Interim / Quarterly Report • Aug 7, 2014
Interim / Quarterly Report
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| First half of 2014 | 3 |
|---|---|
| Letter to shareholders | 3 |
| Selected events from the first half of the year | 5 |
| Report on the first half of 2014 | 6 |
| About Mobimo | 9 |
| The company | 10 |
| Strategy | 11 |
| Group structure | 12 |
| Milestones | 13 |
| Financial report | 17 |
| Consolidated interim financial statements • Consolidated income statement • Consolidated statement of comprehensive income • Consolidated balance sheet • Consolidated cash flow statement • Consolidated statement of changes in equity • Notes to the consolidated interim financial statements Property portfolio details • Trading property details • Commercial property details |
18 18 19 20 22 23 24 38 38 40 |
| • Residential property details • Details of investment properties under construction • Owner-occupied property details • Co-ownership details |
48 50 50 50 |
| Auditor's review report | 52 |
| EPRA key performance measures | 54 |
| Share and bond information | 56 |
| Addresses | 58 |
| 30.06.2014 | 31.12.2013 | ||
|---|---|---|---|
| Commercial investment properties | CHF million | 1,409.6 | 1,167.0 |
| Residential investment properties | CHF million | 520.1 | 410.7 |
| Commercial development properties | CHF million | 234.6 | 383.3 |
| Residential development properties | CHF million | 373.3 | 410.9 |
| Total properties | CHF million | 2,537.7 | 2,371.9 |
| Investment property vacancy rate | 5.8% | 3.9% | |
| Income from rental of investment properties | CHF million | 50.5 | 94.2 |
| Gross yield from investment properties | 5.6% | 5.7% | |
| Net yield from investment properties | 4.5% | 4.6% |
⁵ Other use mainly comprises car parks and ancillary uses
⁶ Breakdown of fair values/carrying amounts of properties by economic area (overall portfolio)
¹ Including owner-occupied properties in Aarau, Küsnacht and Lausanne
² Including commercial property under construction (investment properties under construction) Horgen, Seestrasse (Grob site) as own-portfolio development
³ Including residential properties under construction (investment properties under construction) Lausanne, Rue Voltaire; Regensdorf,
Schulstrasse/Riedthofstrasse/Feldblumenstrasse and Zurich, Letzigraben as own-portfolio developments
⁴ Breakdown of target rental income by type of use (overall portfolio without trading properties)
| Mobimo financial figures | 30.06.2014 | 30.06.2013 | |
|---|---|---|---|
| Net rental income | CHF million | 42.4 | 39.8 |
| Net income from revaluation1 | CHF million | 7.2 | 23.6 |
| Profit on sale of trading properties and services | CHF million | −0.3 | 5.7 |
| Operating result (EBIT) | CHF million | 38.8 | 59.4 |
| Profit | CHF million | 20.1 | 41.4 |
| Profit (attributable to the shareholders of Mobimo Holding AG) | CHF million | 19.7 | 41.4 |
| Return on equity2 | 3.3% | 7.1% | |
| Profit (attributable to the shareholders of Mobimo Holding AG) not including revaluation |
CHF million | 14.6 | 23.6 |
| Return on equity not including revaluation3 | 2.4% | 4.0% | |
| 30.06.2014 | 31.12.2013 | ||
| Ø Discount rate for revaluation | 4.42% | 4.46% | |
| Ø Rate of interest on financial liabilities | 2.6% | 2.7% | |
| Ø Residual maturity of financial liabilities | Years | 8.1 | 7.7 |
| Equity ratio | 44% | 46% | |
| Net gearing4 | 99% | 84% | |
| Headcount | |||
| Ø Headcount (full-time basis) | 100.3 | 90.1 | |
| Mobimo share figures | 30.06.2014 | 30.06.2013 | |
| No. of shares outstanding5 | 6,214 983 | 6,212 330 | |
| Earnings per share | CHF | 3.17 | 6.66 |
| Earnings per share including operating revaluation, | CHF | 3.17 | 4.14 |
| not including market-driven revaluation1 Earnings per share not including revaluation |
CHF | 2.36 | 3.81 |
| Distribution6 | CHF | 9.50 | 9.00 |
| Nominal value per share | CHF | 29.00 | 29.00 |
| NAV per outstanding share after options7 | CHF | 191.03 | 193.51 |
| Share price as at 30 June | CHF | 188.00 | 192.20 |
| Share capital | CHF million | 180.3 | 180.2 |
| Market capitalisation as at 30 June | CHF million | 1,168.7 | 1,194.4 |
| Equity as at 30 June | CHF million | 1,191.4 | 1,196.3 |
¹ CHF 7.2 million of the positive revaluation income is based on operating performance. Of this figure, CHF 4.6 million was generated from investment properties under construction, while CHF 2.6 million stems primarily from successful lettings. In addition, CHF 0.03 million comes from market-related adjustments
² Profit in relation to average equity (equity at 1 January plus capital increases/reductions) for the period under review
³ Profit not including revaluation (and attributable deferred tax) in relation to average equity (equity at 1 January plus capital increase/reduction) for the period under review
⁴ Net financial liabilities in relation to equity
⁵ No. of shares issued 6,216,606 less treasury shares 1,623 = no. of outstanding shares 6,214,983
⁶ Distribution of paid-in capital for the 2013 financial year of CHF 9.50 per share in accordance with the resolution passed at the Annual General Meeting of 25 March 2014. Some CHF 270 million was available for distribution of paid-in capital as at 31 December 2013, CHF 59.0 million of which was distributed. This means that approximately CHF 211 million was still available as at 30 June 2014
⁷ Assuming all options granted are exercised. As at 30 June 2013, the effect of the conversion of the convertible bond that was outstanding was also taken into account
Christoph Caviezel, CEO Georges Theiler, Chairman of the Board of Directors
Mobimo reported half-year results that were in line with its expectations. Our solid revenue pillar, rental income, rose sharply. Income from revaluation and gains from the sale of trading properties, in contrast, were lower than in the prioryear period. We expect the planned profit from sales and project development to materialise in the second half of the year. Mobimo expects to reach its targets for full-year 2014 and be able to continue the attractive distribution policy for our shareholders.
The approval of the anti-immigration initiative, the current and announced regulatory measures on the part of the Federal Council, FINMA and the National Bank, and the growing number of critical media reports about the real estate market have led to uncertainty among market participants. While the actual implications for a market that was already cooling remain as yet unclear, people's desire for residential property continues unabated, not least due to the low financing costs available today. In this respect Mobimo is very well positioned in the mid-price segment, offering modern products in central locations, and is pleased with the ongoing high level of interest in them. For example, the 244 apartments in the condominium developments in Horgen (Wisental II), Adliswil and in Pfingstweidpark Zurich were completed and sold. The sales process once again involves more time and consulting expenses, however. While patience is required as regards the absorption rate in the luxury segment, demand for rental apartments continues to rise, including at the higher end of the market. The sideways trend in the market for office and commercial space continues unchanged, with retail in particular still feeling the effects of fierce competition. Transaction prices for investment properties remain attractive, however, with many market participants generating high demand. Thanks to its diversified and flexible approach, Mobimo is well positioned with its strategy in this environment.
Rental income rose by 8% in the first half of 2014, exceeding the CHF 50 million mark for the first time. This trend is set to continue thanks to the rental properties that transferred ownership in the first half of the year. The value of investment properties reached CHF 1,930 million as at the end of the period under review, which corresponds to 76% of the overall portfolio of CHF 2,538 million. In addition to the completion of buildings for our own use, we added a major, fully let office complex in Friesenbergstrasse to our portfolio in the first quarter. In this building, we will continue to accumulate experience of facility management services, with these services being offered under the Mobimo name within the framework of a joint venture.
In addition, two small properties were sold. Not long after the end of the reporting period, we concluded a long-term rental contract with Nespresso® for a large part of the newly renovated Horizon office building near Lausanne's railway station.
We handed over both the Pépinières multi-functional building in Lausanne and the retirement home and residential development next to the railway station in Affoltern am Albis (Canton of Zurich) to tenants in the first half of the year. The Station 595 project in Badenerstrasse in Zurich – an office building that is being converted into condominium apartments and studios – and the Collina residential development in Zurich-Witikon will be completed in autumn. Construction began on the Letzihof residential development in Zurich at the beginning of the year. Considerable progress was made on the Sonnenhof residential development in Regensdorf (Canton of Zurich) in the first six months of 2014. Further projects are due to start in Aarau and Lucerne in the second half of the year, while preparations (demolition, contaminated site remediation) have begun for the realisation of the major residential property project on the Labitzke site in 2016/2017.
The low income from the sale of trading properties and services (CHF 9.4 million compared to CHF 43.0 million in the prior-year period) led to a neutral result in this area in the first half of 2014. A considerable number of transfers of ownership will take place on schedule in the second half of the year. As expected, the exceptionally strong prior-year result will not be repeated in 2014. As at 30 June 2014, notarised purchase agreements for condominiums totalled CHF 105 million. The Investments for Third Parties business area will also make a major contribution to results in the second half of the year.
Following the departure of the former Head of Portfolio Management, Peter Grossenbacher, the Board of Directors and Executive Board decided to merge Portfolio Management and Investments for Third Parties under the new heading of Real Estate. Thomas Stauber, who has been a member of the Mobimo Executive Board since November 2011 and is responsible for the successful establishment of the Investment for Third Parties business area, took over as head of the new unit with effect from 1 July 2014.
The headcount increased by 10 FTEs to some 100 in the first half of 2014. This was due to the company's general growth and to the progress made by projects in the pipeline.
The Annual General Meeting confirmed the appointment of Georges Theiler as Chairman of the Board of Directors, while paying tribute to and bidding farewell to his predecessor Urs Ledermann. Mobimo also took the opportunity to rigorously implement all the new provisions on the remuneration of management and the Board of Directors at an early stage. An increased dividend, up from CHF 9.00 to CHF 9.50, was distributed for the first time.
The capital market has a lot of confidence in Mobimo. In the first half of 2014, a further fixed-rate bond with a coupon of 1.625% was successfully placed. The bond runs for a sevenyear term. The 2010-14 convertible bond was repaid as at 30 June 2014. The Group remains extremely solidly financed over the long term at good conditions. Mobimo's equity ratio as at the end of the reporting period was 44%. Adjusted for the payment of the CHF 9.50 dividend, our share gained 6% in the first half of 2014.
Mobimo will profit from its flexibility and lean organisation in an increasingly regulated environment. Our focus on central locations will also have a positive effect. The rising share of investment properties in our portfolio also provides us with the required growth in rental income. As a result, the Board of Directors and Executive Board continue to believe that the outlook for the Group's future is very positive.
Thank you for the trust you have placed in us.
Chairman of the CEO Board of Directors
Georges Theiler Christoph Caviezel
Between 2011 and 2014, the OVA business and residential hub has been developed on the site of the former fruit processing plant in Affoltern am Albis. The scheme has been designed specifically with a view to achieving ideal integration into the local environment. For example, Yves Netzhammer's art installation "Die Sprache spielt Zeit oder Fabelhaft war der Apfelsaft" [Language From Another Time or Scrumptious Was the Apple Juice] pays tribute to the site's apple-based history.
In addition to cultural aspects, the development also integrates the sustainable use of resources. All apartments are Minergie-certified, and the 2000-Watt Society's aims with regard to the appropriate and sustainable use of resources can be achieved without compromising residents' quality of life at all. Finally, the site's location near the railway station rounds off its strong sustainability profile.
A total of 25,000m² has been made available for industrial and service companies together with Hess Investment AG. Mobimo has also invested in assisted living facilities for the elderly and a retirement home, both operated by Senevita AG. Space has also been found on the former OVA site for 42 rental apartments. This colourful mix of occupants and service providers, combined with numerous areas of shared green space, are helping make OVA a vibrant, flourishing quarter.
Mobimo Suisse Romande is continuing with the development of the Flon district in the heart of Lausanne. The trendy quarter offers its many visitors a wide range of businesses, services, leisure and cultural opportunities.
June 2014 saw the opening of a new building complex in the district. The complex comprises three buildings that together form Pépinières (which in English means a nursery), with a combined area of some 7,600m². The main building is dominated by the imposing façade, which at night is illuminated by energy-saving LEDs. The amorphous structures are based on the plant world and create a fitting link to the verdant roof garden. This oasis of tranquillity is open to the public and serves as a quiet haven away from the otherwise lively atmosphere of the newly opened Pépinières complex.
The three buildings house a disco, a ten-lane bowling alley, a bar and three restaurants, all providing access to the 180m² wooden terrace that looks out over the Esplanade du Flon. Other parts of Pépinières are occupied by the Conservatoire de la Haute École de Musique (HEMU Jazz), with some 1,800m² of classroom and rehearsal space. The complex is also home to the BCV Concert Hall, a multi-functional auditorium with over 250 seats that will host music concerts.
Mobimo performed as planned in the first half of 2014. There was a significant increase in rental income, the investment portfolio was expanded further and the basis for further growth in rental income was reinforced. Income from the sale of trading properties and services was markedly down on the prior-year period due to few transfers of ownership in the first half of 2014. The start of the transfer of ownership for condominiums sold is scheduled for the second half of the year, following completion of the construction of the Zurich, Badenerstrasse, and Zurich, im Brächli, projects. As expected, the gain from revaluation was lower in the first half of 2014 following the positive effects of the first-time application of IFRS 13 in the prior-year period. These value gains stemmed mainly from properties under construction and residential properties.
Profit of CHF 20.1 million (first half of 2013: CHF 41.4 million) was generated in the first half of 2014 with a lower gain from revaluation and trading properties than in the previous year. The profit attributable to the shareholders of Mobimo Holding AG (excluding non-controlling interests) totalled CHF 19.7 million (first half of 2013: CHF 41.4 million), or CHF 14.3 million (first half of 2013: CHF 23.6 million) without the gain from revaluation. Not including revaluation, earnings before tax totalled CHF 16.4 million (first half of 2013: CHF 27.6 million). The reported tax rate is lower than in the prior year due mainly to the significantly lower property gains tax in the period under review and income tax for previous years that was lower than expected in some places. The financial result was negatively impacted by an expense of CHF 1.1 million (first half of 2013: gain of CHF 3.4 million) arising from swaps that did not qualify as cash flow hedges due to a further substantial decline in interest rates in the first half of 2014.
In the first half of 2014, Mobimo reported EBITDA of CHF 39.6 million (first half of 2013: CHF 60.2 million) and EBIT of CHF 38.8 million (first half of 2013: CHF 59.4 million). EBITDA not including revaluation totalled CHF 32.4 million (first half of 2013: CHF 36.5 million), and EBIT not including revaluation was CHF 31.5 million (first half of 2013: CHF 35.8 million).
Due to growth in the portfolio and good capacity utilisation in development activities, various teams and departments in the Küsnacht and Lausanne locations were further strengthened in targeted fashion. This resulted in an increase in the average number of FTEs to 100.3 (first half of 2013: 87.4).
In the first half of 2014, Mobimo generated earnings per share of CHF 3.17 (first half of 2013: CHF 6.66) for the shareholders of Mobimo Holding AG. Not including revaluation, earnings per share were CHF 2.36 (first half of 2013: CHF 3.81). Diluted earnings per share reached CHF 3.17 (first half of 2013: CHF 6.25) or, not including revaluation, earnings per share of CHF 2.35 (first half of 2013: CHF 3.73).
The number of shares issued increased to 6, 216, 606 in the first half of 2014 (31 December 2013: 6,214,478) as a result of options exercised.
Net asset value (NAV) per share stood at CHF 191.07 as at 30 June 2014 (31 December 2013: 199.21) after distribution of the dividend of CHF 9.50, and the diluted NAV per share was CHF 191.03 (31 December 2013: CHF 200.01). The Mobimo share price closed at CHF 188.00 on 30 June 2014, which was slightly below the NAV and diluted NAV.
With an equity ratio of 44% as at the reporting date (31 December 2013: 46%), Mobimo continues to have a solid capital base. The average residual term of financial liabilities as at 30 June 2014 was 8.1 years (31 December 2013: 7.7 years), and therefore still in the long-term range. The average interest rate for financial liabilities was reduced further and averaged 2.62% during the first half of 2014, compared with 2.72% as at 31 December 2013. As at the reporting date 30 June 2014, the average interest rate was 2.42%. Mobimo will continue to use the attractive interest rate environment to lock in low interest rates for the long term.
A new CHF 200 million bond with a seven-year term and a coupon of 1.625% was issued on 19 May 2014, and the convertible bond maturing on 30 June 2014 was repaid. During the term of the convertible bond, a total of CHF 6.35 million was converted into 30, 500 shares.
The value of the overall portfolio increased to CHF 2 ,538 million as at the end of the first half of the year (31 December 2013: CHF 2, 372 million). The portfolio of investment properties went up by CHF 135 million due to acquisitions and developments in the project pipeline. In the same period, the portfolio of trading properties increased by CHF 31 million, largely due to construction progress.
Revaluation resulted in net income of CHF 7.2 million (first half of 2013: CHF 23.6 million). The prior-year gain contained a positive effect of CHF 13.5 million from the first-time application of IFRS 13. A slightly lower average discount rate of 4.42% (first half of 2013: 4.53%) was applied to real estate valuations as at 30 June 2014.
In the first half of 2014, income from rental properties totalled CHF 50.9 million (first half of 2013: CHF 47.1 million). Based on implementation of the strategy involving step-by-step expansion of the portfolio, this corresponds to a year-on-year increase of 8%. The rise in rental income is mainly the result of the addition of rental income from the following properties under construction that were completed at the end of the prior year or by the end of the first half of 2014:
The net rental income of CHF 42.4 million (first half of 2013: CHF 39.8 million) was 7% above the prior-year level, with a cost/income ratio of 17% (first half of 2013: 16%). The net yield generated on investment properties in the year under review was 4.5% (31 December 2013: 4.6%). As at 30 June 2014 the vacancy rate was 5.8%, which as expected was above the prior year's level of 3.9%. On a like-for-like basis, the vacancy rate declined in the period under review by 0.1 percentage points to a very low 3.8% as at 30 June 2014. The 2.0 percentage point increase to 5.8% as at the reporting date resulted from the addition of completed properties with a number of units still to let.
No new projects involving condominiums were put onto the market and prepared for the transfer of ownership in the first half of 2014. In contrast to the prior-year period, income from the sale of trading properties and services totalling CHF 9.4 million (first half of 2013: CHF 43.0 million) stemmed exclusively from the transfer of ownership of condominium units from existing properties. There were likewise no transfers of ownership in the services for third parties area in the first half of 2014.
This resulted in a reduction in income from the sale of trading properties and services to CHF –0.3 million (first half of 2013: CHF 5.7 million). This slightly negative result resulted from the sales and marketing costs incurred in the period during which projects were under construction that had not yet reached the revenue-producing phase upon transfer of ownership.
The completion of construction and start of transfer of ow nership for the following trading projects are scheduled for the second half of the year:
The sale of a project as a service for third parties is also scheduled for the second half of the year.
Four residential properties were sold in the first half of 2014. As at 30 June 2014, notarised sales agreements with a value of around CHF 105 million had been concluded for condominiums, which will generate proceeds when ownership of the residential properties is transferred. The construction of all condominium projects is on schedule, and demand is intact.
The targeted development of residential and commercial properties is driving Mobimo's growth, and the quality of the portfolio is being further optimised with the newly built investment properties. As at 30 June 2014, the following properties from the project pipeline for the company's own portfolio were either under construction or at the completion stage:
The investment volume of the properties under construction totals around CHF 210 million. Furthermore, the following projects for the company's own investment portfolio with a total investment volume of CHF 710 million are being planned:
Properties under construction and being planned for the company's own investment portfolio will together create potential rental income of around CHF 50 million a year.
As at 30 June 2014, the project portfolio included the following two projects in the new Investments for Third Parties business area:
On these two sites, a residential construction project and a residential and commercial property will be realised in conjunction with third-party investors.
Manuel Itten CFO
Investment property Rental and retirement apartments, retirement centre
Affoltern am Albis, "Obstgarten" OVA site
Mobimo Holding AG was established in Lucerne in 1999 and has been listed on the SIX Swiss Exchange since 2005. Today, Mobimo is one of the leading real estate companies in Switzerland. Following the merger with LO Holding Lausanne-Ouchy SA at the end of 2009, it now ranks as one of the biggest market players in both German-speaking and French-speaking Switzerland.
With a solid financing base and equity of not less than 40% of total assets, Mobimo plans, builds and maintains yield-oriented investment properties and realises development properties offering attractive potential gains.
Based on its three core competencies – buying/selling, development and portfolio management – Mobimo has successfully built up a premium investment portfolio comprising commercial, industrial and residential properties that generate broad-based rental income with steady returns. A well-stocked project pipeline provides a steady supply of new investment properties to be held in the portfolio or sold to third-party investors, along with attractive condominium apartments which, when sold, will generate capital gains.
As at 30 June 2014, the real estate portfolio comprised 126 properties with a value of approximately CHF 2,538 million, which breaks down into CHF 1,930 million for investment properties and CHF 608 million for development properties. The portfolio mix is optimised on an ongoing basis, and the residential component is gradually being increased through the planning and construction of investment properties for the company's own property portfolio.
Around three-quarters of the property portfolio is invested in investment properties, which are broadly diversified in terms of both location and use. The rentable area of 550,000m² generated potential rental income of some CHF 118 million p.a. as at 30 June 2014. This means that a high proportion of revenues is stable and predictable. The company's own portfolio management team ensures close proximity to the market, and this enables Mobimo to react swiftly to any changes in the market.
Mobimo is currently planning and realising investment properties (CHF 920 million) and condominium properties (CHF 410 million) with a total investment volume of around CHF 1,330 million.
In addition to these developments, Mobimo also offers development services for third parties up to and including turn-key real estate investments for institutional and private investors. Area, site and project developments are turned into reality in a way which meets the needs of the market and is sustainable. Cooperation with partners takes a number of different forms and is structured in line with requirements and depending on the stage reached.
Mobimo has consistently generated a high dividend. Since the initial public offering in 2005, CHF 9.00 has been paid out to Mobimo shareholders each year in the form of a withholding tax-exempt nominal value repayment or capital repayment. The distribution was increased to CHF 9.50 for the 2013 financial year. The average annual dividend yield (nominal value repayment or capital repayment as a proportion of the corresponding year-end share price) over the past five years has been around 4.7%.
Mobimo's business model sets it apart from its competitors.
Mobimo strives to grow its real estate portfolio on a stepby-step basis. 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 or 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. We see 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.
Over the medium term, residential use, office use and other commercial uses each account for approximately 30% of the investment portfolio.
The real estate portfolio is optimised and adjusted on an ongoing basis. Value is rigorously maintained and increased by cultivating relationships with lessees, ensuring a high level of rental occupancy, optimising costs and implementing effective marketing strategies.
Real estate development focuses on the following areas:
Quality of life is reflected in the design of our living, leisure and working spaces. In addition to economic considerations, Mobimo also incorporates environmental and sociocultural factors into its activities. This creates added value for the users of Mobimo properties and for shareholders.
Mobimo can borrow on both a short and long-term basis. Equity should represent at least 40% of total assets.
The Mobimo share regularly generates high dividends. It is characterised by steady value growth and an attractive payout ratio.
| Mobimo Holding AG | |||
|---|---|---|---|
| Share capital: CHF 180.3 million Wilhelm Hansen, Paul Rambert, Peter Schaub Statutory auditor: KPMG AG |
BoD: Georges Theiler, Daniel Crausaz, Brian Fischer, Bernard Guillelmon, Executive Board: Christoph Caviezel, Manuel Itten, Andreas Hämmerli, Thomas Stauber |
||
| Mobimo Management AG | |||
| Share capital: CHF 0.1 million Holding: 100% |
JJM Participations SA | LO Holding Lausanne-Ouchy SA |
Immobilien Invest Holding AG |
| Share capital: CHF 6 million Holding: 100% |
Share capital: CHF 12 million Holding: 100% |
Share capital: CHF 0.15 million Holding: 75% |
|
| Mobimo AG | LO Immeubles SA | Petit Mont-Riond SA | |
| Share capital: CHF 72 million Holding: 100% |
Share capital: CHF 2 million Holding: 100% |
Share capital: CHF 0.05 million Holding: 75% |
|
| FM Service & Dienstleistungs AG¹ |
O4Real AG | ||
| Share capital: CHF 0.1 million Holding: 50% |
Share capital: CHF 1 million Holding: 100% |
||
| Parking du Centre SA | |||
| Share capital: CHF 6 million Holding: 50% |
|||
Share capital: CHF 2 million Holding: 40%
On 15 October 1997, Alfred Meili, together with private banker Karl Reichmuth and other investors, founds Mobimo AG, with its registered office in Lucerne. The company's share capital is CHF 36 million, on top of which another CHF 36 million is provided in the form of shareholder loans.
Mobimo Holding AG, Lucerne, is founded on 27 December 1999. Its share capital is CHF 73 million.
Under a private placement in October 2000, Mobimo Holding AG's share capital is increased to CHF 181 million.
On 23 June 2005, Mobimo Holding AG is listed on the SIX Swiss Exchange. The issue volume is CHF 112 million.
On 8 June 2006, Mobimo conducts a capital increase of CHF 143 million. At the end of June 2006, its share capital stands at CHF 225 million and its shareholders' equity at CHF 596 million.
A further capital increase of CHF 149 million takes place on 4 June 2007. As at 30 June 2007, Mobimo's shareholders' equity is CHF 757 million.
The newly formed Board of Directors, headed by Chairman Urs Ledermann, and the Executive Board, headed by CEO Christoph Caviezel, review the company's strategy and direction.
Mobimo Holding AG's exchange offer for LO Holding Lausanne-Ouchy SA is successfully completed on 9 November 2009. The share capital is increased by CHF 27 million in order to carry out the conversion
In June 2014, Mobimo Holding AG successfully completes a CHF 175 million convertible bond issue maturing on 30 June 2014.
A further capital increase of approximately CHF 193 million is conducted on 6 December 2011. Mobimo Holding AG issues 1,028,350 new registered shares, which are traded on the SIX Swiss Exchange for the first time on 7 December 2011.
Georges Theiler, a long-standing member of the Board of Directors, is appointed successor to Urs Ledermann and assumes the role of Chairman of Mobimo Holding AG in September.
On 29 October 2013, Mobimo Holding AG issues a CHF 165 million fixed-rate bond with a coupon of 1.5% and a fiveyear term.
On 19 May 2014, Mobimo Holding AG issues a CHF 200 million fixed-rate bond with a coupon of 1.625% and a sevenyear term.
| All amounts in TCHF Note |
First half of 2014 | First half of 2013 |
|---|---|---|
| Income from rental of properties 5 |
50,882 | 47,125 |
| Income from sale of trading properties and services 6 |
9,446 | 42,954 |
| Other income | 269 | 292 |
| Revenue | 60,597 | 90,370 |
| Gains from revaluation of investment properties 13 |
17,627 | 35,059 |
| Losses on revaluation of investment properties 13 |
–10,385 | –11,418 |
| Net income from revaluation | 7,242 | 23,642 |
| Profit on sale of investment properties 13 |
2,296 | 1,954 |
| Direct expenses for rented properties 5 |
–8,484 | –7,353 |
| Direct expenses from sale of trading properties and services 6 |
–9,700 | –37,221 |
| Direct operating expenses | –18,184 | –44,574 |
| Capitalised own-account services | 3,250 | 3,430 |
| Personnel expenses | –10,313 | –9,573 |
| Operating expenses | –4,110 | –3,724 |
| Administrative expenses | –1,159 | –1,353 |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 39,620 | 60,172 |
| Depreciation and amortisation | –861 | –724 |
| Earnings before interest and tax (EBIT) | 38,758 | 59,448 |
| Share of profit of equity-accounted investees | 808 | 852 |
| Financial income | 205 | 3,554 |
| Financial expense | –16,132 | –12,573 |
| Financial result 7 |
–15,926 | –9,019 |
| Earnings before tax (EBT) | 23,640 | 51,281 |
| Tax expense 8 |
–3,527 | –9,929 |
| Profit | 20,113 | 41,352 |
| Of which attributable to the shareholders of Mobimo Holding AG | 19,703 | 41,362 |
| Of which attributable to non-controlling interests | 410 | –10 |
| EBITDA not including revaluation | 32,378 | 36,530 |
| Operating result (EBIT) not including revaluation | 31,516 | 35,806 |
| Earnings before tax (EBT) not including revaluation | 16,398 | 27,639 |
| Earnings per share in CHF 9 |
3.17 | 6.66 |
| Diluted earnings per share in CHF 9 |
3.17 | 6.25 |
| All amounts in TCHF Note |
First half of 2014 | First half of 2013 |
|---|---|---|
| Profit | 20,113 | 41,352 |
| Items that may be reclassified subsequently to income statement | ||
| – Loss/gain on financial instruments for hedge accounting 14/15 |
–10,699 | 13,410 |
| – Transfer to income statement | –28 | –27 |
| – Tax effects | 2,384 | –3,047 |
| Items that will not be reclassified to income statement | ||
| – Remeasurement of the employee benefit obligation 10 |
–1,736 | 956 |
| – Tax effects | 339 | –181 |
| Other comprehensive income/loss | –9,741 | 11,111 |
| Of which attributable to the shareholders of Mobimo Holding AG | –9,741 | 11,111 |
| Of which attributable to non-controlling interests | 0 | 0 |
| Total comprehensive income | 10,372 | 52,463 |
| Of which attributable to the shareholders of Mobimo Holding AG | 9,962 | 52,474 |
| Of which attributable to non-controlling interests | 410 | –10 |
CONSOLIDATED BALANCE SHEET
| All amounts in TCHF Note |
30.06.2014 | 31.12.2013 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash | 85,069 | 203,458 |
| Trade receivables | 7,143 | 3,851 |
| Other receivables 11 |
34,821 | 88,442 |
| Trading properties 12 |
283,580 | 252,553 |
| Accrued income and prepaid expenses | 4,675 | 3,438 |
| Total current assets | 415,289 | 551,741 |
| Non-current assets | ||
| Investment properties | ||
| – Commercial properties 13 |
1,393,164 | 1,150,158 |
| – Residential properties 13 |
520,140 | 410,747 |
| – Development properties 13 |
204,233 | 214,130 |
| – Investment properties under construction 13 |
120,070 | 327,500 |
| Property, plant and equipment | ||
| – Owner-occupied properties | 16,469 | 16,797 |
| – Other property, plant and equipment | 1,718 | 1,421 |
| Intangible assets | 5,242 | 4,884 |
| Investments in associates 17 |
23,402 | 23,145 |
| Financial assets | 1,870 | 1,910 |
| Derivative financial instruments 14/15 |
0 | 3,466 |
| Deferred tax assets | 3,288 | 2,566 |
| Total non-current assets | 2,289,595 | 2,156,724 |
| Total assets | 2,704,884 | 2,708,466 |
| All amounts in TCHF Note |
30.06.2014 | 31.12.2013 |
|---|---|---|
| Equity and liabilities | ||
| Liabilities | ||
| Current liabilities | ||
| Current financial liabilities 14 |
129,075 | 286,612 |
| Trade payables | 16,743 | 12,563 |
| Current tax liabilities | 41,992 | 41,420 |
| Derivative financial instruments 14/15 |
34 | 413 |
| Other payables | 1,035 | 2,183 |
| Advance payments from buyers | 20,603 | 16,468 |
| Accrued expenses and deferred income | 12,853 | 13,995 |
| Total current liabilities | 222,335 | 373,655 |
| Non-current liabilities | ||
| Non-current financial liabilities 14 |
1,141,046 | 954,508 |
| Employee benefit obligation 10 |
3,502 | 1,677 |
| Derivative financial instruments 14/15 |
17,645 | 8,927 |
| Deferred tax liabilities | 128,956 | 128,631 |
| Total non-current liabilities | 1,291,148 | 1,093,742 |
| Total liabilities | 1,513,484 | 1,467,397 |
| Equity 16 |
||
| Share capital | 180,282 | 180,220 |
| Treasury shares | –315 | –470 |
| Capital reserves | 328,615 | 387,754 |
| Retained earnings | 678,918 | 670,074 |
| Total equity attributable to the shareholders of Mobimo Holding AG | 1,187,499 | 1,237,577 |
| Non-controlling interests | 3,901 | 3,492 |
| Total equity | 1,191,401 | 1,241,069 |
| Total equity and liabilities | 2,704,884 | 2,708,466 |
| All amounts in TCHF Note |
First half of 2014 | First half of 2013 | |
|---|---|---|---|
| Earnings before tax | 23,640 | 51,281 | |
| Net gains from revaluation of investment properties | 13 | –7,242 | –23,642 |
| Share-based payments | 669 | 431 | |
| Depreciation on property, plant and equipment and amortisation of lease incentives | 1,125 | 1,012 | |
| Amortisation of intangible assets | 154 | 107 | |
| Profit on disposal of investment properties | 13 | –2,296 | –1,954 |
| Share of profit of associates | –808 | –852 | |
| Financial result | 15,926 | 9,019 | |
| Changes | |||
| Trade receivables | –3,293 | –3,093 | |
| Trading properties | –30,055 | –1,171 | |
| Other receivables and accrued income and prepaid expenses | 11 | 54,970 | –2,830 |
| Employee benefit obligation | 88 | 62 | |
| Trade payables | 1,292 | 2,311 | |
| Advance payments from buyers | 4,135 | 4,851 | |
| Other liabilities and accrued expenses and deferred income | –2,462 | –905 | |
| Income tax paid | –3,277 | –2,653 | |
| Net cash from operating activities | 52,565 | 31,975 | |
| Investment in joint venture | 17 | –50 | 0 |
| Acquisition of investment properties | –145,561 | –63,831 | |
| Acquisition of property, plant and equipment | –676 | –375 | |
| Acquisition of intangible assets | –512 | –724 | |
| Disposal of financial assets | 25 | 0 | |
| Disposal of investment properties less selling costs | 13 | 22,593 | 14,000 |
| Dividends received | 670 | 1,170 | |
| Interest received | 65 | 41 | |
| Net cash used in investing activities | –123,445 | –49,719 | |
| Proceeds from financial liabilities | 14 | 198,967 | 71,500 |
| Repayment of financial liabilities | 14 | –170,774 | –6,895 |
| Net cash from capital increases | 16 | 62 | 161 |
| Distribution of capital contribution reserves | –59,029 | –55,886 | |
| Acquisition of treasury shares | –1,742 | 0 | |
| Interest paid | –14,993 | –12,690 | |
| Net cash used in financing activities | –47,509 | –3,809 | |
| Decrease in cash | –118,389 | –21,554 | |
| Cash at beginning of reporting period | 203,458 | 97,645 | |
| Cash at end of reporting period | 85,069 | 76,091 |
| Non | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Other | Total | Equity attributable to | con | |||||||
| Note | Share | Treasury | Capital | Hedging | retained | retained | the shareholders of | trolling | Total | |
| All amounts in TCHF | capital | shares | reserves | reserve | earnings | earnings | Mobimo Holding AG | interests | equity | |
| As at 1 January 2013 | 180,058 | –1,910 | 443,656 | –10,646 | 584,493 | 573,847 | 1,195,652 | 3,466 | 1,199,118 | |
| Profit 1 January – | ||||||||||
| 30 June 2013 | 41,362 | 41,362 | 41,362 | –10 | 41,352 | |||||
| Cash flow hedges: | 14 | |||||||||
| – Change in fair value | 13,410 | 13,410 | 13,410 | 13,410 | ||||||
| – Transfer to income | ||||||||||
| statement | –27 | –27 | –27 | –27 | ||||||
| Tax effects | –3,047 | –3,047 | –3,047 | –3,047 | ||||||
| Employee benefit obligation: | ||||||||||
| – Remeasurement | 956 | 956 | 956 | 956 | ||||||
| – Tax effects | –181 | –181 | –181 | –181 | ||||||
| Other comprehensive | ||||||||||
| income/loss | 0 | 0 | 0 | 10,336 | 776 | 11,111 | 11,111 | 0 | 11,111 | |
| Total comprehensive | ||||||||||
| income | 0 | 0 | 0 | 10,336 | 42,138 | 52,474 | 52,474 | –10 | 52,463 | |
| Distribution of capital | ||||||||||
| contribution reserves | –55,886 | –55,886 | –55,886 | |||||||
| Capital increase | 161 | 161 | 161 | |||||||
| Share-based payments: | ||||||||||
| – Board of Directors and | ||||||||||
| management | 1,440 | –17 | –991 | –991 | 431 | 431 | ||||
| As at 30 June 2013 | 180,220 | –470 | 387,754 | –311 | 625,640 | 625,329 | 1,192,833 | 3,456 | 1,196,288 | |
| As at 1 January 2014 | 180,220 | –470 | 387,754 | 2,496 | 667,578 | 670,074 | 1,237,577 | 3,492 | 1,241,069 | |
| Profit 1 January – | ||||||||||
| 30 June 2014 | 19,703 | 19,703 | 19,703 | 410 | 20,113 | |||||
| Cash flow hedges: | 14 | |||||||||
| – Change in fair value | –10,699 | –10,699 | –10,699 | –10,699 | ||||||
| – Transfer to income | ||||||||||
| statement | –28 | –28 | –28 | –28 | ||||||
| Tax effects | 2,384 | 2,384 | 2,384 | 2,384 | ||||||
| Employee benefit obligation: | ||||||||||
| – Remeasurement | 10 | –1,736 | –1,736 | –1,736 | –1,736 | |||||
| – Tax effects | 339 | 339 | 339 | 339 | ||||||
| Other comprehensive | ||||||||||
| income/loss | 0 | 0 | 0 | –8,343 | –1,398 | –9,741 | –9,741 | 0 | –9,741 | |
| Total comprehensive | ||||||||||
| income | 0 | 0 | 0 | –8,343 | 18,306 | 9,962 | 9,962 | 410 | 10,372 | |
| Distribution of capital | ||||||||||
| contribution reserves | –59,029 | –59,029 | –59,029 | |||||||
| Capital increase | 62 | 62 | 62 | |||||||
| Share-based payments: | ||||||||||
| – Board of Directors and | ||||||||||
| management | 1,897 | –110 | –1,118 | –1,118 | 669 | 669 | ||||
| Acquisition of treasury shares | –1,742 | –1,742 | –1,742 |
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.
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 2014 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 2014 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 2013.
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.
In the year under review, development properties have for the first time been shown separately in the balance sheet (after having previously been included with commercial properties), and the presentation of the comparison period has been duly adjusted.
The accounting principles applied in the consolidated interim statements correspond to the Group accounting principles set out in the consolidated financial statements for 2013, with the exception of the new standards and interpretations applicable with effect from 1 January 2014.
In preparing the consolidated interim financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and contingent assets and liabilities as at the reporting date. The main estimates and assumptions used in the measurement of assets and liabilities affect the market values of investment properties, the estimate of constructions costs of trading properties and income tax. This is unchanged from the consolidated financial statements as at 31 December 2013.
With effect from 1 January 2014, Mobimo now uses the following newly applicable or amended standards and interpretations:
Amendments to IAS 32 –Changes to the rules regarding offsetting of financial assets and financial liabilities
Amendments to IAS 36 – Recoverable Amount Disclosures for Non-Financial Assets
Amendments to IAS 39 –Novations of Derivatives and Continuation of Hedge Accounting
The amendments had no effect on the interim financial statements.
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.
| Planned application | |||
|---|---|---|---|
| Entry into force | by Mobimo (financial year) | ||
| Employee Contributions | * | 1 July 2014 | 2015 financial year |
| Annual Improvements to IFRSs 2010 − 2012 Cycle | * | 1 July 2014 | 2015 financial year |
| Annual Improvements to IFRSs 2011 − 2013 Cycle | * | 1 July 2014 | 2015 financial year |
| Accounting for Acquisitions of Interests in Joint | * | 1 January 2016 | 2016 financial year |
| Operations | |||
| Clarification of Acceptable Methods of Depreciation | * | 1 January 2016 | 2016 financial year |
| and Amortisation | |||
| Revenue from Contracts with Customers | ** | 1 January 2017 | 2017 financial year |
| Financial Instruments | ** | 1 January 2018 | 2018 financial year |
* No impact or no significant impact expected on Mobimo's consolidated financial statements
** The impact on Mobimo's consolidated annual financial statements cannot yet be determined to a sufficiently reliable degree
| Portfolio | |||||
|---|---|---|---|---|---|
| All amounts in TCHF | Management | Development | Total segments | Reconciliation | Total |
| Income from rental of properties | 46,658 | 4,223 | 50,882 | 50,882 | |
| Net income from revaluation | 5,064 | 2,178 | 7,242 | 7,242 | |
| Income from sale of trading properties and services | 9,446 | 9,446 | 9,446 | ||
| Profit on disposal of investment properties | 2,034 | 262 | 2,296 | 2,296 | |
| Other income | 269 | 0 | 269 | 269 | |
| Total segment income | 54,025 | 16,110 | 70,135 | 70,135 | |
| Segment result EBIT1 | 42,134 | –2,760 | 39,374 | –615 | 38,758 |
| Share of profit of equity-accounted investees | 808 | ||||
| Financial result | –15,926 | ||||
| Earnings before tax (EBT) | 23,640 | ||||
| Tax | –3,527 | ||||
| Profit | 20,113 | ||||
| Trading properties | 283,580 | 283,580 | 283,580 | ||
| Investment properties | 1,913,304 | 204,233 | 2,117,537 | 2,117,537 | |
| Owner-occupied properties | 16,469 | 16,469 | 16,469 | ||
| Investment properties under construction | 120,070 | 120,070 | 120,070 | ||
| Trade receivables | 5,221 | 1,923 | 7,143 | 7,143 | |
| Total segment assets | 1,934,993 | 609,806 | 2,544,799 | 2,544,799 | |
| Non-attributed assets | 160,085 | 160,085 | |||
| Total assets | 2,704,884 | ||||
| Depreciation and amortisation | –477 | –384 | –861 | –861 | |
| Investments in non-current assets | 113,671 | 35,056 | 148,727 | 1,188 | 149,915 |
¹ EBIT reconciliation represents compensation for the Board of Directors totalling TCHF 615
| Portfolio | |||||
|---|---|---|---|---|---|
| All amounts in TCHF | Management | Development | Total segments | Reconciliation | Total |
| Income from rental of properties | 42,186 | 4,938 | 47,125 | 47,125 | |
| Net income from revaluation | 19,906 | 3,735 | 23,642 | 23,642 | |
| Income from sale of trading properties and services | 42,954 | 42,954 | 42,954 | ||
| Profit on disposal of investment properties | 0 | 1,954 | 1,954 | 1,954 | |
| Other income | 292 | 0 | 292 | 292 | |
| Total segment income | 62,385 | 53,582 | 115,966 | 115,966 | |
| Segment result EBIT1 | 52,319 | 7,870 | 60,189 | –741 | 59,448 |
| Share of profit of equity-accounted investees | 852 | ||||
| Financial result | –9,019 | ||||
| Earnings before tax (EBT) | 51,281 | ||||
| Tax | –9,929 | ||||
| Profit | 41,352 | ||||
| Trading properties | 350,889 | 350,889 | 350,889 | ||
| Investment properties | 1,602,089 | 191,153 | 1,793,242 | 1,793,242 | |
| Owner-occupied properties | 16,379 | 16,379 | 16,379 | ||
| Investment properties under construction | 281,240 | 281,240 | 281,240 | ||
| Trade receivables | 5,691 | 1,421 | 7,112 | 7,112 | |
| Total segment assets | 1,624,159 | 824,703 | 2,448,862 | 2,448,862 | |
| Non-attributed assets | 139,176 | 139,176 | |||
| Total assets | 2,588,038 | ||||
| Depreciation and amortisation | –342 | –381 | –724 | –724 | |
| Investments in non-current assets | 25,387 | 45,873 | 71,260 | 1,099 | 72,359 |
¹ EBIT reconciliation represents compensation for the Board of Directors totalling TCHF 741
Some of Mobimo's activities do not generate steady income over the course of the year. This applies particularly to income from the sale of property for owner occupation. Higher income may be generated in the first or second half of the year depending on the number of properties conveyed or the volume of projects.
Rental income can be broken down across the various categories of property as follows:
| 30.06.2014 | 30.06.2013 | |
|---|---|---|
| Commercial properties | 39,227 | 36,904 |
| Residential properties | 11,311 | 9,725 |
| Income from rental of investment properties | 50,538 | 46,629 |
| Trading properties1 | 344 | 496 |
| Total income from rental of properties | 50,882 | 47,125 |
| Commercial properties | 6,919 | 5,786 |
| Losses on receivables: commercial properties | 46 | 218 |
| Residential properties | 1,352 | 1,180 |
| Losses on receivables: residential properties | 4 | 15 |
| Investment property expense | 8,321 | 7,200 |
| Rented trading properties | 129 | 97 |
| Losses on receivables from trading properties | 34 | 56 |
| Net income from revaluation | 8,484 | 7,353 |
| Net rental income | 42,398 | 39,771 |
The future rental income set out below will be generated from non-cancellable rental agreements for investment properties:
| Commercial | Residential | ||
|---|---|---|---|
| 30 June 2014 | properties | properties | Total |
| Rental income within 1 year | 74,396 | 1,468 | 75,864 |
| Rental income within 2 to 5 years | 207,992 | 3,527 | 211,519 |
| Rental income in over 5 years | 223,941 | 2,298 | 226,239 |
| Total future rental income from non-cancellable rental agreements | 506,329 | 7,293 | 513,622 |
¹ Rental income from development properties
| Commercial | Residential | ||
|---|---|---|---|
| 31 December 2013 | properties | properties | Total |
| Rental income within 1 year | 62,373 | 1,008 | 63,381 |
| Rental income within 2 to 5 years | 169,494 | 2,262 | 171,756 |
| Rental income in over 5 years | 104,836 | 2,758 | 107,595 |
| Total future rental income from non-cancellable rental agreements | 336,703 | 6,029 | 342,732 |
The five biggest tenants generate the following shares of rental income:
| 30.06.2014 | 31.12.2013 | |
|---|---|---|
| Name of tenant | share in% | share in% |
| SV (Schweiz) AG | 5.1 | 6.8 |
| Swisscom Group | 5.1 | 6.5 |
| Coop | 3.0 | 4.0 |
| Senevita AG | 2.9 | n/a |
| MIGROS | 2.7 | 3.5 |
Income can be broken down as follows:
| 30.06.2014 | 30.06.2013 | |
|---|---|---|
| Proceeds from sale of trading properties and services | 9,446 | 42,954 |
| Construction costs of trading properties sold and expenses from services | 9,700 | 37,221 |
| Profit on sale of trading properties and services | –254 | 5,733 |
The negative income is due to sales and marketing costs included in expenses from trading properties and services sold that relate to projects for which there have not yet been any income-generating transfers of ownership.
Further details of the apartments sold can be found in Note 12 Trading properties.
The lower financial result relative to the first half of 2013 primarily resulted from the negative development in value of interest-rate swaps not classified as cash flow hedges of CHF –1.1 million (first half of 2013: CHF +3.4 million), higher interest expense as a result of higher loans and the lower capitalisation of interest accumulated during construction of CHF 2.1 million (first half of 2013: CHF 2.9 million). Further details can be found in Note 14 Financial liabilities.
The reported tax rate is lower than in the prior year due mainly to the significantly smaller property gains tax in the period under review and a positive effect from the actual tax expense from previous years.
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.
The net asset value (NAV) was CHF 1,187.5 million (31 December 2013: CHF 1,237.6 million) and the diluted NAV was CHF 1,187.5 million (31 December 2013: CHF 1,405.4 million), while the NAV per share came to CHF 191.07 (31 December 2013: CHF 199.21) and the diluted NAV to CHF 191.03 (31 December 2013: CHF 200.01). The NAV corresponds to the equity attributable to the Mobimo shareholders in accordance with IFRS, while for the purposes of the diluted NAV, it is assumed that all options granted are exercised. The effect of the conversion of the convertible bond that was outstanding during the comparison period has also been taken into account.
The rise in the employee benefit obligation is due to the lowering of the discount rate to 1.9% (31 December 2013: 2.5%). The corresponding effect of CHF –1.7 million has been taken into account in other comprehensive income (OCI).
The transfer of ownership in the first half of 2014 of Zurich, Friesenbergstrasse 75; Im Tiergarten 7 enabled the release of collateral in favour of cash pledged to banks as at 31 December 2013 in the amount of CHF 58.1 million, which was the reason for the decrease in other receivables compared with 31 December 2013.
| 30.06.2014 | 31.12.2013 | |
|---|---|---|
| Land/development projects | 99,752 | 89,317 |
| Properties under construction | 103,893 | 75,137 |
| Completed real estate and development properties | 79,935 | 88,099 |
| Total trading properties | 283,580 | 252,553 |
The amount of land increased in the first half of the year mainly due to the reclassification of the Merlischachen development project away from Advance payments. A notarised purchase agreement was concluded for the purchase of the land in 2013, after which a construction project was developed and a further payment made to the vendor following the submission of an application for a construction permit. The transfer of ownership and payment of the residual purchase price will proceed following the issue of the building permit.
Following the issue of the building permit and construction approval, the Langenthal, Kühlstrasse property was reclassified from development projects to properties under construction.
Two apartments in the completed properties in Horgen, Stockerstrasse 40 – 42 (Wisental II) one apartment in Zurich, Turbinenstrasse (Mobimo Tower) and the last of the 63 apartments in Zurich, Turbinenstrasse Site A were sold.
| Investment | |||||
|---|---|---|---|---|---|
| properties | |||||
| Commercial | Residential | Development | under | 2014 | |
| First half of 2014 | properties | properties | properties | construction | total |
| Market value as at 1 January 2014 | 1,150,158 | 410,747 | 214,130 | 327,500 | 2,102,535 |
| Acquisition costs | |||||
| As at 1 January | 979,141 | 330,855 | 222,322 | 313,476 | 1,845,793 |
| Increases from purchases | 107,302 | 0 | 0 | 0 | 107,302 |
| Increases from investments | 3,499 | 2,311 | 5,887 | 27,790 | 39,487 |
| Capitalisation of borrowing costs | 0 | 0 | 288 | 790 | 1,078 |
| Capitalisation/amortisation of lease incentives | –396 | 540 | 0 | 298 | 442 |
| Disposals | –11,593 | –4,593 | 0 | 0 | –16,186 |
| Transfers between categories | 140,299 | 101,717 | –15,151 | –226,865 | 0 |
| Cumulative acquisition costs as at 30 June 2014 | 1,218,251 | 430,830 | 213,346 | 115,490 | 1,977,917 |
| Revaluation Total as at 1 January |
171,017 | 79,892 | –8,191 | 14,024 | 256,742 |
| Gains on valuations1 | 3,611 | 9,531 | 40 | 4,445 | 17,627 |
| Losses on valuations1 | –7,959 | –118 | –764 | –1,544 | –10,385 |
| Disposals2 | –207 | –4,087 | 0 | 0 | –4,294 |
| Transfers between categories | 8,451 | 4,093 | –199 | –12,345 | 0 |
| Cumulative revaluation as at 30 June 2014 | 174,913 | 89,310 | –9,114 | 4,580 | 259,690 |
| Market value as at 30 June 2014 | 1,393,164 | 520,140 | 204,233 | 120,070 | 2,237,607 |
| Zurich, Friesenbergstrasse 75; Im Tiergarten 7 | Commercial property |
|---|---|
| Zurich, Treichlerstrasse 10; Dolderstrasse 16 | Commercial property |
| Kreuzlingen, Hauptstrasse 37 | Commercial property |
|---|---|
| Zurich, Klingenstrasse 34; Konradstrasse 68 | Residential property |
A profit of some CHF 2.3 million was generated from the sale of the two properties for a total price of CHF 22.6 million and from the reversal of a cost accrual of CHF 0.3 million no longer required for a property sold in the prior year.
¹ Total corresponds to "Gains from revaluation of investment properties" or "Losses on revaluation of investment properties" in the income statement and represents the unrealised gains/losses on properties that were in the investment portfolio as at the end of the period under review
² Included as a realised gain in "Profit on disposal of investment properties" in the income statement
| from | to | |
|---|---|---|
| Affoltern am Albis, Alte Obfelderstrasse 31 – 35 | Investment properties under construction | Residential properties |
| Affoltern am Albis, Obstgartenstr. 9; Alte Obfelderstr. 27/29 | Investment properties under construction | Commercial properties |
| Lausanne, Avenue d'Ouchy 4 – 6 (Administration) | Investment properties under construction | Commercial properties |
| Lausanne, Rue des Côtes-de-Montbenon 20 –24 ( Les Pépinères) | Investment properties under construction | Commercial properties |
| Zurich, Letzigraben 134 – 136 | Commercial development properties | Investment properties under construction |
| Zurich, Turbinenstrasse 22 – 32 | Investment properties under construction | Residential properties |
The investment properties were valued by the independent real estate experts Wüest & Partner AG using the DCF method. For the DCF valuations as at 30 June 2014, the discount rates applied averaged 4.42% (as at 31 December 2013: 4.46%), within a range from 3.6% to 5.6% (as at 31 December 2013: 3.8% to 5.6%).
As at 30 June 2014, capital commitments for future construction investments in investment properties totalled CHF 64.3 million (31 December 2013: CHF 57.2 million). These commitments relate to the agreements concluded with general contractors for the investment properties under construction.
| Total financial liabilities | 1,270,121 | 1,241,120 |
|---|---|---|
| Total non-current financial liabilities | 1,141,046 | 954,508 |
| Bonds | 362,266 | 164,186 |
| Mortgages | 778,780 | 790,322 |
| Total current financial liabilities | 129,075 | 286,612 |
| Convertible bond | 0 | 167,666 |
| Mortgages due for extension or repayment within 12 months1 | 125,223 | 114,937 |
| Fixed-rate mortgage amortisation due within 12 months | 3,852 | 4,010 |
| 30.06.2014 | 31.12.2013 |
All financial liabilities are denominated in Swiss francs. The mortgages that are due for repayment or extension within 12 months include building loans for properties under construction and fixed advances with a total maturity of less than one year.
As at the reporting date, amounts due were as follows:
| 30.06.2014 | 31.12.2013 | |
|---|---|---|
| Due within first year | 129,075 | 286,612 |
| Due within second year | 27,011 | 32,423 |
| Due within third year | 70,684 | 15,446 |
| Due within fourth year | 24,737 | 73,580 |
| Due within fifth year | 250,029 | 200,538 |
| Due within sixth year | 73,236 | 74,496 |
| Due within seventh year | 314,060 | 134,662 |
| Due within eighth year | 69,881 | 59,356 |
| Due within nineth year | 13,229 | 53,397 |
| Due within tenth year | 1,329 | 13,229 |
| Due within eleventh year and longer | 296,850 | 297,382 |
| Total financial liabilities | 1,270,121 | 1,241,120 |
¹ including building loans for properties under construction
The average residual term of overall financial liabilities as at 30 June 2014 was 8.1 years (31December 2013: 7.7 years).
Interest rate periods are as follows (composition until next interest rate adjustment):
| 30.06.2014 | 31.12.2013 | |
|---|---|---|
| Up to 1 year | 129,075 | 286,612 |
| Up to 2 years | 27,011 | 32,423 |
| Up to 3 years | 70,684 | 15,446 |
| Up to 4 years | 24,737 | 73,580 |
| Up to 5 years | 250,029 | 200,538 |
| Over 5 years | 768,585 | 632,521 |
| Total financial liabilities | 1,270,121 | 1,241,120 |
Certain mortgage interest rates were formerly partially hedged in advance by means of forward rate agreements. Such forward rate agreements generally qualify as derivatives embedded in credit agreements and have to be measured at fair value in accordance with IAS 39. Some of these forward rate agreements were classified as cash flow hedges pursuant to IAS 39, and fair value adjustments relating to the effective portion of the hedge were recognised via the statement of comprehensive income in a separate item (hedging reserve). When the hedged interest cash flows occur, cumulative unrealised gains or losses are transferred to the income statement. This applies until 2022. Gains and losses not yet transferred to the income statement totalled CHF 0.4 million as at 30 June 2014 (31December 2013: CHF 0.4 million). As at 30 June 2014 and 31December 2013, there were no open refinancing agreements.
Mobimo has also concluded separate interest rate hedges (swaps) totalling CHF 208.8 million (31December 2013: CHF 208.8 million). Of these, CHF 129.5 million (31December 2013: CHF 129.5 million) are classified as cash flow hedges. Consequently, fair value adjustments were recognised under other comprehensive income in equity, and not through the income statement. Financial instruments with a negative fair value amount to CHF –7.9 million (31December 2013: CHF –0.6 million), while there are no financial instruments with a positive fair value (31 December 2013: CHF 3.5 million). There are also a further CHF 79.3 million (31December 2013: CHF 79.3 million) of interest rate hedges not classified as cash flow hedges. Fair value adjustments were thus recognised through the income statement. The fair value of these interest rate swaps is CHF –9.8 million (31December 2013: CHF –8.7 million). As at 30 June 2014, the fair value of all derivatives thus stood at a net figure of CHF –17.7 million (31 December 2014: CHF –5.9 million).
¹ In addition to mortgage liabilities, the bond with a carrying amount of CHF 164.3 million (nominal value: CHF 165 million) maturing on 29 October 2018 is included
² In addition to mortgage liabilities, the bond with a carrying amount of CHF 198.0 million (nominal value: CHF 200 million) maturing on 19 May 2021is included
The convertible bond included in current financial liabilities as at the end of 31 December 2013 was repaid at its nominal value of CHF 168.7 million upon maturing on 30 June 2014.
In the first half of 2014, a CHF 200 million bond with a term of seven years was issued. The following two bonds are therefore included under non-current financial liabilities:
| 1.5% bond | 1.625% bond | ||
|---|---|---|---|
| 2014 | (2013–2018) | (2014–2021) | Total |
| Carrying amount 1 January | 164,186 | – | 164,186 |
| Net proceeds from issuance | – | 197,967 | 197,967 |
| Amortisation of issuance costs | 82 | 32 | 113 |
| Carrying amount 30 June | 164,267 | 197,999 | 362,266 |
| Features | 1.5% bond (2013–2018) | 1.625% bond (2014–2021) |
|---|---|---|
| Volume: | CHF 165 million | CHF 200 million |
| Term: | 5 years (29 October 2013-29 October 2018) | 7 years (19 May 2014-19 May 2021) |
| Interest rate: | 1.5% p.a., | 1.625% p.a., |
| payable annually on 29 October, with the first | payable annually on 19 May, with the first payment on | |
| payment on 29 October 2014 | 19 May 2015 | |
| Effective rate of interest: | 1.607% | 1.7921% |
| Listing: | SIX Swiss Exchange | SIX Swiss Exchange |
| Swiss security no.: | 22492349 | 24298406 |
The average rate of interest on all financial liabilities in the first half of 2014 was 2.62% (full-year 2013: 2.72%). Financial liabilities of CHF 907.9 million are secured via mortgage liens (31 December 2013: CHF 909.3 million). The credit facilities arranged contain covenants pertaining to equity ratio, net gearing, interest coverage factor and portfolio structure which were met over the entire reporting period.
There are also collateralised unutilised mortgage and building loan facilities totalling CHF 126.7 million.
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 and forward rate agreements, 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 0.55%. The discount rates used as at 30 June 2014 were between 0.60% and 2.33% (as at 31 December 2013: between 0.64% and 2.72%). The fair value of the listed bonds and of the convertible bond that was still outstanding in the prior year corresponded to the price as at the reporting date.
| Carrying amount | Fair value | Carrying amount | Fair value | |
|---|---|---|---|---|
| 30.06.2014 | 30.06.2014 | 31.12.2013 | 31.12.2013 | |
| Mortgages | 907,855 | 967,797 | 909,269 | 942,780 |
| Convertible bonds | 0 | 0 | 167,666 | 170,038 |
| Bonds | 362,266 | 376,288 | 164,186 | 167,475 |
| 1,270,121 | 1,344,084 | 1,241,120 | 1,280,293 |
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:
Level 1: inputs that result from unadjusted, quoted prices.
Level 2: inputs other than quoted prices in active markets that are observable either directly (i.e. prices) or indirectly (i.e. derived from prices).
Level 3: inputs not based on observable market data.
| 30 June 2014 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|
| Derivative financial instruments (net) | 0 | –17,679 | 0 |
| 31 December 2013 | Level 1 | Level 2 | Level 3 |
| Derivative financial instruments (net) | 0 | –5,874 | 0 |
Level 2 fair values for the 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 25 March 2014 approved a distribution from the capital contribution reserves of CHF 9.50 per share for the 2013 financial year, which was paid on 1 April 2014. The nominal value of Mobimo shares remains at CHF 29.
Changes in equity can be summarised as follows:
| As at 30 June 2014 | 6,216,606 | –1,623 | 6,214,983 |
|---|---|---|---|
| Acquisition of treasury shares | –9,000 | –9,000 | |
| Share-based payments to Board of Directors and management | 9,525 | 9,525 | |
| Issue of shares from conditional capital for options exercised | 2,128 | 2,128 | |
| As at 31 December 2013 | 6,214,478 | –2,148 | 6,212,330 |
| Share-based payments to Board of Directors and management | 6,596 | 6,596 | |
| Issue of shares from conditional capital for options exercised | 5,565 | 5,565 | |
| As at 1 January 2013 | 6,208,913 | –8,744 | 6,200,169 |
| No. of shares | Shares issued | Treasury shares | outstanding |
| Shares |
As at 30 June 2014, share capital totalled CHF 180.3 million and was composed of 6,216,606 registered shares with a nominal value of CHF 29 per share. 1,623 treasury shares were held as at that date.
2,128 option rights were exercised in the first half of 2014, leading to a CHF 0.06 million increase in share capital.
There is also conditional share capital of a maximum of CHF 34.1 million for the issue of up to 1,175,198 fully paid-up registered shares with a nominal value of CHF 29, of which
Finally, authorised share capital is available, allowing the Board of Directors to increase the share capital of the company by a maximum of CHF 33.1 million within two years at most (up to April 2015) via the issue of a maximum of 1,141,150 registered shares, to be fully paid up, with a nominal value of CHF 29 per share.
The CHF 33.1 million of conditional and authorised capital are linked together in that upon using this authorised capital, conditional capital will no longer be available in the same amount to the Board of Directors. The same applies in the reverse scenario; if this conditional capital is used, the same amount of the authorised capital is no longer available.
The company FM Service & Dienstleistungs AG was established in the first half of 2014. The purpose of the company is to provide services in the real estate area, in particular in facility management and related services. It is held as a joint venture by Mobimo and a partner. Each partner holds a 50% interest. As at 1 June the company started up operations by providing facility management and central services for the tenants of the property in Zurich, Friesenbergstrasse 75; Im Tiergarten 7.
The consolidated interim financial statements were approved for publication by the Board of Directors on 31 July 2014. No events took place between 30 June 2014 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 2014.
With effect from 1 July 2014, the business areas Investments for Third Parties (previously a component of the Development division) and Portfolio Management (previously a division in its own right) constitute the new Real Estate division under the management of Thomas Stauber. As a result, segment reporting will consist in future of the Real Estate and Development (excluding Investments for Third Parties) divisions.
| Location | Address | Site | Register of | Built | Acquired |
|---|---|---|---|---|---|
| area in m2 | polluted | ||||
| sites | |||||
| Building land & development cost | |||||
| Aarau | Site 4 (Torfeld Süd) | 11,105 | yes (insignificant) | Jun 2001 | |
| Dübendorf | Sonnentalstrasse 103 | 11,291 | no | Jun 2012 | |
| Herrliberg | Rigiweg3 | 5,082 | no | Nov 2008 | |
| Merlischachen | Chappelmatt Strasse (Burgmatt) | 15,507 | no | 2014/2015 | |
| Weggis | Hertensteinstrasse 105 | 3,043 | no | May 2010 | |
| 46,028 | |||||
| Properties under construction | |||||
| Langenthal | Kühlhausstrasse3 | 2,284 | no | Mar 2014 | |
| Lucerne | Büttenenhalde | 7,115 | no | Dec 2011 | |
| Meilen | Feldgüetliweg 143/145 (Gusto) | 2,687 | no | Nov 2011 | |
| Regensdorf | Im Pfand 2 (Sonnenhof ) | 6,106 | no | Jun 2007 | |
| Zurich | Badenerstrasse 595 (Station 595) | 2,389 | no | 1954 | May 2012 |
| Zurich | Im Brächli 5/7/9 (Collina) | 2,144 | no | Aug 2009 | |
| 22,725 | |||||
| Completed real estate and development properties | |||||
| Aarau | Buchserstrasse 8 | 241 | no | 1907 | Mar 2011 |
| Egerkingen | Einschlagstrasse | 8,729 | no | Mar 2011 | |
| Horgen | Stockerstrasse 40 – 42 (Wisental I) | 7,674 | no | Nov 2005 | |
| Horgen | Stockerstrasse 40 – 42 (Wisental II) | 7,047 | no | Nov 2005 | |
| St. Erhard | Längmatt | 5,801 | no | 1979 | Oct 2012 |
| St. Moritz | Via Maistra 292 | 557 | no | 1930 | Jul 2010 |
| Uetikon am See | Tramstrasse 12; Bergstrasse 144/146/1482 | 2,634 | no | 1921/1924/ | Jan 2013 |
| 1952/1957 | |||||
| Weggis | Luzernerstrasse 24/262 | 9,043 | no | 1895 | Sep 2013 |
| Zurich | Turbinenstrasse Site B | 5,965 | no | May 2011 | |
| Zurich | Turbinenstrasse trading property (Mobimo Tower) | 1,936 | no | May 2008 | |
| 49,627 |
¹ Status: certified purchase agreement
² Development properties
³ Sale as project
| Sales status | Carrying amount | Realisation | Project status | Sales volumes | Description |
|---|---|---|---|---|---|
| 30. 06. 20141 | 30. 06. 2014 | period | 30. 06. 2014 | in TCHF | |
| in TCHF | |||||
| 0/92 | 16,793 | 2014/2017 | in planning | 84,170 | 92 condominiums |
| 1/1 | 41,559 | n/a | in planning | open | n/a |
| 1/1 | 17,732 | open | in planning | n/a | building land |
| open | 13,262 | open | in planning | open | open |
| 0/1 | 10,406 | open | in planning | open | open |
| 99,752 | 84,170 | ||||
| 0/1 | 4,502 | 2014/2016 | construction project | open | Office |
| 0/24 | 8,646 | 2014/2016 | construction project | 30,360 | 24 condominiums |
| 3/14 | 16,970 | 2013/2015 | construction project | 30,290 | 14 condominiums |
| 28/45 | 22,287 | 2013/2015 | construction project | 34,440 | 45 condominiums |
| 44/61 | 35,364 | 2013/2014 | construction project | 52,715 | 61 condominiums |
| 15/17 | 16,125 | 2012/2014 | construction project | 27,255 | 17 condominiums |
| 103,893 | 175,060 | ||||
| 0/1 | 470 | n/a | for sale | n/a | residential property |
| 2/5 | 1,607 | n/a | for sale | n/a | 5 condominiums |
| 47/47 | 6 | 2008/2010 | for sale | 60,192 | 47 condominiums |
| 43/43 | 940 | 2011/2013 | for sale | 51,631 | 43 condominiums |
| 0/1 | 8,365 | n/a | for sale | open | open |
| open | 15,872 | n/a | in planning | open | open |
| 0/16 | 9,191 | 2015/2016 | in planning | 24,590 | 16 condominiums |
| open | 4,141 | 2017/2019 | in planning | open | open |
| 81/81 | 64 | 2011/2013 | for sale | 76,250 | 81 condominiums |
| 39,279 | 2008/2011 | for sale | 171,399 | 53 condominiums | |
| 42/53 |
As at 30 June 2014, 21 trading properties were reported on the balance sheet, of which
18 were new-build projects (31December 2013: 19)
3 were development projects (31December 2013: 3) Most of the residential development properties are located in the Canton of Zurich, primarily in the city of Zurich and the region around Lake Zurich.
Central Switzerland
North-western Switzerland
Eastern Switzerland
| Location | Address | Acquired | Built | Year |
|---|---|---|---|---|
| renovated | ||||
| Aarau | Bahnhofstrasse 102 (Mediapark) | Mar 2004 | 1975 | 1998 |
| Aarau | Industriestrasse 28; Torfeldstrasse Parkhaus | Jun 2001/Oct 2006 | 1905/1916/1929/ | |
| 1943/1954/1974 | ||||
| Aarau | Industriestrasse 20 (Polygon) | Jun 2001 | 2012 | |
| Aesch | Pfeffingerring 201 | May 2005 | 1973 | 2008 |
| Affoltern am Albis | Obstgartenstrasse 9; Alte Obfelderstrasse 27/29 | Aug 2011 | 2013 | |
| Baden-Dättwil | Im Langacker 20/20a/22 | Jun 2004 | 1972 | 1988 |
| Brugg | Bahnhofstrasse 11 | Jun 2006 | 2005 | |
| Bülach | Bahnhofstrasse 39 | Sep 2005 | 1969 | 1995 |
| Dierikon | Pilatusstrasse 2 | May 2009 | 1990 | 2007 |
| Dübendorf | Sonnentalstrasse 5 | Mar/Dec 1999 | 1975 | 2000 |
| Dübendorf | Zürichstrasse 98 | Jan 2000 | 1965 | 1983 |
| Herisau | Obstmarkt 1 | Jul 2008 | 1984 | |
| Horgen | Seestrasse 80 | Nov 2005 | 1960 | 2000/2008 |
| Horgen | Seestrasse 82 | Nov 2005 | 2010 | |
| Kreuzlingen | Lengwilerstrasse 2 | Apr 2007 | 2007 | |
| Kreuzlingen | Leubernstrasse 3; Bottighoferstrasse 1 | Nov 2006 | 1983/2003 | |
| Kreuzlingen | Romanshornerstrasse 126 | Nov 2006 | n/a | |
| Kriens | Sternmatt 6 | Feb 2004 | 1986 | |
| Lausanne | Avenue d'Ouchy 4–6 (Administration) | May 2010 | 2013 | 2013 |
| Lausanne | Flonplex | Nov 2009 | n/a | |
| Lausanne | Parking du Centre | Nov 2009 | n/a | |
| Lausanne | Place de la Gare 4 | Nov 2009 | 1961 | 2000 |
| Lausanne | Place de la Navigation 4–6 | Nov 2009 | 1895 | 2002 |
| Lausanne | Place de l'Europe 6 | Nov 2009 | 1905 | 2012 |
| Lausanne | Place de l'Europe 7 | Nov 2009 | 1905 | 2001 |
| Lausanne | Place de l'Europe 8 | Nov 2009 | 1911 | 1989 |
| Lausanne | Place de l'Europe 9 | Nov 2009 | 1900 | 2002 |
| Lausanne | Rue de Genève 2/4/6/8 | Nov 2009 | 1904 | 2002 |
| Lausanne | Rue de Genève 7 | Nov 2009 | 1932 | 1992/2011 |
| Lausanne | Rue de Genève 17 | Nov 2009 | 1884 | 2002 |
| Lausanne | Rue de Genève 23 | Nov 2009 | 1915 | 2005 |
| Lausanne | Rue de la Vigie 3 | Nov 2009 | 1964 | |
| Lausanne | Rue de la Vigie 5 | Nov 2009 | 1963 | 1988 |
| Lausanne | Rue des Côtes-de-Montbenon 6 | Nov 2009 | 1921 | 2009 |
| Lausanne | Rue des Côtes-de-Montbenon 8/10 | Nov 2009 | 1946 | 1998 |
| Lausanne | Rue des Côtes-de-Montbenon 16 | Nov 2009 | 1912 | 2007 |
| Lausanne | Rue des Côtes-de-Montbenon 20–24 | Nov 2009 | 2013 | |
| Lausanne | Rue des Côtes-de-Montbenon 26 | Nov 2009 | n/a | |
| Lausanne | Rue des Côtes-de-Montbenon 28/30 | Nov 2009 | n/a | |
| Lausanne | Rue du Port-Franc 9 | Nov 2009 | 1927 | 2009 |
| Lausanne | Rue du Port-Franc 11 | Nov 2009 | 2008 | |
| Lausanne | Rue du Port-Franc 17 | Nov 2009 | 2003 | |
| Lausanne | Rue du Port-Franc 22; Rue de la Vigie 1 | Nov 2009 | 2007 | |
| Lausanne | Voie du Chariot 3 | Nov 2009 | 2008 | |
| Lausanne | Voie du Chariot 4/6 | Nov 2009 | 2008 | |
| Lausanne | Voie du Chariot 5/7 | Nov 2009 | 2008 |
¹ Target gross yield as at reporting date 30 June 2014 as% of market value
² Vacancy rate as% of target rental income
| Vacant area as at | Vacancy rate as at | Target rental revenues | Gross yield | Acquisition costs | Fair value |
|---|---|---|---|---|---|
| 30. 06. 2014 in% | 30. 06. 2014 in%2 | in TCHF | in%1 | in TCHF | in TCHF |
| 10.1 | 10.0 | 2,218 | 7.9 | 28,060 | |
| 0.0 | 0.0 | 1,846 | 5.9 | 31,402 | |
| 0.0 | 0.0 | 1,263 | 5.3 | 23,870 | |
| 0.0 | 0.0 | 1,972 | 8.7 | 22,700 | |
| 0.0 | 0.0 | 3,410 | 6.0 | 57,160 | |
| 20.7 | 18.2 | 1,319 | 7.6 | 17,290 | |
| 0.0 | 0.6 | 1,553 | 5.7 | 27,180 | |
| 0.0 | 0.0 | 183 | 5.8 | 3,174 | |
| 10.8 | 12.3 | 733 | 6.8 | 10,820 | |
| 2.0 | 1.7 | 1,814 | 6.6 | 27,340 | |
| 0.0 | 0.2 | 1,407 | 6.5 | 21,540 | |
| 19.9 | 11.6 | 1,065 | 6.5 | 16,280 | |
| 0.0 | 0.2 | 517 | 6.3 | 8,185 | |
| 0.0 | 0.0 | 244 | 3.7 | 6,652 | |
| 0.0 | 0.0 | 322 | 5.1 | 6,354 | |
| 1.3 | 0.8 | 3,656 | 5.5 | 66,447 | |
| 0.0 14.2 |
0.0 14.9 |
80 2,794 |
4.3 9.0 |
1,886 31,150 |
|
| 36.2 | 36.8 | 3,039 | 5.4 | 56,120 | |
| 0.0 | 0.0 | 210 | 4.5 | 4,713 | |
| 0.0 | 0.0 | 428 | 5.5 | 7,760 | |
| 0.0 | 1,489 | 5.5 | 27,270 | ||
| 0.0 | 676 | 6.3 | 10,710 | ||
| 0.0 | 303 | 5.5 | 5,474 | ||
| 0.0 | 454 | 5.6 | 8,030 | ||
| 0.0 | 374 | 4.8 | 7,740 | ||
| 0.0 | 1,249 | 5.7 | 21,910 | ||
| 0.0 | 1,308 | 5.7 | 22,950 | ||
| 0.0 | 1,626 | 5.2 | 31,080 | ||
| 7.5 | 1,370 | 7.2 | 19,140 | ||
| 0.0 | 0.0 | 182 | 7.4 | 2,446 | |
| 14.2 | 10.7 | 464 | 6.8 | 6,866 | |
| 0.0 | 857 | 7.0 | 12,300 | ||
| 0.0 | 358 | 5.1 | 7,059 | ||
| 0.0 | 531 | 6.7 | 7,906 | ||
| 0.0 | 0.0 | 263 | 5.5 | 4,747 | |
| 0.0 | 0.0 0.0 |
1,607 79 |
4.5 4.5 |
35,690 1,764 |
|
| 0.0 0.0 |
0.0 | 74 | 3.5 | 2,113 | |
| 0.0 | 342 | 5.5 | 6,163 | ||
| 0.0 49.0 |
58.3 | 589 | 5.0 | 11,840 | |
| 0.0 | 0.0 | 728 | 6.1 | 11,940 | |
| 0.0 | 0.0 | 1,201 | 5.8 | 20,620 | |
| 6.0 | 1.7 | 865 | 5.9 | 14,570 | |
| 0.0 | 1,863 | 6.1 | 30,310 | ||
| 0.0 | 1,681 | 5.4 | 31,270 | ||
| Location | Address | Acquired | Built | Year | Fair value Acquisition costs Gross yield Target rental revenues |
Vacancy rate as at Vacant area as at |
|---|---|---|---|---|---|---|
| renovated | in TCHF in TCHF in%1 in TCHF |
30. 06. 2014 in%2 30. 06. 2014 in% |
||||
| Lucerne | Alpenstrasse 9 | Jun 2007 | 1890 | 2001/2010 | 11,960 4.7 557 |
0.0 |
| Neuhausen | Victor von Bruns-Strasse 19 | Mar 2007 | 2007 | 12,910 5.6 725 |
0.0 | |
| Regensdorf | Althardstrasse 10 | Dec 2001 | 1982 | 19,850 9.2 1,835 |
14.6 | |
| Renens | Chemin de la Rueyre 116/118 | Mar 2007 | 1989 | 12,580 6.9 862 |
0.0 | |
| St. Gallen | Schochengasse 6 | Feb 2004 | 1974 | 2000 | 17,000 6.6 1,129 |
0.4 |
| St. Gallen | St. Leonhardstrasse 22 | Dec 2004 | 1900 | 2002/2006 | 4,690 5.7 266 |
0.0 |
| St. Gallen | Wassergasse 42/44 | Feb 2004 | 1966 | 2000 | 15,660 6.3 981 |
13.3 |
| St. Gallen | Wassergasse 50/52 | Feb 2004 | 1998 | 13,540 6.2 834 |
0.0 | |
| Winterthur | Industriestrasse 26 | Oct 1999 | 1994 | 2002 | 20,250 7.2 1,466 |
7.0 |
| Zurich | Bahnhofplatz 4 | Jul 2006 | 1881 | 2002/2005 | 20,800 4.4 917 |
0.0 |
| Zurich | Friedaustrasse 17 | Oct 1998 | 1968 | 2013 | 12,040 5.3 639 |
1.2 |
| Zurich | Friesenbergstrasse 75; Im Tiergarten 7 | Feb 2014 | 1976/1992 | 1999 | 91,650 6.2 5,672 |
0.7 |
| Zurich | Hardturmstrasse 3/3a/3b | Nov 1999 | 1974 | 2001/2008 | 58,500 5.5 3,226 |
0.2 |
| Zurich | Rautistrasse 12 | Nov 1999 | 1972 | 2011 | 20,400 6.8 1,377 |
1.2 |
| Zurich | Stauffacherstrasse 41 | Jun 2000 | 1990 | 2011 | 48,960 4.9 2,394 |
0.0 |
| Zurich | Thurgauerstrasse 23; Siewerdtstrasse 25 | Mar 2002 | 1963/1968/1985 | 1998 | 15,000 6.4 964 |
0.0 |
| Zurich | Treichlerstrasse 10; Dolderstrasse 16 | May 2014 | 1963 | 2007 | 15,220 5.8 889 |
0.0 |
| Zurich | Turbinenstrasse 18 (Mobimo Tower Hotel) | May 2008 | 2011 | 135,300 4.5 6,100 |
0.0 | |
| Zurich | Witikonerstrasse 311/311b | Sep 1997 | 1992 | 8,863 6.5 573 |
9.8 | |
| 65 | Commercial investment properties | 1,393,164 1,218,251 5.9 82,014 |
4.2 | |||
| Aarau | Baufeld 2 (Torfeld Süd) | Oct 2006 | 1905/1916/1929/1943/1954 | 12,760 0.0 |
0 0.0 |
|
| Kriens | Mattenhof I | Mar 2005 | n/a | 10,840 0.0 |
0 0.0 |
|
| Kriens | Mattenhof II | Feb 2004 | 1986 | 6,759 2.0 134 |
1.1 | |
| Lausanne | Avenue d'Ouchy 4–6 | May 2010 | 1962 | 64,110 6.2 3,970 |
46.0 | |
| Lausanne | Rue de Genève 19 | Nov 2009 | 1893 | 2002 | 3,540 10.3 363 |
5.9 |
| Lausanne | Rue de Genève 21 | Nov 2009 | 1902 | 3,416 8.8 301 |
0.0 | |
| Lausanne | Rue des Côtes-de-Montbenon 1/3 | Nov 2009 | 1930 | 488 17.1 84 |
12.2 | |
| Lausanne | Rue des Côtes-de-Montbenon 5 | Nov 2009 | 1930 | 486 5.8 28 |
0.0 | |
| Lausanne | Rue des Côtes-de-Montbenon 12 | Nov 2009 | 1918 | 2004 | 1,906 16.4 313 |
0.0 |
| Lausanne | Rue des Côtes-de-Montbenon 14 | Nov 2009 | 1963 | 888 4.1 36 |
0.0 | |
| Lausanne | Rue du Port-Franc 20; Rue de Genève 33 | Nov 2009 | 2007 | 41,200 7.2 2,975 |
28.6 | |
| Regensdorf | Althardstrasse 30 | Dec 2001 | 1976 | 14,350 14.4 2,060 |
82.7 | |
| Zurich | Albulastrasse; Hohlstrasse | Apr 2010 | 1896/1928 | 43,490 0.1 38 |
100.0 | |
| 13 | Commercial development properties | 204,233 213,346 5.0 10,304 |
43.2 | |||
| 78 | Total commercial properties | 1,597,397 1,431,597 5.8 92,318 |
8.5 |
¹ Target gross yield as at reporting date 30 June 2014 as% of market value
² Vacancy rate as% of target rental income
| Fair value | Acquisition costs Gross yield |
Target rental revenues | Vacancy rate as at | Vacant area as at | |
|---|---|---|---|---|---|
| in TCHF | in TCHF | in%1 | in TCHF | 30. 06. 2014 in%2 | 30. 06. 2014 in% |
| 11,960 | 4.7 | 557 | 0.0 | 0.9 | |
| 12,910 | 5.6 | 725 | 0.0 | 0.0 | |
| 19,850 | 9.2 | 1,835 | 14.6 | 10.3 | |
| 12,580 | 6.9 | 862 | 0.0 | 0.0 | |
| 17,000 | 6.6 | 1,129 | 0.4 | 1.7 | |
| 4,690 | 5.7 | 266 | 0.0 | 0.0 | |
| 15,660 | 6.3 | 981 | 13.3 | 13.0 | |
| 13,540 | 6.2 | 834 | 0.0 | 0.0 | |
| 20,250 | 7.2 | 1,466 | 7.0 | 5.4 | |
| 20,800 | 4.4 | 917 | 0.0 | 0.0 | |
| 12,040 | 5.3 | 639 | 1.2 | 0.0 | |
| 91,650 | 6.2 | 5,672 | 0.7 | 0.3 | |
| 58,500 | 5.5 | 3,226 | 0.2 | 0.0 | |
| 20,400 | 6.8 | 1,377 | 1.2 | 0.9 | |
| 48,960 | 4.9 | 2,394 | 0.0 | 0.0 | |
| 15,000 | 6.4 | 964 | 0.0 | 0.0 | |
| 15,220 | 5.8 | 889 | 0.0 | 0.0 | |
| 135,300 | 4.5 | 6,100 | 0.0 | 0.0 | |
| 8,863 | 6.5 | 573 | 9.8 | 8.6 | |
| 1,393,164 | 1,218,251 | 5.9 | 82,014 | 4.2 | 4.4 |
| 12,760 | 0.0 | 0 | 0.0 | 0.0 | |
| 10,840 | 0.0 | 0 | 0.0 | 0.0 | |
| 6,759 | 2.0 | 134 | 1.1 | 95.8 | |
| 64,110 | 6.2 | 3,970 | 46.0 | 42.9 | |
| 3,540 | 10.3 | 363 | 5.9 | 17.1 | |
| 3,416 | 8.8 | 301 | 0.0 | 5.7 | |
| 488 | 17.1 | 84 | 12.2 | 0.0 | |
| 486 | 5.8 | 28 | 0.0 | 0.0 | |
| 1,906 | 16.4 | 313 | 0.0 | 0.0 | |
| 888 | 4.1 | 36 | 0.0 | 0.0 | |
| 41,200 | 7.2 | 2,975 | 28.6 | 37.2 | |
| 14,350 | 14.4 | 2,060 | 82.7 | 87.8 | |
| 43,490 | 0.1 | 38 | 100.0 | 0.0 | |
| 204,233 | 213,346 | 5.0 | 10,304 | 43.2 | 58.6 |
| 1,597,397 | 1,431,597 | 5.8 | 92,318 | 8.5 | 10.4 |
| Location | Address | Ownership | Site area in m2 | Register of |
|---|---|---|---|---|
| polluted sites | ||||
| Aarau | Bahnhofstrasse 102 (Mediapark) | sole ownership | 5,675 | no |
| Aarau | Industriestrasse 28; Torfeldstrasse Parkhaus | sole ownership | 13,727 | yes (insignificant) |
| Aarau | Industriestrasse 20 (Polygon) | sole ownership | 3,840 | yes (Code D)3 |
| Aesch | Pfeffingerring 201 | sole ownership | 16,034 | no details |
| Affoltern am Albis | Obstgartenstrasse 9; Alte Obfelderstrasse 27/29 | sole ownership | 3,537 | no |
| Baden-Dättwil | Im Langacker 20/20a/22 | sole ownership | 8,792 | no |
| Brugg | Bahnhofstrasse 11 | condo (773/1000) | 2,726 | no |
| Bülach | Bahnhofstrasse 39 | sole ownership | 563 | no |
| Dierikon | Pilatusstrasse 2 | sole ownership | 4,397 | no |
| Dübendorf | Sonnentalstrasse 5 | condo (930/1000) | 4,368 | yes (Code D)3 |
| Dübendorf | Zürichstrasse 98 | sole ownership | 9,809 | yes (petrol station) |
| Herisau | Obstmarkt 1 | sole ownership | 1,602 | no |
| Horgen | Seestrasse 80 | sole ownership | 3,483 | no |
| Horgen | Seestrasse 82 | sole ownership | 0 | no |
| Kreuzlingen | Lengwilerstrasse 2 | sole ownership | 7,027 | no |
| Kreuzlingen | Leubernstrasse 3; Bottighoferstrasse 1 | sole ownership | 25,530 | no |
| Kreuzlingen | Romanshornerstrasse 126 | sole ownership | 2,180 | no |
| Kriens | Sternmatt 6 | sole ownership | 17,314 | no |
| Lausanne | Avenue d'Ouchy 4–6 (Administration) | sole ownership | 12,609 | yes7 |
| Lausanne | Flonplex | sole ownership | 1,953 | yes8 |
| Lausanne | Parking du Centre | sole ownership | 5,065 | yes8 |
| Lausanne | Place de la Gare 4 | sole ownership | 630 | no |
| Lausanne | Place de la Navigation 4–6 | sole ownership | 567 | yes4 |
| Lausanne | Place de l'Europe 6 | sole ownership | 369 | yes4 |
| Lausanne | Place de l'Europe 7 | sole ownership | 391 | yes4 |
| Lausanne | Place de l'Europe 8 | sole ownership | 1,035 | yes4 |
| Lausanne | Place de l'Europe 9 | sole ownership | 975 | yes4 |
| Lausanne | Rue de Genève 2/4/6/8 | sole ownership | 2,260 | yes4 |
| Lausanne | Rue de Genève 7 | sole ownership | 3,343 | yes4 |
| Lausanne | Rue de Genève 17 | sole ownership | 2,312 | yes4 |
| Lausanne | Rue de Genève 23 | sole ownership | 636 | yes6 |
| Lausanne | Rue de la Vigie 3 | sole ownership | 972 | yes7 |
| Lausanne | Rue de la Vigie 5 | sole ownership | 852 | yes7 |
| Lausanne | Rue des Côtes-de-Montbenon 6 | sole ownership | 510 | yes7 |
| Lausanne | Rue des Côtes-de-Montbenon 8/10 | sole ownership | 587 | yes4 |
| Lausanne | Rue des Côtes-de-Montbenon 16 | sole ownership | 850 | yes4 |
| Lausanne | Rue des Côtes-de-Montbenon 20–24 | sole ownership | 2,602 | yes |
| Lausanne | Rue des Côtes-de-Montbenon 26 | sole ownership | 867 | yes8 |
| Lausanne | Rue des Côtes-de-Montbenon 28/30 | sole ownership | 1,068 | yes7 |
| Lausanne | Rue du Port-Franc 9 | sole ownership | 2,733 | yes6 |
| Lausanne | Rue du Port-Franc 11 | sole ownership | 612 | yes5 |
| Lausanne | Rue du Port-Franc 17 | sole ownership | 776 | yes5 |
| Lausanne | Rue du Port-Franc 22; Rue de la Vigie 1 | sole ownership | 1,999 | yes5 |
| Lausanne | Voie du Chariot 3 | sole ownership | 500 | yes5 |
| Lausanne | Voie du Chariot 4/6 | sole ownership | 2,614 | yes5 |
| Lausanne | Voie du Chariot 5/7 | sole ownership | 1,042 | yes5 |
⁵ Site pollution eliminated – property rebuilt in recent years
³ Code D: clarification necessary in the context of building projects
⁴ Site pollution unlikely – the property must be maintained in accordance with the design plan ("Gestaltungsplan") and has been subject to comprehensive renovation in recent years
| Other | Residential | Commercial space | Sales space | Office space | Total rentable | Property |
|---|---|---|---|---|---|---|
| in% | space in% | in% | in% | in% | area in m2 | description9 |
| 25.2 | 1.4 | 8.8 | 0.0 | 64.6 | 13,246 | com |
| 6.3 | 0.0 | 93.3 | 0.0 | 0.5 | 21,248 | com |
| 8.6 | 0.0 | 0.0 | 0.0 | 91.4 | 4,465 | com |
| 8.6 | 0.0 | 63.0 | 0.0 | 28.3 | 14,219 | com |
| 75.5 | 24.5 | 0.0 | 0.0 | 0.0 | 10,625 | com |
| 24.7 | 1.0 | 23.7 | 28.3 | 22.4 | 9,429 | com |
| 12.2 18.5 |
0.0 0.0 |
21.5 0.0 |
33.3 16.6 |
33.0 64.8 |
4,076 944 |
com com |
| 8.7 | 0.0 | 15.1 | 15.8 | 60.4 | 4,386 | com |
| 12.0 | 0.0 | 64.5 | 0.0 | 23.5 | 8,769 | com |
| 26.0 | 1.1 | 26.0 | 17.3 | 29.6 | 9,898 | com |
| 35.0 | 0.0 | 9.1 | 0.2 | 55.7 | 6,090 | com |
| 4.8 | 0.0 | 19.0 | 0.0 | 76.2 | 2,151 | com |
| 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 64 | car park |
| 33.5 | 0.0 | 0.0 | 66.5 | 0.0 | 1,348 | com |
| 1.7 | 0.0 | 0.0 | 89.4 | 8.8 | 17,801 | com |
| n/a | n/a | n/a | n/a | n/a | n/a | building right |
| 20.1 | 1.2 | 40.7 | 4.6 | 33.3 | 21,077 | com |
| 0.0 | 0.0 | 0.0 | 96.5 | 8,003 | com | |
| 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1,953 | building right |
| 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6,526 | building right |
| 0.3 | 0.0 | 0.0 | 68.4 | 4,770 | com | |
| 100.0 100.0 |
0.0 | 0.0 | 0.0 | 0.0 | 2,760 | com - hotel |
| 0.0 | 0.0 | 0.0 | 0.0 | 923 | com - hotel | |
| 0.0 | 0.0 | 21.2 | 66.8 | 1,441 | com | |
| 0.0 0.0 |
0.0 0.0 |
22.2 15.9 |
77.8 60.3 |
1,656 3,512 |
com com |
|
| 0.0 | 0.0 | 91.4 | 8.6 | 4,679 | com | |
| 22.3 | 0.0 | 25.7 | 12.2 | 5,422 | com-share | |
| investment prop. | ||||||
| 0.0 | 17.2 | 28.5 | 45.1 | 7,107 | com | |
| 0.0 | 0.0 | 25.6 | 69.2 | 2,104 | com | |
| 0.0 | 0.0 | 0.0 | 54.7 | 3,116 | com | |
| 0.0 | 4.5 | 0.0 | 64.2 | 3,370 | com | |
| 0.0 | 0.0 | 19.7 | 62.5 | 2,193 | com | |
| 0.0 | 3.6 | 0.0 | 73.9 | 2,226 | com | |
| 32.5 | 0.0 | 0.0 | 67.5 | 865 | com | |
| 0.0 | 0.0 | 0.0 | 18.8 | 7,618 | com | |
| 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 867 | building right |
| 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1,068 | building right |
| 57.3 37.9 |
0.0 0.0 |
0.0 0.0 |
21.7 62.1 |
20.9 0.0 |
1,728 2,160 |
com com |
| 17.2 | 25.0 | 0.0 | 0.0 | 57.8 | 2,132 | com |
| 0.0 | 0.0 | 10.6 | 79.5 | 3,852 | com | |
| 0.0 | 0.0 | 17.3 | 73.3 | 2,279 | com | |
| 0.0 | 0.0 | 67.7 | 32.3 | 5,452 | com | |
| 15.7 | 0.0 | 15.7 | 55.4 | 4,906 | com | |
⁶ Site pollution suspected but no measures expected – property must be maintained in accordance with the design plan ("Gestaltungsplan")
⁷ Site pollution suspected, measures required in new-build plans
⁸ Building-right plot on which new-build projects have been completed in recent years
⁹ Com = commercial; Res = residential
| Location | Adresse | Ownership | Site area in m2 | Register of | Property | Total rentable | Office space | Sales space Commercial space |
Residential | Other | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| polluted sites | description9 | area in m2 | in% | in% | in% space in% |
in% | |||||
| Lucerne | Alpenstrasse 9 | sole ownership | 569 | no | res+com | 1,979 | 12.3 | 13.1 | 0.0 | 64.8 | |
| Neuhausen | Victor von Bruns-Strasse 19 | sole ownership | 1,596 | no | com | 2,806 | 93.8 | 0.0 | 0.0 | 0.0 | |
| Regensdorf | Althardstrasse 10 | sole ownership | 7,714 | no | com | 13,523 | 39.2 | 28.6 | 8.4 | 0.0 23.8 |
|
| Renens | Chemin de la Rueyre 116/118 | sole ownership | 4,503 | no | com | 4,341 | 68.8 | 0.0 | 0.0 | 0.0 31.2 |
|
| St. Gallen | Schochengasse 6 | sole ownership | 1,316 | no | com | 4,460 | 95.4 | 0.0 | 0.0 | 0.0 | |
| St. Gallen | St. Leonhardstrasse 22 | sole ownership | 219 | no | com | 1,090 | 79.1 | 12.8 | 0.0 | 0.0 | |
| St. Gallen | Wassergasse 42/44 | condo (867/1000) | 1,714 | no | com | 3,958 | 80.4 | 0.0 | 0.0 | 9.4 10.2 |
|
| St. Gallen | Wassergasse 50/52 | sole ownership | 1,373 | no | com | 3,554 | 72.3 | 0.0 | 0.0 | 0.0 27.7 |
|
| Winterthur | Industriestrasse 26 | sole ownership | 3,635 | yes (Code D)3 | com | 11,326 | 64.6 | 0.8 | 20.4 | 0.0 14.3 |
|
| Zurich | Bahnhofplatz 4 | sole ownership | 189 | yes | com | 758 | 63.5 | 27.8 | 0.0 | 0.0 | |
| Zurich | Friedaustrasse 17 | sole ownership | 869 | no | com | 2,568 | 56.9 | 0.0 | 7.3 | 10.2 25.7 |
|
| Zurich | Friesenbergstrasse 75; Im Tiergarten 7 | sole ownership | 11,532 | no | com | 21,079 | 63.4 | 0.0 | 12.5 | 0.0 24.1 |
|
| Zurich | Hardturmstrasse 3/3a/3b | sole ownership | 2,151 | yes | com | 8,226 | 94.4 | 0.0 | 0.0 | 0.0 | |
| Zurich | Rautistrasse 12 | sole ownership | 1,894 | yes (petrol station) | com | 6,095 | 73.4 | 15.2 | 1.8 | 1.3 | |
| Zurich | Stauffacherstrasse 41 | sole ownership | 1,405 | no | com | 6,755 | 60.6 | 1.0 | 0.0 | 0.0 38.4 |
|
| Zurich | Thurgauerstrasse 23; Siewerdtstrasse 25 | sole ownership | 2,657 | no | com | 3,901 | 59.1 | 6.8 | 6.9 | 0.0 27.1 |
|
| Zurich | Treichlerstrasse 10; Dolderstrasse 16 | sole ownership | 1,139 | no | com | 2,878 | 63.8 | 0.0 | 0.0 | 6.6 29.6 |
|
| Zurich | Turbinenstrasse 18 (Mobimo Tower Hotel) | sole ownership | 5,808 | no | com - hotel | 22,429 | 0.0 | 0.0 | 0.0 | 0.0 100.0 |
|
| Zurich | Witikonerstrasse 311/311b | sole ownership | 1,846 | no | res+com | 2,116 | 33.6 | 0.9 | 30.6 | 28.4 | |
| 65 | Commercial investment properties | 233,462 | 368,365 | 40.4 | 12.8 | 16.3 | 2.4 28.1 |
||||
| Aarau | Baufeld 2 (Torfeld Süd) | sole ownership | 18,526 | yes (insignificant) | com | 18,164 | 17.1 | 7.8 | 0.0 | 71.1 | |
| Kriens | Mattenhof I | sole ownership | 11,649 | no | land | 0 | n/a | n/a | n/a | n/a n/a |
|
| Kriens | Mattenhof II | sole ownership | 7,640 | no | com | 4,839 | 0.0 | 0.0 | 92.3 | 0.0 | |
| Lausanne | Avenue d'Ouchy 4–6 | sole ownership | 0 | yes7 | com | 25,446 | 20.9 | 15.4 | 47.7 | 0.0 16.1 |
|
| Lausanne | Rue de Genève 19 | sole ownership | 2,733 | yes6 | com | 3,551 | 39.3 | 17.2 | 0.0 | 0.0 43.5 |
|
| Lausanne | Rue de Genève 21 | sole ownership | 2,524 | yes6 | com | 3,600 | 39.7 | 16.8 | 0.0 | 0.0 43.6 |
|
| Lausanne | Rue des Côtes-de-Montbenon 1/3 | sole ownership | 1,101 | yes7 | com | 305 | 0.0 | 100.0 | 0.0 | 0.0 | |
| Lausanne | Rue des Côtes-de-Montbenon 5 | sole ownership | 734 | yes7 | com | 272 | 0.0 | 0.0 | 100.0 | 0.0 | |
| Lausanne | Rue des Côtes-de-Montbenon 12 | sole ownership | 499 | yes7 | com | 935 | 46.0 | 22.1 | 21.4 | 0.0 10.5 |
|
| Lausanne | Rue des Côtes-de-Montbenon 14 | sole ownership | 647 | yes7 | com | 640 | 0.0 | 0.0 | 0.0 | 0.0 100.0 |
|
| Lausanne | Rue du Port-Franc 20; Rue de Genève 33 | sole ownership | 2,000 | yes5 | com | 9,948 | 31.7 | 31.1 | 0.0 | 0.0 37.2 |
|
| Regensdorf | Althardstrasse 30 | sole ownership | 9,355 | no | com | 12,893 | 61.2 | 0.0 | 29.5 | 2.2 | |
| Zurich | Albulastrasse; Hohlstrasse | sole ownership | 10,266 | yes | com | 7,604 | 0.0 | 0.0 | 100.0 | 0.0 | |
| 13 | Commercial development properties | 67,674 | 88,197 | 25.8 | 11.5 | 32.3 | 15.0 15.5 |
||||
| 78 | Total commercial properties | 301,136 | 456,562 | 37.6 | 12.5 | 19.4 | 4.8 25.6 |
³ Code D: clarification necessary in the context of building projects
⁵ Site pollution eliminated – property rebuilt in recent years
⁶ Site pollution suspected but no measures expected – property must be maintained in accordance with the design plan ("Gestaltungsplan")
| Other | Residential | Commercial space | Sales space | Office space | Total rentable | Property |
|---|---|---|---|---|---|---|
| in% | space in% | in% | in% | in% | area in m2 | description9 |
| 9.7 | 64.8 | 0.0 | 13.1 | 12.3 | 1,979 | res+com |
| 6.2 | 0.0 | 0.0 | 0.0 | 93.8 | 2,806 | com |
| 23.8 | 0.0 | 8.4 | 28.6 | 39.2 | 13,523 | com |
| 31.2 | 0.0 | 0.0 | 0.0 | 68.8 | 4,341 | com |
| 4.6 | 0.0 | 0.0 | 0.0 | 95.4 | 4,460 | com |
| 8.2 | 0.0 | 0.0 | 12.8 | 79.1 | 1,090 | com |
| 10.2 | 9.4 | 0.0 | 0.0 | 80.4 | 3,958 | com |
| 27.7 | 0.0 | 0.0 | 0.0 | 72.3 | 3,554 | com |
| 14.3 | 0.0 | 20.4 | 0.8 | 64.6 | 11,326 | com |
| 8.7 | 0.0 | 0.0 | 27.8 | 63.5 | 758 | com |
| 25.7 | 10.2 | 7.3 | 0.0 | 56.9 | 2,568 | com |
| 24.1 | 0.0 | 12.5 | 0.0 | 63.4 | 21,079 | com |
| 5.6 | 0.0 | 0.0 | 0.0 | 94.4 | 8,226 | com |
| 8.3 | 1.3 | 1.8 | 15.2 | 73.4 | 6,095 | com |
| 38.4 | 0.0 | 0.0 | 1.0 | 60.6 | 6,755 | com |
| 27.1 | 0.0 | 6.9 | 6.8 | 59.1 | 3,901 | com |
| 29.6 | 6.6 | 0.0 | 0.0 | 63.8 | 2,878 | com |
| 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 22,429 | com - hotel |
| 28.4 | 30.6 | 0.9 | 33.6 | 2,116 | res+com | |
| 2.4 | 16.3 | 12.8 | 40.4 | 368,365 | ||
| 71.1 | 0.0 | 7.8 | 17.1 | 18,164 | com | |
| n/a | n/a | n/a | n/a | 0 | land | |
| 0.0 | 92.3 | 0.0 | 0.0 | 4,839 | com | |
| 0.0 | 47.7 | 15.4 | 20.9 | 25,446 | com | |
| 0.0 | 0.0 | 17.2 | 39.3 | 3,551 | com | |
| 43.6 | 0.0 | 0.0 | 16.8 | 39.7 | 3,600 | com |
| 0.0 | 0.0 | 100.0 | 0.0 | 305 | com | |
| 0.0 | 100.0 | 0.0 | 0.0 | 272 | com | |
| 10.5 | 0.0 | 21.4 | 22.1 | 46.0 | 935 | com |
| 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 640 | com |
| 0.0 | 0.0 | 31.1 | 31.7 | 9,948 | com | |
| 0.0 | 61.2 | 12,893 | com | |||
| 2.2 | 29.5 | |||||
| 0.0 | 100.0 | 0.0 | 0.0 | 7,604 | com | |
| 15.0 | 32.3 | 11.5 | 25.8 | 88,197 | ||
| 7.1 0.0 15.5 |
||||||
| 4.8 | 19.4 | 12.5 | 37.6 | 456,562 |
⁷ Site pollution suspected, measures required in new-build plans
⁹ Com = commercial; Res = residential
| Address | Acquired | Built | Year |
|---|---|---|---|
| renovated | |||
| Alte Obfelderstrasse 31–35 | Aug 2011 | 2013 | |
| Baltenschwilerstrasse 3/5/7/9/11/13/15/17 | Oct 2007 | 1973/1980 | |
| Zürichstrasse 244/246 | Nov 2005 | 1966 | 1997/2001 |
| Seestrasse 43–49 | Nov 2005 | 2011 | |
| Seestrasse 63–69 | Nov 2005 | 2011 | |
| Avenue d'Ouchy 70 | Nov 2009 | 1906 | 2004 |
| Avenue d'Ouchy 72/74 | Nov 2009 | 1907 | |
| Avenue d'Ouchy 76 | Nov 2009 | 1907 | 2004 |
| Avenue Edouard Dapples 9/13/15/15a | Apr 2013 | 1900 | |
| Place de la Navigation 2 | Nov 2009 | 1895 | 2004 |
| Rue Beau-Séjour 8 | Nov 2009 | 2011 | |
| Rue des Fontenailles 1 | Nov 2009 | 1910/1963 | 1993 |
| Buchenacker 22/24/26/28; Unterer Buchenacker 7 | Jun 2007 | 1994/1995 | |
| Farmanstrasse 47/49 | Dec 2010 | 2008 | |
| Rütteliweg 8; Spitalhalde 40 | Sep 2006 | 1972 | 2004 |
| Teufenerstrasse 15 | Dec 2006 | 1900 | 2005 |
| Brühlwiesenstrasse 11a/11b/15a/15b/19a/19b | Jun 2007 | 1984/1985/1988 | |
| Katzenbachstrasse 221–231 | Oct 2004/Feb 2005 | 2009 | |
| Katzenbachstrasse 239 | Mar 2008 | 1969 | |
| Manessestrasse 190/192; Staffelstrasse 1/3/5 | Dec 2005 | 2012 | |
| Turbinenstrasse 22–32 | Dec 2010 | 2013 | |
| Location | Address | Ownership | Site area in m2 | Register of polluted sites |
|---|---|---|---|---|
| Affoltern am Albis | Alte Obfelderstrasse 31–35 | sole ownership | 5305 | no |
| Bergdietikon | Baltenschwilerstrasse 3/5/7/9/11/13/15/17 | sole ownership | 11,330 | no |
| Binz | Zürichstrasse 244/246 | sole ownership | 4,025 | no |
| Horgen | Seestrasse 43–49 | sole ownership | 6,047 | no |
| Horgen | Seestrasse 63–69 | sole ownership | 5,307 | no |
| Lausanne | Avenue d'Ouchy 70 | sole ownership | 478 | yes4 |
| Lausanne | Avenue d'Ouchy 72/74 | easement | n/a | yes4 |
| Lausanne | Avenue d'Ouchy 76 | sole ownership | 738 | yes4 |
| Lausanne | Avenue Edouard Dapples 9/13/15/15a | sole ownership | 5,246 | no |
| Lausanne | Place de la Navigation 2 | sole ownership | 254 | yes4 |
| Lausanne | Rue Beau-Séjour 8 | sole ownership | 3,827 | yes5 |
| Lausanne | Rue des Fontenailles 1 | sole ownership | 853 | no |
| Münchwilen | Buchenacker 22/24/26/28; Unterer Buchenacker 7 | sole ownership | 5,741 | no |
| Opfikon-Glattbrugg | Farmanstrasse 47/49 | sole ownership | 3,840 | no |
| Rheinfelden | Rütteliweg 8; Spitalhalde 40 | sole ownership | 14,817 | no |
| St. Gallen | Teufenerstrasse 15 | sole ownership | 658 | no |
| Wängi | Brühlwiesenstrasse 11a/11b/15a/15b/19a/19b | sole ownership | 7,413 | no |
| Zurich | Katzenbachstrasse 221–231 | sole ownership | 6,137 | no |
| Zurich | Katzenbachstrasse 239 | sole ownership | 1,987 | no |
| Zurich | Manessestrasse 190/192; Staffelstrasse 1/3/5 | sole ownership | 2,345 | no |
| Zurich | Turbinenstrasse 22–32 | sole ownership | 7,431 | no |
| 21 | Residential investment properties | 93,779 |
¹ Target gross yield as at reporting date 30 June 2014 as% of market value
² Vacancy rate as% of target rental income
⁴ Site pollution unlikely – the property must be maintained in accordance with the design plan ("Gestaltungsplan") and has been subject to comprehensive renovation in recent years
| Fair value | Acquisition costs Gross yield |
Target rental revenues | Vacancy rate as at | Vacant area as at |
|---|---|---|---|---|
| in TCHF | in TCHF in%1 |
in TCHF | 30. 06. 2014 in%2 | 30. 06. 2014 in% |
| 28,560 | 4.4 | 1,257 | 5.0 | 2.5 |
| 23,323 | 4.2 | 988 | 5.6 | 4.3 |
| 10,250 | 4.8 | 490 | 1.1 | 0.0 |
| 29,390 | 4.6 | 1,343 | 1.0 | 0.0 |
| 27,390 | 4.6 | 1,260 | 11.8 | 10.3 |
| 4,985 | 5.6 | 281 | 0.0 | 0.0 |
| 2,539 | 5.7 | 146 | 0.0 | 0.0 |
| 13,700 | 4.8 | 661 | 0.0 | 0.0 |
| 19,770 | 4.8 | 958 | 0.0 | 0.0 |
| 5,718 | 5.2 | 297 | 0.0 | 0.0 |
| 81,670 | 5.1 | 4,166 | 0.5 | 2.0 |
| 3,284 | 5.2 | 171 | 0.0 | 9.6 |
| 13,435 | 5.8 | 780 | 3.6 | 2.4 |
| 23,340 | 4.6 | 1,073 | 4.1 | 3.2 |
| 18,710 | 5.7 | 1,075 | 6.1 | 2.9 |
| 4,010 | 4.9 | 195 | 1.8 | 4.3 |
| 11,752 | 6.1 | 715 | 0.6 | 0.5 |
| 51,650 | 4.5 | 2,334 | 14.2 | 12.3 |
| 5,744 | 5.2 | 300 | 2.6 | |
| 53,310 | 4.9 | 2,593 | 11.9 | 11.2 |
| 87,610 | 4.9 | 4,331 | 37.5 | 35.7 |
| 520,140 | 430,830 4.9 |
25,411 | 10.7 |
| Property | Total | 1 – 1½- | 2 – 2½- | 3 – 3½- | 4 – 4½- | 5 or more | Total | Other forms |
|---|---|---|---|---|---|---|---|---|
| description9 | rentable | room | room | room | room | room | apartments | of use in% |
| area in m2 | apartments | apartments | apartments | apartments | apartments | |||
| res | 4,706 | 0 | 1 | 15 | 26 | 0 | 42 | 0.8 |
| 3 res | 5,226 | 0 | 8 | 18 | 28 | 0 | 54 | 6.0 |
| res | 2,580 | 0 | 6 | 12 | 12 | 0 | 30 | 4.5 |
| res | 4,555 | 0 | 2 | 6 | 24 | 7 | 39 | 6.6 |
| res | 4,051 | 0 | 0 | 24 | 16 | 0 | 40 | 0.5 |
| res+com | 1,122 | 0 | 0 | 5 | 1 | 4 | 10 | 6.9 |
| res | 1,073 | 0 | 6 | 3 | 3 | 0 | 12 | 0.0 |
| res+com | 2,536 | 0 | 0 | 0 | 1 | 9 | 10 | 27.6 |
| res | 4,861 | 0 | 1 | 2 | 28 | 17 | 48 | |
| res+com | 1,313 | 0 | 2 | 0 | 2 | 4 | 8 | 11.3 |
| res | 10,271 | 0 | 19 | 55 | 16 | 11 | 101 | |
| res | 1,078 | 1 | 0 | 0 | 4 | 4 | 9 | |
| 3 res | 4,358 | 0 | 4 | 20 | 20 | 0 | 44 | |
| 7 res | 3,609 | 1 | 13 | 16 | 9 | 0 | 39 | |
| res | 5,588 | 8 | 30 | 0 | 46 | 0 | 84 | |
| res+com | 1,598 | 1 | 2 | 1 | 7 | 0 | 11 | 30.1 |
| 3 res | 4,439 | 0 | 6 | 21 | 21 | 0 | 48 | |
| res | 7,948 | 0 | 5 | 32 | 27 | 5 | 69 | |
| res | 1,610 | 0 | 5 | 8 | 5 | 0 | 18 | |
| res | 6,583 | 0 | 11 | 21 | 20 | 0 | 52 | |
| res | 10,107 | 6 | 30 | 48 | 12 | 0 | 96 | 12.8 |
| 89,211 | 17 | 151 | 307 | 328 | 61 | 864 | ||
⁵ Site pollution eliminated – property rebuilt in recent years
⁹ Com = commercial; Res = residential
| Location | Address | Ownership | Acquired | Built |
|---|---|---|---|---|
| Horgen | Seestrasse 93 (Grob site) | sole ownership | Nov 2005 | 1956/2015 |
| Lausanne | Rue Voltaire 2–12 | sole ownership | Oct 2012 | 2014 |
| Regensdorf | Schulstrasse 95/101/107/115; Riedthofstrasse 55/63; | sole ownership | Jun 2007 | 2015 |
| Feldblumenstrasse 43 | ||||
| Zurich | Letzigraben 134–136 | sole ownership | Sep 2006 | 1958/1975 |
| 4 | Properties under construction |
All of the above investment properties are in the construction phase. Completion of the property in Lausanne, Rue Voltaire 2–12, is planned for the first half of 2015. Construction of the properties in Horgen, Seestrasse 93 (Grob site), and Regensdorf, Schulstrasse 95, is expected to be completed in the second half of 2015; Zurich, Letzigraben 134–136, is planned for 2016.
| Location | Address | Ownership | Acquired | Built |
|---|---|---|---|---|
| Aarau | Buchserstrasse 27 | sole ownership | Oct 2006 | 1885 |
| Küsnacht | Seestrasse 59 | sole ownership | Sep 2002 | 2006 |
| Lausanne | Rue de Genève 7 | sole ownership | Nov 2009 | 1932 |
| Lausanne | Rue des Côtes-de-Montbenon 16 | sole ownership | Nov 2009 | 1912 |
| 4 | Properties |
| Location | Address | Ownership | Acquired | Built | |
|---|---|---|---|---|---|
| Lausanne | Flonplex | co-ownership 40% | Nov 2009 | 2003 | |
| Lausanne | Parking du Centre | co-ownership 50% | Nov 2009 | 2002 | |
| Lausanne | Parking Saint-François | co-ownership 26,5% | Nov 2009 | 1959 | |
| 3 | Properties |
⁴ Site pollution unlikely – the property must be maintained in accordance with the design plan ("Gestaltungsplan") and has been subject to comprehensive renovation in recent years
⁵ Site pollution eliminated – property rebuilt in recent years
| in TCHF in m2 polluted sites property9 Nov 2005 1956/2015 30,330 10,542 yes com Oct 2012 2014 35,200 4,743 no res |
area in m2 |
|---|---|
| 22,422 | |
| 8,372 | |
| 2015 35,120 16,656 no res |
8,967 |
| 1958/1975 19,420 5,003 yes res |
6,860 |
| 120,070 36,944 |
46,621 |
| Total rentable | Description of | Register of | Site area | Carrying amount | Year renovated |
|---|---|---|---|---|---|
| area in m2 | property9 | polluted sites | in m2 | in TCHF | |
| 399 | own-use | yes (insignificant) | 985 | 762 | |
| 2,046 | com | no | 2,125 | 11,487 | |
| 641 | com-share own-use | yes4 | 3,343 | 3,618 | 1992/2011 |
| 249 | com-share own-use | yes4 | 850 | 602 | 2007 |
| 3,335 | 7,303 | 16,469 |
| Address Ownership Acquired Built |
Fair value | Site area | Register of | Description of | Total rentable |
|---|---|---|---|---|---|
| in TCHF | in m2 | polluted sites | property9 | area in m2 | |
| Flonplex co-ownership 40% Nov 2009 2003 |
9,262 | 0 | yes5 | multiplex cinema | 5,256 |
| Parking du Centre co-ownership 50% Nov 2009 2002 |
28,180 | 0 | yes5 | car park | 0 |
| Parking Saint-François co-ownership 26,5% Nov 2009 1959 |
2,533 | 0 | yes7 | car park | 0 |
| 39,975 | 5,256 |
⁷ Site pollution suspected, measures required in new-build plans
⁹ Com = commercial; Res = residential
We have been engaged to review the accompanying consolidated statement of balance sheet of Mobimo Holding AG as at 30 June 2014 and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the six-month period then ended, and selected explanatory notes (the consolidated interim financial information) on pages 18 to 51. The Board of Directors is responsible for the preparation and presentation of this consolidated interim financial information 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 this consolidated interim financial information based on our review.
We conducted our review in accordance with the International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information as at 30 June 2014 is 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.
KPMG AG
Kurt Stocker Reto Kaufmann
Lucerne, 31 July 2014
Licensed Audit Expert Licensed Audit Expert
In this section, the Mobimo Group reports its key performance measures in accordance with the Best Practices Recommendations of the EPRA Reporting and Accounting Committee. The European Public Real Estate Association is an association of leading European property companies and is a partner of the FTSE EPRA/NAREIT index family, which added the Mobimo Holding AG share as one of its components on 20 June 2011. The figures published elsewhere by Mobimo on NAV, net initial yield and vacancy rates may deviate from the EPRA figures set out below, as Mobimo does not, for example, include the market value of trading properties, which are accounted for 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 & EPRA Earnings Per Share | First half of 2014 | First half of 2013 | |
|---|---|---|---|
| Earnings as per IFRS income statement | 19,703 | 41,362 | |
| (i) Changes in value of investment properties, development properties held for investment and other interests |
–7,242 | –23,642 | |
| Profits or losses on disposal of investment properties, development properties held for investment and other | |||
| (ii) interests |
–2,321 | –1,954 | |
| (iii) Profit on sale of trading properties and services adjusted |
8,097 | –391 | |
| (iv) Tax on profits or losses on disposals |
–1,274 | 547 | |
| (v) Negative goodwill/goodwill impairment |
n/a | n/a | |
| (vi) Changes in fair value of financial instruments and asscociated close-out costs |
1,106 | –3,405 | |
| (vii) Acquisition costs on share deals and non-controlling joint venture interests |
n/a | n/a | |
| (viii) Deferred tax in respect of EPRA adjustments |
1,350 | 6,762 | |
| (ix) Adjustments to positions (i) to (viii) in respect of joint ventures |
0 | 107 | |
| (x) Minority interests in respect of the above |
374 | 0 | |
| EPRA Earnings | 19,794 | 19,387 | |
| Average number of shares outstanding | 6,212,983 | 6,206,627 | |
| EPRA Earnings Per Share | 3.19 | 3.12 | |
| B EPRA Net Asset Value | 30. 06. 2014 | 31. 12. 2013 | |
| NAV as per consolidated financial statements | 1,187,499 | 1,237,577 | |
| Effect of exercise of options, convertibles and other equity instruments | 46 | 167,851 | |
| Diluted NAV after the exercise of options, convertibles and other equity instruments | 1,187,546 | 1,405,429 | |
| Include | |||
| (i.a) Revaluation of investment properties (if IAS 40 cost model is used) |
n/a | n/a | |
| (i.b) Revaluation of investment property under construction (IPUC) (if IAS 40 cost model is used) |
n/a | n/a | |
| (i.c) Revaluation of other non-current investments (owner-occupied properties and joint ventures) |
11,464 | 9,818 | |
| (ii) Revaluation of tenant leases held as finance leases |
n/a | n/a | |
| (iii) Revaluation of trading properties |
10,392 | 20,119 | |
| Exclude | |||
| (iv) Fair value of financial instruments |
17,679 | 5,874 | |
| (v.a) Deferred tax |
125,668 | 126,065 | |
| (v.b) Goodwill as a result of deferred tax |
n/a | n/a | |
| Adjustments to (i) to (v) in respect of joint ventures | 3,822 | 3,785 | |
| EPRA NAV | 1,356,570 | 1,571,090 | |
| Diluted no. of shares outstanding | 6,216,585 | 7,026,940 |
| C Triple Net Asset Value (NNNAV) | 30. 06. 2014 | 31. 12. 2013 |
|---|---|---|
| EPRA NAV | 1,356,570 | 1,571,090 |
| (i) Fair value of derivative financial instruments |
–17,679 | –5,874 |
| (ii) Fair value of financial liabilities |
–73,963 | –33,511 |
| (iii) Deferred tax |
–109,396 | –126,065 |
| EPRA NNNAV | 1,155,531 | 1,405,640 |
| Diluted no. of shares outstanding | 6,216,585 | 7,026,940 |
| EPRA NNNAV per share | 185.88 | 200.04 |
| D EPRA Net Initial Yield | 30. 06. 2014 | 31. 12. 2013 |
| Investment properties – wholly owned | 2,237,607 | 2,102,535 |
| Investment properties – share of joint ventures/funds | 37,442 | 37,716 |
| Trading property | 283,580 | 252,553 |
| Less developments | –477,499 | –596,516 |
| Completed property portfolio | 2,081,130 | 1,796,288 |
| Allowance for estimated purchasers' costs | 0 | 0 |
| Gross up completed property portfolio valuation | 2,081,130 | 1,796,288 |
| Annualised cash passing rental income | 110,268 | 93,900 |
| Direct cost of investment properties | –16,019 | –13,481 |
| Annualised net rents | 94,249 | 80,419 |
| Add: additional notional rent expiration of rent free periods or other lease incentives | 0 | 0 |
| Topped-up net annualised rent | 94,249 | 80,419 |
| EPRA net initial yield | 4.5% | 4.5% |
| EPRA "topped-up" net initial yield | 4.5% | 4.5% |
| E EPRA Vacancy Rate | 30. 06. 2014 | 31. 12. 2013 |
| Estimated rental income potential from vacant space | 6,149 | 3,476 |
| Estimated rental income from overall portfolio | 106,635 | 88,438 |
| EPRA vacancy rate | 5.8 % | 3.9 % |
| Share information as at 30 June (previous years as at 31 December) | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|
| Share capital (in TCHF) | 180,282 | 180,220 | 180,058 | 178,933 | 148,804 |
| No. of registered shares issued | 6,216,606 | 6,214,478 | 6,208,913 | 6,170,098 | 5,131,170 |
| Nominal value per registered share (in CHF) | 29 | 29 | 29 | 29 | 29 |
| Of which treasury shares | 1,623 | 2,148 | 8,744 | 1,747 | 1,071 |
| No. of registered shares outstanding | 6,214,983 | 6,212,330 | 6,200,169 | 6,168,351 | 5,130,099 |
| Ratios in CHF as at 30 June | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|
| Earnings per share | 3.17 | 6.66 | 6.40 | 6.72 | 5.68 |
| Earnings per share not including revaluation | 2.24 | 3.81 | 3.64 | 4.29 | 3.24 |
| NAV per share, after options and convertible bond | 191.03 | 193.51 | 188.44 | 188.28 | 191.43 |
| High | 198.00 | 213.60 | 221.10 | 213.09 | 166.28 |
| Low | 184.90 | 186.50 | 194.42 | 178.13 | 152.50 |
| Half-year-end price | 188.00 | 192.20 | 219.10 | 206.55 | 162.90 |
| Average no. of shares traded per day | 9 657 | 12 476 | 9 307 | 8 646 | 6 291 |
| Market capitalisation at year-end (in CHF million) | 1,168.7 | 1,194.4 | 1,360.2 | 1,117.8 | 955.1 |
Source: SIX Swiss Exchange
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. Code: MOBN/Swiss security no.: 1110887/ISIN code: CH0011108872/Bloomberg: MOBN SW Equity/Reuters: MOBN.S.
The latest stock market data can be found at www.mobimo.ch
1 January 2008 to 30 June 2014
Source: SIX Swiss Exchange and Bloomberg (for comparison purposes, the levels of the three indices were set at 100 as at 1 January 2008)
The Mobimo share price rose slightly in the first half of the year, from CHF 186.10 to CHF 188.00. As at 30 June 2014, Mobimo's share price of CHF 188.00 was below the diluted NAV (net asset value) of CHF 191.03. The liquidity of the Mobimo share and the trading volume decreased slightly. An average of 9,657 (first half of 2013: 12,476) shares were traded per day, corresponding to daily turnover averaging around CHF 1.8 million (first half of 2013: CHF 2.5 million). Total turnover in Mobimo shares on the SIX Swiss Exchange in the first half of 2013 came to CHF 224 million (first half of 2013: CHF 310 million).
In October 2013, Mobimo successfully issued a CHF 165-million fixed-rate bond with a coupon of 1.5% and a five-year term.
The Mobimo Holding AG bond is traded on the SIX Swiss Exchange in Zurich and is listed in accordance with the Standard for Bonds. Code: MOB13/Swiss security no.: 224923497/ISIN code: CH0224923497/Bloomberg: MOBN SW/Reuters: 785VD6.
Source: Bloomberg
In May 2014, Mobimo successfully issued a CHF 200-million fixed-rate bond with a coupon of 1.625% and a seven-year term.
The Mobimo Holding AG bond is traded on the SIX Swiss Exchange in Zurich and is listed in accordance with the Standard for Bonds. Code: MOB14/Swiss security no.: 242984067/ISIN code: CH0242984067/Bloomberg: MOBN SW/Reuters: 792ZMZ.
Mobimo provides information on its business performance via annual and half-year reports prepared in English, German and French. Price-relevant facts are communicated via ad hoc notices.
Information on our company, the Mobimo share, key dates and answers to commonly asked questions can be found on our website at www.mobimo.ch. The information is updated on an ongoing basis.
To protect the environment, print versions of Mobimo Holding AG's annual and half-year reports are sent out by post only upon request. A summary report on the first half of 2014 will be sent to shareholders.
Mobimo Holding AG Christoph Caviezel, CEO Manuel Itten, CFO Tel. +41 44 397 11 59 [email protected]
Share register Tel.+41 44 809 58 58 [email protected]
Annual General Meeting 2015 26 March 2015, Pépinières, Lausanne
Financial reporting for 2014 12 February 2015
Mobimo Holding AG
Rütligasse 1 CH-6000 Lucerne 7 Tel. +41 41 249 49 80 Fax +41 41 249 49 89 www.mobimo.ch
Mobimo Management AG Mobimo AG
Seestrasse 59 CH-8700 Küsnacht Tel. +41 44 397 11 11 Fax +41 44 397 11 12
Mobimo Management SA LO Immeubles SA LO Holding Lausanne-Ouchy SA O4Real SA Rue de Genève 7 CH-1001 Lausanne Tel. +41 21 341 12 12 Fax +41 21 341 12 13
The 2014 Half-Year Report is also available in French and German. Only the German original is legally binding.
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Photos: Michael Kessler, www.profifoto.ch Urs Pichler, www.pichler-fotografen.ch Vincent Jendly, www.vincentjendly.com
Visualisations: comm ag, www.comm.ag
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