
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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 2.7 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 as well as investment opportunities 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.
| Overview of Mobimo | 1 | |
|---|---|---|
| Highlights of the first half of 2017 | 1 | HALF-YEAR REPORT 2017 HALF-YEAR REPORT 2017 |
| Letter to shareholders | 2 | |
| Management structure | 4 | |
| Mobimo on the capital market | 6 | |
| Real estate portfolio | 8 | |
| Strategy and business performance | 10 | |
| Strategy and business model | 10 | |
| Group business performance | 11 | |
| Financial report | 14 | Passion for real estate |
| Consolidated interim financial statements | 16 | |
| Property details | 34 | |
| Auditor's review report | 44 | |
| EPRA key performance measures | 46 | View of the condominium building in |
Aarau's Aeschbachquartier.
Mobimo reported a strong half-year performance, generating sound operating results. Rental income was on a par with the previous year. Net income from revaluation was largely generated by developments for the company's own portfolio. The portfolio's value dropped slightly as a result of individual sales at attractive prices.
Profit CHF million HY|2016: 89.8
Total portfolio value
¢¢ Development properties
¢¢ Investment properties
¢¢ Profit attributable to the shareholders of MOH excl. revaluation
Earnings per share including and excluding revaluation CHF
¢¢ Earnings per share excl. revaluation
¢¢ Net rental income
Vacancy rate
CHF million
| Result | Unit | HY 2017 | HY 2016 | Change in % |
|---|---|---|---|---|
| Net rental income | CHF million | 48.6 | 48.3 | 0.7 |
| Profit on sale of trading properties and development services | CHF million | 13.3 | 17.0 | –21.6 |
| Profit on disposal of investment properties | CHF million | 17.8 | 33.9 | –47.6 |
| Net income from revaluation | CHF million | 30.6 | 20.9 | 46.5 |
| Operating result (EBIT) | CHF million | 92.9 | 105.2 | –11.7 |
| Operating result (EBIT) excluding revaluation | CHF million | 62.3 | 84.4 | –26.1 |
| Profit | CHF million | 63.3 | 89.8 | –29.5 |
| Profit attributable to the shareholders of MOH | CHF million | 62.4 | 89.5 | –30.3 |
| Profit attributable to the shareholders of MOH excluding revaluation | CHF million | 40.1 | 74.2 | –45.9 |
| Balance sheet | Unit | 30.6.2017 | 31.12.2016 | Change in % |
| Assets | CHF million | 3,203.0 | 3,031.7 | 5.7 |
| Equity | CHF million | 1,369.6 | 1,366.3 | 0.2 |
| Equity ratio | % | 42.8 | 45.1 | –5.1 |
| Return on equity | % | 9.5 | 13.1 | –27.5 |
| Return on equity excluding revaluation | % | 6.1 | 8.2 | –25.6 |
| Interest-bearing liabilities | CHF million | 1,543.0 | 1,349.4 | 14.3 |
| Ø Rate of interest on financial liabilities (for the period) | % | 2.08 | 2.38 | –12.6 |
| Ø Residual maturity of financial liabilities | years | 6.8 | 6.9 | –1.4 |
| Net gearing | % | 92.0 | 86.0 | 7.0 |
| Portfolio | Unit | 30.6.2017 | 31.12.2016 | Change in % |
| Overall portfolio | CHF million | 2,728 | 2,766 | –1.4 |
| Investment properties | CHF million | 2,060 | 2,112 | –2.4 |
| Development properties | CHF million | 668 | 654 | 2.1 |
| Gross yield from investment properties | % | 5.3 | 5.3 | 0.0 |
| Net yield from investment properties | % | 4.1 | 4.1 | 0.0 |
| Investment property vacancy rate | % | 4.9 | 4.8 | 2.1 |
| Ø Discount rate for revaluation (real) | % | 3.62 | 3.75 | –3.5 |
| EPRA | Unit | HY 2017 | HY 2016 | Change in % |
| EPRA profit | CHF million | 25.2 | 22.4 | 12.2 |
| EPRA NAV per share | CHF | 255.87 | 245.04 | 4.4 |
| EPRA rental increase like for like | % | –0.1 | 0.4 | –125.0 |
| EPRA vacancy rate | % | 4.9 | 4.9 | 0.0 |
| Headcount | Unit | 30.6.2017 | 31.12.2016 | Change in % |
| Ø Headcount (full-time basis for the period) | Number | 134.7 | 126.2 | 6.7 |
| Headcount (full-time basis) | Number | 141.1 | 135.7 | 4.0 |
| Share | Unit | HY 2017 | HY 2016 | Change in % |
| Shares outstanding1 | Number | 6,217,669 | 6,215,326 | 0.0 |
| Nominal value per share | CHF | 29.00 | 29.00 | 0.0 |
| NAV per share | CHF | 217.66 | 203.89 | 6.8 |
| Earnings per share | CHF | 10.03 | 14.39 | –30.3 |
| Earnings per share excluding revaluation | CHF | 6.46 | 11.93 | –45.9 |
| Distribution per share2 | CHF | 10.00 | 10.00 | 0.0 |
| Share price as at 30.6. | CHF | 269.00 | 221.70 | 21.3 |
¹ No. of shares issued 6,218,170 less treasury shares 501 = no. of outstanding shares 6,217,669.
Distribution from capital contribution reserves for the 2016 financial year of CHF 10.00 per share according to the decision of the General Meeting of 28 March 2017. Some CHF 89 million was available for distribution from capital contribution reserves as at 31 December 2016, CHF 62 million of which was distributed; this means that approximately CHF 27 million is still available as at 30 June 2017.
Mobimo (the principal) and HRS (the total contractor) are undertaking a mixed-use development with five buildings and public outdoor areas, in accordance with plans drawn up by the Lucernebased architectural practice Scheitlin Syfrig Architekten. The foundation stone ceremony was held at the start of May 2017, with representatives of the Kriens municipality and City of Lucerne in attendance. Mattenhof lies at the heart of Lucerne South, the new residential area situated where the municipalities of Kriens, Horw and Lucerne meet. Some high-profile companies, including Swisscom and the Lucerne Cantonal Hospital, have already decided to set up in Mattenhof. The marketing of the apartments is scheduled to start in 2018. Pictured: Project Manager Claudia Siegle laying the foundation stone.
Mobimo advertised its rental apartments on the Labitzke site in Zurich-Altstetten using colourful, eye-catching imagery and in a style that according to the Tages-Anzeiger "is reminiscent of the hippy era". This strategy has proved successful, as almost all of the 277 apartments – ranging from studios to 4.5-room apartments – have been let a year before residents can start to move in during April 2018. The development, carried out by the renowned Zurich-based architectural practice Gigon/Guyer, will include commercial space and a nursery in addition to the apartments.
The 16-storey building in Rheinfelden, Aargau, is a typical 1970s high-rise block. The property features a lot of green space and also includes a five-storey building in the same architectural style (pictured). Both buildings have been in Mobimo's portfolio since 2006. The total 84 apartments will now undergo extensive renovations, with new kitchens, bathrooms, floors and much more being installed to increase their value. Around 50% of the tenants will remain on site, although they will move into empty apartments while work is being carried out on their own apartments. The entire internal renovations will be completed in October 2017.
Profit attributable to shareholders including revaluation CHF million HY|2016: 89.5
62.4
Earnings per share CHF HY|2016: 14.39
Net income from revaluation CHF million HY|2016: 20.9
Georges Theiler, Chairman of the Board of Directors, and Dr. Christoph Caviezel, CEO.
We take pleasure in reporting an excellent business performance in first half-year 2017. After financial years 2015 and 2016 had been shaped by exceptionally high income from the sale of investment properties, substantial market-related upward valuations of our portfolio and a positive non-recurring item relating to tax in first-half 2016, the focus in 2017 has reverted to the contribution made by operating results and development-driven added value.
We generated broadly based and stable income for our shareholders in keeping with the strategic principles of our business model. In the first half of 2017, we achieved profit attributable to the shareholders of Mobimo Holding AG including revaluation of CHF 62.4 million and CHF 40.1 million excluding revaluation. This translates into CHF 10.03 per share and into CHF 6.46 per share excluding revaluation. This indicates we are well on the way to continuing with our customary, attractive dividend policy.
Despite disposals and in view of a practically unchanged low vacancy rate of 4.9% (31 December 2016: 4.8%), rental income remained on a par with the prior-year level at CHF 56.4 million. Transactionrelated movements in the portfolio as well as new business in the form of development properties completed for the portfolio once again make any meaningful comparison with prior-year periods possible to only a limited extent.
Thanks to our own property and facility management, we work in close proximity to our tenants and can identify the changes and needs of our customers at an early stage. This is one of the reasons why we have already been able to extend as many contracts as possible that are expiring in 2017 or otherwise conclude new ones. At the wish of our tenants, we can also find new solutions for rental space thanks to our development expertise.
We interpret active portfolio management to mean not only the further development of our investment properties, but also individual disposals should any extraordinary opportunities arise. For example, we disposed of three properties in the first half of 2017 – the Apollo office building in Zurich, a business property in Renens and an apartment building in Versoix. Mobimo generated income of CHF 17.8 million on the divestment of these properties. In keeping with our business model, we are reinvesting the sales proceeds in our own development pipeline, which is delivering attractive returns.
Transfers of condominium ownership in Aarau's Aeschbachquartier contributed the largest contribution to results in the trading properties area in the first half of 2017. Development for Third Parties is realising a number of projects during the course of 2017 that will contribute to results in the second half of the year.
In the first half of 2017, Mobimo reported revaluation income of CHF 30.6 million, which stemmed largely from the construction progress of new projects, thereby reflecting the added value of its own development activities for the investment portfolio. These include conversions or renovations of residential and office buildings in Rheinfelden, Aarau and Lausanne as well as, for example, the construction that is proceeding as planned on the Labitzke site in Zurich, where virtually all apartments have been rented out one year before its occupation. Construction work has been completed on Les Garages in Lausanne. This modular sales, business and office space in the Flon district that is to be occupied in September has already been let.
Mobimo is currently realising projects in Zurich, Kriens, Aarau and Lausanne that will generate additional annual rental income in excess of CHF 25 million up to the end of 2019. In addition, Mobimo is investing in targeted condominium projects where location, conditions and regional demand permit. After the reporting date, Mobimo purchased a plot of land in Meggen on the shores of Lake Lucerne, where it plans to build around 30 condominiums.
The existing portfolio also provides further scope for value enhancement as a consequence of new developments or conversions. Thanks to having its own development department, Mobimo can exploit this potential efficiently. Mobimo also has promising opportunities in the offing beyond the short to medium term, with site developments such as Rasude in Lausanne's railway station district.
Switzerland is in robust economic condition. It offers attractive workplaces and a high quality of life. These parameters guarantee that demand for residential and business space – in particular in good city centre locations – continues unabated. We are confident that we are operating in a positive market environment that gives rise to an abundant source of opportunities. The changes under way in the retail sector, changing working methods brought about by digitalisation and constantly growing supply call for attentive observation of the market and flexibility. Thanks to its business model, Mobimo is in a position to pursue various options according to the market situation.
The Board of Directors and Executive Board are confident that the company will continue to develop well in future, deliver excellent operational performances and create added value for its shareholders.
Thank you for the trust you have placed in our company.
Chairman of the Board of Directors CEO
Georges Theiler Dr. Christoph Caviezel
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 2017, the following persons were members of the Board of Directors of Mobimo:
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.
Peter Schaub, Vice Chairman Attorney at law Nationality: Swiss Born in: 1960 Peter Schaub has been a member of the Board of Directors of Mobimo Holding AG since 2008. He is Chairman of the Audit and Risk Committee and a member of the NominationandCompensation Committee.
Attorney at law and 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.
Peter Barandun 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.
Engineer, Masters in Energy, MBA 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 Compensation Committee.
Daniel Crausaz Engineer, Master of Business Administration 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.
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 Nominationand Compensation Committee.
Chairman: Georges Theiler Vice Chairman: Peter Schaub
Peter Barandun, Daniel Crausaz, Brian Fischer, Bernard Guillelmon, Wilhelm Hansen
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 2017, the following persons were members of the Executive Board:
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 the Purchase and Divestment division.
Manuel Itten, CFO Business Administration FH Nationality: Swiss Born in: 1965 Manuel Itten joined Mobimo in 2004 and has been CFO since March 2009.
MSc in architecture from the Swiss Federal Institute of Technology, 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.
Andreas Hämmerli, Head of Development Certified architect HTL Nationality: Swiss Born in: 1957 Andreas Hämmerli has headed the Development division since October 2008. He is responsible for project development, construction and sales.
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.
Mobimo can look back on an excellent first half of 2017 on the capital market, having reported a performance of 9.52% as at 30 June. In March 2017, it issued a CHF 225 million fixed-rate bond in what continued to be an attractive interest rate environment.
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.: | 1110 887 |
| ISIN code | CH001110 8872 |
| Bloomberg | MOBN SW Equity |
| Reuters | MOBN.S |
The Mobimo share started 2017 with a price of CHF 254.75 and closed at CHF 269.00 on 30 June 2017. This corresponds to a performance (total return) of 9.52%. Net asset value (NAV) per share and diluted NAV per share stood at CHF 217.66 as at 30 June 2017 (31 December 2016: CHF 217.33) after distribution of the dividend of CHF 10.00. As at 30 June 2017, Mobimo's share price of CHF 269.00 was 23.6% above the NAV per share. The Mobimo share price (dividend-adjusted) has risen by 44.7% over the past five years, while the SPI and SXI Real Estate Shares indices have increased by 79.8% and 41.5% respectively over the same period.
¢¢ Share price
¢¢ NAV per share (diluted)
The Mobimo share has a sound level of liquidity and a solid trading volume. An average of 8,567 (first half of 2016: 12,521) shares were traded each day. The average daily turnover amounted to approximately CHF 2.3 million (first half of 2016: CHF 2.8 million) and the trading volume to CHF 282 million (first half of 2016: CHF 344 million).
As at 30 June 2017, the following shareholders held 3% or more of the share capital:
According to the SIX Swiss Exchange definition, the free float stood at 100% as at 30 June 2017.
¢ Individuals
%
| Unit | 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|---|
| Ratios as at 30.6. | ||||||
| Share capital | CHF million | 180.2 | 180.3 | 180.3 | 180.3 | 180.3 |
| No. of registered shares issued | Number | 6,214,478 | 6,216,606 | 6,218,170 | 6,218,170 | 6,218,170 |
| Of which treasury shares | Number | 2,148 | 1,623 | 1,217 | 2,844 | 501 |
| No. of registered shares outstanding |
Number | 6,212,330 | 6,214,983 | 6,216,953 | 6,215,326 | 6,217,669 |
| Nominal value per | ||||||
| registered share | CHF | 29.00 | 29.00 | 29.00 | 29.00 | 29.00 |
| Share data as at 30.6. | ||||||
| Earnings per share | CHF | 6.66 | 3.17 | 5.72 | 14.39 | 10.03 |
| Earnings per share excluding | ||||||
| revaluation | CHF | 3.81 | 2.36 | 4.57 | 11.93 | 6.46 |
| NAV after options and convertible bond |
CHF | 193.51 | 191.03 | 191.91 | 203.89 | 217.66 |
| Gross dividend | CHF | 9.00 | 9.50 | 9.50 | 10.00 | 10.00 |
| Share price HY | ||||||
| Share price – High | CHF | 213.60 | 198.00 | 229.40 | 234.30 | 279.25 |
| Share price – Low | CHF | 186.50 | 184.90 | 190.50 | 206.10 | 253.75 |
| Share price at 30.6. | CHF | 192.20 | 188.00 | 190.50 | 221.70 | 269.00 |
| Average no. of shares traded per day |
Number | 12,476 | 9,657 | 12,387 | 12,521 | 8,567 |
| Market capitalisation on 30.6. | CHF million | 1,194.4 | 1,168.7 | 1,184.6 | 1,378.6 | 1,672.7 |
For the long-term funding of the real estate portfolio and to diversify its financing instruments, Mobimo has issued four bonds, thereby capitalising on attractive interest rates. In March 2017, it issued a 9-year CHF 225 million straight bond with a coupon of 0.75%. The four bonds are traded on the SIX Swiss Exchange in Zurich. The total financing volume amounts to CHF 740 million.
| Issue date | 29.10.2013 | 19.5.2014 |
|---|---|---|
| Ticker symbol | MOB13 | MOB14 |
| Swiss security no. | 22 492 349 | 24 298 406 |
| ISIN code | CH0224923497 | CH0242984067 |
| Issue volume | CHF 165 million | CHF 200 million |
| Bloomberg | MOBN SW | MOBN SW |
| Reuters | 785VD6 | 792ZMZ |
| Interest rate | 1.500% | 1.625% |
| Term | 5 years | 7 years |
| Maturity | 29.10.2018 | 19.5.2021 |
| Price as at 30.6.2017 | CHF 101.96 | CHF 105.60 |
| Yield to maturity | 0.027% | 0.179% |
| Issue date | 16.9.2014 | 20.3.2017 |
| Ticker symbol | MOB141 | MOB17 |
| Swiss security no. | 25 237 980 | 35 483 611 |
| ISIN code | CH0252379802 | CH0354836113 |
| Issue volume | CHF 150 million | CHF 225 million |
| Bloomberg | MOBN SW | MOBN SW |
| Reuters | 797G6K | 844KJX |
| Interest rate | 1.875% | 0.750% |
| Term | 10 years | 9 years |
| Maturity | 16.9.2024 | 20.3.2026 |
| Price as at 30.6.2017 | CHF 109.55 | CHF 99.85 |
| Yield to maturity | 0.526% | 0.768% |
Portfolio figures
As at 30 June 2017, Mobimo's real estate portfolio comprised 143 properties. It can be broken down into investment properties with a value of CHF 2,060 million and development properties with a value of CHF 668 million.
| CHF million | 30.6. 2017 |
% | 31.12. 2016 |
% |
|---|---|---|---|---|
| Total portfolio value | 2,728 | 100 | 2,766 | 100 |
| Investment properties | 2,060 | 75 | 2,112 | 76 |
| Commercial investment properties |
1,341 | 49 | 1,388 | 50 |
| Residential investment properties |
719 | 26 | 724 | 26 |
| Development properties | 668 | 25 | 654 | 24 |
| Commercial properties (investment) |
211 | 8 | 209 | 8 |
| Residential properties (investment) |
194 | 7 | 140 | 5 |
| Commercial properties (trading) |
59 | 2 | 59 | 2 |
| Residential properties (trading) |
204 | 8 | 246 | 9 |
75% 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 452,000 m² as at 30 June 2017 was CHF 109 million, producing stable and predictable income. The portfolio's value dropped slightly as a result of individual sales at attractive prices.
Mobimo manages the portfolio through its own portfolio management team, which gives it proximity to the market and to 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 21.4% of rental income. The existing fixed-term rental agreements primarily have a medium to long-term maturity profile. The average residual term is 7.8 years.
¢ SV (Schweiz) AG
%
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 from its own developments properties with a total investment volume of around CHF 960 million, which breaks down into CHF 850 million for investment properties for its own portfolio and CHF 110 million for condominiums to be sold.
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'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 plans, builds and maintains 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 creates considerable value enhancement and generates 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 has solid financing. In addition to this 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, 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 sender 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 living, leisure and working spaces. In addition to economic aspects, Mobimo also incorporates environmental and socio-cultural factors in 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.
Mobimo reported excellent half-year profit, generating sound operating results in all areas. It also registered net income from revaluation that was largely attributable to the successful realisation of development projects for its own portfolio.
Mobimo capitalised on unchanged high demand in the transaction market to sell three investment properties, once again realising attractive gains. These disposals produced net income of CHF 17.8 million (first half of 2016: CHF 33.9 million). Mobimo reinvested the cash inflow from the disposals in the realisation of projects from its own pipeline with good returns. The disposal of the three investment properties resulted in an approximate CHF 4 million reduction in potential annual target rental revenues. This contrasted with investment properties under construction with a total investment
1 Other use mainly comprises car parks and ancillary uses.
volume of some CHF 480 million and potential annual target rental revenues in excess of CHF 25 million as at 30 June 2017.
After a transitional phase with two appraisers, and more than ten years of successful collaboration with Wüest Partner AG, Mobimo has decided on a change and appointed Jones Lang La Salle AG for reasons of good governance. Jones Lang La Salle AG has been the appraiser for the entire real estate portfolio since this half-year, for the first time performing all investment property revaluations as at 30 June 2017. In the first half of 2017, net income from revaluation totalled CHF 30.6 million (first half of 2016: CHF 20.9 million), of which CHF 23.8 million was attributable to the positive development in value of investment properties under construction. The discount rate (real) applied to revaluations was 3.62% as at 30 June 2017 (31 December 2016: 3.75%).
Despite disposals, income from rental properties totalled CHF 56.4 million (first half of 2016: CHF 56.8 million), which was on a par with the prior-year period. The cost/income ratio arising from direct expenses for rented properties was once again lower than in the
| HY | HY | |||
|---|---|---|---|---|
| Unit | 2017 | 2016 | Change in % | |
| Net rental income | CHF million | 48.6 | 48.3 | 0.7 |
| Profit on sale of trading properties and development services |
CHF million | 13.3 | 17.0 | –21.6 |
| Net income from revaluation |
CHF million | 30.6 | 20.9 | 46.5 |
| Profit on sale of investment pro perties |
CHF million | 17.8 | 33.9 | –47.6 |
| Operating result (EBIT) including revaluation |
CHF million | 92.9 | 105.2 | –11.7 |
| Financial result | CHF million | –14.6 | –14.7 | –0.8 |
| Tax expense | CHF million | –16.0 | –2.9 | 444.6 |
| Profit | CHF million | 63.3 | 89.8 | –29.5 |
| Profit attributable to the shareholders of MOH |
CHF million | 62.4 | 89.5 | –30.3 |
| Profit attributable to the shareholders of MOH excluding |
||||
| revaluation | CHF million | 40.1 | 74.2 | –45.9 |
previous year, coming in at 14% (first half of 2016: 15%). This resulted in net rental income of CHF 48.6 million (first half of 2017: CHF 48.3 million). Thanks to targeted portfolio diversification, Mobimo maintains a balanced usage mix. As at 30 June 2017, the share of rental income from residential usage was around 28%. Residential usage, office usage and other commercial usage are each set to account for approximately 30% of the investment portfolio.
Investment properties generated a net yield of 4.1% in the first half of 2017 (31 December 2016: 4.1%). As at 30 June 2017, the vacancy rate remained at a virtually unchanged level of 4.9% (31 December 2016: 4.8%).
The project pipeline for Mobimo's own portfolio is full and offers major potential for further growth. The current total investment volume of projects under construction that are being realised for Mobimo's own portfolio is some CHF 480 million. These projects involve rental space in excess of 95,000 m2 with potential annual target rental revenues in excess of CHF 25 million. The projects are the following:
Key financial position figures
Other development projects are also being planned for Mobimo's own portfolio, most of which are for the locations Aarau and Lausanne with a total investment volume of some CHF 370 million and potential target rental revenues in excess of CHF 20 million.
Income from the sale of trading properties and provision of development services totalled CHF 91.2 million in the first half of 2017 (first half of 2016: CHF 59.7 million), which resulted in profit from trading properties and development services of CHF 13.3 million (first half of 2016: CHF 17.0 million). 74 condominiums were transferred to their new owners. The residential properties transferred were largely in the project in Aarau, Site 4, (Aeschbachquartier), which was completed at the start of 2017. Other selected condominium projects are in the pipeline or are already in the realisation phase. Total investment volume of condominium projects is some CHF 110 million, while the pipeline for third-party projects, which was expanded through the acquisition of a two-thirds holding in BSS&M Real Estate AG, has a total investment volume of some CHF 800 million.
The number of full-time equivalents as at 30 June 2017 increased slightly to 141.1 (31 December 2016: 135.7). The increase was the result of selected staff additions in operating areas.
In the first half of 2017, Mobimo reported excellent profit of CHF 63.3 million (first half of 2016: CHF 89.8 million) with successful activities in all operating areas. The profit attributable to the shareholders of Mobimo totalled CHF 62.4 million (first half of 2016: CHF 89.5 million) and not including revaluation CHF 40.1 million (first half of 2016: CHF 74.2 million). This generated earnings per share of CHF 10.03 (first half of 2016: CHF 14.39). Earnings per share not including revaluation was CHF 6.46 (first half of 2016: CHF 11.93). With this result, Mobimo is well on track to continue its attractive dividend policy.
¢¢ Bonds ¢¢ Convertible bonds ¢¢ Mortgages
As at the end of the first half of 2017, total assets increased by 5.7% (31 December 2016: 2.7%) to CHF 3,203.0 million. This was mainly the result of the short-term increase in liquidity for the repayment of expiring loans and for the financing of the realisation of ongoing projects in the pipeline. The value of the real estate portfolio was CHF 2,728.3 million as at the end of the first half of 2017 (31 December 2016: CHF 2,765.6 million). The share of non-current assets in total assets was down slightly as at the end of the financial year to 80.6% (prior year: 82.6%).
With an equity ratio of 42.8% as at 30 June 2017 (31 December 2016: 45.1%), Mobimo continues to have a solid capital base. Mobimo's corporate strategy targets an equity ratio of at least 40%. At 3.9, the interest coverage factor 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 2017, Mobimo recorded net gearing of 92.0% (31 December 2016: 86.0%).
Mobimo successfully issued an additional CHF 225 million bond with a nine-year term and a coupon of 0.75% in March 2017 to finance its activities, thereby further reducing its financing costs substantially. The average interest rate for financial liabilities was 2.08% in the first half of 2017, compared with 2.38% in the previous year. As at the reporting date of 30 June 2017, the average interest rate had fallen further and stood at 2.02% (prior year: 2.32%). Mobimo will also continue to use the attractive interest rate environment to keep interest rates low in the long term. The average residual maturity of financial liabilities as at the reporting date was 6.8 years (31 December 2016: 6.9 years), and was therefore still in the targeted range. The long-term financing and solid capital base form a sound foundation for the company's further growth and for investment in the projects in the pipeline.
Mobimo's focus remains unchanged as it enters into the second half of 2017. The realisation of construction projects on schedule, highquality developments for Mobimo's own portfolio, an offering for developments for third parties that is commensurate with demand and the selective production of condominiums remain the company's main focus. Mobimo aims to maintain its attractive dividend policy.
Manuel Itten CFO
In the following chapter, Mobimo presents its consolidated interim financial statements in accordance with International Accounting Standard 34. It also contains detailed information on the company's real estate portfolio and EPRA key performance measures.
Profit on disposal of trading properties and development services CHF million Portfolio size CHF million 2016: 2,766 Rental income CHF million HY|2016: 56.8 2,728 56.4 13.3
HY|2016: 17.0
| Consolidated interim financial statements | 16 |
|---|---|
| Consolidated income statement | 16 |
| Consolidated statement of comprehensive income | 17 |
| Consolidated balance sheet | 18 |
| Consolidated cash flow statement | 20 |
| Consolidated statement of changes in equity | 21 |
| Notes to the consolidated interim financial statements | 22 |
| General information | 22 |
| Segment reporting | 24 |
| Investment portfolio | 26 |
| Trading properties and development services | 28 |
| Financing | 29 |
| Other notes/Other financial information | 32 |
| Property details | 34 |
| Auditor's review report | 44 |
| EPRA key performance measures | 46 |
| TCHF | Note | HY 2017 | HY 2016 |
|---|---|---|---|
| Income from rental of properties | 5 | 56,365 | 56,778 |
| Income from sale of trading properties and development services | 7 | 91,161 | 59,666 |
| Other income | 1,707 | 1,052 | |
| Revenue | 149,233 | 117,496 | |
| Gains from revaluation of investment properties | 6 | 51,039 | 38,191 |
| Losses on revaluation of investment properties | 6 | –20,470 | –17,327 |
| Net income from revaluation | 30,569 | 20,864 | |
| Profit on disposal of investment properties | 6 | 17,755 | 33,861 |
| Direct expenses for rented properties | 5 | –7,786 | –8,525 |
| Direct expenses from sale of trading properties and development services | 7 | –77,837 | –42,681 |
| Direct operating expenses | –85,623 | –51,205 | |
| Capitalised own account services | 2,153 | 2,605 | |
| Personnel expenses | –12,709 | –11,728 | |
| Operating expenses | –5,461 | –3,822 | |
| Administrative expenses | –1,666 | –1,559 | |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 94,250 | 106,512 | |
| Depreciation | –846 | –878 | |
| Amortisation and impairment losses | –505 | –392 | |
| Earnings before interest and tax (EBIT) | 92,899 | 105,241 | |
| Share of profit of equity accounted investees | 997 | 2,205 | |
| Financial income | 1,624 | 383 | |
| Financial expense | –16,223 | –15,102 | |
| Financial result | –14,599 | –14,718 | |
| Earnings before tax (EBT) | 79,297 | 92,728 | |
| Tax expense | 13 | –16,004 | –2,939 |
| Profit | 63,293 | 89,790 | |
| Of which attributable to the shareholders of Mobimo Holding AG | 62,376 | 89,454 | |
| Of which attributable to non-controlling interests | 917 | 335 | |
| EBITDA not including revaluation | 63,682 | 85,647 | |
| Operating result (EBIT) not including revaluation | 62,330 | 84,377 | |
| Earnings before tax (EBT) not including revaluation | 48,728 | 71,864 | |
| Earnings per share in CHF | 14 | 10.03 | 14.39 |
| Diluted earnings per share in CHF | 14 | 10.03 | 14.39 |
| TCHF Note |
HY 2017 | HY 2016 |
|---|---|---|
| Profit | 63,293 | 89,790 |
| Items that may be reclassified subsequently to income statement | 2,670 | –14,901 |
| • Profit/loss on financial instruments for hedge accounting 9 |
3,347 | –19,196 |
| • Reclassification adjustments for amounts recognised in income statement | 78 | 79 |
| • Tax effects | –755 | 4,217 |
| Items that will not be reclassified to income statement | –21 | –2,716 |
| • Remeasurement in staff pension schemes | –26 | –3,314 |
| • Tax effects | 5 | 598 |
| Total other comprehensive income | 2,649 | –17,617 |
| Of which attributable to the shareholders of Mobimo Holding AG | 2,649 | –17,617 |
| Of which attributable to non-controlling interests | 0 | 0 |
| Total comprehensive income | 65,942 | 72,173 |
| Of which attributable to the shareholders of Mobimo Holding AG | 65,025 | 71,837 |
| Of which attributable to non-controlling interests | 917 | 335 |
| TCHF | Note | 30.6.2017 | 31.12.2016 |
|---|---|---|---|
| Assets | |||
| Current assets | |||
| Cash | 202,631 | 173,869 | |
| Trade receivables | 26,263 | 13,479 | |
| Financial assets | 12 | 80,000 | 0 |
| Income tax receivables | 4,027 | 2,948 | |
| Other receivables | 41,885 | 31,430 | |
| Trading properties | 8 | 262,682 | 304,844 |
| Accrued income and prepaid expenses | 4,471 | 2,431 | |
| Total current assets | 621,959 | 529,002 | |
| Non-current assets | |||
| Investment properties | |||
| • Commercial properties | 6 | 1,328,070 | 1,373,488 |
| • Residential properties | 6 | 718,910 | 724,076 |
| • Development properties | 6 | 121,400 | 121,104 |
| • Investment properties under construction | 6 | 283,720 | 228,130 |
| Property, plant and equipment | |||
| • Owner-occupied properties | 13,542 | 13,982 | |
| • Other property, plant and equipment | 5,029 | 3,570 | |
| Intangible assets | 6,782 | 6,274 | |
| Investments in associates and joint ventures | 27,615 | 27,609 | |
| Financial assets | 12 | 72,846 | 1,966 |
| Deferred tax assets | 3,113 | 2,488 | |
| Total non-current assets | 2,581,027 | 2,502,686 | |
| Total assets | 3,202,986 | 3,031,688 |
| TCHF | Note | 30.6.2017 | 31.12.2016 |
|---|---|---|---|
| Equity and liabilities | |||
| Liabilities | |||
| Current liabilities | |||
| Current financial liabilities | 9 | 64,096 | 92,597 |
| Trade payables | 30,146 | 31,384 | |
| Current tax liabilities | 9,780 | 25,397 | |
| Derivative financial instruments | 9/10 | 202 | 0 |
| Other payables | 10,382 | 10,133 | |
| Advance payments from buyers | 909 | 11,197 | |
| Accrued expenses and deferred income | 35,282 | 32,471 | |
| Total current liabilities | 150,798 | 203,181 | |
| Non-current liabilities | |||
| Non-current financial liabilities | 9 | 1,478,875 | 1,256,804 |
| Employee benefit obligation | 7,501 | 7,163 | |
| Derivative financial instruments | 9/10 | 34,793 | 39,834 |
| Deferred tax liabilities | 161,447 | 158,440 | |
| Total non-current liabilities | 1,682,616 | 1,462,241 | |
| Total liabilities | 1,833,414 | 1,665,421 | |
| Equity | 11 | ||
| Share capital | 180,327 | 180,327 | |
| Treasury shares | –133 | –446 | |
| Capital reserves | 145,390 | 207,466 | |
| Retained earnings | 1,027,741 | 963,589 | |
| Total equity attributable to the shareholders of Mobimo Holding AG | 1,353,324 | 1,350,936 | |
| Attributable to non-controlling interests | 16,248 | 15,331 | |
| Total equity | 1,369,572 | 1,366,267 | |
| Total equity and liabilities | 3,202,986 | 3,031,688 |
| Earnings before tax 79,297 92,728 Net gains from revaluation of investment properties 6 –30,569 –20,864 Share-based payments 283 476 Depreciation on property, plant and equipment and amortisation of lease incentives 1,205 1,316 Amortisation and impairment of intangible assets 505 392 Profit on disposal of investment properties 6 –17,755 –33,861 Profit on disposal/derecognition of property, plant and equipment 0 –2 Share of profit of associates and joint ventures –997 –2,205 Financial result 14,599 14,718 Changes • Trade receivables –12,784 –5,236 • Trading properties 42,207 13,066 • Other receivables and accrued income and prepaid expenses –12,452 –34,481 • Employee benefit obligation 313 298 • Trade payables –1,698 –3,136 • Advance payments from buyers –10,288 1,198 • Other liabilities and accrued expenses and deferred income 4,618 9,514 Income tax paid –29,241 –38,160 Net cash from/used in operating activities 27,243 –4,240 Investments in financial assets 12 –150,880 0 Acquisition of subsidiaries, net of cash acquired 0 395 Acquisition of investment properties –56,961 –24,850 Acquisition of property, plant and equipment –1,865 –706 Acquisition of intangible assets –1,013 –1,020 Disposal of property, plant and equipment 0 2 Disposal of investment properties less selling costs 6 96,768 152,436 Dividends received 1,060 1,239 Interest received 19 31 Net cash used in/from investing activities –112,872 127,527 Proceeds from financial liabilities 9 237,741 0 Repayment of financial liabilities 9 –43,716 –7,061 Distribution of capital contribution reserves 11 –62,174 –62,153 Acquisition of non-controlling interests 0 –208 Purchase of treasury shares –745 –1,511 Interest paid –16,716 –16,391 Net cash from financing activities 114,391 –87,323 Increase in cash 28,762 35,964 Cash at beginning of reporting period 173,869 222,897 Cash at end of reporting period 202,631 258,861 |
TCHF | Note | HY 2017 | HY 2016 |
|---|---|---|---|---|
| Other | Total | Equity attributable to | Non | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Share | Treasury | Capital | Hedging | retained | retained | the shareholders of | controlling | Total | ||
| TCHF | Note | capital | shares | reserves | reserve | earnings | earnings | Mobimo Holding AG | interests | equity |
| At 1 January 2016 | 180,327 | –262 | 269,577 | –21,187 | 830,162 | 808,975 | 1,258,617 | 6,074 | 1,264,691 | |
| Profit HY 2016 | 89,454 | 89,454 | 89,454 | 335 | 89,790 | |||||
| Cash flow hedges: | 9 | |||||||||
| • Change in fair value | –19,196 | –19,196 | –19,196 | –19,196 | ||||||
| • Transfer to | ||||||||||
| income statement | 79 | 79 | 79 | 79 | ||||||
| • Tax effects | 4,217 | 4,217 | 4,217 | 4,217 | ||||||
| Staff pension schemes: | ||||||||||
| • Remeasurement | –3,314 | –3,314 | –3,314 | –3,314 | ||||||
| • Tax effects | 598 | 598 | 598 | 598 | ||||||
| Other comprehensive | ||||||||||
| income | 0 | 0 | 0 | –14,901 | –2,716 | –17,617 | –17,617 | 0 | –17,617 | |
| Total comprehensive | ||||||||||
| income | 0 | 0 | 0 | –14,901 | 86,738 | 71,837 | 71,837 | 335 | 72,173 | |
| Distribution of capital contribution reserves |
–62,153 | –62,153 | –62,153 | |||||||
| Share-based payments: | ||||||||||
| • Board of Directors | ||||||||||
| and management | 1,153 | 26 | –703 | –703 | 476 | 476 | ||||
| Acquisition of | ||||||||||
| treasury shares | –1,511 | –1,511 | –1,511 | |||||||
| Purchase of non-controlling interests |
1 | 1 | 1 | –209 | –208 | |||||
| At 30 June 2016 | 180,327 | –620 | 207,450 | –36,087 | 916,197 | 880,110 | 1,267,267 | 6,201 | 1,273,468 | |
| At 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: | 9 | |||||||||
| • 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 |
11 | –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 |
Consolidated interim financial statements: Notes to the consolidated interim financial statements General information
The Mobimo Group is a real estate company which operates exclusively in Switzerland. Its business activities consist of the long-term holding and management of commercial, industrial and residential properties, the construction and selling of owner-occupied residential properties, and the development of commercial and residential properties for its own portfolio and third-party investors.
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 2017 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 2017 do not contain all information and disclosures required for annual financial reporting and should therefore be read in conjunction with the consolidated financial statements as at 31 December 2016.
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 2016, with the exception of the new standards and interpretations applicable with effect from 1 January 2017.
In preparing the consolidated interim financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and contingent 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 and development services as well as income tax related positions. This is unchanged from the consolidated financial statements as at 31 December 2016. 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 estimated market value.
With effect from 1 January 2017, Mobimo has used the following newly applicable or amended standards and interpretations:
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 9 | Financial Instruments | * | 1.1.2018 | 2018 financial year |
| IFRS 15 | Revenue from Contracts with Customers and related Clarifications |
** | 1.1.2018 | 2018 financial year |
| Amendments to IFRS 2 | Classification and Measurement of Share-based Payment Transactions |
* | 1.1.2018 | 2018 financial year |
| Amendments to IAS 40 | Transfer to and from Investment Property | * | 1.1.2018 | 2018 financial year |
| IFRIC 22 | Foreign Currency Transactions and Advance Considerations |
* | 1.1.2018 | 2018 financial year |
| IFRS 16 | Leases | ** | 1.1.2019 | 2018 financial year |
* No impact or no significant impact expected on Mobimo's consolidated financial statements.
** The potential impact on Mobimo's consolidated financial statements is described in the consolidated annual financial statements as at 31 December 2016.
Some of Mobimo's activities do not generate steady income over the course of the year. These include revenues from trading properties and development services in particular. 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.
Segment information for thefirsthalf of2017
| 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 sale of trading properties and development services |
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 | 262,682 | 262,682 | 262,682 | ||
| Investment properties | 2,046,980 | 121,400 | 2,168,380 | 2,168,380 | |
| Owner-occupied properties | 13,542 | 13,542 | 13,542 | ||
| Investment properties under construction | 283,720 | 283,720 | 283,720 | ||
| Total segment assets | 2,060,522 | 667,802 | 2,728,324 | 2,728,324 | |
| Non-attributed assets | 474,662 | 474,662 | |||
| 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 forthe Board of Directors.
Consolidated interim financial statements: Notes to the consolidated interim financial statements Segment reporting
| TCHF | Real Estate | Development | Total segments | Reconciliation | Total |
|---|---|---|---|---|---|
| Income from rental of properties | 52,451 | 4,327 | 56,778 | 56,778 | |
| Net income from revaluation | 8,675 | 12,190 | 20,864 | 20,864 | |
| Income from sale of trading properties and | |||||
| development services | 59,666 | 59,666 | 59,666 | ||
| Profit on disposal of investment properties | 33,861 | 0 | 33,861 | 33,861 | |
| Other income | 1,052 | 0 | 1,052 | 1,052 | |
| Total segment income | 96,039 | 76,183 | 172,221 | 172,221 | |
| Segment result EBIT1 | 81,304 | 24,569 | 105,873 | –631 | 105,241 |
| Share of profit of equity accounted investees | 2,205 | ||||
| Financial result | –14,718 | ||||
| Earnings before tax (EBT) | 92,728 | ||||
| Tax | –2,939 | ||||
| Profit | 89,790 | ||||
| Trading properties | 233,696 | 233,696 | 233,696 | ||
| Investment properties | 2,008,581 | 146,114 | 2,154,695 | 2,154,695 | |
| Owner-occupied properties | 14,829 | 14,829 | 14,829 | ||
| Investment properties under construction | 172,250 | 172,250 | 172,250 | ||
| Total segment assets | 2,023,410 | 552,060 | 2,575,470 | 2,575,470 | |
| Non-attributed assets | 362,293 | 362,293 | |||
| Total assets | 2,937,763 | ||||
| Depreciation and amortisation | –593 | –678 | –1,270 | –1,270 | |
| Investments in non-current assets | 1,776 | 29,284 | 31,061 | 1,755 | 32,816 |
1 The reconciliation EBIT comprises compensation for the Board of Directors.
Rental income can be broken down as follows:
| TCHF | HY 2017 | HY 2016 |
|---|---|---|
| Commercial properties | 38,869 | 39,589 |
| Residential properties | 15,379 | 16,283 |
| Income from rental of investment properties |
54,248 | 55,872 |
| Trading properties1 | 2,117 | 906 |
| Total income from rental of properties | 56,365 | 56,778 |
| Commercial properties | –5,432 | –5,880 |
| Losses on receivables commercial properties |
27 | –31 |
| Residential properties | –2,109 | –2,389 |
| Losses on receivables residential properties |
–55 | –56 |
| Investment property expense | –7,569 | –8,355 |
| Rented trading properties1 | –192 | –170 |
| Losses on receivables from trading properties1 |
–25 | 0 |
| Total expense for rental of properties | –7,786 | –8,525 |
| Net rental income | 48,580 | 48,253 |
1 Rental income or expenses from properties for disposal or development properties.
The future rental income set out below will be generated from noncancellable rental agreements for investment properties:
| TCHF | Commercial properties |
Residential properties |
30.6.2017 Total |
|---|---|---|---|
| Rental income within 1 year |
63,416 | 2,929 | 66,345 |
| Rental income within 2 to 5 years |
179,370 | 3,982 | 183,352 |
| Rental income in over 5 years |
285,154 | 1,271 | 286,425 |
| Total future rental income from non-cancellable rental agreements |
527,941 | 8,182 | 536,122 |
| TCHF | Commercial properties |
Residential properties |
31.12.2016 Total |
|---|---|---|---|
| Rental income within 1 year |
68,879 | 2,998 | 71,878 |
| Rental income within 2 to 5 years |
189,191 | 7,306 | 196,497 |
| Rental income in over 5 years |
177,559 | 4,498 | 182,057 |
| Total future rental income from non-cancellable rental agreements |
435,630 | 14,802 | 450,431 |
The five biggest tenants generate the following shares of rental income:
| % | 30.6.2017 | 31.12.2016 |
|---|---|---|
| SV (Schweiz) AG | 6.5 | 6.3 |
| Swisscom Group | 5.4 | 5.3 |
| Coop | 3.2 | 3.1 |
| Senevita AG | 3.2 | 3.0 |
| Migros | 3.1 | 2.9 |
| Total | 21.4 | 20.6 |
Investment properties developed as follows:
| Investment | |||||
|---|---|---|---|---|---|
| TCHF | Commercial properties |
Residential properties |
Development properties |
properties under construction |
30.6.2017 Total |
| Market value at 1 January | 1,373,488 | 724,076 | 121,104 | 228,130 | 2,446,798 |
| Cumulative acquisition costs | |||||
| Balance at 1 January | 1,199,237 | 572,878 | 142,746 | 210,699 | 2,125,561 |
| Increases from purchases | 1,632 | 0 | 0 | 0 | 1,632 |
| Increases from investments | 4,313 | 1,364 | 3,191 | 45,007 | 53,875 |
| Capitalisation of borrowing costs | 0 | 0 | 0 | 1,167 | 1,167 |
| Capitalisation/amortisation of lease incentives | –358 | 0 | 0 | 0 | –358 |
| Disposals | –49,649 | –20,028 | 0 | 0 | –69,677 |
| Transfers between categories | 15,210 | 0 | 0 | –15,210 | 0 |
| Balance at 30 June | 1,170,385 | 554,214 | 145,938 | 241,663 | 2,112,199 |
| Cumulative revaluation | |||||
| Balance at 1 January | 174,251 | 151,198 | –21,642 | 17,431 | 321,237 |
| Gains on valuations1 | 8,234 | 14,898 | 301 | 27,607 | 51,039 |
| Losses on valuations1 | –12,366 | –1,118 | –3,196 | –3,790 | –20,470 |
| Disposals2 | –11,623 | –282 | 0 | 0 | –11,905 |
| Transfers between categories | –810 | 0 | 0 | 810 | 0 |
| Cumulative revaluation at 30 June | 157,685 | 164,696 | –24,538 | 42,057 | 339,901 |
| Market value at 30 June | 1,328,070 | 718,910 | 121,400 | 283,720 | 2,452,100 |
1 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 2017.
2 Included as a realised gain in "Profit on sale of investment properties" in the income statement.
The remaining share of the condominiums (70/1,000) in the Sonnentalstrasse 5 property in Dübendorf (commercial property) was acquired in the first half of 2017, which means that Mobimo now owns all of the shares (1,000/1,000) in this property.
In the period under review, the following properties were sold:
| Investment property | Category of investment property |
|---|---|
| Renens, Chemin de la Rueyre 116/118 | Commercial property |
| Versoix, Chemin de l'Ancien Péage 2 – 4 | Residential property |
| Zurich, Stauffacherstrasse 41 | Commercial property |
The disposal of properties for a total of CHF 99.9 million produced a profit of about CHF 17.8 million.
Once completed, the Kriens, Am Mattenhof 10 (parking) property – previously referred to as Kriens Sternmatt 6 – Block C (multi-storey parking) – was transferred from the investment properties under construction category to the commercial properties category.
As at 30 June 2017, all of our investment properties were valued for the first time by the external, independent and certified real estate appraisers Jones Lang LaSalle AG using the DCF method (on 31 December 2016, 90% of the properties were valued by Wüest Partner and 10% by Jones Lang LaSalle AG).
For the DCF valuations as at 30 June 2017, the average capital-weighted nominal discount rate was 4.12%, ranging from 3.40% to 6.30%. The average capital-weighted capitalisation rate stood at 3.62%, within the range of 2.90% to 5.80%. The corresponding real discount rate came in at 3.62% (31 December 2016: 3.75%).
As at 30 June 2017, capital commitments for future construction investments in investment properties totalled CHF 152.8 million (31 December 2016: CHF 179.9 million). These commitments relate to the agreements concluded with general contractors/ planners for the investment properties under construction and development properties.
Profit can be broken down as follows:
| TCHF | HY 2017 | HY 2016 |
|---|---|---|
| Income from sale of trading properties | 80,799 | 52,063 |
| Income from development services | 10,362 | 7,603 |
| Total income from sale of trading properties and development services |
91,161 | 59,666 |
| Construction costs of trading properties sold |
–67,806 | –36,869 |
| Changes in valuation allowances | –70 | –330 |
| Direct expense development services | –9,962 | –5,482 |
| Total expenses from sale of trading properties and development services |
–77,837 | –42,681 |
| Profit on sale of trading properties and development services |
13,323 | 16,985 |
The sales of properties listed in Note 8 form part of the income from the sale of trading properties.
The income from development services comprises the income from development and service contracts in which Mobimo is not or no longer the owner of the plot of land.
The recognised portfolio of properties comprises the following:
| TCHF | 30.6.2017 | 31.12.2016 |
|---|---|---|
| Land/development projects | 78,169 | 82,560 |
| Properties under construction | 45,891 | 97,480 |
| Completed real estate and development properties |
138,622 | 124,804 |
| Total trading properties | 262,682 | 304,844 |
In the first half of 2017, a purchase contract for the Glattbrugg project was concluded with an investor, who will take ownership of the property in a ready-for-use state. Following the conclusion of the purchase contract, the project is being reported under receivables. The development at Aarau, Site 4 was also completed during the first half of 2017, and 63 of the 92 apartments were sold. In the Bad Zurzach, Weissensteinweg project, the last five apartments under construction were sold, which is why the entire project is now reported under receivables. Of the completed properties, two apartments in Lucerne, Büttenenhalde, two further apartments in Meilen, Feldgütliweg, and an apartment each in Zurich, Turbinenstrasse (Mobimo Tower) and in Salenstein, Hauptstrasse were sold.
Financial liabilities can be broken down as follows:
| TCHF | 30.6.2017 | 31.12.2016 |
|---|---|---|
| Fixed-rate mortgage amortisation due within 12 months | 5,037 | 5,287 |
| Mortgages due for extension or repayment within 12 months | 59,059 | 87,310 |
| Total current financial liabilities | 64,096 | 92,597 |
| Mortgages | 740,542 | 743,844 |
| Bonds | 738,333 | 512,960 |
| Total non-current financial liabilities | 1,478,875 | 1,256,804 |
| Total financial liabilities | 1,542,971 | 1,349,401 |
| Interest rate swaps through profit and loss | 202 | 0 |
| Total current derivative financial instruments | 202 | 0 |
| Interest rate swaps applying hedge accounting | 27,426 | 30,773 |
| Interest rate swaps through profit and loss | 7,367 | 9,061 |
| Total non-current derivative financial instruments | 34,793 | 39,834 |
| Total derivative financial instruments | 34,995 | 39,834 |
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 | 0 | 511,577 |
| Cumulative amortisations of issuance costs | 526 | 737 | 120 | 0 | 1,383 |
| Carrying amount 1.1.2017 | 164,684 | 198,705 | 149,572 | 0 | 512,960 |
| Net proceeds from issuance | 0 | 0 | 0 | 225,119 | 225,119 |
| Amortisations of issuance costs | 86 | 145 | 27 | –3 | 254 |
| Carrying amount 30.6.2017 | 164,770 | 198,849 | 149,598 | 225,116 | 738,333 |
| 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 pay ment 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 Sep tember, 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: Swiss |
SIX Swiss Exchange | SIX Swiss Exchange | SIX Swiss Exchange | SIX Swiss Exchange |
| 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 195.0 million (31December 2016: CHF 195.0 million). These are used to hedge loans in the form of fixed advances (terms of three to six months) against rising interest rates. Of these, CHF 118.7 million (31December 2016: CHF 118.7 million) are classified as cash flow hedges. The fair value of these financial instruments with a negative replacement value totals CHF 27.4 million (31December 2016: CHF 30.8 million). The CHF –3.3 million adjustment in fair value of the interest rate swaps classified as cash flow hedges was recognised as an unrealised profit in other comprehensive income.
In addition, interest rate hedges totalling CHF 76.3 million (31December 2016: CHF 76.3 million) are 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 7.6 million (31December 2016: CHF 9.1 million). Fair value adjustments of CHF –1.5 million were recognised in financial income. As at 30 June 2017, the fair value of all derivatives totalled CHF 35.0 million (31 December 2016: CHF 39.8 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 | 30.6.2017 | 31.12.2016 |
|---|---|---|
| Due within 1st year | 64,096 | 92,597 |
| Due within 2nd year | 241,344 | 191,788 |
| Due within 3rd year | 53,874 | 65,453 |
| Due within 4th year | 305,832 | 115,042 |
| Due within 5th year | 93,235 | 255,252 |
| Due within 6th year | 110,658 | 147,960 |
| Due within 7th year | 4,146 | 36,047 |
| Due within 8th year | 151,100 | 151,074 |
| Due within 9th year | 233,930 | 1,502 |
| Due within 10th year | 83,731 | 22,440 |
| Due within 11th year and longer | 201,025 | 270,248 |
| Total financial liabilities | 1,542,971 | 1,349,401 |
The average residual maturity of total financial liabilities as at 30 June 2017 was 6.8 years (31December 2016: 6.9 years).
Interest rate periods are as follows (composition until next interest rate adjustment/taking into account interest rate hedging):
| TCHF | 30.6.2017 | 31.12.2016 |
|---|---|---|
| Up to 1 year | 64,096 | 92,597 |
| Up to 2 years | 241,344 | 191,788 |
| Up to 3 years | 53,874 | 65,453 |
| Up to 4 years | 305,832 | 115,042 |
| Up to 5 years | 93,235 | 255,252 |
| Over 5 years | 784,590 | 629,269 |
| Total financial liabilities | 1,542,971 | 1,349,401 |
The average rate of interest applied to all financial liabilities in the first half of 2017 was 2.08% (full-year 2016: 2.38%).
The carrying amounts in the annual financial statements for 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, fair value is the present value of the forward contract and corresponds to the carrying amount.
For fixed-rate financial liabilities, fair value corresponds to the time value of the future cash flows to be discounted as at 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 2017 were between 0.17% and 1.59% (as at 31 December 2016: between 0.14% and 1.49%). The fair value of the listed bonds corresponded to the price as at the reporting date.
| Carrying amount 30.6.2017 |
Fair value 30.6.2017 |
Carrying amount 31.12.2016 |
Fair value 31.12.2016 |
|
|---|---|---|---|---|
| Mort | ||||
| gages (Level 2) |
804,638 | 867,809 | 836,441 | 908,941 |
| Bonds (Level 1) |
738,333 | 768,422 | 512,960 | 545,643 |
| Total | 1,542,971 | 1,636,230 | 1,349,401 | 1,454,583 |
The table below shows financial instruments carried at fair value, by measurement method, as at the reporting date. The different levels have been defined as follows:
| 30.6.2017 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|
| Derivative financial instruments | 0 | 34,995 | 0 |
| 31.12.2016 | Level 1 | Level 2 | Level 3 |
| Derivative financial instruments | 0 | 39,834 | 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.
The Annual General Meeting of 29 March 2017 approved a distribution from the capital contribution reserves of CHF 10.00 per share for the 2016 financial year, which was paid on 4 April 2017. The nominal value of Mobimo shares remains at CHF 29.00.
As at 30 June 2017, share capital amounted to CHF 180.3 million and was composed of 6,218,170 registered shares with a nominal value of CHF 29.00 each. 501 treasury shares were held as at 30 June 2017.
Changes in the equity holding can be summarised as follows:
| No. of shares | Shares issued |
Treasury shares |
Shares outstanding |
|---|---|---|---|
| At 1.1.2016 | 6,218,170 | –1,247 | 6,216,923 |
| Share-based payments to Board of Directors |
|||
| and management Acquisition of |
6,203 | 6,203 | |
| treasury shares | –7,000 | –7,000 | |
| At 31.12.2016/1.1.2017 | 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 30.6.2017 | 6,218,170 | –501 | 6,217,669 |
Authorised share capital is also available, allowing the Board of Directors to increase the share capital of the company by a maximum of CHF 34.8 million within two years (up to March 2018) at most via the issue of up to 1,200,000 registered shares, to be fully paid up, with a nominal value of CHF 29.00 per share.
There is also conditional share capital of a maximum of CHF 0.9 million for the issue of up to 32,446 fully paid up registered shareswith a nominal value of CHF 29.00 for the subscription rights created after 5 May 2010 under an employee share option programme. Shareholders' subscription rights are excluded.
Financial assets include CHF 80 million in time deposits with an original maturity of more than 3 months and a residual maturity of less than 12 months in short-term financial assets and CHF 70 million with a residual maturity of more than 12 months in long-term financial assets.
The tax expense of the comparative period (HY 2016) was influenced by a non-recurring positive effect of CHF 21.5 million. Due to a new tax law in the Canton of Vaud whose provisions include a substantial reduction in the canton's corporate tax rate, these new lower tax rates were applied for the calculation of deferred taxes for temporary differences realised after 1 January 2019.
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 1,353.3 million (31 December 2016: CHF 1,350.9 million), while the NAV per share came to CHF 217.66 (31 December 2016: CHF 217.33). The NAV corresponds to the equity attributable to Mobimo shareholders in accordance with IFRS. As neither convertible bonds nor options were outstanding on the reporting date and there were thus no dilutive effects, the diluted NAV and diluted NAV per share correspond to the NAV and NAV per share.
On 9 March 2017, Mobimo Zürich Nord AG was founded as a project company with share capital of CHF 0.1 million.
The consolidated interim financial statements were approved for publication by the Board of Directors on 28 July 2017.
On 6 July 2017, Mobimo acquired a property in Meggen for the development of condominiums.
No other events took place between 30 June 2017 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 2017 or that would require disclosure in this section.
| Location, address |
Description1 | Built | Realisation period |
Acquired | Carrying 30.6.2017 amount in TCHF |
|---|---|---|---|---|---|
| Brugg, Hauptstrasse | open | open | Jul 2016 | 3,722 | |
| Châtel-St. Denis, Chemin de la Chaux | open | open | Jul 2016 | 7,124 | |
| Lachen, Zürcherstrasse 19 | open | open | Jul 2016 | 2,931 | |
| Langenthal, Kühlhausstrasse 8 | open | open | Sep 2015 | 556 | |
| Martigny, Rue du Léman 24 | open | open | Jul 2016 | 12,864 | |
| Merlischachen, Chappelmatt-Strasse (Burgmatt) | 78 con | open | 2014/2015 | 16,377 | |
| Regensdorf, Watterstrasse | open | open | Jul 2016 | 5,751 | |
| Schaffhausen, Fischerhäuserstrasse 61 | open | open | Jul 2016 | 2,102 | |
| Uster, Berchtoldstrasse | open | open | Jul 2016 | 9,021 | |
| Weggis, Hertensteinstrasse 105 | open | open | May 2010 | 10,473 | |
| Zurich, Allmendstrasse 92 – 96 (Manegg) | open | open | Mar 2015 | 7,247 | |
| 11 Land entities and | |||||
| development projects | 78,169 | ||||
| Zurich, Albulastrasse 42 | res | 2016/2018 | Apr 2010 | 45,891 | |
| 1 Properties under construction | 45,891 | ||||
| Aarau, Site 4 (Torfeld Süd) | 92 con | 2014/2017 | Jun 2001 | 23,847 | |
| Aarau, Buchserstrasse 27 | com | 1885 | 2017/2018 | Oct 2006 | 741 |
| Allaman, Chemin des Grangettes 22 | open | 1991 | open | Sep 2015 | 24,554 |
| Cham, Brunnmatt 4 – 6 | com | 2010/2012 | Jul 2016 | 41,029 | |
| Lucerne, Büttenenhalde | 24 con | 2014/2016 | Dec 2011 | 2,170 | |
| Meilen, Feldgüetliweg 143/145 | 14 con | 2013/2015 | Nov 2011 | 3,463 | |
| Regensdorf, Im Pfand 2 (Sonnenhof) | 45 con | 2013/2015 | Jun 2007 | 299 | |
| Salenstein, Hauptstrasse | 22 con | 2012/2015 | Jul 2016 | 9,783 | |
| St. Erhard, Längmatt | com | 1979 | open | Oct 2012 | 4,814 |
| St. Moritz, Via Maistra 292 | open | 1930 | open | Jul 2010 | 12,072 |
| Zurich, Turbinenstrasse (Mobimo Tower) | 53 con | 2008/2011 | May 2008 | 15,850 | |
| 11 Completed real estate | |||||
| and development properties | 138,622 | ||||
| 23 Trading properties | 262,682 |
1 Com: commercial property; con: condominium; res: residential property.
2 Development properties.
| Site area in m2 | tified purchase 30.6.2017 (cer Sales status agreement) |
Sales volumes in TCHF |
Project status 30.6.2017 |
|---|---|---|---|
| in planning | |||
| in planning | |||
| in planning | |||
| in planning | |||
| in planning | |||
| in planning | |||
| 12,897 | open | open | in planning |
| 916 | open | open | in planning |
| 4,069 | open | open | in planning |
| 3,043 | 0/1 | open | in planning |
| 11,247 | open | open | in planning |
| 94,040 | |||
| construction project | |||
| 1,962 | |||
| 11,105 | 63/92 | 84,540 | for sale |
| 1,155 | 1/1 | open | in planning |
| 23,213 | open | open | in planning |
| 8,346 | 0/1 | open | for sale |
| 7,115 | 22/24 | 29,931 | for sale |
| 2,687 | 12/14 | 27,620 | for sale |
| 6,106 | 45/45 | 34,254 | for sale |
| 6,970 | 13/22 | 22,344 | for sale |
| 5,801 | 0/1 | open | for sale |
| 557 | open | open | in planning |
| 1,936 | 50/53 | 168,858 | for sale |
| 74,991 | 367,547 | ||
| 4,228 21,231 969 13,080 6,838 15,522 1,962 |
open open open open open open 0/1 |
open open open open open open open |
| Location, address |
description1 Property |
renovated | Acquired | Fair value in TCHF |
Gross yield | Target rental revenues in TCHF3 |
Vacancy rate | |
|---|---|---|---|---|---|---|---|---|
| Built | Year | in %2 | in %4 | |||||
| Aarau, Bahnhofstrasse 102 (Mediapark) | com | 1975 | 1998 | Mar 2004 | 21,040 | 9.9 | 2,087 | 45.8 |
| 1905/1916/ | ||||||||
| Aarau, Industriestrasse 28; | 1929/1943/ | Jun 2001/ | ||||||
| Torfeldstrasse Parkhaus | com | 1954/1974 | Oct 2006 | 27,160 | 7.0 | 1,892 | 0.0 | |
| Aarau, Industriestrasse 20 (Polygon) | com | 2012 | Jun 2001 | 25,120 | 5.0 | 1,263 | 0.0 | |
| Affoltern am Albis, Obstgartenstrasse 9; Alte Obfelderstrasse 27/29 |
com/res | 2014 | Aug 2011 | 78,740 | 4.4 | 3,467 | 0.0 | |
| Basel, Lyon-Strasse 40 | com | 1940 | Nov 2015 | 540 | 12.5 | 68 | 0.0 | |
| Brugg, Bahnhofstrasse 11 | com | 2005 | Jun 2006 | 26,130 | 6.1 | 1,583 | 4.3 | |
| Dierikon, Pilatusstrasse 2 | com | 1990 | 2007 | May 2009 | 9,770 | 7.8 | 759 | 11.3 |
| Mar/Dec | ||||||||
| Dübendorf, Sonnentalstrasse 5 | com | 1975 | 2000 | 1999 | 26,470 | 7.1 | 1,891 | 14.4 |
| Dübendorf, Zürichstrasse 98 | com | 1965 | 1983 | Jan 2000 | 20,270 | 7.0 | 1,413 | 11.4 |
| Geneva, Rue des Etuves 16 – 18 | com/res | 1910 | Nov 2015 | 11,240 | 5.4 | 607 | 57.5 | |
| Horgen, Seestrasse 80 | com | 1960 | 2000/2008 | Nov 2005 | 7,310 | 7.1 | 517 | 0.2 |
| Horgen, Seestrasse 82 | CP | 2010/2011 | Nov 2005 | 5,880 | 4.5 | 267 | 3.4 | |
| Kreuzlingen, Lengwilerstrasse 2 | com | 2007 | Apr 2007 | 6,260 | 5.1 | 318 | 0.0 | |
| Kreuzlingen, Leubernstrasse 3; Bottighoferstrasse 1 | com | 1983/2003 | 2003 | Nov 2006 | 57,460 | 6.2 | 3,561 | 1.7 |
| 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 | 5.9 | 897 | 0.0 |
| Kriens, Sternmatt 6 | com | 1986 | 2008 | Feb 2004 | 25,320 | 9.8 | 2,488 | 13.3 |
| Lausanne, Avenue d'Ouchy 4 – 6 (Horizon) | com | 1962 | 2013 | May 2010 | 67,190 | 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 | 8,620 | 5.5 | 475 | 0.0 | |
| Lausanne, Place de la Gare 4 | com | 1961 | 2000 | Nov 2009 | 30,490 | 4.9 | 1,502 | 0.0 |
| Lausanne, Place de la Navigation 4 – 6 | com/h | 1895 | 2002 | Nov 2009 | 13,370 | 5.7 | 768 | 0.0 |
| Lausanne, Place de l'Europe 6 | com/h | 1905 | 2012 | Nov 2009 | 6,110 | 5.0 | 303 | 0.0 |
| Lausanne, Place de l'Europe 7 | com | 1905 | 2001 | Nov 2009 | 8,830 | 5.2 | 463 | 25.7 |
| Lausanne, Place de l'Europe 8 | com | 1911 | 1989 | Nov 2009 | 8,670 | 4.3 | 371 | 46.0 |
| Lausanne, Place de l'Europe 9 | com | 1900 | 2002 | Nov 2009 | 24,650 | 5.3 | 1,300 | 0.0 |
| Lausanne, Rue de Genève 2/4/6/8 | com | 1904 | 2002 | Nov 2009 | 23,240 | 5.0 | 1,163 | 0.0 |
| Lausanne, Rue de Genève 7 | com5 | 1932 | 1992/2011 | Nov 2009 | 33,400 | 4.9 | 1,645 | 12.0 |
| Lausanne, Rue de Genève 17 | com | 1884 | 2002 | Nov 2009 | 22,540 | 6.5 | 1,458 | 8.0 |
| Lausanne, Rue de Genève 23 | com | 1915 | 2005 | Nov 2009 | 3,460 | 5.2 | 182 | 0.0 |
| Lausanne, Rue de la Vigie 3 | com | 1964 | Nov 2009 | 6,950 | 7.5 | 520 | 75.0 | |
| Lausanne, Rue de la Vigie 5 | com | 1963 | 1988 | Nov 2009 | 14,430 | 6.0 | 860 | 0.0 |
| Lausanne, Rue des Côtes-de-Montbenon 6 | com | 1921 | 2009 | Nov 2009 | 8,180 | 4.5 | 365 | 0.0 |
| Lausanne, Rue des Côtes-de-Montbenon 8/10 | com | 1946 | 1998 | Nov 2009 | 9,320 | 5.5 | 516 | 0.0 |
| Lausanne, Rue des Côtes-de-Montbenon 12 | com | 1918 | 2004 | Nov 2009 | 3,800 | 8.3 | 314 | 16.9 |
| Lausanne, Rue des Côtes-de-Montbenon 16 | com5 | 1912 | 2007 | Nov 2009 | 5,740 | 5.3 | 305 | 0.0 |
| Lausanne, Rue des Côtes-de-Montbenon 20 – 24 | com | 2013 | Nov 2009 | 43,900 | 5.0 | 2,205 | 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 | 2,100 | 3.5 | 74 | 0.0 | |
| Lausanne, Rue du Port-Franc 9 | com | 1927 | 2009 | Nov 2009 | 7,310 | 4.7 | 342 | 0.0 |
| Lausanne, Rue du Port-Franc 11 | com | 2008 | Nov 2009 | 12,730 | 4.6 | 589 | 0.0 | |
| Lausanne, Rue du Port-Franc 17 | com | 2002 | Nov 2009 | 12,820 | 5.7 | 730 | 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 June 2017 as a % of market value.
3 Incl. building right interest.
4 Vacancy rate as at 30 June 2017 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 |
|---|---|---|---|---|---|---|---|---|---|
| no | 5,675 | SO | 42.0 | 25.4 | 1.4 | 8.7 | 0.0 | 64.5 | 13,376 |
| yes (insignificant) | 15,161 | SO | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 24,267 |
| yes (to review) | 2,379 | SO | 0.0 | 8.6 | 0.0 | 0.0 | 0.0 | 91.4 | 4,465 |
| no | 6,455 | SO | 0.0 | 7.0 | 93.0 | 0.0 | 0.0 | 0.0 | 10,625 |
| no no |
1,910 2,726 |
SO con (773/1,000) |
0.0 3.2 |
0.0 11.7 |
0.0 0.0 |
100.0 21.1 |
0.0 33.8 |
0.0 33.4 |
2,230 4,022 |
| no | 4,397 | SO | 11.7 | 8.6 | 0.0 | 15.1 | 15.9 | 60.4 | 4,389 |
| yes (to review) | 4,269 | SO | 9.2 | 9.6 | 0.0 | 62.6 | 0.0 | 27.8 | 9,373 |
| yes (petrol station) | 9,815 | SO | 10.0 | 22.0 | 1.1 | 29.8 | 17.4 | 29.7 | 9,847 |
| no | 484 | SO | 44.9 | 0.2 | 66.1 | 0.0 | 17.8 | 15.9 | 1,925 |
| 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 | 2.2 | 13.7 | 0.0 | 0.0 | 75.7 | 10.6 | 17,819 |
| 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 | 218 |
| no | 14,323 | SO | 12.1 | 19.5 | 1.2 | 47.2 | 0.0 | 32.1 | 21,002 |
| yes (to review) | 12,612 | SO | 0.0 | 3.4 | 0.0 | 0.0 | 0.0 | 96.6 | 8,072 |
| yes (insignificant) | 1,953 | SO | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 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 | 0.0 | 0.0 | 68.5 | 4,769 |
| yes (insignificant) | 1,731 | SO | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3,437 |
| yes (insignificant) yes (insignificant) |
369 391 1,035 |
SO SO SO |
0.0 23.0 39.7 |
100.0 25.3 0.0 |
0.0 0.0 0.0 |
0.0 0.0 0.0 |
0.0 7.9 21.9 |
0.0 66.8 78.1 |
902 1,441 1,679 |
| yes (insignificant) yes (insignificant) yes (insignificant) |
975 2,260 |
SO SO |
0.0 0.0 |
23.8 4.0 |
0.0 0.0 |
0.0 0.0 |
26.7 87.4 |
49.5 8.6 |
3,512 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 | 6.6 | 19.7 | 0.0 | 0.0 | 29.8 | 50.5 | 7,174 |
| yes (insignificant) | 994 | SO | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2,322 |
| yes (to review) | 972 | SO | 60.0 | 29.5 | 0.0 | 2.0 | 0.0 | 68.5 | 3,172 |
| yes (to review) | 852 | SO | 0.0 | 30.1 | 0.0 | 0.0 | 0.0 | 69.9 | 3,368 |
| yes (insignificant) | 533 | SO | 0.0 | 17.8 | 0.0 | 0.0 | 19.7 | 62.5 | 2,193 |
| yes (insignificant) | 587 | SO | 0.0 | 23.7 | 0.0 | 0.0 | 0.0 | 76.3 | 2,126 |
| yes (to review) | 773 | SO | 16.3 | 55.6 | 0.0 | 0.0 | 0.0 | 44.4 | 935 |
| yes (insignificant) | 779 | SO | 0.0 | 8.4 | 29.8 | 30.0 | 0.0 | 31.8 | 943 |
| yes (insignificant) | 2,653 | SO | 0.0 | 79.5 | 0.0 | 0.0 | 0.0 | 20.5 | 7,370 |
| 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 | 20.6 | 50.6 | 0.0 | 0.0 | 8.2 | 41.2 | 2,001 |
| yes (insignificant) | 766 | SO | 0.0 | 17.2 | 25.0 | 0.0 | 0.0 | 57.8 | 2,132 |
6 Data as at 30 June 2017 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 %4 |
|---|---|---|---|---|---|---|---|---|
| Lausanne, Rue du Port-Franc 22; Rue de la Vigie 1 | com | 2007 | Nov 2009 | 18,820 | 6.3 | 1,188 | 0.2 | |
| Lausanne, Voie du Chariot 3 | com | 2008 | Nov 2009 | 15,680 | 5.4 | 848 | 0.0 | |
| Lausanne, Voie du Chariot 4/6 | com | 2008 | Nov 2009 | 32,570 | 5.7 | 1,850 | 0.0 | |
| Lausanne, Voie du Chariot 5/7 | com | 2008 | Nov 2009 | 35,510 | 4.7 | 1,661 | 0.0 | |
| Lucerne, Alpenstrasse 9 | com/res | 1890 | 2001/2010 | Jun 2007 | 13,120 | 4.3 | 566 | 0.0 |
| Neuhausen, Victor-von-Bruns-Strasse 19 | com | 2007 | Mar 2007 | 9,300 | 7.8 | 727 | 22.4 | |
| Regensdorf, Althardstrasse 10 | com | 1982 | Dec 2001 | 20,240 | 9.3 | 1,873 | 10.7 | |
| St. Gallen, Schochengasse 6 | com | 1974 | 2000 | Feb 2004 | 17,600 | 6.3 | 1,106 | 0.5 |
| St. Gallen, St. Leonhardstrasse 22 | com | 1900 | 2002/2006 | Dec 2004 | 5,730 | 4.7 | 271 | 0.0 |
| St. Gallen, Wassergasse 42/44 | com | 1966 | 2000 | Feb 2004 | 15,860 | 6.3 | 992 | 7.5 |
| St. Gallen, Wassergasse 50/52 | com | 1998 | Feb 2004 | 13,230 | 6.2 | 824 | 0.0 | |
| Winterthur, Industriestrasse 26 | com | 1994 | 2002 | Oct 1999 | 20,100 | 7.6 | 1,524 | 2.7 |
| Zurich, Bahnhofplatz 4 | com | 1881 | 2002/2005 | Jul 2006 | 22,630 | 4.1 | 918 | 4.6 |
| Zurich, Friedaustrasse 17 | com | 1968 | 2013 | Oct 1998 | 14,760 | 4.7 | 686 | 0.0 |
| Zurich, Friesenbergstrasse 75; Im Tiergarten 7 | com | 1976/1992 | 1999 | Feb 2014 | 86,800 | 6.7 | 5,827 | 8.0 |
| Zurich, Hardturmstrasse 3/3a/3b | ||||||||
| (Mobimo-Hochhaus) | com | 1974 | 2001/2008 | Nov 1999 | 63,230 | 5.0 | 3,163 | 0.0 |
| Zurich, Rautistrasse 12 | com | 1972 | 2011 | Nov 1999 | 20,970 | 6.7 | 1,409 | 19.1 |
| Zurich, Thurgauerstrasse 23; | 1963/1968/ | |||||||
| Siewerdtstrasse 25 | com | 1985 | 1998 | Mar 2002 | 14,100 | 6.6 | 926 | 0.0 |
| Zurich, Treichlerstrasse 10; Dolderstrasse 16 | com | 1963 | 2007 | May 2014 | 15,370 | 5.6 | 855 | 0.6 |
| Zurich, Turbinenstrasse 18 (Mobimo Tower Hotel) | com/h | 2011 | May 2008 | 122,310 | 6.0 | 7,295 | 0.0 | |
| 62 Commercial investment properties | 1,328,070 | 5.8 | 77,536 | 5.9 | ||||
| Lausanne, Avenue d'Ouchy 4 – 6 | com | 1962 | May 2010 | 60,740 | 4.8 | 2,889 | 7.1 | |
| Lausanne, Rue de Genève 19 | com | 1893 | 2002 | Nov 2009 | 3,640 | 4.6 | 167 | 52.4 |
| Lausanne, Rue de Genève 21 | com | 1902 | Nov 2009 | 3,530 | 10.2 | 358 | 61.6 | |
| Lausanne, Rue des Côtes-de-Montbenon 14 | com | 1963 | Nov 2009 | 1,330 | 7.6 | 101 | 0.0 | |
| Lausanne, Rue du Port-Franc 20; | ||||||||
| Rue de Genève 33 | com | 2007 | Nov 2009 | 38,160 | 4.6 | 1,764 | 0.0 | |
| Regensdorf, Althardstrasse 30 | com | 1976 | Dec 2001 | 14,000 | 12.1 | 1,698 | 89.7 | |
| 6 Development properties (commercial properties) |
121,400 | 5.7 | 6,977 | 29.2 | ||||
The acquisition costs for the commercial investment properties amount to a total of TCHF 1,170,385. The acquisition costs for the development properties (business) amount to a total of TCHF 145,938.
1 Com: commercial property; h: hotel; res: residential property.
2 Target rental income as at 30 June 2017 as a % of market value.
4 Vacancy rate as at 30 June 2017 as a % of target rental income.
| Fair value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Target rental Vacancy rate Gross yield revenues in %2 |
Total rentable area in m2 |
Office space | Sales space | Commercial | Residential space in %6 |
Vacant area | Ownership7 | Site area in m2 | polluted sites Register of |
|
| in TCHF in %4 |
in %6 | in %6 | space in %6 |
Other in %6 |
in %6 | |||||
| 0.2 | 4,065 | 74.7 | 9.6 | 0.0 | 0.0 | 15.7 | 5.2 | SO | 1,161 | yes (insignificant) |
| 0.0 0.0 |
2,278 | 73.4 | 17.3 | 0.0 | 0.0 | 9.3 | 0.0 | SO | 747 | yes (insignificant) |
| 5,452 | 32.3 | 64.9 | 0.0 | 0.0 | 2.8 | 0.0 | SO | 1,788 | yes (insignificant) | |
| 4,947 | 54.9 | 15.5 | 0.0 | 15.6 | 14.0 | 0.0 | SO | 1,622 | yes (insignificant) no |
|
| 1,986 | 12.6 | 13.1 | 0.0 | 64.6 | 9.7 | 0.0 | SO | 569 | ||
| 2,806 | 93.8 | 0.0 | 0.0 | 0.0 | 6.2 | 29.5 | SO | 1596 | no no |
|
| 10.7 | 13,540 | 39.3 | 28.6 | 7.5 | 0.0 | 24.6 | 5.7 | SO | 7,714 | no |
| 0.5 0.0 |
4,458 | 95.4 | 0.0 | 0.0 | 0.0 | 4.6 | 1.7 | SO | 1,315 | |
| 1,092 | 79.1 | 12.7 | 0.0 | 0.0 | 8.2 | 0.0 | SO | 219 | ||
| 7.5 | 3,980 | 86.3 | 0.0 | 0.0 | 9.3 | 4.4 | 9.2 | con (867/1,000) |
1,713 | |
| 3,554 | 72.3 | 0.0 | 0.0 | 0.0 | 27.7 | 0.0 | SO | 1,372 | ||
| 0.0 2.7 |
11,327 | 64.6 | 0.8 | 20.4 | 0.0 | 14.2 | 0.9 | SO | 3,583 | yes (to review) |
| 4.6 | 758 | 63.5 | 27.8 | 0.0 | 0.0 | 8.7 | 9.8 | SO | 189 | |
| 0.0 | 2,572 | 57.2 | 0.0 | 12.1 | 10.1 | 20.6 | 0.0 | SO | 869 | |
| 22,825 | 76.5 | 0.0 | 0.0 | 0.0 | 23.5 | 8.3 | SO | 11,532 | ||
| 0.0 | 8,226 | 94.4 | 0.0 | 0.0 | 0.0 | 5.6 | 0.0 | SO | 1,975 | |
| 19.1 | 6,024 | 74.2 | 9.6 | 6.5 | 1.3 | 8.4 | 9.4 | SO | 1,894 | yes (petrol station) |
| 0.0 | ||||||||||
| 3,901 | 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 | ||
| 0.0 | 21,254 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | SO | 5,808 | |
| 5.9 | 336,726 | 40.6 | 12.0 | 15.9 | 4.9 | 26.6 | 6.3 | 206,944 | ||
| 7.1 | 26,663 | 50.8 | 8.4 | 0.3 | 0.0 | 40.5 | 7.7 | SO | 12,612 | yes (to review) |
| 3,548 | 26.7 | 16.9 | 0.0 | 0.0 | 56.4 | 38.4 | SO | 1,838 | yes (insignificant) | |
| 61.6 | 3,575 | 42.0 | 1.3 | 0.0 | 0.0 | 56.7 | 35.4 | SO | 1,530 | yes (insignificant) |
| 0.0 | 640 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | SO | 529 | yes (to review) |
| 9,856 | 34.1 | 58.5 | 4.4 | 0.0 | 3.0 | 0.0 | SO | 2,816 | yes (insignificant) | |
| 12,537 | 53.6 | 0.0 | 14.7 | 2.3 | 29.4 | 89.7 | SO | 9,355 | ||
6 Data as at 30 June 2017 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 | 31,370 | 3.9 | 1,217 | 5.6 | |
| Bergdietikon, | ||||||||
| Baltenschwilerstrasse 3/5/7/9/11/13/15/17 | res | 1973/1980 | 1992/2007 | Oct 2007 | 24,280 | 4.1 | 986 | 2.5 |
| Binz, Zürichstrasse 244/246 | res | 1966 | 1997/2001 | Nov 2005 | 12,540 | 4.0 | 502 | 5.1 |
| Carouge, Place d'Armes 8 | res | 1932 | 2014 | Nov 2015 | 9,030 | 5.3 | 475 | 3.5 |
| Carouge, Rue de la Fontenette 13 | res | 1973 | 2014 | Nov 2015 | 6,870 | 5.2 | 355 | 0.3 |
| Geneva, Boulevard Carl-Vogt 6 | res | 1948 | Nov 2015 | 8,760 | 4.6 | 400 | 0.0 | |
| Geneva, Boulevard de la Cluse 18 | res | 1951 | Nov 2015 | 6,120 | 4.7 | 285 | 0.0 | |
| Geneva, Rue Chandieu 5 | res | 1976 | 2005 | Nov 2015 | 12,170 | 4.5 | 551 | 2.0 |
| Geneva, Rue Daubin 35 | res | 1952 | 2012 | Nov 2015 | 7,450 | 4.8 | 358 | 5.2 |
| 2005/2010/ | ||||||||
| Geneva, Rue de la Cannonière 11 | res | 1951 | 2011/2013 | Nov 2015 | 8,230 | 5.0 | 413 | 0.0 |
| Geneva, Rue de la Ferme 6 | res | 1900 | 2008/2010/ 2012/2014 |
Nov 2015 | 6,750 | 4.8 | 326 | 10.1 |
| Geneva, Rue de la Poterie 34 | res | 1895 | 2012 | Nov 2015 | 3,560 | 5.1 | 181 | 0.0 |
| Geneva, Rue de l'Ecole-de-Médecine 3 | res | 1900 | 2014 | Nov 2015 | 4,150 | 4.9 | 204 | 0.0 |
| Geneva, Rue de Malatrex 30 | res | 1951 | 2012 | Nov 2015 | 8,660 | 5.6 | 482 | 0.0 |
| Geneva, Rue de Vermont 9 | res | 1969 | 2014 | Nov 2015 | 7,900 | 5.3 | 416 | 2.4 |
| Geneva, Rue des Confessions 9 | res | 1923 | 2013 | Nov 2015 | 7,670 | 3.9 | 300 | 0.0 |
| Geneva, Rue des Cordiers 5 | res | 1965 | 2008 | Nov 2015 | 18,250 | 4.6 | 832 | 1.3 |
| Geneva, Rue des Peupliers 13 | res | 1920 | 2010 | Nov 2015 | 2,950 | 5.6 | 166 | 0.0 |
| Geneva, Rue des Photographes 12 | res | 1905 | 2013 | Nov 2015 | 4,380 | 4.9 | 214 | 0.0 |
| Geneva, Rue Dr-Alfred-Vincent 23 | res | 1950 | 2010 | Nov 2015 | 4,090 | 4.6 | 190 | 0.0 |
| Geneva, Rue du 31 Décembre 35 | res | 1956 | 2014 | Nov 2015 | 7,880 | 4.7 | 372 | 0.0 |
| Geneva, Rue du Village Suisse 4 | res | 1900 | 2005 | Nov 2015 | 3,110 | 5.3 | 166 | 0.0 |
| Geneva, Rue Henri-Blanvalet 14 | res | 1915 | 2012 | Nov 2015 | 6,070 | 4.6 | 280 | 0.8 |
| Geneva, Rue Schaub 3 | res | 1960 | 2010 | Nov 2015 | 9,660 | 4.5 | 437 | 2.8 |
| Geneva, Rue Zurlinden 6 | res | 1985 | 2012 | Nov 2015 | 11,360 | 4.9 | 561 | 16.3 |
| Lausanne, Avenue d'Ouchy 70 | res/com | 1906 | 2004 | Nov 2009 | 5,800 | 4.7 | 271 | 0.0 |
| Lausanne, Avenue d'Ouchy 72/74 | res | 1907 | Nov 2009 | 3,120 | 4.6 | 145 | 0.0 | |
| Lausanne, Avenue d'Ouchy 76 | res/com | 1907 | 2004 | Nov 2009 | 16,930 | 4.1 | 700 | 0.0 |
| Lausanne, Avenue Edouard Dapples 9/13/15/15a | res | 1925/1926 | Apr 2013 | 22,130 | 4.3 | 960 | 3.9 | |
| Lausanne, Place de la Navigation 2 | res/com | 1895 | 2004 | Nov 2009 | 6,940 | 4.3 | 298 | 11.1 |
| Lausanne, Rue Beau-Séjour 8 | res | 2011 | Nov 2009 | 103,750 | 4.0 | 4,165 | 0.2 | |
| Nov 2009/ | ||||||||
| Lausanne, Rue des Fontenailles 1 | res | 1910/1963 | 1993 | Apr 2013 | 4,540 | 4.3 | 196 | 0.0 |
| Lausanne, Rue Voltaire 2 – 12 | res | 2015 | Oct 2012 | 74,600 | 3.8 | 2,853 | 1.2 | |
| Meyrin, Rue de Livron 17 – 19 | res | 1967 | 2010 | Nov 2015 | 17,180 | 5.2 | 898 | 2.1 |
| Münchwilen, Buchenacker 22/24/26/28; | ||||||||
| Unterer Buchenacker 7 | res | 1994/1995 | Jun 2007 | 15,290 | 5.0 | 772 | 3.1 | |
| Onex, Avenue des Grandes-Communes 21 – 23 – 25 | res | 1964 | 2012/2014 | Nov 2015 | 37,800 | 4.9 | 1,840 | 3.5 |
| Opfikon-Glattbrugg, Farmanstrasse 47/49 | res | 2008 | Dec 2010 | 29,050 | 3.7 | 1,072 | 4.1 | |
| Regensdorf, Schulstrasse 95/97/99/101/103/105 | res | 2015 | Jun 2007 | 61,460 | 3.8 | 2,357 | 0.0 | |
| Wängi, | ||||||||
| Brühlwiesenstrasse 11a/11b/15a/15b/19a/19b | res | 1984/1988 | Jun 2007 | 13,490 | 5.4 | 730 | 2.1 | |
| Zurich, Katzenbachstrasse 239 | res | 1969 | Mar 2008 | 6,570 | 4.5 | 294 | 3.5 | |
| Zurich, Letzigraben 134 – 136 | res | 2016 | Sep 2006 | 67,000 | 3.4 | 2,280 | 0.9 | |
| 41 Residential investment properties | 718,910 | 4.2 | 30,498 | 2.1 |
The acquisition costs for the residential investment properties amounts to a total of TCHF 554,214.
1 Com: commercial property; res: residential property.
² Target rental income as at 30 June 2017 as a % of market value.
3 Vacancy rate as at 30 June 2017 as a % of target rental income.
| area in m2 rentable Total |
apartments 1 – 1 ½- room |
apartments 2 – 2 ½- room |
apartments 3 – 3 ½- room |
apartments 4 – 4 ½- room |
apartments 5 or more room |
apartments Total |
Other forms of use in %4 |
Vacant area in %4 |
Ownership5 | Site area in m2 | Register of |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,706 | 0 | 1 | 15 | 26 | 0 | 42 | 0.8% | 5.9 | SO | 5,174 | no |
| 5,225 | 0 | 8 | 18 | 28 | 0 | 54 | 5.9% | 3.0 | SO | 11,131 | no |
| 2,580 | 0 | 6 | 12 | 12 | 0 | 30 | 4.5% | 3.7 | SO | 4,025 | no |
| 1,307 | 0 | 19 | 8 | 0 | 0 | 27 | 4.3% | 2.4 | SO | 250 | no |
| 1,188 | 1 | 6 | 7 | 3 | 6 | 23 | 0.0% | 0.0 | SO | 230 | no |
| 2,080 | 1 | 5 | 6 | 6 | 0 | 18 | 24.3% | 0.0 | SO | 436 | no |
| 855 | 0 | 14 | 5 | 2 | 0 | 21 | 0.0% | 0.0 | SO | 228 | no |
| 2,010 | 0 | 0 | 12 | 12 | 2 | 26 | 5.5% | 0.0 | SO | 315 | no |
| 1,043 | 1 | 20 | 0 | 7 | 0 | 28 | 0.0% | 2.6 | SO | 624 | no |
| 1,145 | 1 | 14 | 12 | 1 | 0 | 28 | 0.0% | 0.0 | SO | 248 | no |
| 857 | 5 | 16 | 4 | 0 | 0 | 25 | 3.2% | 9.9 | SO | 272 | no |
| 701 | 2 | 7 | 4 | 2 | 0 | 15 | 0.0% | 0.0 | SO | 242 | |
| 800 | 0 | 0 | 6 | 4 | 0 | 10 | 12.5% | 0.0 | SO | 492 | |
| 1,289 | 20 | 10 | 0 | 0 | 0 | 30 | 10.2% | 0.0 | SO | 241 | |
| 1,153 | 9 | 0 | 0 | 5 | 4 | 18 | 0.0% | 0.0 | SO | 426 | |
| 1,316 | 0 | 3 | 15 | 5 | 0 | 23 | 3.0% | 0.0 | SO | 351 | |
| 2,786 | 0 | 0 | 2 | 22 | 3 | 27 | 13.9% | 9.0 | SO | 1157 | |
| 513 | 0 | 2 | 3 | 4 | 1 | 10 | 0.0% | 0.0 | SO | 147 | |
| 685 | 0 | 3 | 4 | 1 | 1 | 9 | 5.8% | 0.0 | SO | 188 | |
| 707 | 0 | 8 | 6 | 1 | 0 | 15 | 0.0% | 0.0 | SO | 234 | |
| 1,395 | 0 | 18 | 0 | 6 | 0 | 24 | 0.0% | 0.0 | SO | 290 | |
| 511 | 0 | 3 | 5 | 2 | 1 | 11 | 0.0% | 0.0 | SO | 145 | |
| 841 | 0 | 6 | 4 | 4 | 0 | 14 | 4.4% | 3.1 | SO | 260 | |
| 1,857 | 0 | 0 | 14 | 12 | 1 | 27 | 4.7% | 2.7 | SO | 439 | |
| 1,609 | 0 | 3 | 4 | 8 | 0 | 15 | 6.2% | 15.7 | SO | 437 | |
| 1,122 | 0 | 0 | 5 | 1 | 4 | 10 | 0.0% | 0.0 | SO | 340 | yes (insignificant) |
| 995 2,567 |
0 0 |
6 0 |
3 0 |
3 2 |
0 8 |
12 10 |
0.0% 17.6% |
0.0 0.0 |
E SO |
n/a 778 |
yes (insignificant) |
| 7,530 | 0 | 3 | 8 | 28 | 17 | 56 | 2.0% | 2.3 | SO | 5,246 | yes (insignificant) |
| 1,313 | 0 | 2 | 0 | 2 | 4 | 8 | 0.0% | 4.2 | SO | 398 | yes (insignificant) |
| 10,288 | 0 | 19 | 55 | 16 | 11 | 101 | 2.3% | 1.6 | SO | 3,758 | yes (insignificant) |
| 1,071 | 1 | 0 | 0 | 4 | 4 | 9 | 0.0% | 0.0 | SO | 853 | |
| 8,663 | 1 | 21 | 41 | 21 | 14 | 98 | 0.6% | 0.0 | SO | 4,743 | |
| 3,972 | 0 | 0 | 12 | 24 | 12 | 48 | 2.1% | 1.3 | SO | 670 | |
| 4,367 | 0 | 4 | 20 | 20 | 0 | 44 | 4.9% | 3.4 | SO | 5,740 | |
| 6,570 | 0 | 0 | 54 | 53 | 0 | 107 | 0.0% | 2.9 | SO | 930 | |
| 3,609 | 1 | 13 | 16 | 9 | 0 | 39 | 0.4% | 2.1 | SO | 3,840 | |
| 8,716 | 0 | 16 | 50 | 30 | 0 | 96 | 0.0% | 0.0 | SO | 10,551 | |
| 4,439 | 0 | 6 | 21 | 21 | 0 | 48 | 2.1% | 0.5 | SO | 7,413 | |
| 1,589 | 0 | 5 | 8 | 5 | 0 | 18 | 0.0% | 0.0 | SO | 1,987 | |
| 6,977 | 0 | 33 | 34 | 5 | 0 | 72 | 2.2% | 0.0 | SO | 5,003 | |
| 112,947 | 43 | 300 | 493 | 417 | 93 | 1,346 | 3.1% | 1.9 | 80,232 |
4 Data as at 30 June 2017 as a % of the total rentable area.
5 SO: sole ownership; E: easement.
| Location, address |
Description of property1 |
Built | Realisation period |
Acquired | Fair value in TCHF |
|---|---|---|---|---|---|
| Aarau, Site 2 (Torfeld Süd) | res/com | 1905/1916/ 1929/1943/ 1954 |
2016/2018 | Oct 2006 | 58,110 |
| Horgen, Seestrasse 93 (Seehallen) | com | 1956 | 2017/2018 | Nov 2005 | 25,610 |
| Mar 2005/ | |||||
| Kriens, Am Mattenhof 4 | com/res | 2016/2019 | Feb 2013 | 12,080 | |
| Mar 2005/ | |||||
| Kriens, Am Mattenhof 6 | com/h | 2016/2019 | Feb 2013 Mar 2005/ |
4,520 | |
| Kriens, Am Mattenhof 8 | com/res | 2016/2019 | Feb 2013 | 5,710 | |
| Mar 2005/ | |||||
| Kriens, Am Mattenhof 12/14 | res/com | 2016/2019 | Feb 2013 | 26,670 | |
| Mar 2005/ | |||||
| Kriens, Am Mattenhof 16 | com/res | 2016/2019 | Feb 2013 | 11,300 | |
| Lausanne, Rue des Côtes-de-Montbenon 1/3/5 | com | 1930 | 2016/2017 | Nov 2009 | 7,900 |
| Rheinfelden, Rütteliweg 8; Spitalhalde 40 | res | 1972 | 2017 | Sep 2006 | 26,450 |
| Zurich, Hohlstrasse 485 | res/com | 1896/1928 | 2016/2018 | Apr 2010 | 105,370 |
| 10 Properties under construction | 283,720 |
| Location, address |
Description of property1 |
Built | Year renovated | Acquired | Carrying amount in TCHF |
Total rentable Ownership3 area in m2 Site area in m2 |
|---|---|---|---|---|---|---|
| Küsnacht, Seestrasse 59 | com | 2006 | Sep 2002 | 9,800 | 2,046 SO 2,125 |
|
| Lausanne, Rue de Genève 7 | com2 | 1932 | 1992/2011 | Nov 2009 | 3,210 | 632 SO 3,343 |
| Lausanne, Rue des Côtes-de-Montbenon 16 | com2 | 1912 | 2007 | Nov 2009 | 532 | 170 SO 850 |
| 3 Properties | 13,542 | 2,848 6,318 |
| Location, address |
Description of property1 |
Built | Year renovated | Acquired | Fair value in TCHF |
|
|---|---|---|---|---|---|---|
| Lausanne, Flonplex | multiplex cinema | 2003 | Nov 2009 | 9,364 | ||
| Lausanne, Parking du Centre | CP | 2002 | Nov 2009 | 31,435 | ||
| 2 Co-ownership properties | 40,799 |
1 Com: commercial property; h: hotel; CP: multi-storey car park; res: residential property.
² Share of owner-occupied properties.
| Total rentable Ownership3 area in m2 |
polluted sites Register of Site area in m2 |
|---|---|
| 19,152 | 18,526 |
| SO | yes (insignificant) |
| 15,156 | 10,542 |
| SO | yes |
| 7,715 | 3,130 |
| SO | no |
| 2,875 | 1,840 |
| SO | no |
| 4,835 | 2,080 |
| SO | no |
| 13,598 | 5,189 |
| SO | no |
| 8,862 | 3,554 |
| SO | no |
| 2,046 | 1,691 |
| SO | yes (to review) |
| 5,588 | 14,817 |
| SO | no |
| 15,583 | 8,304 |
| SO | no |
| 95,411 | 69,672 |
| com 2006 Sep 2002 9,800 2,046 SO 2,125 no com2 1932 1992/2011 Nov 2009 3,210 632 SO 3,343 yes (insignificant) com2 1912 2007 Nov 2009 532 170 SO 850 yes (insignificant) 13,542 2,848 6,318 |
|---|
| Year renovated Description of Total rentable area in m2 property1 Fair value Acquired in TCHF Built |
Ownership | Site area in m2 |
polluted sites Register of |
|---|---|---|---|
| Lausanne, Flonplex multiplex cinema 2003 Nov 2009 9,364 5,519 |
co-ownership 40% | 0 | yes (insignificant) |
| Lausanne, Parking du Centre CP 2002 Nov 2009 31,435 25,808 |
co-ownership 50% | 0 | yes (insignificant) |
| 2 Co-ownership properties 40,799 31,327 |
3 SO: sole ownership.
Scope of 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. We have been engaged to review the accompanying consolidated statement of balance sheet of Mobimo Holding AG as at 30 June 2017 and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the six-month period then ended, and other explanatory notes (the consolidated interim financial statements) on pages 16 to 43. The Board of Directors is responsible for the preparation and fair presentation of these consolidated interim financial statements in accordance with International Accounting Standard 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.
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 2017, and of its financial performance and its cash flows for the six-month period then ended in accordance with International Accounting Standard 34 Interim Financial Reporting and are not prepared, in all material respects, in accordance with International Accounting Standard 34 Interim Financial Reporting and article 17 of the Directive on Financial Reporting (Directive Financial Reporting, DFR) issued by the SIX Swiss Exchange. 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.
Kurt Stocker Reto Kaufmann Licensed Audit Expert Licensed Audit Expert 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 2017, and of its financial performance and its cash flows for the six-month period then ended in accordance with International Accounting Standard 34 Interim Financial Reporting and are not prepared, in all material respects, in accordance with International Accounting Standard 34 Interim Financial Reporting and article 17 of the Directive on Financial Reporting (Directive Financial Reporting, DFR) issued by the SIX Swiss Exchange.
Zurich, 28 July 2017 KPMG AG
Kurt Stocker Reto Kaufmann Licensed Audit Expert Licensed Audit Expert
Zurich, 28 July 2017
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/NAR-EIT index family, which added theMobimo 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 2017 | HY 2016 | |
|---|---|---|---|---|
| Earnings per IFRS income statement | TCHF | 62,376 | 89,454 | |
| (i) | Changes in value of investment properties, development properties held for investment and other interests |
TCHF | –30,569 | –20,864 |
| (ii) | Profits or losses on disposal of investment properties, development properties held for invest ment and other interests |
TCHF | –17,755 | –33,861 |
| (iii) | Profits or losses on sales of trading properties and development services adjusted | TCHF | –490 | –9,468 |
| (iv) | Tax on profits or losses on disposals | TCHF | 5,257 | 14,421 |
| (v) | Negative goodwill/goodwill impairment | TCHF | n/a | n/a |
| (vi) | Changes in fair value of financial instruments and associated close-out costs | TCHF | –1,394 | –909 |
| (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 | 7,032 | –16,686 |
| (ix) | Adjustments (i) to (viii) above in respect of joint ventures | TCHF | 0 | 0 |
| (x) | Non-controlling interests in respect of the above | TCHF | 710 | 352 |
| EPRA Earnings | TCHF | 25,167 | 22,438 | |
| Average number of shares outstanding | 6,217,092 | 6,215,647 | ||
| EPRA Earnings Per Share | CHF | 4.05 | 3.61 |
The definitions of the above key performance measures can be found at www.epra.com.
Mobimo Half-Year Report 2017 47
| Diluted NAV after the exercise of options, convertibles and other equity instruments | TCHF | 1,353,324 | 1,350,936 | |
|---|---|---|---|---|
| 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 | 23,952 | 26,207 |
| (ii) | Revaluation of tenant leases held as finance leases | TCHF | n/a | n/a |
| (iii) | Revaluation of trading properties | TCHF | 14,712 | 26,172 |
| Exclude | ||||
| (iv) | Fair value of financial instruments | TCHF | 34,995 | 39,834 |
| (v.a) | Deferred tax | TCHF | 161,609 | 161,572 |
| (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 | 2,339 | 2,344 | |
| EPRA NAV | TCHF | 1,590,931 | 1,607,065 | |
| Diluted no. of shares outstanding | 6,217,669 | 6,216,126 | ||
| EPRA NAV per share | CHF | 255.87 | 258.53 | |
| C Triple Net Asset Value (NNNAV) | Unit | 30.6.2017 | 31. 12. 2016 | |
| EPRA NAV | TCHF | 1,590,931 | 1,607,065 | |
| (i) | Fair value of derivative financial instruments | TCHF | –34,995 | –39,834 |
| (ii) | Fair value of financial liabilities | TCHF | –93,259 | –105,182 |
| (iii) | Deferred tax | TCHF | –158,091 | –156,089 |
| EPRA NNNAV | TCHF | 1,304,585 | 1,305,960 | |
| Diluted no. of shares outstanding | 6,217,669 | 6,216,126 | ||
| EPRA NNNAV per share | CHF | 209.82 | 210.09 |
B EPRA Net Asset Value Unit 30.6.2017 31.12.2016
NAV per consolidated financial statements TCHF 1,353,324 1,350,936 Effect of exercise of options, convertibles and other equity instruments TCHF - -
The definitions of the above key performance measures can be found at www.epra.com.
| D EPRA Net Initial Yield | Unit | 30.6.2017 | 31.12.2016 |
|---|---|---|---|
| Investment properties – wholly owned | TCHF | 2,452,100 | 2,446,798 |
| Investment properties – share of joint ventures / funds | TCHF | 40,799 | 43,115 |
| Trading property | TCHF | 262,682 | 304,844 |
| Less developments | TCHF | –519,952 | –518,574 |
| Completed property portfolio | TCHF | 2,235,629 | 2,276,183 |
| Allowance for estimated purchasers' costs | TCHF | 0 | 0 |
| Gross up completed property portfolio valuation | TCHF | 2,235,629 | 2,276,183 |
| Annualised cash passing rental income | TCHF | 117,310 | 119,968 |
| Direct cost of investment properties | TCHF | –14,370 | –17,324 |
| Annualised net rents | TCHF | 102,940 | 102,644 |
| Add: additional notional rent expiration of rent free periods or other lease incentives | TCHF | 0 | 0 |
| Topped-up net annualised rent | TCHF | 102,940 | 102,644 |
| EPRA net initial yield | % | 4.6 | 4.5 |
| EPRA "topped-up" net initial yield | % | 4.6 | 4.5 |
| E EPRA Vacancy Rate | Unit | 30.6.2017 | 31. 12. 2016 |
| Estimated rental income potential from vacant space | TCHF | 5,256 | 5,363 |
Estimated rental income from overall portfolio TCHF 108,033 111,077
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.
Overall responsibility: Mobimo Holding AG
Development of content and design concept, consulting and production: PETRANIX Corporate and Financial Communications AG, Adliswil-Zurich
Photos: Markus Bertschi, www.markusbertschi.com Bruno Eberli, www.eberli.ch Mike Kessler, www.profifoto.ch Dominique Meienberg, www.dominiquemeienberg.ch
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]
Mobimo Holding AG
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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