Interim / Quarterly Report • Aug 25, 2011
Interim / Quarterly Report
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| Mobimo Group (consolidated) | 30.06.2011 | 30.06.2010 | |
|---|---|---|---|
| Profit on sale of trading properties | CHF million | 0.5 | 4.6 |
| Net rental income | CHF million | 37.1 | 38.2 |
| Net income from revaluation | CHF million | 16.6 ¹ | 16.5 |
| Operating result (EBIT) | CHF million | 46.2 | 49.3 |
| Profit after tax | CHF million | 34.5 | 28.8 |
| Profit after tax not including revaluation | CHF million | 22.0 | 16.4 |
| 30.06.2011 | 31.12.2010 | ||
| Equity | CHF million | 957.5 | 971.3 |
| Equity ratio | 43% | 45% | |
| Return on equity2 | 7.3% | 7.1% | |
| Return on equity not including revaluation3 | 4.6% | 4.8% | |
| Net gearing4 | 102% | 92% | |
| Commercial investment properties | CHF million | 1,065.0 | 1,131.9 |
| Residential investment properties | CHF million | 256.9 | 202.8 |
| Commercial development properties | CHF million | 341.6 | 253.4 |
| Residential development properties | CHF million | 413.5 | 423.8 |
| Total properties | CHF million | 2,077.0 | 2,011,9 |
| Investment property vacancy rate | 4.4% | 5.1% | |
| Discount rate for revaluation | 4.82% | 4.90% | |
| Headcount (full time equivalents) ⁵ | 75.9 | 64.2 | |
| Rate of interest on financial liabilities | 3.0% | 2.9% | |
| Residual maturity of financial liabilities | Years | 4.8 | 5.1 |
| Mobimo share | 30.06.2011 | 30.06.2010 | |
| Share capital | CHF million | 148.9 | 193.1 |
| No. of shares outstanding ⁶ | 5,132,706 | 5,078,968 | |
| Earnings per share | CHF | 6.72 | 5.68 |
| Earnings per share not including revaluation | CHF | 4.29 | 3.24 |
| Distribution ⁷ | CHF | 9.00 | 9.00 |
| Nominal value per share | CHF | 29.00 | 38.00 |
| NAV per outstanding share after options and convertible bond 8 CHF | 188.28 | 191.43 | |
| Share price as at 30 June | CHF | 217.70 | 188.00 |
| Market capitalisation as at 30 June | CHF million | 1,117.8 | 955.1 |
¹ CHF 15.4 million of net income from revaluation is attributable to operating performance, with CHF 4.1 million relating to investment properties under construction and a further CHF 11.3 million mainly coming from successful letting. An additional CHF 1.2 million is attributable to market-driven changes in the discount rate.
² Profit as a percentage of average equity (equity as at 1 January plus capital increase/reduction) for the period under review.
³ Profit not including revaluation (and attributable deferred taxes) as a percentage of average equity
(equity as at 1 January plus capital increase/reduction) for the period under review.
⁴ Net financial liabilities as a percentage of equity
⁵ Changes in headcount, see also Note 14
⁶ No. of shares issued 5,134,469 less treasury shares 1,763 = no. of outstanding shares 5,132,706
⁷ Distribution of the capital contribution reserves for the 2010 financial year of CHF 9.00 per share as resolved by the General Meeting on 6 April 2011. In accordance with the ruling of the tax authorities, capital contribution reserves totalling CHF 260 million were accepted as distributable share premium reserves, of which CHF 46.2 million have been distributed.
8 Assuming all options granted and the conversion bond are exercised
Roof garden
Investment property Residential and commercial property
Lausanne-Flon, "Genève 7" Rue de Genève 7
| Key figures | 1 |
|---|---|
| About Mobimo | 4 |
| The company | 6 |
| Group structure and milestones | 7 |
| Strategy | 8 |
| Portfolio | 9 |
| Share and convertible bond information | 10 |
| First half of 2011 | 12 |
| Letter to shareholders | 14 |
| Review of first half of 2011 | 16 |
| Financial report | 22 |
| Consolidated interim financial statements | 24 |
| • Consolidated balance sheet | 24 |
| • Consolidated income statement | 26 |
| • Consolidated statement of comprehensive income | 27 |
| • Consolidated statement of changes in equity | 28 |
| • Consolidated cash flow statement • Notes to the consolidated interim financial statements |
29 30 |
| • Segment reporting | 31 |
| • Notes to the consolidated financial statements | 34 |
| Property details | 46 |
| • Trading property details | 46 |
| • Commercial property details | 48 |
| • Residential property details | 56 |
| • Details of investment properties under construction • Details of properties owned and used by Mobimo |
58 58 |
| • Co-ownership details | 58 |
| Contact addresses | 60 |
This is an English translation of the German original version (available from [email protected] or at www.mobimo.ch).
Only the German original is legally binding.
Investment property Commercial property
Lausanne-Flon, "Les Pépinières" Rue des Côtes-de-Montbenon 20–24
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. Acquisitions and investments are targeted mainly in the economic areas of Zurich and Lausanne / Geneva and in Basel, Lucerne / Zug, Aarau and St. Gallen.
Mobimo's business model sets it apart from its competitors.
With a solid financing base and a high equity share of not less than 40% of total assets, Mobimo plans, builds and maintains return-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 and generating 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 and attractive condominiums which, when sold, will generate capital gains.
As at 30 June 2011, the real estate portfolio comprises 128 properties with a value of approximately CHF 2,077 million, which breaks down into CHF 1,322 million for investment properties and CHF 755 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. The medium-term target is for office space, residential and other commercial usage to each account for around 30% of the 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 467,100m² generated potential rental income of CHF 89 million p.a. as at 30 June 2011. This means that a high proportion of revenues are stable and predictable. The company's portfolio management team ensures close proximity to the market and allows the company to react swiftly to any changes in the market.
Mobimo is currently planning and realising investment (CHF 1,260 million) and trading properties (CHF 760 million) with an investment volume of roughly CHF 2,020 million, including the Mobimo Tower in Zurich West, the Group's biggest project at present.
Mobimo has consistently distributed a high dividend. Since the initial public offering in 2005, each year CHF 9.00 has been paid out to shareholders in the form of a withholding tax-exempt nominal value repayment or capital repayment. Over the past five years the dividend yield (nominal value repayment or capital repayment) has consistently been in the region of 5%, calculated on the basis of the year-end share price.
| Mobimo Holding AG | |||||
|---|---|---|---|---|---|
| Share capital: CHF 148.9 million BoD: Urs Ledermann, Daniel Crausaz, Brian Fischer, Bernard Guillelmon, Wilhelm Hansen, Paul Rambert, Peter Schaub, Georges Theiler Executive Board: Dr. Christoph Caviezel, Manuel Itten, Peter Grossenbacher, Andreas Hämmerli External auditor: KPMG AG |
|||||
| Mobimo Management AG | Mobimo AG | LO Holding Lausanne-Ouchy SA |
JJM Participations SA | ||
| Share capital: CHF 0.1 million | Share capital: CHF 72 million | Share capital: CHF 12 million | Share capital: CHF 6 million |
On 15 October 1997 Dr. Alfred Meili, together with private banker Karl Reichmuth and other investors, founded Mobimo AG, with its headquarters in Lucerne. The company's share capital was CHF 36 million, on top of which there was another CHF 36 million in the form of shareholder loans.
Mobimo Holding AG, Lucerne, was founded on 27 December 1999. Its share capital amounted to CHF 73.1 million.
Under a private placement in October 2000 Mobimo Holding AG's share capital was increased to CHF 181.1 million.
On 23 June 2005 Mobimo Holding AG was listed on the SIX Swiss Exchange following a successful IPO, involving an issue volume of CHF 111.8 million.
On 8 June 2006 Mobimo conducted a capital increase of CHF 143 million; at the end of June 2006 share capital amounted to CHF 225 million and equity to CHF 596 million.
A further capital increase of CHF 149.1 million took place on 4 June 2007. As at 30 June 2007, Mobimo's equity stood at CHF 757 million.
The newly established Board of Directors and Executive Board revised the company's strategy and focus.
Mobimo Holding AG's exchange offer for LO Holding Lausanne-Ouchy SA was successfully completed on 9 November 2010. The share capital was increased by CHF 26.9 million in order to carry out the conversion.
In June 2010 Mobimo Holding AG successfully completed a CHF 175 million convertible bond issue maturing on 30 June 2014.
As part of the restructuring of the Mobimo Group, the assets of Mobimo Finance Ltd. were transferred to Mobimo Holding AG and LO Holding Lausanne-Ouchy SA and the company was subsequently liquidated. The investment in O4Real AG was also transferred to the LO Holding Lausanne-Ouchy SA.
Mobimo strives for gradual growth in its real estate portfolio. This growth takes place primarily through the construction of investment properties for the company's own portfolio as well as through the acquisition of individual properties 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, as well as those of Basel, Lucerne /Zug, Aarau and St. Gallen. Investments are only made in good locations.
Over the medium term, the investment portfolio comprises approximately one-third residential usage, one-third office usage and one-third other commercial usage.
The real estate portfolio is optimised and adjusted on an ongoing basis. Value is rigorously maintained and increased by cultivating relations with lessees, increases in the level of rental occupancy, cost optimisation and the implementation of effective marketing strategies.
Real estate development focuses on three areas:
Following the continued expansion of the real estate portfolio, development properties now account for around one-quarter of the overall portfolio over the medium term.
Mobimo can borrow on both a short and long-term basis. Equity should amount to at least 40 % of total assets.
The Mobimo share regularly generates high dividends. It is characterised by a steady development in value and a high payout ratio.
¹ Including owner occupied properties
² Including commercial property Zurich, Turbinenstrasse, Hotel (Mobimo Tower); Horgen, Seestrasse 93; Lausanne, Place de l'Europe 6 and Lausanne, Rue de Genève 7; Aarau, Polygon – Industriestrasse, site 3 (investment properties under construction) as own-portfolio developments
| Share information as at 30 June | |||||
|---|---|---|---|---|---|
| (prior years as at 31 December) | 2011 | 2010 | 2009 | 2008 | 2007 |
| Share capital (in TCHF) | 148,900 | 148,804 | 192,035 | 204,230 | 243,232 |
| No. of registered shares issued | 5,134,469 | 5,131,170 | 5,053,552 | 4,355,323 | 4,343,425 |
| Nominal value per registered share (in CHF) | 29 | 29 | 38 | 47 | 56 |
| Of which treasury shares | 1,763 | 1,071 | 4,373 | 10,000 | 0 |
| No. of registered shares outstanding | 5,132,706 | 5,130,099 | 5,049,179 | 4,345,323 | 4,343,425 |
| Key data in CHF as at 30 June | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|
| Earnings per share | 6.72 | 5.68 | 8.18 | 6.80 | 5.13 |
| Earnings per share not including revaluation | 4.29 | 3.24 | 6.61 | 5.30 | 3.91 |
| NAV per share, after options and conversion rights | 188.28 | 191.43 | 176.74 | 183.27 | 171.70 |
| Share price – high ¹ | 224.60 | 191.90 | 142.87 | 166.91 | 166.70 |
| Share price – low¹ | 196.00 | 176.00 | 110.88 | 152.36 | 157.52 |
| Half-year-end price ¹ | 217.70 | 188.00 | 139.19 | 160.92 | 160.92 |
| Average no. of shares traded per day | 8,646 | 6,291 | 4,734 | 3,975 | 3,974 |
| Market capitalisation (in CHF million) | 1,117.8 | 955.1 | 634.4 | 816.6 | 814.7 |
Source: SIX Swiss Exchange
The registered shares of Mobimo Holding AG are traded on the main segment of the SIX Swiss Exchange in Zurich. 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
Mobimo's share price went up by 9.0% in the first half of 2011, rising from CHF 199.70 to CHF 217.70. As at 30 June 2011 Mobimo's share price of CHF 217.70 was 15.6% above the diluted NAV of CHF 188.28. The liquidity of the Mobimo share and the trading volume remained positive. The average number of shares traded per day was 8,646 (prior year 6,780). This was equivalent to a daily trading volume of approximately CHF 1.8 million (prior year CHF 1.2 million). The Mobimo share posted a total trading volume of CHF 224 million (prior year CHF 143 million) on the SIX Swiss Exchange in the first half of 2011.
Source: Bloomberg
The convertible bonds of Mobimo Holding AG are traded on the SIX Swiss Exchange in Zurich in accordance with the Standard for Bonds.
Code: MOB10 / Swiss security no.: 11299133 / ISIN code: CH0112991333, Bloomberg: MOBIMO Corp./ Reuters: CH11299133
In June 2011 Mobimo successfully completed a CHF 175 million convertible bond issue with a coupon of 2.125%, maturing in mid-2014, and a conversion price of CHF 210.37.
Published credit ratings for Mobimo: UBS: BBB stable; ZKB: BBB+.
Significant shareholders
The following shareholders held more than 3% of the share capital as at 30 June 2011:
Zuger Pensionskasse, 3.41%
Free float as at 30 June 2011 (as per SIX Swiss Exchange definition): 100%
V. Communication
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 the website www.mobimo.ch. The information is updated on an ongoing basis.
To protect the environment and keep costs down, print versions of Mobimo Holding AG's annual and half-year reports are only sent out by post upon request.
Mobimo Holding AG Dr. Christoph Caviezel, CEO Manuel Itten, CFO Tel. +41 44 397 11 59 [email protected]
Tel. +41 44 809 58 58 [email protected]
18 April 2012, Métropole Lausanne
6 March 2012
Investment property Rental apartments
Lausanne, "Beau-Séjour" Rue Beau-Séjour 8
View over Lake Geneva
D e a r S h a r e h o l d e r s , L a d i e s a n d G e n t l e m e n
In the first half of 2011, Mobimo Holding AG continued to pursue its systematic growth strategy. Major construction projects such as the Beau-Séjour residential development and the Genève 7 commercial property in Lausanne were completed, whilst work got under way on key building projects such as Torfeld Süd in Aarau, the OVA site in Affoltern am Albis and the "am Pfingstweidpark" housing development in Zurich City West. In addition, attractive new projects were steadily added to the pipeline. At the same time, the portfolio of investment properties with a value of over CHF 50 million was adjusted. A milestone in Mobimo's history is the completion of the Mobimo Tower and the handover of the Renaissance Zurich Tower Hotel to its new tenant, SV Group.
In terms of the numbers, Mobimo's business performance in the first half of 2011 was as follows. Rental income was practically unchanged against the prior-year figure at CHF 42.9 million. Positive contributions came from the improvement in rental income from the existing portfolio, a further fall in the vacancy rate from 5.1 % to a low 4.4 % and the addition of new Mobimo-built investment properties, particularly residential ones. On the other hand, extensive portfolio optimisation over the last twelve months (to the tune of around CHF 140 million) acted to reduce total rental income. Completion of the Beau-Séjour residential development and the mixed-use Rue de Genève 7 premises in Lausanne as well as securing a tenant for the Renaissance Zurich Tower Hotel in the Mobimo Tower from August will give a further boost to rental income in the second half of the year.
Sales of condominium properties also continued to perform well. In the period under review, apartments with a value just short of CHF 30 million were sold. Interest in buying residential property remains buoyant, even if the banks have become more restrictive in their mortgage lending. Mobimo's sales success in the first half is not (yet) reflected in the income statement, as practically no transfers of ownership have taken place. However, the income expected from these operations will be above par in the second half, particularly given the completion of the Mobimo Tower along with other smaller projects.
The total value of the portfolio at the end of the reporting period was CHF 2,077.0 million (end of 2010: CHF 2,011.9 million). This includes revaluation gains of over CHF 16.6 million due to progress on projects and optimised utilisation. In addition, the sale of four propertiesin Oberglatt, Frenkendorf and Tagelswangen produced profits of CHF 1.1 million. This means the major portfolio optimisation initiated two years ago is almost complete.
Market demand for investment properties remains high, which in some cases has driven pricesto high levels. Mobimo therefore continuesto concentrate on buying properties and sites with scope for development and expansion, giving it the opportunity to add value. The good reputation it enjoys on the market as a developer has brought increasing opportunitiesin recent years, leading to a very well-stocked project pipeline. In June construction work began on the Torfeld Süd site in Aarau – the first project from the development department to be sold directly to an institutional investor. From 2012 this service is to be progressively expanded, and a new business area has been created to handle it.
Not only in Aarau but also in Lausanne (Pepinières) and Zurich ("am Pfingsweidpark") work began on major construction projects, or is just about to commence. An attractive new use has been found for the old Grob factory site in Horgen on Lake Zurich. The old machine rooms in Horgen will house a vintage car centre with all the accompanying servicessuch as a catering and events zone. In Zurich Altstetten, Mobimo acquired the old Labitzke site, on which it plans to build a residential complex with around 300 mid-priced apartments for rent.
Mobimo's solid performance was also rewarded on the capital market. In the period under review, the share price rose by 14 % including a dividend of CHF 9.00. With the inclusion of our share in the EPRA index of leading European real estate stocks, trading in our share also saw a further significant pick-up.
The Board of Directors and the Executive Board are confident about the Group's performance over the rest of the financial year. At the end of the first half, all the signs indicate that Mobimo will achieve a full-year result for 2011 that will enable us to continue our attractive dividend policy.
With many thanks for the trust you have placed in us,
Chairman of the Board Chief Executive Officer of Directors
Urs Ledermann Dr. Christoph Caviezel
In the first half of 2011, Mobimo recorded another solid performance. Total profit, at CHF 34.5 million (prior year CHF 28.8 million), was up 20 % on the prior-year period. Before revaluations, profit was CHF 22.0 million (prior year CHF 16.4 million), an increase of 30 % over the prior-year period. This translates into an 18 % rise in earnings per share to CHF 6.72 (prior year CHF 5.68) and 32 % higher earnings per share before revaluations of CHF 4.29 for the period (prior year CHF 3.24). The total value of the portfolio rose to CHF 2,077.0 million (end-2010 CHF 2,011.9 million).
At CHF 37.1 million (prior year CHF 38.2 million), net rental income in the first half was on a par with the prior-year period. As expected, net income from the sale of trading properties was a low CHF 0.5 million in the first half (prior year CHF 4.6 million), on account of the small number of projects in which residential properties were transferred to the ownership of the buyers. At CHF 16.6 million (prior year CHF 16.5 million), net income from revaluations was on a par with the prior-year period. The revaluation gains are largely attributable to operating performance, with CHF 4.1 million stemming from the development of properties under construction for the company's own portfolio and CHF 11.3 million from successful lettings and developments in the existing portfolio. The share of revaluation gains accounted for by market factors amounted to CHF 1.2 million.
The ruling issued by the Swiss Federal Supreme Court on 4 April 2011 put an end to a long-running legal dispute between Mobimo Holding AG ("Mobimo") and the City of Zurich with respect to various aspects of the assessment of property gains tax. As a result of the Supreme Court ruling, which was positive for Mobimo, tax provisions no longer needed were released in the reporting period. This led, as a non-recurring effect, to a very low tax expense figure of CHF 1.3 million in the first half (prior year CHF 7.0 million).
With an equity ratio of 43 %, Mobimo remains solidly financed.
The average residual maturity of financial liabilities fell slightly for a short period, from 5.1 years to 4.8 years. In renewing financial liabilities, the focusremains on locking in favourable interest rates for the long term and thus extending the average residual maturity.
The net yield achieved on investment properties in the first six months of the year was 5.0% (end-2010 5.1%). After deducting average borrowing costs of 3.0%, the yield spread is 2.0% (end-2010 2.2%).
Income from rentals came to CHF 42.9 million (prior year CHF 43.7 million) in the first half of the year. In the previous year eleven properties were sold as part of the portfolio adjustment process, whilst in the first half of 2011 a further four were sold. These portfolio adjustments reduced potential rental income by CHF 12.3 million a year. This decline was offset by the purchase of three propertiesin the same period and by rental income from completed properties in the first half of 2011. In the second half of the year, potential rental income will increase by about another CHF 16.5 million a year as the following properties under construction are completed and let:
As at 30 June 2011, the vacancy rate in investment properties was further reduced and was a low 4.4 % (end-2010 5.1 %). Good demand for rental space and the positive effects of the portfolio adjustments were responsible for this excellent result.
The sale of the following four commercial properties:
as well as additional smaller-scale assignments of land for a total price of CHF 54.9 million resulted in a profit of CHF 1.1 million.
As expected, and as in the previous year, a low level of income from the sale of trading properties was recorded in the first half of 2011, at CHF 29.1 million (prior year CHF 37.8 million). The reason for this was that in the first half year, because of the progress of construction, residential properties from only two developments:
were transferred to the ownership of buyers. During the second half year, ownership will be transferred in the following projects:
As at 30 June 2011, notarised sales agreements to the value of around CHF 100 million had been completed for these projects, which will generate proceeds when the ownership of the properties is transferred.
Overall, work on all home ownership development projects in the first half of 2011 proceeded as planned.
Growth of Mobimo's business is driven by the focused development of residential and commercial properties, with the quality of the portfolio being optimised on an ongoing basis. In the first half of the year, the following properties were under construction or at the completion stage:
The total investment in these projects for the company's own portfolio is around CHF 440 million. In addition, the following projects for the company's own portfolio, involving an investment totalling CHF 820 million, are being planned:
The properties under construction and planned for the company's own portfolio will bring additional rental income potential of over CHF 70 million a year.
The shares closed at CHF 217.70 on 30 June, putting them 9 % above the year-end price of CHF 199.70 as at 31 December 2010. This equates to a total performance of 14 % in the first half of 2011, taking the dividend of CHF 9.00 per share into account. Against the diluted NAV of CHF 188.28, the closing price of CHF 217.70 is at a premium of 16 % (prior year premium of 5 % against diluted NAV of CHF 190.45). The average trading volume in the first half year was 8,646 shares per trading day (prior year 6,780 shares per trading day), which represents another significant increase in the liquidity of the shares. On 20 June Mobimo share was included in the FTSE EPROM / ARE index, which is likely to have a further positive impact on the liquidity of the shares. Laying the foundation stone Torfeld Süd, Aarau
Investment property Commercial property
Aarau, "Polygon" Torfeld Süd site
Development property Condominiums and rental apartments
Adliswil, "Wilacker" Bernhofstrasse 37a – 45a
Development property Condominiums
Horgen, "Wisental" Gumelenstrasse 1–9
1.1 Consolidated balance shee t
| All amounts in TCHF | Note | 30. 06. 2011 | 31. 12. 2010 |
|---|---|---|---|
| Assets | |||
| Current assets | |||
| Cash | 3 | 65,566 | 92,773 |
| Trade receivables | 15,410 | 5,705 | |
| Derivative financial instruments | 0 | 180 | |
| Other receivables | 23,821 | 16,865 | |
| Trading properties | 4 | 282,418 | 286,837 |
| Accrued income and prepaid expenses | 5,444 | 3,009 | |
| Assets held for sale | 0 | 1,367 | |
| Total current assets | 392,659 | 406,736 | |
| Non-current assets | |||
| Investment properties | |||
| – Commercial properties | 5 | 1,203,125 | 1,234,893 |
| – Residential properties | 5 | 256,938 | 202,829 |
| – Investment properties under construction | 5 | 318,431 | 270,946 |
| Property, plant and equipment | |||
| – Owner occupied properties | 6 | 16,048 | 16,409 |
| – Other property, plant and equipment | 6 | 911 | 875 |
| Intangible assets | 4,521 | 11,099 | |
| Investments in associates | 7 | 19,113 | 17,841 |
| Financial assets | 2,553 | 2,952 | |
| Derivative financial instruments | 184 | 0 | |
| Total non-current assets | 1,821,825 | 1,757,844 | |
| Total assets | 2,214,484 | 2,164,580 |
| All amounts in TCHF | Note | 30. 06. 2011 | 31. 12. 2010 |
|---|---|---|---|
| Equity and liabilities | |||
| Liabilities | |||
| Current liabilities | |||
| Current financial liabilities | 8 | 202,387 | 168,996 |
| Trade payables | 21,095 | 13,929 | |
| Current tax liabilities | 37,209 | 35,725 | |
| Derivative financial instruments | 183 | 93 | |
| Other payables | 2,985 | 2,177 | |
| Advance payments from buyers | 33,526 | 25,158 | |
| Accrued expenses and deferred income | 11,896 | 19,921 | |
| Total current liabilities | 309,282 | 265,998 | |
| Non-current liabilities | |||
| Non-current financial liabilities | 8 | 837,503 | 815,131 |
| Employee benefit obligation | 2,269 | 2,310 | |
| Derivative financial instruments | 7,644 | 8,311 | |
| Deferred tax liabilities | 100,303 | 101,490 | |
| Total non-current liabilities | 947,719 | 927,242 | |
| Total liabilities | 1,257,001 | 1,193,240 | |
| Equity | 9 | ||
| Share capital | 148,900 | 148,804 | |
| Treasury shares | –369 | –183 | |
| Capital reserves | 345,053 | 391,269 | |
| Retained earnings | 463,898 | 431,450 | |
| Total equity attributable to the shareholders of Mobimo Holding AG | 957,482 | 971,339 | |
| Attributable to non-controlling interests | 1 | 1 | |
| Total equity | 957,483 | 971,340 | |
| Total equity and liabilities | 2,214,484 | 2,164,580 |
| All amounts in TCHF | Note | First half of 2011 | First half of 2010 |
|---|---|---|---|
| Income from sale of trading properties | 11 | 29,059 | 37,830 |
| Expenses from sale of trading properties | 11 | –28,609 | –33,272 |
| Profit on sale of trading properties | 450 | 4,558 | |
| Income from rental of properties | 12 | 42,878 | 43,652 |
| Direct expenses for rented properties | 12 | –5,826 | –5,404 |
| Net rental income | 37,052 | 38,248 | |
| Gains from revaluation of investment properties | 13 | 20,511 | 20,650 |
| Losses on revaluation of investment properties | 13 | –3,879 | –4,157 |
| Net income from revaluation | 16,632 | 16,493 | |
| Profit on sale of investment properties | 1,095 | –110 | |
| Capitalised own account services | 2,452 | 1,938 | |
| Other income | 386 | 245 | |
| Personnel expenses | 14 | –7,584 | –7,296 |
| Operating expenses | –2,216 | –2,221 | |
| Administrative expenses | –1,397 | –1,905 | |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 46,870 | 49,949 | |
| Depreciation and amortisation | –717 | –623 | |
| Earnings before interest and tax (EBIT) | 46,153 | 49,326 | |
| Share of profit of associates | 1,272 | 1,603 | |
| Financial income | 15 | 1,865 | 407 |
| Financial expenses | –13,517 | –15,551 | |
| Earnings before tax (EBT) | 35,773 | 35,785 | |
| Tax expenses | 16 | –1,287 | –7,023 |
| Profit | 34,486 | 28,762 | |
| Of which attributable to the shareholders of Mobimo Holding AG | 34,486 | 28,750 | |
| Of which attributable to non-controlling interests | 0 | 12 | |
| ITDA not including revaluation | 30,238 | 33,456 | |
| Operating result (EB IT) not including revaluation |
29,521 | 32,833 | |
| Earnings before tax (EB T) not including revaluation |
19,141 | 19,292 | |
| Profit after tax not including revaluation | |||
| (and attributable deferred tax) | 22,021 | 16,392 | |
| Earnings per share in CHF | |||
| – including revaluation | 10 | 6.72 | 5.68 |
| – not including revaluation (and attributable deferred tax) | 10 | 4.29 | 3.24 |
| Diluted earnings per share in CHF | |||
| – including revaluation | 10 | 6.65 | 5.60 |
| – not including revaluation (and attributable deferred tax) | 10 | 4.41 | 3.19 |
| All amounts in TCHF | First half of 2011 | First half of 2010 |
|---|---|---|
| Profit | 34,486 | 28,762 |
| Cash flow hedges: | ||
| – Transfers to income statement | –166 | –160 |
| – Tax effect | 37 | 35 |
| Financial assets held for sale (AFS; Olmero): | ||
| – Transfers to income statement | –975 | 0 |
| Other comprehensive income/loss | –1,104 | –125 |
| Total comprehensive income/loss | 33,382 | 28,637 |
| – of which attributable to the shareholders of M obimo Holding AG |
33,382 | 28,625 |
| – of which attributable to non-controlling interests | 0 | 12 |
| Market | Other | Total | Equity attributable to | Non | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Share | Treasury | Capital | value | Hedging | retained | retained | the shareholders of | controlling | Total | |
| All amounts in TCHF | capital | shares | reserves | reserve | reserve | earnings | earnings | Mobimo AG | interests | equity |
| As at 1.1.2010 | 192,035 | –721 | 370,242 | 0 | 1,202 | 362,597 | 363,799 | 925,355 | 1,531 | 926,886 |
| Profit 1.1. – 30.6.2010 | 0 | 28,750 | 28,750 | 28,750 | 12 | 28,762 | ||||
| Cash flow hedges: | ||||||||||
| – Transfers to | ||||||||||
| income statement 1 | –160 | –160 | –160 | –160 | ||||||
| Tax effects | 35 | 35 | 35 | 35 | ||||||
| Other comprehensive | 0 | |||||||||
| income/loss | 0 | 0 | 0 | –125 | 0 | –125 | –125 | –125 | ||
| Total comprehensive | ||||||||||
| income/loss | 0 | 0 | 0 | 0 | –125 | 28,750 | 28,625 | 28,625 | 12 | 28,637 |
| Capital increase | 1,027 | 1,027 | 1,027 | |||||||
| Convertible bond 1 | 4,001 | 4,001 | 4,001 | |||||||
| Tax effects 1 | –603 | –603 | –603 | |||||||
| Share-based payments: | ||||||||||
| – BoD and management | 288 | –1 | 287 | 287 | ||||||
| – Acquisition of property 2 | 799 | 17,546 | 18,345 | 18,345 | ||||||
| Acquisition of treasury | ||||||||||
| shares | –1,939 | –1,939 | –1,939 | |||||||
| Purchase of non-control | ||||||||||
| ling interests | 1,287 | 10 | 1,297 | –1,297 | 0 | |||||
| As at 30.6.2010 | 193,062 | –286 | 391,195 | 0 | 1,077 | 391,347 | 392,424 | 976,395 | 246 | 976,641 |
| As at 1.1.2011 | 148,804 | –183 | 391,269 | 975 | 950 | 429,524 | 431,450 | 971,339 | 1 | 971,340 |
| Profit 1. 1. – 30. 6. 2011 | 34,486 | 34,486 | 34,486 | 0 | 34,486 | |||||
| Cash flow hedges: | ||||||||||
| – Transfers to | ||||||||||
| income statement 1 | –166 | –166 | –166 | –166 | ||||||
| Tax effects AFS financial assets 3 |
37 | 37 | 37 | 37 | ||||||
| – Transfers to | ||||||||||
| income statement | –975 | –975 | –975 | –975 | ||||||
| Other comprehensive | ||||||||||
| income/loss | –975 | –129 | 0 | –1,104 | –1,104 | –1,104 | ||||
| Total comprehensive | ||||||||||
| income/loss | –975 | –129 | 34,486 | 33,382 | 33,382 | 0 | 33,382 | |||
| Distribution from capital | ||||||||||
| contribution reserves | –46,204 | –46,204 | –46,204 | |||||||
| Capital increase | 96 | 96 | 96 | |||||||
| Share-based | ||||||||||
| payments: – BoD and management |
1,643 | –12 | –933 | –933 | 698 | 698 | ||||
| Acquisition of treasury | ||||||||||
| shares As at 30.6.2011 |
148,900 | –1,829 –369 |
345,053 | 0 | 821 | 463,077 | 463,899 | –1,829 957,482 |
1 | –1,829 957,483 |
The cash flow hedges and convertible bond are described in Note 8 Financial liabilities
2 The purchase of the property, Avenue d'Ouchy 4 / 6 in Lausanne is described in Note 9
Sale of the investment in Olmero AG
| First half of | First half of | ||
|---|---|---|---|
| All amounts in TCHF | Note | 2011 | 2010 |
| Earnings before tax | 35,773 | 35,785 | |
| Net gains from revaluation of investment properties | 5 | –16,632 | –16,493 |
| Share-based payments | 697 | 287 | |
| Depreciation on property, plant and equipment | 555 | 493 | |
| Amortisation of intangible assets | 162 | 130 | |
| Loss (profit) on sale of investment property | –1,095 | 110 | |
| Loss (profit) on sale of property, plant and equipment | 16 | –2 | |
| Share of profit of associates | –1,272 | –1,603 | |
| Financial result | 11,652 | 15,144 | |
| Change | |||
| Trade receivables | –1,205 | –878 | |
| Trading properties | 4,978 | –10,711 | |
| Other receivables and accrued income and prepaid expenses | –10,530 | –1,225 | |
| Employee benefit obligation | -40 | 6 | |
| Trade payables | 7,166 | –97 | |
| Advance payments from buyers | 8,368 | 9,098 | |
| Other current liabilities and accrued expenses and deferred income | –4,816 | –5,141 | |
| Income tax paid | –400 | –2,123 | |
| Net cash from operating activities | 33,377 | 22,780 | |
| Cash increase from asset deal | 0 | 733 | |
| Investments in financial assets | 0 | –560 | |
| Acquisition of investment properties | 5 | –94,998 | –41,007 |
| Acquisition of property, plant and equipment | –246 | –69 | |
| Acquisition of intangible assets | –4,276 | –54 | |
| Disposal of financial assets | 1,766 | 3,862 | |
| Disposal of investment properties | 5 | 45,983 | 19,068 |
| Disposal of property, plant and equipment | 0 | 13 | |
| Dividends received | 69 | 101 | |
| Interest received | 238 | 325 | |
| Net cash used in investing activities | –51,464 | –17,588 | |
| Proceeds from financial liabilities | 189,463 | 322,079 | |
| Repayment of financial liabilities | –134,796 | –232,721 | |
| Net cash from capital increases | 96 | 1,027 | |
| Distribution from capital contribution reserves | –46,204 | 0 | |
| Acquisition of treasury shares | –1,829 | –1,939 | |
| Interest paid | –15,850 | –15,062 | |
| Net cash used in/from financing activities | –9,120 | 73,384 | |
| Increase in cash | –27,207 | 78,576 | |
| Cash at beginning of reporting period | 92,773 | 27,407 | |
| Cash at end of reporting period | 65,566 | 105,983 |
The Mobimo Group is a real estate company which operates exclusively in Switzerland. Its business activities consist of the long-term holding and managing of commercial, industrial and residential properties, the construction and selling of condominium 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 unaudited consolidated interim financial statements of the Mobimo Group for the first half of 2011 are produced in accordance with International Accounting Standard 34 (IAS 34) on interim financial reporting and comply with Article 17 on accounting (Accounting Guideline) of the SIX Swiss Exchange.
The consolidated interim financial statements as at 30 June 2011 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 2010.
All amounts contained in the consolidated interim financial statements are shown in thousands of Swiss francs (TCHF), unless stated otherwise.
Capitalised own account services were reported separately in the income statement for the first time in the reporting period and the prior-year figures were restated accordingly.
The accounting policies applied in the consolidated interim financial statements correspond to the Group accounting policies set out in the consolidated financial statements for 2010, with the following exceptions: With effect from 1 January 2011, Mobimo now uses the following newly applicable or amended standards and interpretations:
Amendment to IAS 32 – Financial Instruments: Presentation and Classification of Rights Issues IFRIC 19 – Extinguishing Financial Liabilities with Equity Instruments
IAS 24 (rev. 2009) – Related Party Disclosures Amendments to IFRIC 14: IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
Improvements to IFRSs (May 2010) – These changes had no effect on these consolidated interim financial statements.
The following new and amended standards and interpretations have been approved, but will not take effect until a later date and have not been implemented in advance in these interim financial statements.
| Standard / Interpretation | Entry into force | Planned application by Mobimo |
|
|---|---|---|---|
| Amendments to IAS 12 – Recovery of | * | 1 July 2011 | 2012 financial year |
| Underlying Assets | |||
| Amendments to IFRS 7 Disclosures – Derecogni | * | 1 July 2011 | 2012 financial year |
| tion of Financial Assets | |||
| IFRS 9 – Financial Instruments: Classification and | ** | 1 January 2013 | 2013 financial year |
| Measurement | |||
| IFRS 10 – Consolidated Financial Statements: | * | 1 January 2013 | 2013 financial year |
| establishes principles for the presentation and | |||
| preparation of consolidated financial statements | |||
| when an entity controls one or more other entities. | |||
| IFRS 11 – Joint Arrangements: | * | 1 January 2013 | 2013 financial year |
| establishes principles for financial reporting by | |||
| parties to a joint arrangement. | |||
| IFRS 12 – Disclosure of Interests in Other Entities | ** | 1 January 2013 | 2013 financial year |
| IFRS 13 – Fair Value Measurement | ** | 1 January 2013 | 2013 financial year |
| Amendments to IAS 1 Presentation of Items of | ** | 1 July 2012 | 2013 financial year |
| Other Comprehensive Income | |||
| Amendments to IAS 19 – Elimination of | ** | 1 January 2013 | 2013 financial year |
| the Corridor Approach |
* No impact, or no material impact, on Mobimo›s consolidated financial statements is expected.
** The impact on Mobimo›s consolidated financial statements cannot yet be accurately determined.
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. If the actual circumstances in the future differ from such estimates and assumptions made by management as at the reporting date to the best of its knowledge and belief, the initial estimates and assumptions will be adjusted in the reporting period during which the circumstances in question changed. For uncertainties in connection with the implementation of the Swiss Federal Supreme Court ruling of 4 April 2011 relating to property gains tax see Note 16 Tax expense.
The management structure of the Mobimo Group and thus the internal reporting to the Group's chief operating decision maker is based on the individual divisions. The divisions themselves are structured according to the services and/ or activities of the Group.
Reportable segments pursuant to IFRS 8 are the two divisions Portfolio Management and Development. The business activities of these two divisions can be described as follows:
Portfolio Management focuses on the longterm holding and managing of commercial and residential properties.
This division also handles the buying and selling of investment properties.
This division is responsible for purchasing land as well as for the construction and sale of residential property (newbuilds and development properties). It also holds land, properties under construction and completed properties which will eventually be transferred to the investment property portfolio. These investment properties are purchased with certain construction shortcomings or substantial vacancy rates. As soon as the vacancy rate of a development property falls below 10% on a long-term basis, it is reclassified as an investment property on 1 January of the subsequent year (and is thus transferred to the Portfolio Management division). Investment properties with a long-term vacancy rate of over 10% where vacancy is unlikely to be brought below 10% on a long-term basis without significant refurbishment measures are transferred from investment properties to development properties.
The Board of Directors, as the chief operating decision maker, monitors the results of the individual divisions on the basis of EBIT. These figures are determined using the same accounting principles as in the consolidated annual financial statements prepared in accordance with IFRS. Income tax and interest are not included in the segment results and are recognised under Reconciliation. The costs of central functions such as Finance and IT, Marketing and Communication, Legal Services and Central Services, like the expenses for the Executive Board, are allocated to the segments on the basis of usage. The other revenues and expenses in connection with the Board of Directors are not allocated to the segments and are likewise reported under Reconciliation.
Segment assets include investment properties, investment properties under construction, owner occupied properties, trading properties and trade receivables. All the other assets are not allocated to the segments. Segment assets are measured in the same way as in the consolidated financial statements prepared in accordance with IFRS.
There were no transactions between the individual segments and there was thus no need to eliminate intersegment transactions.
Since Mobimo operates exclusively in Switzerland, there is no need for a breakdown of revenues and non-current assets by geographical area.
Mobimo did not enter into any transactions with clients amounting to more than 10% of Group revenues.
A further breakdown of income from rental of properties by sub-segment (commercial, residential and trading properties) can be found in Note 12.
| Portfolio | |||||
|---|---|---|---|---|---|
| All amounts in TCHF | Management | Development | Total segments | Reconciliation | Total |
| Income from sale of trading properties | 29,059 | 29,059 | 29,059 | ||
| Income from rental of properties | 37,100 | 5,778 | 42,878 | 42,878 | |
| Net income from revaluation | 12,620 | 4,012 | 16,632 | 16,632 | |
| Profit on sale of investment properties | 1,097 | –2 | 1,095 | 1,095 | |
| Total segment income | 50,818 | 38,847 | 89,665 | 0 | 89,665 |
| Segment result EBIT | 42,704 | 3,813 | 46,517 | –364 | 46,153 |
| Financial result | –10,380 | ||||
| Earnings before tax (EBT) | 35,773 | ||||
| Tax | –1,287 | ||||
| Profit | 34,486 | ||||
| Trading properties | 282,418 | 282,418 | 282,418 | ||
| Investment properties | 1,305,912 | 154,151 | 1,460,063 | 1,460,063 | |
| Owner occupied properties | 16,048 | 16,048 | 16,048 | ||
| Investment properties under construction | 318,431 | 318,431 | 318,431 | ||
| Trade receivables | 15,179 | 231 | 15,410 | 15,410 | |
| Total segment assets | 1,337,139 | 755,231 | 2,092,370 | 2,092,370 | |
| Non-attributed assets | 122,114 | 122,114 | |||
| Total assets | 2,214,484 | ||||
| Depreciation and amortisation | –497 | –115 | –612 | –105 | –717 |
| Investments in non-current assets | 1,918 | 93,973 | 95,891 | 4,276 | 100,167 |
| Portfolio | |||||
|---|---|---|---|---|---|
| All amounts in TCHF | Management | Development | Total segments | Reconciliation | Total |
| Income from sale of trading properties | 37,830 | 37,830 | 37,830 | ||
| Income from rental of properties | 40,277 | 3,375 | 43,652 | 43,652 | |
| Net income from revaluation | 8,212 | 8,280 | 16,492 | 16,492 | |
| Profit on sale of investment properties | -110 | –110 | –110 | ||
| Total segment income | 48,379 | 49,485 | 97,864 | 0 | 97,864 |
| Segment result EBIT | 39,772 | 10,792 | 50,564 | –1,238 | 49,326 |
| Financial result | –13,541 | ||||
| Earnings before tax (EBT) | 35,785 | ||||
| Tax | –7,023 | ||||
| Profit | 28,762 | ||||
| Trading properties | 270,247 | 270,247 | 270,247 | ||
| Investment properties | 1,370,665 | 121,836 | 1,492,501 | 1,492,501 | |
| Owner occupied properties | 16,810 | 16,810 | 16,810 | ||
| Investment properties under construction | 239,522 | 239,522 | 239,522 | ||
| Trade receivables | 5,568 | 389 | 5,957 | 5,957 | |
| Total segment assets | 1,393,043 | 631,994 | 2,025,037 | 0 | 2,025,037 |
| Non-attributed assets | 141,979 | 141,979 | |||
| Total assets | 2,167,016 | ||||
| Depreciation and amortisation | –396 | –143 | –540 | –83 | –623 |
| Investments in non-current assets | 2,936 | 40,437 | 43,373 | 1,611 | 44,984 |
As part of the restructuring of the Mobimo Group, the assets of Mobimo Finance Ltd. were transferred to Mobimo Holding AG and LO Holding Lausanne-Ouchy SA in the first half of 2011 and the company was subsequently liquidated. In addition, the investment in O4Real AG was transferred from Mobimo Holding AG to LO Holding Lausanne-Ouchy SA.
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 residential property. 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.
Cash is comprised exclusively of current account deposits at Swiss banks. All of the CHF 65.6 million in cash is freely available.
| 30. 06. 2011 | 31. 12. 2010 | |
|---|---|---|
| Land | 42,334 | 40,342 |
| Properties under construction | 203,589 | 180,645 |
| Completed real estate and development properties | 36,495 | 65,850 |
| Total trading properties | 282,418 | 286,837 |
The progress of properties under construction went according to plan and holdings of properties under construction also increased as construction work progressed.
Holdings of completed real estate and development properties decreased due to the successful sale and resulting conveyance of condominiums from the projects: Winterthur Museumsstrasse and Horgen, Stockerstrasse 40 – 42 (Wiesental I). In addition, a residential property in Aarau, Buchserstrasse 32, was acquired.
Investment properties developed as follows:
| Investment | ||||
|---|---|---|---|---|
| Commercial | Residential | properties under | 30. 06. 2011 | |
| First half of 2011 | properties | properties | construction | Total |
| Market value as at 1 January 2011 | 1,234,893 | 202,829 | 270,946 | 1,708,668 |
| Acquisition costs | ||||
| As at 1 January 2011 | 1,104,274 | 184,195 | 252,387 | 1,540,856 |
| Increases from purchases | 34,242 | 0 | 0 | 34,242 |
| Increases from investments | 3,788 | 867 | 56,994 | 61,649 |
| Disposals | –46,852 | 0 | –62 | –46,914 |
| Transfers from intangible assets | 0 | 0 | 10,691 | 10,691 |
| Transfers to trading properties | 0 | 0 | 0 | 0 |
| Transfers from/to investment properties under construction | –24,844 | 45,676 | –20,832 | 0 |
| Cumulative acquisition costs as at 30 June 2011 | 1,070,608 | 230,738 | 299,178 | 1,600,524 |
| Revaluation | ||||
| Total as at 1 January 2011 | 130,618 | 18,635 | 18,559 | 167,812 |
| Positive fair value adjustments | 13,268 | 2,104 | 5,139 | 20,511 |
| Negative fair value adjustments | –2,093 | –782 | –1,004 | –3,879 |
| Disposals | –6,471 | 0 | –3 | –6,474 |
| Transfers to trading properties | 0 | 0 | 0 | 0 |
| Transfers from/to investment properties under construction | –2,805 | 6,243 | –3,438 | 0 |
| Cumulative revaluation as at 30 June 2011 | 132,517 | 26,200 | 19,253 | 177,970 |
| Market value as at 30 June 2011 | 1,203,125 | 256,938 | 318,431 | 1,778,494 |
| (Fire insurance value) | 1,246,733 | 212,824 | 228,005 | 1,687,234 |
| Investment | ||||
|---|---|---|---|---|
| Commercial | Residential | properties under | 31. 12. 2010 | |
| 2010 | properties | properties | construction | Total |
| Market value as at 1 January 2010 | 1,232,806 | 135,007 | 237,785 | 1,605,598 |
| Acquisition costs | ||||
| As at 1 January 2010 | 1,090,517 | 125,148 | 229,850 | 1,445,515 |
| Increases from purchases | 88,380 | 21,624 | 229,850 | 110,004 |
| Increases from investments | 8,094 | 531 | 67,396 | 76,021 |
| Disposals | –88,859 | 0 | 0 | –88,859 |
| Transfers to trading properties | 0 | 0 | –1,825 | –1,825 |
| Transfers between segments | 6,142 | 36,892 | –43,034 | 0 |
| Cumulative acquisition costs as at 31 December 2011 | 1,104,274 | 184,195 | 252,387 | 1,540,856 |
| Revaluation | ||||
| Total as at 1 January 2010 | 142,289 | 9,859 | 7,935 | 160,083 |
| Positive fair value adjustments | 19,768 | 3,345 | 16,614 | 39,727 |
| Negative fair value adjustments | –9,729 | –288 | –579 | –10,596 |
| Disposals | –21,322 | 0 | 0 | –21,322 |
| Transfers to trading properties | 0 | 0 | –81 | –81 |
| Transfers between segments | –388 | 5,718 | –5,330 | 0 |
| Cumulative revaluation as at 31 December 2011 | 130,618 | 18,634 | 18,559 | 167,811 |
| Market value as at 31 December 2011 | 1,243,893 | 202,829 | 270,946 | 1,708,668 |
| (Fire insurance value) | (1,244,637) | (160,196) | (155,439) | (1,560,272) |
The following investment properties were acquired in the first half of 2011:
Zurich, Hohlstrasse 485 /Albulastrasse 30 – 40 Commercial property
The sale of four investment properties and land conveyances in Aarau, Torfeld 2, Dübendorf, Zürichstrasse 98 and Zurich, Hardturmstrasse 3 / 5 for a total price of CHF 54.9 million resulted in a profit of CHF 1.1 million. The following investment properties were divested:
| Frenkendorf, Parkstrasse 2 | Commercial property |
|---|---|
| Frenkendorf, Parkstrasse 6 | Commercial property |
| Oberglatt, Aspstrasse 12 | Commercial property |
| Tagelswangen, Lindauerstrasse 17; Ringstrasse 30 | Commercial property |
| from | to | |
|---|---|---|
| Horgen, Seestrasse 43 | Investment properties under construction | Residential properties |
| Zurich, City West, site C | Intangible assets | Investment properties under construction |
| Horgen, Seestrasse 93 | Commercial properties | Investment properties under construction |
The property Zurich, City West, site C was transferred from intangible assets to investment properties under construction after completion of the conveyance.
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 2011, the discount rates applied averaged 4.82% (4.90% as at 31 December 2010), within a range from 4.1% to 8.0% (4.1% to 6.2% as at 31 December 2010).
Property, plant and equipment comprises owner occupied properties, movables, vehicles and computer hardware. It does not include any leased properties.
Owner occupied properties include the property Küsnacht, Seestrasse 59 with a carrying amount of CHF 12.8 million and part of the properties Place de l'Europe 7 and Rue Côtes-de-Montbenon 16 in Lausanne. The total net carrying amount of the owner occupied properties as at 30 June 2011 was CHF 16.0 million.
| 30. 06. 2011 | 31. 12. 2010 | |
|---|---|---|
| Investment in Flonplex SA, Lausanne (40% stake) | 4,773 | 4,295 |
| Investment in Parking du Centre SA, Lausanne (50% stake) | 14,340 | 13,546 |
| Total | 19,113 | 17,841 |
| 30. 06. 2011 | 31. 12. 2010 | |
|---|---|---|
| Building loans | 135,000 | 75,000 |
| Mortgage amortisation due within 12 months | 4,428 | 3,323 |
| Mortgages due for extension or repayment within 12 months | 62,959 | 90,673 |
| Total current financial liabilities | 202,387 | 168,996 |
| Mortgages | 668,465 | 647,023 |
| Convertible bond | 169,038 | 168,108 |
| Total non-current financial liabilities | 837,503 | 815,131 |
| Total financial liabilities | 1,039,890 | 984,128 |
All financial liabilities are denominated in Swiss francs.
As at the reporting date, amounts due were as follows:
| 30. 06. 2011 | 31. 12. 2010 | |
|---|---|---|
| Due within first year | 202,387 | 168,996 |
| Due within second year | 75,449 | 59,393 |
| Due within third year | 186,825 | 56,837 |
| Due within fourth year | 93,939 | 251,293 |
| Due within fifth year | 26,621 | 35,353 |
| Due within sixth year | 65,312 | 4,432 |
| Due within seventh year | 24,368 | 72,066 |
| Due within eighth year | 93,313 | 34,839 |
| Due within ninth year | 61,973 | 70,183 |
| Due within tenth year | 129,298 | 132,748 |
| Due within eleventh year and longer | 80,405 | 97,988 |
| Total financial liabilities | 1,039,890 | 984,128 |
Mortgages in an amount of CHF 63.0 million (31 December 2010: CHF 90.7 million) and due for repayment within 12 months are accounted for under current financial liabilities since, as at the reporting date, there was no formal agreement for extension beyond 30 June 2012 (or 31 December 2011 as applicable).
The average residual maturity of all financial liabilities as at 30 June 2011 was 4.8 years (FY 2010: 5.1 years).
¹ Non-current financial liabilities include the convertible bond for an amount of CHF 175 million maturing on 30 June 2014 in addition to mortgage liabilities.
| 30. 06. 2011 | 31. 12. 2010 | |
|---|---|---|
| Up to one year | 202,387 | 168,996 |
| Up to 2 years | 75,449 | 59,393 |
| Up to 3 years | 186,825 | 56,837 |
| Up to 4 years | 93,939 | 251,293 |
| Up to 5 years | 26,621 | 35,353 |
| Over 5 years | 454,669 | 412,255 |
| Total financial liabilities | 1,039,890 | 984,128 |
Certain mortgage interest rates were hedged in advance by means of forward rate agreements. Such forward rate agreements generally qualify as derivatives embedded in credit agreements and are measured at fair value in accordance with IAS 39. These forward rate agreements were partly classified as cash flow hedges pursuant to IAS 39, and fair value adjustments relating to the effective portion of the hedge are recognised directly in equity via 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 for the years 2011 to 2022. As at 30 June 2011 and 31 December 2010, there were no derivatives used for cash flow hedges, or the term of the hedged financial liabilities had already started.
Mobimo has concluded forward rate agreements and separate interest rate hedges (swaps) for further mortgages in an amount of CHF 118.3 million. These transactions are not classified as cash flow hedges. Consequently, fair value adjustments were recognised through profit or loss.
The fair value of derivatives was a net CHF –7.6 million as at 30 June 2011 (31 December 2010: CHF –8.2 million).
In addition to mortgage liabilities, non-current financial liabilities also include a convertible bond that was issued on 30 June 2010 with the following features:
| Volume CHF 175 million |
|---|
| Interest rate 2.125% p. a., payable annually on 30 June, with the first payment on 30 June 2011 |
| Term 4 years (30 June 2010–30 June 2014) |
| Conversion price CHF 210.37 |
| Listing SIX Swiss Exchange |
| Swiss security no. 11299133 |
Each convertible bond has a nominal value of CHF 5,000 and can be converted up to seven trading days before the end of the term into registered shares at the conversion price of CHF 210.37 per registered share. A maximum of 831,866 registered shares may be issued at the conversion price under the convertible bond. The company has created conditional capital for the creation of the registered shares. The prospective exercise of conversion rights would dilute earnings per share. The convertible bond can, however, be redeemed early at any time if more than 85 % of the original bond volume is converted and /or redeemed or, after 21 July 2013, if the closing price of Mobimo Holding AG registered shares on the SIX Swiss Exchange (SIX) is 130% or more of the conversion price over a period of 20 consecutive trading days.
In the period under review, financial expense of CHF 2.2 million was incurred in respect of the convertible bond. In addition, interest of CHF 0.6 million on the convertible bond was capitalised on trading properties and investment properties under construction.
Of the total financial liabilities, CHF 892.4 million bear interest at fixed rates and CHF 147.5 million bear interest at variable rates as at 30 June 2011.
Financial liabilities of CHF 870.9 million are secured via mortgage liens (31 December 2010: CHF 816.0 million). Some of the credit facilities arranged with banks contain covenants pertaining to equity ratio, net gearing, interest coverage factor and portfolio structure which were met over the entire reporting period. Unsecured bank guarantees of CHF 0.3 million (31 December: CHF 0.3 million) are available for the purposes of securing any property gains taxes payable.
There are also unutilised mortgage and building loan facilities in a total amount of approximately CHF 96.7 million (FY 2010: CHF 170.9 million). The latter can be drawn down as building work progresses and on condition that notarised purchase agreements are presented.
The Annual General Meeting of 6 April 2011 approved a distribution of capital contribution reserves for the financial year 2010 of CHF 9.00 per share, which was paid on 13 April 2011. The par value of Mobimo shares remains at CHF 29.
Changes in equity can be summarised as follows:
| Shares | |||
|---|---|---|---|
| No. of shares | Shares issued | Treasury shares | outstanding |
| As at 1 January 2010 | 5,053,552 | –4,373 | 5,049,179 |
| Issue of shares from conditional capital for options exercised | 77,618 | 77,618 | |
| Acquisition of treasury shares | –10,754 | –10,754 | |
| Share-based payments for the purchase of properties | 4,800 | 4,800 | |
| Share-based payments to Board of Directors and management | 1,562 | 1,562 | |
| Acquisition of non-controlling interests settled with treasury shares | 7,158 | 7,158 | |
| Shares for former LO shareholders (squeeze-out) | 536 | 536 | |
| As at 31 December 2010 | 5,131,170 | –1,071 | 5,130,099 |
| Issue of shares from conditional capital for options exercised | 3,299 | 3,299 | |
| Acquisition of treasury shares | –8,736 | –8,736 | |
| Share-based payments to Board of Directors and management | 8,044 | 8,044 | |
| As at 30 June 2011 | 5,134,469 | –1,763 | 5,132,706 |
As at 30 June 2011 share capital was CHF 148.9 million, composed of 5,134,469 registered shares with a nominal value of CHF 29 each. 1,763 treasury shares were held as at that date.
In the first half of 2011, 3,299 option rights were exercised.
There is also conditional share capital of a maximum of CHF 36.46 million for the issue of up to 1,257,335 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 63.8 million within two years at the latest via the issue of up to 2,200,000 registered shares, to be fully paid up, with a nominal value of CHF 29 per share.
Earnings per share are calculated from Group profit attributable to the shareholders of Mobimo Holding AG, divided 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.
Net asset value (NAV) per share was CHF 186.55 (31 December 2010: CHF 189.34) and diluted NAV was CHF 188.28 (31 December 2010: CHF 190.45).
This profit can be broken down as follows:
| 30. 06. 2011 | 30. 06. 2010 | |
|---|---|---|
| Proceeds from sale of trading properties | 29,059 | 37,830 |
| Total income from sale of trading properties | 29,059 | 37,830 |
| Acquisition costs of trading properties sold | 28,566 | 35,193 |
| Creation of valuation allowances | 43 | 80 |
| Reversal of valuation allowances | 0 | –2,000 |
| Total expenses from sale of trading properties | 28,609 | 33,272 |
| Profit on sale of trading properties | 450 | 4,558 |
Net rental income can be broken down between the individual divisions as follows:
| 30. 06. 2011 | 30. 06. 2010 | |
|---|---|---|
| Commercial properties | 34,838 | 38,475 |
| Residential properties | 7,084 | 5,032 |
| Income from rental of investment properties | 41,922 | 43,507 |
| Trading properties¹ | 956 | 145 |
| Total income from rental of properties | 42,878 | 43,652 |
| Commercial properties | 4,845 | 4815 |
| Losses on receivables commercial properties | 229 | –215 |
| Residential properties | 645 | 692 |
| Losses on receivables residential properties | 34 | 5 |
| Investment property expense | 5,753 | 5,297 |
| Rented trading properties | 72 | 118 |
| Losses on receivables trading properties | 1 | –11 |
| Total direct expenses for rented properties | 5,826 | 5,404 |
| Net rental income | 37,052 | 38,248 |
¹ Rental income from development properties
The future rental income set out below will be generated from non-cancellable rental agreements for investment properties:
| Commercial | Residential | ||
|---|---|---|---|
| 30 June 2011 | properties | properties | Total |
| Rental income within 1 year | 62,891 | 1,032 | 63,923 |
| Rental income within 2 to 5 years | 167,426 | 2,386 | 169,812 |
| Rental income in over 5 years | 107,018 | 765 | 107,783 |
| Total future rental income from non-cancellable rental agreements | 337,335 | 4,183 | 341,518 |
| 31 December 2010 | Commercial properties |
Residential properties |
Total |
|---|---|---|---|
| Rental income within 1 year | 65,109 | 819 | 65,928 |
| Rental income within 2 to 5 years | 182,136 | 2,305 | 184,441 |
| Rental income in over 5 years | 113,398 | 634 | 114,032 |
| Total future rental income from non-cancellable rental agreements | 360,643 | 3,758 | 364,401 |
The five biggest tenants account for the following shares of rental income:
| 30. 06. 2011 | 31. 12. 2010 | |
|---|---|---|
| Name of tenant | Share in % | Share in % |
| Swisscom Group | 7.1 | 7.0 |
| Coop | 3.9 | 3.8 |
| MIGROS | 3.5 | 3.3 |
| Rockwell Automation AG | 3.5 | 3.8 |
| Swiss Post | 3.1 | 4.0 |
Income can be broken down as follows:
| 30. 06. 2011 | 30. 06. 2010 | |
|---|---|---|
| Gains from revaluation of residential properties | 1,322 | 1,135 |
| Gains from revaluation of commercial properties | 11,175 | 8,308 |
| Gains from revaluation of investment properties under construction | 4,135 | 7,050 |
| Total net income from revaluation | 16,632 | 16,493 |
The average number of full-time equivalents increased from 69.7 at mid-year 2010 to 75.9 at mid-year 2011 due to the filling of vacancies and increased staffing levels in certain areas.
Financial income came to CHF 1,865,000, of which CHF 975,000 consisted of gains on the sale of the investment in Olmero AG.
Tax expense was down by around CHF 5.7 million year-on-year. This was mainly attributable to the Swiss Federal Supreme Court judgement, effective as of 4 April 2011, which ended the longstanding legal dispute between Mobimo Holding AG ("Mobimo") and the city of Zurich. The dispute was about the possibility of deducting expenses and loss carryforwards in connection with the assessment of property gains tax. As a result of the Supreme Court ruling in Mobimo's favour the company was able to release tax provisions of CHF 5.5 million. There are still a number of open issues currently being clarified with the local tax authorities relating to how the Supreme Court judgement is to be effectively implemented.
As at 30 June 2011 capital commitments amounted to CHF 76.9 million and related to the following investment properties under construction: Aarau Polygon, Lausanne Beau-Séjour 8, Zurich Manessestrasse 190 / 192, Zurich Turbinenstrasse City West – site C and Zurich Turbinenstrassse Hotel (Mobimo Tower).
There are no contingent liabilities.
On 12 July 2011 a long-term project partnership was agreed and announced with Meilenwerk AG for the construction of Meilenwerk Zürichsee in Horgen with an investment volume of CHF 35 million. On 22 July 2011 ownership of the sites City West A and B in Zurich and on 27 July 2011 ownership of the building plot OVA in Affoltern were assigned to Mobimo for CHF 18.1 million and CHF 9.5 million respectively based on notarised sales agreements. In Zurich City West A and B Mobimo plans to build apartments for sale as condominiums, and on the OVA site in Affoltern to build new rental apartments.
The consolidated interim financial statements were approved by the Board of Directors on 19 August 2011. No other events took place between 30 June 2011 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 2011.
| Location | Address | Site | Register of | Built | Acquired |
|---|---|---|---|---|---|
| area in m² | polluted | ||||
| sites | |||||
| Land | |||||
| Erlenbach | Forch-/Glärnischstrasse | 7,037 | no | April 07 | |
| Herrliberg | Rigiweg | 5,082 | no | Nov 08 | |
| Müllheim | Grüenegg | 10,500 | no | Mar 11 | |
| Weggis | Hertensteinstrasse 105 | 3,043 | no | May 10 | |
| 25,662 | |||||
| Properties under construction | |||||
| Adliswil | Wilacker I | 7,231 | no | Dec 07 | |
| Adliswil | Wilacker II | 10,935 | no | Dec 07 | |
| Adliswil | Wilacker III | 4,500 | no | Dec 07 | |
| Horgen | Stockerstrasse 40 – 42 (Wiesental II) | 7,047 | no | Nov 05 | |
| Wädenswil | Rötibodenstrasse | 3,740 | no | Oct 07 | |
| Zurich | Hinterbergstrasse ² | 1,465 | no | July 10 | |
| Zurich | Turbinenstrasse (Mobimo Tower) | 1,936 | no | May 08 | |
| 36,854 | |||||
| Completed real estate and development properties | |||||
| Aarau | Buchserstrasse 32 | 241 | no | Mar 11 | |
| Egerkingen | Einschlagstrasse | no | Mar 11 | ||
| Horgen | Stockerstrasse 27 – 29 | 5,490 | no | Nov 05 | |
| Horgen | Stockerstrasse 40 – 42 (Wiesental I) | 7,633 | no | Nov 05 | |
| Horgen | Stockerstrasse 54 | 919 | no | Nov 06 | |
| Lucerne | Guggistrasse 10 / 12 / 12a ² | 3,004 | no | 1979 | July 07 |
| St. Moritz | Via Maistra 29 ² | 557 | no | July 10 | |
| Winterthur | Museumstrasse 3 ² | 2,550 | no | 1970 | Dec 98 |
| Zurich | Im Brächli 5 / 7 / 9 ² | 2,144 | no | 1955 | Aug 09 |
| 22,538 |
¹ Status: certified purchase agreement
| Description Sales volumes in TCHF |
Project status Realisation Carrying amount 30.06.2011 30.06.11 in TCHF |
Sales status 30.06.2011 ¹ |
|---|---|---|
| n. a. ³ open |
in planning n. a. ³ 12,868 |
1/1 |
| 8 condominiums open |
in planning 2012/13 17,689 |
0/8 |
| open open |
in planning open 1,867 |
open |
| open open |
in planning open 9,911 |
open |
| 0 | 42,334 | |
| 33 condominiums 34,538 |
construction project 2010/12 18,064 |
15/33 |
| 24 condominiums 27,605 |
construction project 2010/12 14,177 |
1/24 |
| 3 apartment buildings 18,000 |
construction project 2010/12 9,889 |
3/3 AB |
| 43 condominiums 51,440 |
construction project 2011/13 17,125 |
0/43 |
| 16 condominiums 25,114 |
construction project 2010/11 16,337 |
15/16 |
| 10 condominiums 25,285 |
in planning 2011/12 10,765 |
8/10 |
| 53 condominiums 174,140 |
construction project 2008/11 117,232 |
29/53 |
| 356,133 | 203,589 | |
| residential property open |
in planning open 471 |
open |
| 3 condominiums open |
for sale open 4,731 |
0/3 |
| 39 condominiums 41,341 |
for sale 2007/09 30 |
39/39 |
| 47 condominiums 60,268 |
for sale 2008/10 6,294 |
45/47 |
| 4 condominiums 9,091 |
for sale 2009/10 1,499 |
3/4 |
| 9 condominiums 15,956 |
for sale 2008/11 20 |
9/9 |
| open open |
in planning open 15,357 |
open |
| 18 condominiums 20,403 |
for sale 2010/11 40 |
18/18 |
| open open |
in planning open 8,052 |
open |
| 147,058 | 36,495 |
As at 30 June 2011,
20 trading properties were recognised in the balance sheet, of which
15 were newbuild projects (prior year 15)
5 development properties (prior year 5) Most residential development properties are located in the Canton of Zurich, primarily the city of Zurich itself and the Lake Zurich region. Percentage breakdown of carrying amounts in CHF
Canton of Zurich Canton of Graubünden
Canton of Lucerne
Canton of Solothurn
Canton of Thurgau
Canton of Aargau
| Location | Address | Acquired | Built | Year |
|---|---|---|---|---|
| renovated | ||||
| Aarau | Bahnhofstrasse 102 (Mediapark) | Mar 2004 | 1975 | 1998 |
| Aesch | Pfeffingerring 201 | May 2007 | 1973 | |
| Baden-Dättwil | Im Langacker 20 / 20a / 22 | Jun 2004 | 1972 | 1988 |
| Brugg | Bahnhofstrasse 11 | Jun 2006 | 2005 | |
| Bülach | Bahnhofstrasse 39 | Sep 2005 | 1969 | 1995 |
| Bülach | Schlosserstrasse 4 (Ifang) | Oct 1999 | 1991 | |
| Dierikon | Pilatusstrasse 2 | May 2009 | 1990 | 2007 |
| Dietikon | Lerzenstrasse 12 | Jun 2005 | 1983 / 1986 | |
| Dübendorf | Sonnentalstrasse 5 | Mar/Dec 1999 | 1975 | 2000 |
| Dübendorf | Zürichstrasse 98 | Jan 2000 | 1965 | 1983 |
| Herisau | Obstmarkt 1 | July 2008 | 1984 | |
| Horgen | Seestrasse 80 | Nov 2005 | 1960 | |
| Horgen | Seestrasse 82 | Nov 2005 | 2010 / 2011 | |
| Kreuzlingen | Hauptstrasse 37 | Sep 2005 | 1987 | |
| Kreuzlingen | Leubernstrasse 3 | Nov 2006 | 1983 / 2003 | 2003 |
| Kreuzlingen | Lengwilerstrasse 2 | Apr 2007 | 2007 | |
| Kriens | Sternmatt 6 | Feb 2004 | 1986 | |
| Lausanne | Avenue d'Ouchy 4 / 6 | May 2010 | 1962 | 1996 |
| 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 | |
| Lausanne | Place de l'Europe 7 | Nov 2009 | 1905 | 2001 |
| Lausanne | Place de l'Europe 8 | Nov 2009 | 1911 | |
| 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 17 | Nov 2009 | 1984 | 2002 |
| 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 | Nov 2009 | 1946 | 1998 |
| Lausanne | Rue des Côtes-de-Montbenon 16 | Nov 2009 | 1912 | 2007 |
| Lausanne | Rue des Côtes-de-Montbenon 24 / 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 (Miroiterie) | Nov 2009 | 2006 | |
| Lausanne | Rue du Port-Franc 17 | Nov 2009 | 2002 | |
| Lausanne | Rue du Port-Franc 20; Rue de Genève 33 | Nov 2009 | 2005 | |
| Lausanne | Rue du Port-Franc 22; Rue de la Vigie 1 | Nov 2009 | 2005 | |
| Lausanne | Vallée du Flon (phase I) | Nov 2009 | n / a | 2007 |
| Lausanne | Vallée du Flon (phase II) | Nov 2009 | n / a | 2009 |
| 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 | |
| Lucerne | Alpenstrasse 9 | Jun 2007 | 1890 | 2001 |
| Neuhausen | Victor-von-Bruns-Strasse 19 | Mar 2007 | 2007 |
¹ Target gross yield as at reporting date 30.06.2011 as % of market value
² Vacancy rate as % of target rental income
| Vacant surface area as | Vacancy rate as at | Target rental revenues | Gross yield | Acquisition costs | Market value |
|---|---|---|---|---|---|
| at 30.06.2011 in % | 30.06.2011 in %² | in TCHF | in %¹ | in TCHF | in TCHF |
| 10.8 | 1,965 | 7.5 | 26,140 | ||
| 0.0 | 1,967 | 7.3 | 26,970 | ||
| 13.8 | 13.0 | 1,317 | 7.4 | 17,730 | |
| 2.8 | 1,530 | 5.7 | 26,920 | ||
| 0.0 | 183 | 6.3 | 2,890 | ||
| 14.4 | 1,070 | 7.9 | 13,560 | ||
| 10.7 | 15.5 | 739 | 6.6 | 11,240 | |
| 43.2 | 43.6 | 924 | 9.7 | 9,536 | |
| 16.6 | 14.1 | 1,825 | 6.8 | 26,960 | |
| 5.1 | 1,339 | 6.2 | 21,500 | ||
| 10.4 | 8.5 | 1,070 | 6.5 | 16,380 | |
| 0.2 | 517 | 6.6 | 7,825 | ||
| 44.1 0.0 |
171 698 |
2.7 6.1 |
6,409 11,440 |
||
| 0.4 | 3,660 | 5.6 | 65,300 | ||
| 0.0 | 324 | 5.0 | 6,410 | ||
| 20.7 | 18.7 | 3,021 | 8.1 | 37,270 | |
| 0.0 | 4,800 | 5.7 | 88,310 | ||
| 0.0 | 210 | 4.9 | 4,278 | ||
| 0.0 | 400 | 5.6 | 7,086 | ||
| 0.0 | 1,374 | 6.3 | 21,920 | ||
| 0.0 | 688 | 6.9 | 9,972 | ||
| 0.0 | 235 | 5.9 | 3,946 | ||
| 0.0 | 374 | 6.5 | 5,781 | ||
| 16.5 | 1,193 | 6.4 | 18,560 | ||
| 0.0 | 1,307 | 5.9 | 22,250 | ||
| 0.2 | 1,367 | 7.6 | 17,980 | ||
| 0.0 | 166 | 5.2 | 3,181 | ||
| 0.0 | 851 | 7.8 | 10,920 | ||
| 0.5 | 341 | 5.6 | 6,047 | ||
| 0.0 | 531 | 7.0 | 7,550 | ||
| 0.0 | 256 | 6.2 | 4,113 | ||
| 0.0 | 79 | 4.6 | 1,706 | ||
| 0.0 0.0 |
74 328 |
3.6 7.3 |
2,068 4,489 |
||
| 3.6 | 753 | 5.2 | 14,540 | ||
| 0.0 | 699 | 6.3 | 11,080 | ||
| 0.0 | 3,193 | 6.3 | 50,610 | ||
| 0.0 | 1,219 | 5.7 | 21,310 | ||
| n / a | n / a | n / a | 1,126 | ||
| n / a n / a |
n / a | n / a | n / a | 6,841 | |
| 25.2 | 18.9 | 845 | 6.5 | 13,030 | |
| 0.0 | 1,835 | 6.1 | 29,870 | ||
| 1.0 | 1,662 | 5.8 | 28,450 | ||
| 0.2 | 502 | 4.8 | 10,360 | ||
| 0.0 | 725 | 5.2 | 13,850 |
| Location | Address | Acquired | Built | Year | Market value | Acquisition costs Gross yield |
Target rental revenues | Vacancy rate as at Vacant surface area as |
|---|---|---|---|---|---|---|---|---|
| renovated | in TCHF | in TCHF in %¹ |
in TCHF | 30.06.2011 in %² at 30.06.2011 in % |
||||
| Renens | Chemin de la Rueyre 116 / 118 | Mar 2007 | 1989 | 12,380 | 7.0 | 861 | 8.2 | |
| St. Gallen | Schochengasse 6 | Feb 2004 | 1974 | 2000 | 17,280 | 6.2 | 1,076 | 0.4 |
| St. Gallen | St. Leonhardstrasse 22 | Dec 2004 | 1900 | 2002 | 4,259 | 6.1 | 260 | 0.0 |
| St. Gallen | Wassergasse 42 / 44 | Feb 2004 | 1966 | 2000 | 14,530 | 6.3 | 915 | 6.9 |
| St. Gallen | Wassergasse 50 / 52 | Feb 2004 | 1998 | 13,470 | 5.9 | 792 | 0.0 | |
| Winterthur | Industriestrasse 26 | Oct 1999 | 1994 | 2002 | 19,550 | 7.3 | 1,433 | 8.6 |
| Zurich | Bahnhofplatz 4 | July 2006 | 1881 | 2002 | 19,160 | 4.7 | 897 | 0.0 |
| Zurich | Friedaustrasse 17 | Oct 1998 | 1968 | 8,167 | 6.5 | 527 | 0.0 | |
| Zurich | Hardturmstrasse 3 / 5 (Mobimo Tower) | Nov 1999 | 1974 | 2001 | 57,080 | 5.7 | 3,246 | 0.0 |
| Zurich | Letzigraben 134 – 136 | Sep 2006 | 1958 / 1975 | 13,810 | 7.1 | 979 | 5.3 | |
| Zurich | Rautistrasse 12 | Nov 1999 | 1972 | 19,410 | 6.8 | 1,320 | 4.1 | |
| Zurich | Schifflände 6; Kruggasse 1 | May 1998 | 1950 | 6,717 | 4.9 | 331 | 0.0 | |
| Zurich | Stauffacherstrasse 41 | Jun 2000 | 1990 | 44,370 | 0.1 | 32 | 19.5 | |
| Zurich | Thurgauerstrasse 23; Siewerdtstrasse 25 | Mar 2002 | 1963 / 1968 / 1985 | 14,500 | 6.6 | 953 | 2.7 | |
| Zurich | Witikonerstrasse 311 / 311b | Sep 1997 | 1992 | 8,587 | 6.3 | 544 | 26.3 | |
| 61 | Commercial investment properties | 1,048,974 | 922,369 6.0 |
62,494 | 5.0 | |||
| Aarau | Site 1 – Torfeld Süd | June 2001 /Aug 2008 | 1967 / 1984 | 2003 | 11,250 | 8.5 | 960 | 0.0 |
| Aarau | Site 2 – Torfeld Süd | Oct 2006 | 1905 / 1916 / | 7,446 | 3.8 | 284 | 69.2 | |
| 1929 / 1943 / 1954 | ||||||||
| Aarau | Site 3 – Torfeld Süd | June 2001 /Oct 2006 | 1905 / 1916 / 1929 / | 23,127 | 6.5 | 1,494 | 0.0 | |
| 1943 / 1954 / 1974 | ||||||||
| Aarau | Site 4 – Torfeld Süd | June 2001 /Oct 2006 / | 1905 / 1914/ 1916 / 1929 / | 1994 | 17,963 | 4.2 | 757 | 0.1 |
| Feb 2009 | 1943 / 1954 / 1967 / 1973 | |||||||
| Cham | Alte Steinhauserstrasse 35 | Aug. 2003 | 1984 | 5,956 | 9.3 | 554 | 27.7 | |
| Kreuzlingen | Romanshornerstrasse (land) | Nov 2006 | 1,884 | n / a | n / a | n / a | ||
| Kriens | Mattenhof (land) | Mar 2005 | 3,187 | n / a | n / a | n / a | ||
| Lausanne | Rue de Genève 19 | Nov 2009 | 1893 | 2,762 | 13.9 | 385 | 12.5 | |
| Lausanne | Rue de Genève 21 | Nov 2009 | 1902 | 2,554 | 12.2 | 311 | 10.4 | |
| Lausanne | Rue de Genève 23 | Nov 2009 | 1915 | 1,941 | 9.4 | 182 | 0.0 | |
| Lausanne | Rue des Côtes-de-Montbenon 1 / 3 | Nov 2009 | 1930 | 607 | 14.4 | 87 | 8.3 | |
| Lausanne | Rue des Côtes-de-Montbenon 5 | Nov 2009 | 1930 | 251 | 11.2 | 28 | 0.0 | |
| Lausanne | Rue des Côtes-de-Montbenon 11 / 24 | Nov 2009 | 1935 | 149 | 8.3 | 12 | 0.0 | |
| Lausanne | Rue des Côtes-de-Montbenon 12 | Nov 2009 | 1918 | 1,647 | 8.5 | 140 | 9.6 | |
| Lausanne | Rue des Côtes-de-Montbenon 14 | Nov 2009 | 1963 | 445 | 8.1 | 36 | 0.0 | |
| Regensdorf | Althardstrasse 10 | Dec 2001 | 1900 / 1990 | 18,050 | 9.6 | 1,735 | 44.3 | |
| Regensdorf | Althardstrasse 30 | Dec 2001 | 1976 | 16,980 | 12.9 | 2,186 | 93.7 | |
| Wohlen | Zentralstrasse 34 | Dec 1998 | 1990 | 3,981 | 7.6 | 304 | 7.2 | |
| Zurich | Albulastrasse /Hohlstrasse | Apr 2010 | 33,970 | 5.5 | 1,859 | 24.8 | ||
| 19 | Commercial development properties | 154,151 | 148,239 7.3 |
11,313 | 33.2 | |||
80 Total commercial properties 1,203,125 1,070,608 6.1 73,807 9.3 8.9
¹ Target gross yield as at reporting date 30.06.2011 as % of market value
² Vacancy rate as % of target rental income
| Acquisition costs Gross yield Target rental revenues Vacancy rate as at |
|
|---|---|
| in TCHF in %¹ in TCHF 30.06.2011 in %² |
Vacant surface area as at 30.06.2011 in % |
| 7.0 | 8.2 |
| 861 | 6.7 |
| 6.2 | 0.4 |
| 1,076 | 1.6 |
| 6.1 | 0.0 |
| 260 | 0.0 |
| 6.3 | 6.9 |
| 915 | 7.3 |
| 5.9 | 0.0 |
| 792 | 0.0 |
| 7.3 | 8.6 |
| 1,433 | 3.5 |
| 4.7 | 0.0 |
| 897 | 0.0 |
| 6.5 | 0.0 |
| 527 | 0.0 |
| 5.7 | 0.0 |
| 3,246 | 0.0 |
| 7.1 | 5.3 |
| 979 | 3.0 |
| 6.8 | 4.1 |
| 1,320 | 2.9 |
| 4.9 | 0.0 |
| 331 | 0.0 |
| 0.1 | 19.5 |
| 32 | 0.0 |
| 6.6 | 2.7 |
| 953 | 7.3 |
| 6.3 | 26.3 |
| 544 | 22.1 |
| 922,369 6.0 62,494 |
5.0 4.9 |
| 8.5 | 0.0 |
| 960 | 0.0 |
| 3.8 | 69.2 |
| 284 | 34.0 |
| 6.5 | 0.0 |
| 1,494 | 0.0 |
| 4.2 757 |
0.1 |
| 9.3 | 27.7 |
| 554 | 25.8 |
| n / a | n / a |
| n / a | n / a |
| n / a | n / a |
| n / a | n / a |
| 13.9 | 12.5 |
| 385 | 18.2 |
| 12.2 311 |
10.4 13.5 0.0 |
| 9.4 182 |
0.0 |
| 14.4 | 8.3 |
| 87 | 0.0 |
| 11.2 | 0.0 |
| 28 | 0.0 |
| 8.3 | 0.0 |
| 12 | 0.0 |
| 8.5 | 9.6 |
| 140 | n / a |
| 8.1 | 0.0 |
| 36 | n / a |
| 9.6 | 44.3 |
| 1,735 | 43.0 |
| 12.9 | 93.7 |
| 2,186 | 92.4 |
| 7.6 | 7.2 |
| 304 | 12.0 |
| 5.5 | 24.8 |
| 1,859 | 16.9 |
| 148,239 7.3 11,313 33.2 |
30.9 |
| Location | Address | Ownership | Site area | Register of | Property | Total rentable | Office space Sales space |
Commercial space | Residential |
|---|---|---|---|---|---|---|---|---|---|
| in m2 | polluted sites | description ⁹ | area in m² | in % | in % in % |
space in % | |||
| Aarau | Bahnhofstrasse 102 (Mediapark) | sole ownership | 5,675 | no | Com | 13,300 | 65.6 | 0.0 9.3 |
0.7 |
| Aesch | Pfeffingerring 201 | sole ownership | 16,034 | no details | Com | 14,794 | 28.6 | 0.0 43.8 |
0.0 |
| Baden-Dättwil | Im Langacker 20 / 20a / 22 | sole ownership | 8,792 | no | Com | 8,821 | 23.7 | 28.8 33.3 |
1.3 |
| Brugg | Bahnhofstrasse 11 | condominiums | 2,726 | no | Com | 4,020 | 29.5 | 34.5 31.0 |
0.0 |
| (773 / 1,000) | |||||||||
| Bülach | Bahnhofstrasse 39 | sole ownership | 563 | no | Com | 879 | 62.1 | 18.0 0.0 |
0.0 |
| Bülach | Schlosserstrasse 4 (Ifang) | sole ownership | 4,415 | no | Com | 7,605 | 27.0 | 0.0 52.1 |
1.9 |
| Dierikon | Pilatusstrasse 2 | sole ownership | 14,249 | no | Com | 4,331 | 60.0 | 16.1 15.4 |
0.0 |
| Dietikon | Lerzenstrasse 12 | sole ownership condominiums |
3,000 | yes (code D)³ | Com | 7,641 | 16.8 | 0.0 61.5 |
1.4 |
| Dübendorf | Sonnentalstrasse 5 | (929 / 1,000) | 4,368 | yes (code D)³ | Com | 8,860 | 46.8 | 0.0 42.2 |
0.0 |
| Dübendorf | Zürichstrasse 98 | sole ownership | 9,719 | yes (petrol station / code D) ³ | Com | 9,709 | 21.2 | 17.2 26.6 |
0.0 |
| Herisau | Obstmarkt 1 | sole ownership | 1,602 | no | Com | 5,669 | 52.3 | 9.3 0.0 |
0.0 |
| Horgen | Seestrasse 80 | sole ownership | 3,117 | no | Com | 2,126 | 76.5 | 0.0 0.0 |
0.0 |
| Horgen | Seestrasse 82 | sole ownership | 3,117 | no | Car park | 64 | 0.0 | 0.0 0.0 |
0.0 |
| Kreuzlingen | Hauptstrasse 37 | sole ownership | 1,448 | no | Com | 2,530 | 55.7 | 19.9 0.0 |
0.0 |
| Kreuzlingen | Leubernstrasse 3 | sole ownership | 32,557 | no | Com | 17,580 | 8.9 | 89.2 0.0 |
0.0 |
| Kreuzlingen | Lengwilerstrasse 2 | sole ownership | 7,027 | no | Com | 1,350 | 0.0 | 66.7 0.0 |
0.0 |
| Kriens | Sternmatt 6 | sole ownership | 28,636 | no | Com | 27,690 | 26.6 | 3.6 47.8 |
1.0 |
| Lausanne | Avenue d'Ouchy 4/ 6 | sole ownership | 12,609 | yes⁷ | Com | 27,127 | 34.3 | 4.8 36.3 |
0.0 |
| Lausanne | Flonplex | building right | 1,953 | yes⁸ | Building right | 1,953 | 0.0 | 0.0 0.0 |
0.0 |
| Lausanne | Parking du Centre | building right | 5,065 | yes⁸ | Building right | 6,526 | 0.0 | 0.0 0.0 |
0.0 |
| Lausanne | Place de la Gare 4 | sole ownership | 630 | no | Com | 4,426 | 67.5 | 15.1 0.0 |
0.0 |
| Lausanne | Place de la Navigation 4 – 6 | sole ownership | 567 | yes⁴ | Com – hotel | 2,800 | 0.0 | 0.0 0.0 |
0.0 |
| Lausanne | Place de l'Europe 7 | sole ownership | 213 | yes⁴ | Com – share | 806 | 40.4 | 37.5 0.0 |
0.0 |
| investment prop. | |||||||||
| Lausanne | Place de l'Europe 8 | sole ownership | 1,035 | yes⁴ | Com | 1,593 | 75.5 | 24.5 0.0 |
0.0 |
| Lausanne | Place de l'Europe 9 | sole ownership | 975 | yes⁴ | Com | 3,442 | 43.9 | 31.8 0.0 |
0.0 |
| Lausanne | Rue de Genève 2 / 4 / 6 / 8 | sole ownership | 2,260 | yes⁴ | Com | 4,401 | 10.3 | 89.7 0.0 |
0.0 |
| Lausanne | Rue de Genève 17 | sole ownership | 2,312 | yes⁴ | Com | 6,640 | 43.7 | 19.1 7.2 |
0.0 |
| Lausanne | Rue de la Vigie 3 | building right | 972 | yes⁷ | Building right | 1,840 | 0.0 | 0.0 70.7 |
0.0 |
| Lausanne | Rue de la Vigie 5 | sole ownership | 852 | yes⁷ | Com | 3,645 | 61.6 | 0.0 0.0 |
0.0 |
| Lausanne | Rue des Côtes-de-Montbenon 6 | sole ownership | 533 | yes⁴ | Com | 2,182 | 0.0 | 18.5 63.7 |
0.0 |
| Lausanne | Rue des Côtes-de-Montbenon 8 | sole ownership | 587 | yes⁴ | Com | 2,226 | 73.9 | 0.0 3.6 |
0.0 |
| Lausanne | Rue des Côtes-de-Montbenon 16 | sole ownership | 671 | yes⁴ | Com – share | 775 | 64.5 | 0.0 0.0 |
35.5 |
| investment prop. | |||||||||
| Lausanne | Rue des Côtes-de-Montbenon 24 / 26 | building right | 867 | yes⁸ | Building right | 867 | 0.0 | 0.0 0.0 |
0.0 |
| Lausanne | Rue des Côtes-de-Montbenon 28 / 30 | building right | 1,068 | yes⁷ | Building right | 1,068 | 0.0 | 0.0 0.0 |
0.0 |
| Lausanne | Rue du Port-Franc 9 | sole ownership | 995 | yes ⁶ | Com | 1,733 | 21.9 | 20.5 42.4 |
0.0 |
| Lausanne | Rue du Port-Franc 11 (Miroiterie) | sole ownership | 612 | yes⁵ | Com | 2,314 | 20.4 | 57.7 0.0 |
0.0 |
| Lausanne | Rue du Port-Franc 17 | sole ownership | 776 | yes⁵ | Com | 2,142 | 57.9 | 0.0 0.0 |
24.9 |
| Lausanne | Rue du Port-Franc 20; Rue de Genève 33 | sole ownership | 2,000 | yes⁵ | Com | 9,971 | 34.9 | 65.1 0.0 |
0.0 |
| Lausanne | Rue du Port-Franc 22; Rue de la Vigie 1 | sole ownership | 1,999 | yes⁵ | Com | 4,066 | 81.3 | 8.9 0.0 |
0.0 |
| Lausanne | Vallée du Flon | sole ownership | 926 | yes⁷ | Land | n / a | n / a | n / a n / a |
n / a |
| Lausanne | Vallée du Flon (phase II) | sole ownership | 5,650 | yes⁷ | Land | n / a | n / a | n / a n / a |
n / a |
| Lausanne | Voie du Chariot 3 | sole ownership | 500 | yes⁵ | Com | 2,168 | 75.5 | 15.5 0.0 |
0.0 |
| Lausanne | Voie du Chariot 4 / 6 | sole ownership | 2,614 | yes⁵ | Com | 5,438 | 32.0 | 65.2 0.0 |
0.0 |
| Lausanne | Voie du Chariot 5 / 7 | sole ownership | 1,042 | yes⁵ | Com | 5,005 | 54.6 | 16.0 0.0 |
13.8 |
| Lucerne | Alpenstrasse 9 | sole ownership | 569 | no | Res+com | 1,929 | 55.6 | 12.9 0.0 |
21.7 |
³ Code D: clarification necessary within framework of building project
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
| Other | Residential | Commercial space | Sales space | Office space | Total rentable | Property |
|---|---|---|---|---|---|---|
| in % | space in % | in % | in % | in % | area in m² | description ⁹ |
| 24.4 | 0.7 | 9.3 | 0.0 | 65.6 | 13,300 | Com |
| 27.6 | 0.0 | 43.8 | 0.0 | 28.6 | 14,794 | Com |
| 12.9 | 1.3 | 33.3 | 28.8 | 23.7 | 8,821 | Com |
| 5.0 | 0.0 | 31.0 | 34.5 | 29.5 | 4,020 | Com |
| 19.9 | 0.0 | 0.0 | 18.0 | 62.1 | 879 | Com |
| 19.0 | 1.9 | 52.1 | 0.0 | 27.0 | 7,605 | Com |
| 8.5 | 0.0 | 15.4 | 16.1 | 60.0 | 4,331 | Com |
| 20.3 | 1.4 | 61.5 | 0.0 | 16.8 | 7,641 | Com |
| 11.0 | 0.0 | 42.2 | 0.0 | 46.8 | 8,860 | Com |
| 35.0 | 0.0 | 26.6 | 17.2 | 21.2 | 9,709 | Com |
| 38.4 | 0.0 | 0.0 | 9.3 | 52.3 | 5,669 | Com |
| 23.5 | 0.0 | 0.0 | 0.0 | 76.5 | 2,126 | Com |
| 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 64 | Car park |
| 24.4 | 0.0 | 0.0 | 19.9 | 55.7 | 2,530 | Com |
| 1.9 | 0.0 | 0.0 | 89.2 | 8.9 | 17,580 | Com |
| 33.3 | 0.0 | 0.0 | 66.7 | 0.0 | 1,350 | Com |
| 21.1 | 1.0 | 47.8 | 3.6 | 26.6 | 27,690 | Com |
| 24.5 | 0.0 | 36.3 | 4.8 | 34.3 | 27,127 | 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 |
| 17.4 | 0.0 | 0.0 | 15.1 | 67.5 | 4,426 | Com |
| 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2,800 | Com – hotel |
| 22.1 | 0.0 | 0.0 | 37.5 | 40.4 | 806 | Com – share |
| investment prop. | ||||||
| 24.3 | 0.0 | 0.0 | 24.5 | 75.5 | 1,593 | Com |
| 0.0 | 0.0 | 31.8 | 43.9 | 3,442 | Com | |
| 0.0 | 0.0 | 89.7 | 10.3 | 4,401 | Com | |
| 0.0 0.0 |
7.2 70.7 |
19.1 0.0 |
43.7 0.0 |
6,640 1,840 |
Com Building right |
|
| 0.0 | 0.0 | 0.0 | 61.6 | 3,645 | Com | |
| 38.4 17.8 |
0.0 | 63.7 | 18.5 | 0.0 | 2,182 | Com |
| 22.5 | 0.0 | 3.6 | 0.0 | 73.9 | 2,226 | Com |
| 35.5 | 0.0 | 0.0 | 64.5 | 775 | Com – share | |
| investment prop. | ||||||
| 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 |
| 15.2 | 0.0 | 42.4 | 20.5 | 21.9 | 1,733 | Com |
| 21.8 | 0.0 | 0.0 | 57.7 | 20.4 | 2,314 | Com |
| 17.1 | 24.9 | 0.0 | 0.0 | 57.9 | 2,142 | Com |
| 0.0 | 0.0 | 0.0 | 65.1 | 34.9 | 9,971 | Com |
| 9.8 | 0.0 | 0.0 | 8.9 | 81.3 | 4,066 | Com |
| n / a | n / a | n / a | n / a | n / a | n / a | Land |
| n / a 9.0 |
n / a | n / a | n / a | n / a | n / a | Land |
| 0.0 | 0.0 | 15.5 | 75.5 | 2,168 | Com | |
| 0.0 | 0.0 | 65.2 | 32.0 | 5,438 | Com | |
| 15.5 | 13.8 | 0.0 | 16.0 | 54.6 | 5,005 | Com |
| 21.7 | 0.0 | 12.9 | 55.6 | 1,929 | Res+com |
⁶ Site pollution suspected but no measures expected – properties must be maintained in accordance with the design plan ("Gestaltungsplan")
⁸ Building-right plot on which newbuild projects have been completed in recent years
⁷ Site pollution suspected, measures required in newbuild plans
⁹ Com = commercial; Res = residential
53
| Location | Address | Ownership | Site area | Register of |
|---|---|---|---|---|
| in m² | polluted sites | |||
| Neuhausen | Victor-von-Bruns-Strasse 19 | sole ownership | 1,597 | no |
| Renens | Chemin de la Rueyre 116 / 118 | sole ownership | 4,503 | no |
| St. Gallen | Schochengasse 6 | sole ownership | 1,316 | no |
| St. Gallen | St. Leonhardstrasse 22 | sole ownership | 219 | no |
| St. Gallen | Wassergasse 42 / 44 | condominiums (842 / 1,000) |
1,714 | no |
| St. Gallen | Wassergasse 50 / 52 | sole ownership | 1,373 | no |
| Winterthur | Industriestrasse 26 | sole ownership | 3,635 | yes (code D)³ |
| Zurich | Bahnhofplatz 4 | sole ownership | 189 | no |
| Zurich | Friedaustrasse 17 | sole ownership | 869 | no |
| Zurich | Hardturmstrasse 3 / 5 (Mobimo Tower) | sole ownership | 2,150 | yes |
| Zurich | Letzigraben 134 – 136 | sole ownership | 5,003 | yes |
| Zurich | Rautistrasse 12 | sole ownership | 1,894 | yes (petrol station) |
| Zurich | Schifflände 6; Kruggasse 1 | sole ownership | 120 | no |
| Zurich | Stauffacherstrasse 41 | sole ownership | 1,405 | no |
| Zurich | Thurgauerstrasse 23; Siewerdtstrasse 25 | sole ownership | 2,657 | no |
| Zurich | Witikonerstrasse 311 / 311b | sole ownership | 1,846 | yes (petrol station) |
| 61 | Commercial investment properties | 228,387 | ||
| Aarau | Site 1 – Torfeld Süd | sole ownership | 3,774 | yes (insignificant) |
| Aarau | Site 2 – Torfeld Süd | sole ownership | 12,692 | yes (insignificant) |
| Aarau | Site 3 – Torfeld Süd | sole ownership | 14,249 | yes (insignificant) |
| Aarau | Site 4 – Torfeld Süd | sole ownership | 13,032 | yes (insignificant) |
| Cham | Alte Steinhauserstrasse 35 | sole ownership | 3,311 | no |
| Kreuzlingen | Romanshornerstrasse (land) | sole ownership | 2,180 | no |
| Kriens | Mattenhof (land) | sole ownership | 3,666 | no |
| Lausanne | Rue de Genève 19 | sole ownership | 1,738 | yes ⁶ |
| Lausanne | Rue de Genève 21 | sole ownership | 1,440 | yes ⁶ |
| Lausanne | Rue de Genève 23 | sole ownership | 1,084 | yes ⁶ |
| Lausanne | Rue des Côtes-de-Montbenon 1 / 3 | sole ownership | 1,101 | yes⁷ |
| Lausanne | Rue des Côtes-de-Montbenon 5 | sole ownership | 734 | yes⁷ |
| Lausanne | Rue des Côtes-de-Montbenon 11 / 24 | sole ownership | 6 96 | yes⁷ |
| Lausanne | Rue des Côtes-de-Montbenon 12 | sole ownership | 499 | yes⁷ |
| Lausanne | Rue des Côtes-de-Montbenon 14 | sole ownership | 647 | yes⁷ |
| Regensdorf | Althardstrasse 10 | sole ownership | 7,714 | yes |
| Regensdorf | Althardstrasse 30 | sole ownership | 9,355 | yes |
| Wohlen | Zentralstrasse 34 | sole ownership | 3,189 | no |
| Zurich | Albulastrasse /Hohlstrasse | sole ownership | 8,663 | yes |
| 19 | Commercial development properties | 89,764 | ||
| 80 | Total commercial properties | 318,151 |
³ Code D: clarification necessary within framework of building project
⁶ Site pollution suspected but no measures expected – properties must be maintained in accordance with the design plan ("Gestaltungsplan")
⁷ Site pollution suspected, measures required in newbuild projects
⁹ Com = commercial; Res = residential
| Property | Total rentable | Office space | Sales space | Commercial space | Residential | Other |
|---|---|---|---|---|---|---|
| description ⁹ | area in m² | in % | in % | in % | space in % | in % |
| Com | 3,130 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Com | 4,329 | 67.1 | 0.0 | 0.8 | 0.0 | 32.1 |
| Com | 4,578 | 94.0 | 0.0 | 0.0 | 0.0 | 6.0 |
| Com | 1,073 | 78.7 | 13.0 | 0.0 | 0.0 | 8.4 |
| Com | 3,937 | 89.2 | 0.0 | 0.0 | 6.2 | 4.7 |
| Com | 3,581 | 73.1 | 0.0 | 0.0 | 0.0 | 26.9 |
| Com | 10,783 | 0.0 | 0.8 | 86.0 | 0.0 | 13.2 |
| Com | 746 | 64.4 | 27.5 | 0.0 | 0.0 | 8.1 |
| Com | 2,567 | 62.3 | 0.0 | 3.5 | 0.0 | 34.2 |
| Com | 8,259 | 94.6 | 0.0 | 0.0 | 0.0 | 5.4 |
| Com | 6,879 | 16.2 | 0.0 | 39.1 | 1.3 | 43.5 |
| Com | 5,500 | 74.2 | 8.4 | 0.0 | 1.4 | 16.0 |
| Com | 517 | 58.8 | 16.4 | 0.0 | 0.0 | 24.8 |
| Com | 6,793 | 66.3 | 1.0 | 0.0 | 0.0 | 32.6 |
| Com | 3,938 | 60.6 | 6.0 | 8.2 | 0.0 | 25.2 |
| Res+com | 2,025 | 49.0 | 0.0 | 6.4 | 30.7 | 13.8 |
| 312,685 | 39.5 | 15.7 | 21.5 | 1.2 | 22.1 | |
| Com | 4,286 | 85.9 | 0.0 | 0.0 | 0.0 | 14.1 |
| Com | 3,684 | 4.9 | 2.7 | 62.4 | 7.6 | 22.4 |
| Com | 21,248 | 0.5 | 0.0 | 93.3 | 0.0 | 6.3 |
| Com | 9,878 | 0.0 | 0.0 | 96.8 | 3.2 | |
| Com | 4,328 | 76.7 | 5.1 | 0.0 | 0.0 | |
| Land | n / a | n / a | n / a | n / a | n / a | |
| Land | n / a | n / a | n / a | n / a | n / a | |
| Com | 3,373 | 0.0 | 18.1 | 26.6 | 0.0 | 55.3 |
| Com | 3,515 | 0.0 | 17.1 | 25.8 | 0.0 | |
| Com | 2,104 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 |
| Com | 314 | 0.0 | 0.0 | 100.0 | 0.0 | |
| Com | 272 | 0.0 | 0.0 | 36.4 | 0.0 | 63.6 |
| Com | 220 | 0.0 | 0.0 | 100.0 | 0.0 | |
| Com | 935 | 0.0 | 0.0 | 21.4 | 0.0 | 78.6 |
| Com | 640 | 0.0 | 0.0 | 100.0 | 0.0 | |
| Com | 13,211 | 39.0 | 28.9 | 0.0 | 0.0 | 32.1 |
| Com | 12,879 | 60.4 | 0.0 | 29.6 | 2.2 | |
| Com | 1,542 | 56.8 | 23.2 | 0.0 | 0.0 | |
| Com | 8,087 | 3.1 | 0.0 | 83.1 | 0.0 | 13.8 |
| 90,516 | 23.6 | 6.3 | 50.2 | 1.0 | 18.9 | |
| 403,201 | 35.9 | 13.6 | 27.9 | 1.1 | 21.4 |
| Location | Address | Acquired | Built | Year |
|---|---|---|---|---|
| renovated | ||||
| Bergdietikon | Baltenschwilerstrasse 3 / 5 / 7 / 9 / 11 / 13 / 15 / 17 | Oct 2007 | 1973 / 1980 | 1992 / 2007 |
| Binz | Zürichstrasse 244 / 246 | Nov 2005 | 1966 | 1997 / 2001 |
| Horgen | Seestrasse 43 – 49 | Nov 2005 | 2011 | |
| Horgen | Seestrasse 63 – 69 | Nov 2005 | 2011 | |
| Lausanne | Place de la Navigation 2 | Nov 2009 | 1895 | |
| Lausanne | Avenue d'Ouchy 70 | Nov 2009 | 1906 | |
| Lausanne | Avenue d'Ouchy 72, 74 | Nov 2009 | 1907 | |
| Lausanne | Avenue d'Ouchy 76 | Nov 2009 | 1907 | |
| Lausanne | Rue des Fontenailles 1 | Nov 2009 | 1910 | |
| Münchwilen | Buchenacker 22 / 24 / 26 / 28; Unterer Buchenacker 7 | Jun 2007 | 1994 / 1995 | |
| Opfikon | Farmanstrasse 47 / 49 | Dec 2010 | 2009 | |
| Regensdorf | Schulstrasse 95 / 101 / 107 / 115; Riedthofstrasse 55 / 63; | Jun 2007 | 1963 / 1969 | |
| Feldblumenstrasse 44 | ||||
| Rheinfelden | Rütteliweg 8; Spitalhalde 40 | Sep 2006 | 1972 | 2004 |
| St. Gallen | Teufenerstrasse 15 | Dec 2006 | 1900 | 2005 |
| Wängi | Brühlwiesenstrasse 11a / 11b / 15a / 15b / 19a / 19b | Jun 2007 | 1984 / 1988 | |
| Zurich | Klingenstrasse 34; Konradstrasse 68 | Nov 2001 | 1897 | 1987 |
| Zurich | Katzenbachstrasse 221 – 231 | Oct 2004 / Feb 2005 | 2009 | |
| Zurich | Katzenbachstrasse 239 | Mar 2008 | 1969 | |
| Zurich | Wettingerwies 7; Zeltweg | April 1999 | 1969 | 2003 |
| Location | Address | Ownership | Site | Register of |
|---|---|---|---|---|
| area in m² | polluted sites | |||
| Bergdietikon | Baltenschwilerstrasse 3 / 5 / 7 / 9 / 11 / 13 / 15 / 17 | sole ownership | 11,131 | no |
| Binz | Zürichstrasse 244 / 246 | sole ownership | 4,325 | no |
| Horgen | Seestrasse 43 – 49 | sole ownership | 6,047 | no |
| Horgen | Seestrasse 63 – 69 | sole ownership | 5,307 | no |
| Lausanne | Place de la Navigation 2 | sole ownership | 254 | yes⁴ |
| Lausanne | Avenue d'Ouchy 70 | sole ownership | 478 | yes⁴ |
| Lausanne | Avenue d'Ouchy 72, 74 | easement | 0 | yes⁴ |
| Lausanne | Avenue d'Ouchy 76 | sole ownership | 738 | yes⁴ |
| Lausanne | Rue des Fontenailles 1 | sole ownership | 716 | no |
| Opfikon | Farmanstrasse 47 / 49 | sole ownership | 3,840 | no |
| Münchwilen | Buchenacker 22 / 24 / 26 / 28; Unterer Buchenacker 7 | sole ownership | 5,741 | no |
| Regensdorf | Schulstrasse 95 / 101 / 107 / 115; | sole ownership | 16,656 | no |
| Riedthofstrasse 55 / 63; Feldblumenstrasse 44 | ||||
| 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 | 7,412 | no |
| Zurich | Klingenstrasse 34; Konradstrasse 68 | sole ownership | 361 | no |
| Zurich | Katzenbachstrasse 221 – 231 | sole ownership | 6,819 | no |
| Zurich | Katzenbachstrasse 239 | sole ownership | 1,987 | no |
| Zurich | Wettingerwies 7; Zeltweg | sole ownership | 609 | no |
19 Residential investment properties 87,896 61,119 41 107 215 251 307 651 6.5
¹ Target gross yield as at reporting date 30.06.2011 as % of market value ⁹ Com = commercial; Res = residential
² Vacancy rate as % of target rental income
| Market value Acquisition costs Gross yield Target rental revenues Vacancy rate as at |
|
|---|---|
| in TCHF in TCHF in %¹ in TCHF 30.06.2011 in %2 |
|
| 19,820 5.4 1,068 5.7 |
|
| 9,412 5.8 543 0.4 |
|
| 26,920 5.3 1,427 0.8 |
|
| 25,020 5.3 1,331 0.5 |
|
| 4,886 6.1 299 0.0 |
|
| 4,082 6.0 245 0.0 |
|
| 1,611 7.7 124 0.0 |
|
| 11,700 5.4 627 0.0 |
|
| 2,016 6.7 135 1.1 |
|
| 12,750 6.1 780 0.9 |
|
| 21,990 5.1 1,113 1.1 |
|
| 18,380 6.5 1,200 2.4 |
|
| 17,660 6.6 1,158 5.8 |
|
| 3,701 5.2 192 1.8 |
|
| 10,920 6.6 718 3.8 |
|
| 6,923 5.8 404 0.0 |
|
| 44,290 5.6 2,466 2.8 |
|
| 5,060 5.8 293 3.6 |
|
| 9,797 5.7 560 0.0 |
|
| 256,938 230,738 5.7 14,682 2.1 |
| Property | Total | 1 – 1½-room | 2 – 2½-room | 3 – 3½-room | 4 – 4½-room | 5 or more | Total | Other forms |
|---|---|---|---|---|---|---|---|---|
| description ⁹ | rentable | apartments | apartments | apartments | apartments | room | apartments | of use in % |
| area in m² | apartments | |||||||
| 3 Res | 5,086 | 0 | 8 | 18 | 28 | 0 | 54 | 4.1 |
| Res | 2,461 | 0 | 6 | 12 | 12 | 0 | 30 | 4.6 |
| Res | 4,719 | 0 | 2 | 6 | 24 | 7 | 39 | 6.6 |
| Res | 4,185 | 0 | 0 | 24 | 16 | 0 | 40 | 0.4 |
| Res+com | 1,239 | 0 | 2 | 0 | 1 | 5 | 8 | 8.6 |
| Res+com | 1,133 | 0 | 0 | 5 | 0 | 5 | 10 | 6.8 |
| Res | 979 | 0 | 6 | 3 | 3 | 0 | 12 | 0.0 |
| Res+com | 2,517 | 0 | 0 | 0 | 0 | 10 | 10 | 28.0 |
| Res | 957 | 2 | 0 | 0 | 4 | 4 | 10 | 0.0 |
| Res | 3,598 | 1 | 13 | 15 | 10 | 0 | 39 | 0.4 |
| 3 Res | 4,032 | 0 | 4 | 20 | 20 | 0 | 44 | 3.9 |
| 7 Res | 6,490 | 9 | 19 | 43 | 23 | 1 | 95 | 3.3 |
| 2 Res | 5,473 | 7 | 30 | 0 | 46 | 0 | 83 | 1.2 |
| Res+com | 1,533 | 1 | 2 | 1 | 7 | 0 | 11 | 30.5 |
| 3 Res | 4,267 | 0 | 6 | 21 | 21 | 0 | 48 | 2.0 |
| 2 Res+com | 1,466 | 0 | 0 | 7 | 3 | 0 | 10 | 41.7 |
| Res | 8,276 | 0 | 4 | 32 | 28 | 5 | 69 | 3.9 |
| Res | 1,610 | 0 | 5 | 8 | 5 | 0 | 18 | |
| Res+com | 987 | 21 | 0 | 0 | 0 | 0 | 21 | 50.2 |
| 61,119 | 41 | 107 | 215 | 251 | 307 | 651 | 6.5 |
| Location | Address | Ownership | Acquired | Built |
|---|---|---|---|---|
| Aarau | Polygon – Industriestrasse, site 3 | sole ownership | Jun 2001 | 2012 |
| Horgen | Seestrasse 93 | sole ownership | Nov 2005 | 2013 |
| Lausanne | Place de l'Europe 6 | sole ownership | Nov 2009 | 1905/2011 |
| Lausanne | Rue de Genève 7 | sole ownership | Nov 2009 | 1932/2011 |
| Lausanne | Rue Beau-Séjour 8 | sole ownership | Nov 2009 | 2011 |
| Zurich | Manessestrasse 190/192; Staffelstrasse 1 / 3 / 5 | sole ownership | Dec 2005 | 2011 |
| Zurich | Turbinenstrasse Hotel (Mobimo Tower) | sole ownership | May 2008 | 2011 |
| Zurich | Turbinenstrasse, City West – site C | sole ownership | Dec 2010 | 2013 |
| 8 | Properties under construction |
The properties at Lausanne, Place de l'Europe 6; Lausanne, Rue de Genève 7; Lausanne, Rue Beau-Séjour 8; Zurich, Manessestrasse 190 / 192; Staffelstrasse 1 / 3 / 5 and Zurich, Turbinenstrasse Hotel (Mobimo Tower) are due to be completed in 2011. Construction at Aarau Polygon – Industriestrasse, site 3 is scheduled to end in 2012; the properties at Horgen, Seestrasse 93 und Zurich, Turbinenstrasse, City West - site C in 2013.
| Location | Address | Ownership | Acquired | Built |
|---|---|---|---|---|
| Küsnacht | Seestrasse 59 | sole ownership | Sep 2002 | 2006 |
| Lausanne | Place de l'Europe 7 | sole ownership | Nov 2009 | 1905 |
| Lausanne | Rue des Côtes-de-Montbenon 16 | sole ownership | Nov 2009 | 1912 |
| 3 | Properties |
| Location | Address | Ownership | Acquired | Built | Market value (100%) in TCHF |
Site area in m2 |
Register of polluted sites |
Description of property |
Total rentable area in m2 |
|
|---|---|---|---|---|---|---|---|---|---|---|
| Lausanne | Flonplex | co-ownership 40% | Nov 2009 | 2001 | 9,147 | 0 | yes⁵ | Multiplex cinema | ||
| Lausanne | Parking du Centre | co-ownership 50% | Nov 2009 | 2001 | 27,880 | 0 | yes⁵ | Car park | ||
| Lausanne | Parking du St. François | co-ownership 26.5% | Nov 2009 | n / a | 2,265 | 0 | yes⁷ | Car park | ||
| 3 | Properties | 39,292 |
³ Code D: clarification necessary within framework of building project
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
| Built Market value Site area Register of Description of |
Total rentable |
|---|---|
| in TCHF in m² polluted sites property |
area in m² |
| 2012 5,292 3,840 yes (code D) ³ Com |
4,215 |
| 2013 27,760 10 ,767 no Com |
19,099 |
| 1905/2011 3,699 369 yes⁶ Com |
783 |
| 1932/2011 27,180 3,343 yes⁴ Com +res |
5,736 |
| 2011 59,620 3,827 n / a Res |
10,061 |
| 2011 42,230 2,345 no Res |
6,653 |
| 2011 123,540 5,808 no Hotel |
13,000 |
| 2013 29,110 7,431 no Hotel |
10,040 |
| 318,431 37,730 |
69,588 |
| Total rentable | Description of | Register of | Site area | Carrying amount |
|---|---|---|---|---|
| area in m2 | property | polluted sites | in m2 | in TCHF |
| 1,884 | Com | no | 2,287 | 12,775 |
| Com-owner-occupied portion | yes⁴ | 178 | 2,429 | |
| Com-owner-occupied portion | yes⁴ | 179 | 844 | |
| 2,789 | 2,644 | 16,048 |
| Total rentable | Description of | Register of | Site area | Market value (100%) |
|---|---|---|---|---|
| area in m2 | property | polluted sites | in m2 | in TCHF |
| 0 | Multiplex cinema | yes⁵ | 0 | 9,147 |
| 0 | Car park | yes⁵ | 0 | 27,880 |
| 0 | Car park | yes⁷ | 0 | 2,265 |
| 39,292 |
Rütligasse 1 CH-6000 Lucerne 7 Tel. +41 41,249 49 80 Fax +41 41,249 49 89 www.mobimo.ch
Seestrasse 59 CH-8700 Küsnacht Tel. +41 44,397 11 11 Fax +41 44,397 11 12
Seestrasse 59 CH-8700 Küsnacht Tel. +41 44,397 11 11 Fax +41 44,397 11 12
Place de l'Europe 7 CH-1001 Lausanne
The Half-Year Report 2011 is also available in French and German. The English report is a translation from the original German.
Overall responsibility: Mobimo Holding AG
Design and layout: Baldinger & Baldinger AG, Aarau
Photos: Kessler Michael, www.profifoto.ch Meylan Arnaud, www.arnaudmeylan.ch Widmer Toni, Aargauer Zeitung Wyrsch Donovan, www.donovanpicture.com
Visualisation: Burckhardt + Partner SA, www.burckhardtpartner.ch
Museumstrasse 3
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