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Mobimo Holding AG

Investor Presentation • Feb 12, 2015

933_ip_2015-02-12_ff6312b2-02ba-49fb-a1e2-878148cd4773.pdf

Investor Presentation

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2014 Results

Disclaimer

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". By their nature, forward-looking 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.

Agenda

      1. Business year 2014 at a glance Key financial figures 2014 Property portfolio & pipeline 4. Outlook & summary

1. Business year 2014 at a glance

Sound business year 1. Business year 2014 at a glance

Rental income
growth		 ●
CHF 100 m rental
income
threshold
exceeded
●
Continuous
portfolio
growth
at
good
locations
●
Good
regional
and
user-specific
diversification
Income from
development		 ●
Solid basis
generated
●
Opportunities
for
development
of
condominium
area
and
Investments for
Third Parties
remain
good
Profit ●
Company
profit
of
CHF 63.2 m (previous
year: CHF 81.6 m)
Profit excl. revaluation1) of
●
CHF 60.2 m (previous
year: CHF 62.6 m)
Attractive
dividend		 ●
Shareholder-friendly
payout
of
CHF 9.50 per share
●
Dividend yield
of
4.8% ( 2014 year-end share
price)

1) Attributable to the shareholders of Mobimo Holding AG

Solid long-term performance 1. Business year 2014 at a glance

Attractive portfolio Increase in value from development for own portfolio 1. Business year 2014 at a glance

Total value: CHF 2,470 m (2008: CHF 1,488 m)

in CHF m 2008 Share 2014 Share Change
Investment
properties		 1,050 71% 1,908 77% +81.7%
Commercial properties 892 60% 1,381 56%  +54.8%
Residential properties 158 11% 527 21%
+233.5%
Development
properties		 438 29% 562 23% +29.8%
Commercial properties
(Investment)		 104 7% 243 10%
+133.7%
Residential properties
(Investment)		 28 2% 114 5%
+307.1%
Residential properties
(Trading properties)		 306 20% 205 8%
-31.9%

Market environment 1. Business year 2014 at a glance

Office and
commercial
property
market		 ●
Sideways
trend
unchanged
●
Tough
competition
in the
retail
business
Rental market ●
Stable
demand
Condominium
market		 ●
Interest rate driven
demand
in the
mid-price
segment
●
Low financing
costs
Investments for
Third Parties		 ●
Strong demand
Market for
property
transactions		 ●
Strong demand
for
investment
properties
Economic
environment		 ●
Impacts of
the
SNB's
cancellation
of
the
euro
minimum
rate

1. Business year 2014 at a glance

Economic forecast for Switzerland

2014 2015 E 2016 E
in %) 1)
Gross
domestic
product, real (change		 2.0 -0.5 0.0
in %) 2)
Consumer prices
(change		 0.0 +0.2 +0.4
rate 3)
Unemployment		 3.2 3.0 2.8

1) Source: KOF, ETH Zurich

  • 2) Source: Swiss Federal Statistical Office, December 2014
  • 3) Source: State Secretariat for Economic Affairs (SECO), December 2014

Key income statement figures

in CHF m 2011 2012
restated		 2013 2014 PY
change
Net rental
income		 76.0 79.8 78.9 87.6 +11.0%
Profit on sale
of
trading
properties
and
services		 22.3 21.7 31.6 24.9
-21.2%
Net income
from
revaluation		 41.2 36.9 25.2 3.8
-84.9%
Profit on sale
of
investment
properties		 2.5 -0.1 7.1 4.9
-31.0%
EBIT incl. revaluation 121.1 117.2 119.4 97.6
-18.3%
EBIT excl. revaluation 79.9 80.3 94.1 93.8
-0.3%
Tax
expense		 -11.9 -17.6 -16.7 -4.8
-71.3%
Profit incl. revaluation 80.5 75.9 81.6 63.2
-22.5%
Profit excl. revaluation 49.6 48.5 62.6 60.2
-3.8%

2. Key financial figures 2014 Selected return ratios

in % 2011 2012
restated		 2013 2014 PY
change
Return on equity
incl.
revaluation		 8.5 6.7 7.1 5.2
-26.8%
Return on equity
excl.
revaluation		 5.2 4.3 5.4 5.1
-5.6%
Gross
yield
on investment
properties		 6.0 5.8 5.7 5.6
-1.8%
Net yield
on investment
properties		 5.0 4.8 4.6 4.5
-2.1%

Rental income as an essential revenue pillar 2. Key financial figures 2014

  • Increase of 11% compared to the prior year
  • Doubling of a rental income since the IPO
  • This rise is mainly based on
  • new entry of completed properties in our own portfolio
  • successful acquisitions

Well-filled pipeline insures further growth in rental income 2. Key financial figures 2014

  • Rise rental income expected in the coming years
  • Continuing diversification by location and use
  • Properties situated in central locations lead to continuous and stable growth in rental income

Components of net income from revaluation

  • As expected, the gain from revaluation was lower following the positive effects of the first-time application of IFRS 13 in the prior-year period
  • Value gains stemmed mainly from properties under construction and residential properties
  • Targeted investments led to a slightly negative contribution of operational added value development

Development of net income from revaluation 2. Key financial figures 2014

  • Positive value gains stemmed from the development of the company's own portfolio

  • Decreasing influence of market-driven revaluation effects

  • 1) Including CHF 13.5 m from the first-time application of IFRS 13

  • 16 Results 2014

Long-term financing at excellent conditions

  • Successful refinancing by issuing new bonds
  • May 2014: CHF 200 m bond with a seven-year term and a coupon of 1.625%
  • September 2014: CHF 150 m bond with a ten-year term and a coupon of 1.875%
  • CHF 169 m convertible bond successfully repaid
  • As at the reporting date 31.12.2014, the average interest rate was 2.4%

Residual term of financial liabilities in the long run

1) Non-current financial liabilities include, in addition to mortgage liabilities, the bond with a carrying amount of CHF 164.3 m (nominal value: CHF 165 m) maturing on 29.10.2018 2) Non-current financial liabilities include, in addition to mortgage liabilities, the bond with a carrying amount of CHF 198.1 m (nominal value: CHF 200 m) maturing on 19.05.2021 3) Non-current financial liabilities include, in addition to mortgage liabilities, the bond with a carrying amount of CHF 149.5 m (nominal value: CHF 150 m) maturing on 16.09.2024

Solid equity ratio of 44% as basis for further high-quality growth

  • Goal of > 40% achieved

  • Still solid equity ratio basis

  • Target of > 2 clearly exceeded Well under the maximum level of 150%

  • Considerable financial headroom

Attractive yield spread 2. Key financial figures 2014

  • The average interest rate on financial liabilities was reduced further
  • Continued use of the attractive interest rate environment to lock in low interest rates for the long term
  • Attractive interest rate of 2.0% generated

2. Key financial figures 2014 Share data

in CHF 2011 2012
restated		 2013 2014 PY
change
Shares issued 6,170,098 6,208,913 6,214,478 6,216,606
0.0%
Share capital 178.9 m 180.1 m 180.2
m		 180.3 m  +0.1%
Market capitalisation 1,283.4 m 1,359.1 m 1,156.5 m 1,238.3 m  +7.1%
Year-end share
price		 208.00 218.90 186.10 199.20  +7.0%
Distribution 9.00 9.00 9.50 9.50
0.0%
Payout ratio 58% 73% 72% 95% +31.9%
per share1)
NAV		 191.41 193.99 200.01 195.93
-2.0%

1) Assuming all options granted and conversion rights are exercised

High distribution maintained 2. Key financial figures 2014

  • Solid earnings per share of CHF 10.00
  • Diluted earnings per share of CHF 9.82
  • High distribution of CHF 9.50 maintained
  • Attractive distribution policy continued

Positive share price development 2. Key financial figures 2014

  • The Mobimo share price increased by about 48% over the past 5 years
  • Slightly negative development of liquidity 2014
  • The average number of shares traded daily was approx. 8,700 (previous year: 11,100 shares)
  • Thereby total turnover of approx. CHF 410 m was achieved (previous year: CHF 560 m)
  • Total Shareholder Return of 12.1% in 2014
  • Fall of SPI-Index as of 15.01.2015 as a result of the SNB's cancellation of the euro minimum rate – growth of the Mobimo share price

Shareholder structure 2. Key financial figures 2014

  • Free float as at 30.06.2014: 100% (as per SIX Swiss Exchange definition)
  • The following shareholders held 3% or more of the share capital as at 30.06.2014:
  • Zuger Pensionskasse, 3.38%
  • BlackRock, Inc., 3.00%

Selected subjects 2. Key financial figures 2014

Rental income ●
Further portfolio
growth
leads
to
increasing
rental
income
Result ●
Robust result
excluding
revaluation
Financing ●
Successful
refinancing
by
issuing
further
bonds
Interest rate
development		 ●
Negative SNB interest
rates
●
IAS 19: Amendment
of
discount
rate applied
to
pension
obligation

3. Property portfolio & pipeline

The right strategy for high-quality growth and stable returns

Overall portfolio 3. Property portfolio & pipeline – abstract

Total value: CHF 2,470 m (2008: CHF 1,488 m)

2008 2014 Change
1,050 1,908 +81.7%
892 1,381  +54.8%
158 527
+233.5%
438 562 +29.8%
104 243
+133.7%
28 114
+307.1%
306 205
-31.9%

Strengthening of the portfolio by active management and continuous development

Attractive property portfolio focusing on Zurich and Western Switzerland

Well-balanced and stable portfolio mix

  • Portfolio mix is optimised on an ongoing basis
  • Residential component is gradually being increased through the planning and construction of investment properties for our own property portfolio
  • Residential component approaching the target of 30%
  • Over the medium term, residential use, office use and other commercial uses each account for approximately 30% of the investment portfolio

Medium- to long-term maturity profile of rental contracts 1) 3. Property portfolio & pipeline – abstract

1) Not including rental contracts of unlimited duration

Buildings completed in 2014 Amount invested approx. CHF 165 m 3. Property portfolio & pipeline – projects

Well-filled project pipeline 3. Property portfolio & pipeline – projects

Development and construction of investment properties for our own portfolio

under construction: CHF 210 m (PY 290 m) in planning: CHF 710 m (PY 780 m)

Development, construction and sale of condominiums

under construction: CHF 160 m (PY 130 m) in planning: CHF 180 m (PY 280 m)

Investment properties under construction Amount invested CHF 210 m

2015 2016 2017 2018
Horgen, Seestrasse 93 (Grob site) Commercial
Lausanne, Rue Voltaire
(Petit Mont-Riond)		 98 apartments
Regensdorf, Schulstrasse 6 MFD with 96 apartments
Zurich, Letzigraben 72 apartments, 8 rec rooms

Condominiums under construction Amount invested CHF 160 m

2015 2016 2017 2018
Aarau, Torfeld 4 92 condominiums
Lucerne, Büttenenhalde 2 MFD with 24 condominiums, 3 studios
Meilen, Feldgüetliweg 2 MFD with 14 condominiums, 1 rec room
Regensdorf, im Pfand 2 45 condominiums, 1 rec room

Buildings started in 2014 Amount invested approx. CHF 150 m 3. Property portfolio & pipeline – projects

● 116 condo residential units, 3 studios ● 72 rental residential units 1) 10,823 m2 gross living area, 92 condos

2) 6,860 m2 rentable area, 72 rental residential units

3) 3,032 m2 gross living area, 24 condos, 3 studios, 7 purchase commitments

3. Property portfolio & pipeline – projects

Investment properties in planning Amount invested CHF 710 m

2015 2016 2017 2018
Aarau, Torfeld 2 Apartments, office, commercial
Kriens, Mattenhof I Business city
Kriens, Mattenhof II Office, apartments, retail
Lausanne, Rue Côtes-de-Montbenon (Les Garages) Commercial
Lausanne, Place de l'Europe 8 Commercial
Lausanne, Rue de Genève 19/21 (Jumeaux) Retail, office, storage
Lausanne, Rue de la Vigie 3 (Flon Ville) Retail, commercial
Lausanne, Avenue d'Ouchy 4-6 Urban development
Zurich, Hohlstrasse; Albulastrasse Apartments, office, commercial

Condominiums in planning Amount invested CHF 180 m 3. Property portfolio & pipeline – projects

Planned building starts in 2015 Amount invested approx. CHF 660 m 3. Property portfolio & pipeline – projects

Investments for Third Parties 3. Property portfolio & pipeline – projects

3. Property portfolio & pipeline – site development

Create value through conversion: Demand for additional living space will remain intact

● 704 development sites with a total area of 5,626 ha

● Potential site area of 48.5 million m2 in repositioning

● Volume of new construction of approx. CHF 200 bn (excl. restoration costs and remediation)

● Significant reception capacity: living space for 288,000 people plus working space for 257,000 employees (excl. building land)

Site development Potential amount invested approx. CHF 2 bn

Aeschbach-Quartier Aarau "AQA" 3. Property portfolio & pipeline – site development

2017 2018 2019 2020 2021 2022 2023

SITE AREA 55,000 m2 (incl. park)

USE

1,100 workplaces, 92 condos, 180 rentals, retail, catering, commercial

INVESTMENT approx. CHF 170 m (excl. GastroSocial)

LOCATION

Central, next to Aarau main station

Lausanne Rasude (La Poste) 3. Property portfolio & pipeline – site development

SITE AREA 19,000 m2 (12,000 m2 Mobimo)

USE

Office, hotel, apartments (condo/rentals, retail, catering (joint project with SBB)

INVESTMENT approx. CHF 200 m

LOCATION Lausanne train station

2017 2018 2019 2020 2021 2022 2023

Lausanne "Flon Vision 2025" 3. Property portfolio & pipeline – site development

2017 2018 2019 2020 2021 2022 2023

SITE AREA 55,000 m2

USE

Further development of the Flon district

INVESTMENT approx. CHF 200 m

LOCATION

Central, in immediate vicinity of the underground station

Lucerne Süd Mattenhof 3. Property portfolio & pipeline – site development

2017 2018 2019 2020 2021 2022 2023

SITE AREA 25,000 m2

USE

Office, apartments, hotel, retail, catering, commercial

INVESTMENT approx. CHF 260 m

LOCATION

Directly next to Mattenhof train station and in immediate vicinity of the motorway access road

Biel Agglolac 3. Property portfolio & pipeline – site development

2017 2018 2019 2020 2021 2022 2023

GROSS FLOOR SPACE approx. 110,000 m2

USE

Development of a new city district with residential, work, catering, hotel, retail and commercial use

INVESTMENT approx. CHF 350 m

LOCATION

In immediate vicinity of the lake and near the train station

Rheinmetall Zurich 3. Property portfolio & pipeline – site development

SITE AREA 53,000 m2

USE

Residential, office, commercial, catering, events

INVESTMENT approx. CHF 500 m

LOCATION

In immediate vicinity of Oerlikon train station

2017 2018 2019 2020 2021 2022 2023

Focus 2015 4. Outlook & summary

Strategy ●
Accelerate
the
expansion
of
the
Investments for
Third Parties
business
area
Operating
business		 ●
Increase
in rental
income
●
Reduce
in vacancy
rates
●
Rigid cost
control
and
risk
management
Property
portfolio		 ●
Secure realisation
of
different building
projects
●
Continuous
quality
optimisation
of
the
portfolio

Annex

Address Fair value
31.12.14
in TCHF		 Use
Zurich,
Mobimo
Tower
Hotel
Turbinenstrasse
20		 132,190 Hotel
Lausanne, Horizon
4-6
Avenue d'Ouchy
4-6		 132,900 Commercial
property
Affoltern
a. A., Obstgartenstr.
9/Alte Obstfelderstr. 27/29, 31-
35		 92,530 Rental and
retirement
apartments/home
Zurich, Am Pfingstweidpark
(Baufeld C)		 92,240 Rental apartments
and
commercial/retail
Address Fair value
31.12.14
in TCHF		 Use
Zurich, Friesenbergstrasse
75/Im Tiergarten
7		 91,310 Commercial
property
Lausanne, Ilot
du Centre
Rue
Beau Séjour
8		 82,180 Rental apartments
Kreuzlingen, Ziil
Center
Leubernstrasse
3		 65,868 Commercial
property
Lausanne, Les Mercier
Voie
du Chariot
4-7		 61,580 Commercial
property
Address Fair value
31.12.14
in TCHF		 Use
Zurich,
Hochhaus
Hardturmstrasse
3		 58,250 Commercial
property
Horgen, Holzbach
Seestrasse
43-69		 56,340 Rental apartments
Zurich,
Secret
Garden
Manessestrasse
190/192		 52,940 Rental apartments
Zurich, Oh!mega
Katzenbachstrasse
221-231		 51,870 Rental apartments
Address Fair
value
31.12.14
in TCHF		 Use
Zurich, Apollo
Stauffacherstrasse
41		 48,890 Commercial
property
Lausanne, Les Pépinières,
Rue
des Cotes-de-Montbenon
20-24		 40,130 Commercial
property
Lausanne, Rue de Genève
7		 31,100 Rental apartments,
commercial

The five biggest tenants Annex

● The five biggest tenants generate 21.4% of the rental income

Profitable and fast-growing portfolio Annex

  • Portfolio of investment properties went up due to acquisitions and developments in the project pipeline
  • Targeted development of residential and commercial properties for the company's own portfolio
  • Quality of the portfolio is being further optimised with newly built investment properties
  • Share of investment properties rises to 77% of the overall portfolio

Your contact persons

Christoph Caviezel CEO

  • Dr. iur., Attorney at Law
  • Chairman of the Executive Board
  • CEO of the Mobimo Group since October 2008
  • Direct Manager of the Purchase and Divestment division
  • Spent several successful years as CEO and member of the Board of Directors of a listed Swiss real estate company

[email protected] [email protected]

[email protected], Tel. 044 397 11 86

Manuel Itten CFO

  • Business Administration FH
  • Member of the Executive Board
  • Joined Mobimo in 2004, working as CFO since 2009
  • Head of Controlling until February 2009
  • Long standing experience in the real estate market

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