Investor Presentation • Aug 4, 2017
Investor Presentation
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The financial data as well as the other information presented herein constitute selected information.
The information in this presentation does not constitute an offer or invitation and may not be construed as a recommendation by us to purchase, hold or sell shares of Mobimo Holding AG. This information or any copy thereof may not be sent or taken to or distributed in any jurisdiction in which such transmission or distribution is unlawful. This document may contain certain "forward-looking" statements. By their nature, forwardlooking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements.
CHF million HY|2016: 89.8
56.4 Rental income CHF million HY|2016: 56.8
91.2
● Stable rental income and low vacancy rate despite portfolio disposals
HY|2016: 14.39
● On track to continue the stable and attractive dividend policy
| Economic environment | ● Switzerland offers a stable environment / Trend in real economic growth slightly positive since 2015 / Inflation set to be in marginally positive territory again ● Swiss franc becoming more competitive against the euro again ● Attractive location for real estate investments / Real estate offers a very high yield premium over bonds despite price rises in recent years |
|---|---|
| Political environment | ● Regulation is tending to result in a shortage of land, thus making it more expensive ● Insufficient use of density and a lack of implementation are making supply more expensive |
| Residential real estate market (rental) |
● Persistently high demand for rental apartments in urban centres ● Easing demand in less central areas / Some signs of overproduction in peripheral areas ● Decline in annual net immigration / Change in structure of immigration |
| Residential real estate market (condominiums) |
● Persistently high demand for low and mid-priced condominiums in good locations ● Ongoing positive effect on demand from the current low interest rate environment |
| Commercial real estate market (rental) |
● Demand for office space trending sideways overall ● Tough competition leading to structural adjustment in the retail sector ● Slight increase in demand for cheap commercial space ● Ongoing digitalisation impacting demand for retail space – and office space in the medium term – leading to changes in future user needs |
| Transaction market | ● Continuing high demand for investment opportunities in residential properties and selected commercial properties |
Commercial letting rate: ca. 60%
Foundation stone laid: Sept 2016
● Foundation stone laid: Sept 2016 / April 2015
● Transfers of ownerships: 63/92
| CHF million | 2014 | 2015 | HY 2016 | HY 2017 | Change y-o-y |
|---|---|---|---|---|---|
| Rental income | 105.1 | 107.8 | 56.8 | 56.4 | - 0.7% |
| Direct expenses for rented properties | - 17.6 |
- 13.8 |
- 8.5 |
- 7.8 |
- 8.7% |
| Net rental income | 87.6 | 94.1 | 48.3 | 48.6 | 0.7% |
| • Direct cost/income ratio for rented properties |
17% | 13% | 15% | 14% | - 8.0% |
| EPRA like-for-like rental growth | 0.6% | 0.8% | 0.4% | - 0.1% |
- 125.0% |
| Income from sale of trading properties and development services |
157.3 | 86.2 | 59.7 | 91.2 | 52.8% |
| Direct expenses from sale of trading properties and development services |
- 132.4 |
- 80.7 |
- 42.7 |
- 77.8 |
82.4% |
| Profit on sale of trading (properties) and development services |
24.9 | 5.5 | 17.0 | 13.3 | - 21.6% |
| • Gross yield |
16% | 6% | 28% | 15% | - 48.7% |
| CHF million/CHF | 2014 | 2015 | HY 2016 | HY 2017 | Change y-o-y |
|---|---|---|---|---|---|
| Net income from revaluation | 3.8 | 34.7 | 20.9 | 30.6 | 46.5% |
| Profit on disposal of investment properties | 4.9 | 63.8 | 33.9 | 17.8 | - 47.6% |
| Operating result (EBIT) incl. Revaluation | 97.6 | 170.4 | 105.2 | 92.9 | - 11.7% |
| Operating result (EBIT) excl. revaluation | 93.8 | 135.7 | 84.4 | 62.3 | - 26.1% |
| Tax expense | - 4.8 |
- 34.1 |
- 2.9 |
- 16.0 |
444.6% |
| Profit | 63.2 | 105.0 | 89.8 | 63.3 | - 29.5% |
| Profit attributable to the shareholders of MOH | 62.2 | 103.9 | 89.5 | 62.4 | - 30.3% |
| Profit attributable to the shareholders of MOH excluding revaluation |
60.2 | 78.6 | 74.2 | 40.1 | - 45.9% |
| Earnings per share | 10.00 | 16.72 | 14.39 | 10.03 | - 30.3% |
| Earnings per share excluding revaluation | 9.69 | 12.65 | 11.93 | 6.46 | - 45.9% |
| EPRA earnings per share | 8.13 | 8.17 | 3.61 | 4.05 | 12.2% |
| 2014 | 2015 | 2016 | HY 2017 | Change y-o-y |
||
|---|---|---|---|---|---|---|
| Average discount rate for revaluation (real) | 4.39% | 4.08% | 3.75% | 3.62% | | - 3.5% |
| Vacancy rate | 5.4% | 4.7% | 4.8% | 4.9% | | 2.1% |
| Gross yield from investment properties | 5.6% | 5.4% | 5.3% | 5.3% | | 0.0% |
| Net yield from investment properties | 4.5% | 4.3% | 4.1% | 4.1% | | 0.0% |
| Average financing costs (period) |
2.5% | 2.5% | 2.4% | 2.1% | | - 12.6% |
| Yield spread | 2.0% | 1.8% | 1.7% | 2.0% | | 17.6% |
Investment properties under construction for our own portfolio contain a total investment volume of around CHF 480 million and a potential rental income of CHF 25 million p.a.
Key financial figures first half-year 2017
1) Not including rental agreements of unlimited duration
| 31 December 2016 | 30 June 2017 | |
|---|---|---|
| Ø residual maturity as at reporting date |
6.9 years | 6.8 years |
| Ø interest rate as at reporting date |
2.32% | 2.02% |
Total value: CHF 2,728 million (2016: CHF 2,766 million)
| CHF million | 2016 | HY 2017 | Change | |
|---|---|---|---|---|
| Investment properties | 2,112 | 2,060 | | - 2.5% |
| Commercial properties |
1,388 | 1,341 | | - 3.4% |
| Residential properties | 724 | 719 | | - 0.7% |
| Development properties | 654 | 668 | | 2.1% |
| Commercial properties(investment) |
209 | 211 | | 1.0% |
| Commercial properties (trading) |
59 | 59 | | 0.0% |
| Residential properties (investment) |
140 | 194 | | 38.6% |
| Residential properties (trading) |
246 | 204 | | - 17.1% |
Usable area m2
2,046
Studios and office spaces Number 31
10 Investment volume CHF million
Expected rental income CHF million 0.5
Occupation
planned from 9.2017
Usable area
m2 37,885
Apartments Number + Commercial, retail and gastro 129
Investment volume
CHF million (without Development for Third Parties)
Expected rental income CHF million 10.3
175
Occupation
planned from 3.2019
Usable area m2
15,583
Number
+ 10 commercial spaces
CHF million (without Development for Third Parties)
110
201
Occupation
planned from 4.2018
Development for Third Parties 3. Property portfolio and pipeline
Apartments
Units
97
Apartments Units
30
Units
Apartments Units
76
| Strategy | ● Further expansion of the activities and services of Development for Third Parties ● Selective production of condominiums ● Continuation of the attractive dividend policy |
|---|---|
| Operating business | ● Stable rental income, low vacancy rate and high level of tenant satisfaction ● Reinforcement of the service offering for customers through our own facility management ● Strict cost and risk management |
| Real estate portfolio |
● Successful realisation of planned construction projects ● Continued increase in quality and growth of our own portfolio through targeted developments and purchases ● Targeted portfolio diversification to achieve a balanced portfolio mix |
| Transaction market | ● Ongoing review of purchase and sales opportunities ● Reinvestment of sales proceeds in projects from the pipeline |
| Stable income |
● High-value real estate portfolio in prime locations in Switzerland ● Diversified investment portfolio ● Low vacancy rate |
|---|---|
| Growth and rising income |
● Attractive development pipeline at top locations in Switzerland |
| Security | ● High equity ratio and long-term financing at low interest rates form an excellent foundation for further growth and for investments in the planned projects of the pipeline |
| Know-how | ● Solid business model, excellent positioning ● A capable and committed Mobimo team |
| Return | ● Share with a stable return ● Attractive dividend of CHF 10.00 |
Christoph Caviezel CEO
[email protected] [email protected]
[email protected], Tel. 044 397 11 86
Manuel Itten CFO
| Capital gains | Appreciation in value | Rental income |
|---|---|---|
| . Profit on trading properties and development services • Profit on sale of investment properties |
. Increasing total value of the portfolio • Quality optimisation of the portfolio • High level of customer satisfaction • Net income from revaluation |
• Stable and growing rental income • Net rental income • Return on equity including/ excluding remeasurement . Gross yield from investment properties . Net yield from investment properties |
| Development for Third Parties | Development properties | Investment properties | |
|---|---|---|---|
| Buying/selling | Development | Portfolio management | Solid financing |
| • Successful acquisitions . Good regional and user-specific diversification |
• Many aspects to site . Planning and realising residential and commercial properties • Planning and realising condominiums for third parties • Considering the needs of the environment |
• Strategic development • Portfolio optimisation · Considering environmental, economic and social aspects • Reacting quickly and flexibly to changes in the market |
• Appropriate equity ratio for further qualitative growth • Long-term guaranteed financing at excellent conditions |
● Target of > 2 comfortably exceeded ● Substantially below the maximum
| 2014 | 2015 | 2016 | 30.6.2017 | Change y-o-y |
||
|---|---|---|---|---|---|---|
| Number of registered shares issued | 6,216,606 | 6,218,170 | 6,218,170 | 6,218,170 | | 0.0% |
| NAV per share, diluted (CHF) |
195.93 | 202.45 | 217.33 | 217.66 | | 0.2% |
| Share price as at 30 June (CHF) | 199.20 | 222.70 | 254.75 | 269.00 | | 5.6% |
| Premium to NAV | 2% | 10% | 17% | 24% | | 41.2% |
| Market capitalisation (CHF million) | 1,238.3 | 1,384.8 | 1,584.1 | 1,672.7 | | 5.6% |
| Distribution for previous year (CHF) | 9.50 | 10.00 | 10.00 | 10.00 | | 0.0% |
| Dividend yield | 4.8% | 4.5% | 3.9% | 3.7% | | - 5.1% |
| Investment properties for our own portfolio |
Condominiums for sale |
|||||||
|---|---|---|---|---|---|---|---|---|
| 2017 | 2018 | 2019 | 2020 | 2017 | 2018 | 2019 | 2020 | |
| Under | ||||||||
| construction | ||||||||
| In planning | ||||||||
| Sale of plots |
||||||||
| Investment | CHF 480 million CHF 370 million (prior year: CHF 480 million) (prior year: CHF 370 million) |
CHF 10 million (prior year: CHF 80 million) |
CHF 100 million (prior year: CHF 100 million) |
| Investment properties for our own portfolio |
||||||||
|---|---|---|---|---|---|---|---|---|
| 2017 | 2018 | 2019 | 2020 | Project | Usage | |||
| Under construction: CHF 480 million (prior year: CHF 480 million) | ||||||||
| Aarau, Site 2 (Torfeld Süd) | 6 residential/office buildings, 167 apartments |
|||||||
| Horgen, Seestrasse 93 (Seehallen) | Commercial and retail | |||||||
| Kriens, am Mattenhof 4, 6, 8, 12/14, 16 | Office, residential, retail, hotel, 129 apartments |
|||||||
| Lausanne, Rue Côtes-de-Montbenon 1/3/5 (Les Garages) |
Small businesses | |||||||
| Rheinfelden, Rütteliweg 8/Spitalhalde 40 | Renovation, 84 apartments | |||||||
| Zurich, Hohlstrasse 485 | 10 office/commercial units, 201 apartments, 80 parking spaces |
| Investment properties for our own portfolio |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2017 | 2018 | 2019 | 2020 | Project | Usage | ||||
| In planning: CHF 370 million (prior year: CHF 370 million) | |||||||||
| Aarau, Bahnhofstrasse 102 (Mediapark) | Refurbishment of commercial space |
||||||||
| Lausanne, Avenue Edouard Dapples 9, 13, 15, 15a (GMR) |
Renovation of residential property |
||||||||
| Lausanne, Rasude site development | Urban development | ||||||||
| Lausanne, Rue de Genève 19/21 (Jumeaux) |
Retail, office, storage | ||||||||
| Lausanne, Rue de la Vigie 3 | Hotel | ||||||||
| Lausanne, Rue de la Vigie 5 | Residential, office, retail | ||||||||
| Lausanne, Rue des Côtes-de-Montbenon 8-14 |
Residential, office, retail |
| Condominiums for sale |
||||||||
|---|---|---|---|---|---|---|---|---|
| 2017 | 2018 | 2019 | 2020 | Project | Usage | |||
| Under construction: CHF 10 million (prior year: CHF 80 million) | ||||||||
| Bad Zurzach, Weissensteinweg (Salzturm) |
21 apartments | |||||||
| In planning: CHF 100 million (prior year: CHF 100 million) | ||||||||
| Merlischachen, Chappelmatt-Strasse (Burgmatt) |
78 apartments, 140 parking spaces | |||||||
| Sale of plots | Weggis, Hertensteinstrasse 105 | open |
| Address | Fair value as at 30.6.2017 in TCHF |
Usage |
|---|---|---|
| Lausanne, Horizon 4-6 Avenue d'Ouchy 4-6 |
127,930 | Commercial property |
| Zurich, Mobimo Tower Hotel Turbinenstrasse 18 |
122,310 | Hotel |
| Affoltern a. A., Obstgartenstr. 9/ Alte Obstfelderstr. 27/29, 31-35 |
110,110 | Retirement home, retirement and rental apartments |
| Lausanne, Ilot du Centre Rue Beau Séjour 8 |
103,750 | Rental apartments |
1) Total fair value CHF 1,088 million
| Address | Fair value as at 30.6.2017 in TCHF |
Usage |
|---|---|---|
| Zurich, Friesenbergstrasse 75/ Im Tiergarten 7 |
86,800 | Commercial property |
| Lausanne, Petit Mont-Riond Rue Voltaire 2-12 |
74,600 | Rental apartments |
| Lausanne, Les Merciers Voie du Chariot 4-7 |
68,080 | Commercial property |
| Zurich, Letzigraben 134-136 |
67,000 | Rental apartments |
1) Total fair value CHF 1,088 million
| Address | Fair value as at 30.6.2017 in TCHF |
Usage |
|---|---|---|
| Zurich, Mobimo Skyscraper Hardturmstrasse 3/3a/3b |
63,230 | Commercial property |
| Regensdorf, Sonnenhof Schulstrasse |
61,460 | Rental apartments |
| Kreuzlingen, Ziil Center Leubernstrasse 3/Bottighoferstrasse 1 |
57,460 | Commercial property |
| Lausanne, Les Pépinières Rue des Côtes-de-Montbenon 20-24 |
43,900 | Commercial property |
1) Total fair value CHF 1,088 million
| Address | Fair value as at 30.6.2017 in TCHF |
Usage |
|---|---|---|
| Onex, Avenue des Grandes-Communes 21-23-25 |
37,800 | Rental apartments |
| Lausanne, Rue de Genève 7 |
33,400 | Commercial property |
| Lausanne, Place de la Gare 4 |
30,490 | Commercial property |
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
19,000 m2 (12,000 m2 Mobimo)
Offices, hotel, apartments (condominiums/rental apartments), retail, gastronomy (joint project with Swiss Federal Railways)
Investment Approx. CHF 270 million
Right next to Lausanne train station
1,100 workplaces, 92 condominiums, 167 rental apartments, retail, gastronomy, commercial
Approx. CHF 170 million (excluding third parties)
Central, near Aarau train station
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
Further development of the Flon district
Investment Approx. CHF 200 million
Central, in the immediate vicinity of a metro station
Offices, commercial, hotel, apartments, retail, gastronomy
Investment Approx. CHF 260 million
Mattenhof train station, in the immediate vicinity of the motorway junction
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
Development of a city district, offices, commercial, hotel, apartments (condominiums/rental apartments), retail, gastronomy (project with the towns/cities of Nidau and Biel/Bienne)
Approx. CHF 350 million
Next to the lake, near the train station
Gross site area 53,000 m2
Offices, commercial, apartments (condominiums/rental apartments), gastronomy, events
Investment Approx. CHF 500 million
Location Near Oerlikon train station
Usage (planned) 300 compact apartments (26,100 m2 main usable area)
Tenants: logistics; rental agreements run until 31 December 2019
Wine-growing village to the south-west of Morges; right next to the train station on a gentle slope facing the lake
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