Mobimo Holding AG — Audit Report / Information 2016

Feb 10, 2017

Results

The financial data as well as the other information presented herein constitute selected information.

The information in this presentation does not constitute an offer or invitation and may not be construed as a recommendation by us to purchase, hold or sell shares of Mobimo Holding AG. This information or any copy thereof may not be sent or taken to or distributed in any jurisdiction in which such transmission or distribution is unlawful. This document may contain certain "forward-looking". By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements.

• 1. Business year 2016 at a glance
• 1. 2016 key financial figures
• 1. Pipeline and real estate portfolio
• 1. Outlook and summary

1. Business year 2016 at a glance

Very successful financial year 1. Business year 2016 at a glance

159.4 Profit CHF million 2015: 105.0

● Marked 51.9% rise in profit to CHF 159.4 million (prior year: CHF 105.0 million)

• Substantial 26.5% increase to CHF 99.4 million in profit attributable to the shareholders of MOH not including revaluation (prior year: CHF 78.6 million)
• Extraordinarily high gain on market-driven revaluation of CHF 80.7 million and disposals of investment properties of CHF 34.9 million
• With the new record results, Mobimo generated the highest earnings per share in the company's history

5 Results 2016

Very successful financial year 1. Business year 2016 at a glance

• Rental income once again up by 6.3% to CHF 114.7 million
• Completion and letting of all 72 apartments in the residential development Zurich, Letzigraben
• Growth in the overall portfolio to more than CHF 2.7 billion

6 Results 2016

Trading properties and development services 1. Business year 2016 at a glance

Future investment volume Development for Third Parties CHF million

• 330.5% increase in profit on sale of trading properties and development services to CHF 23.9 million (prior year: CHF 5.5 million)
• The high level of interest in real estate is leading to high demand for services and products from the Developments for Third Parties business area
• Expansion of the pipeline in Development for Third Parties via the majority interest in BSS&M Real Estate AG

Completed projects and building starts 2016 1. Business year 2016 at a glance

Completed projects		Building starts (planned	completion in 2018/2019)
Zurich, Letzigraben	● 72 rental apartments ● Rentable area: 6,977 m² ● Market value as at 31.12.2016: CHF 65 million	Aarau, Aeschbach district Kriens, am Mattenhof	● 167 rental apartments, offices and retail space Rentable area: 19,205 m2 ● ● Investment volume: approx. CHF 100 million ● 129 rental apartments, offices and retail space, hotel
Lucerne, Am Meggerwald	● 24 Condominiums ● Rentable area: 3,032 m² ● Sales volume: CHF 30 million	Zurich, Hohlstrasse	36,710 m2 ● Rentable area: ● Investment volume: approx. CHF 175 million ● 201 rental apartments, offices and retail Rentable area: 15,590 m2 ● ● Investment volume: approx. CHF 110 million

Change in earnings and dividend per share 1. Business year 2016 at a glance

9 Results 2016

Economic environment	● Switzerland offers stable environment ● Attractive location for real estate investments
Market for office and retail space	● Unchanged stagnation in the office market ● Strong competition in the retail market ● Sound demand for commercial space
Rental apartment market	● High demand, especially in the mid- and low-price segment at our locations Zurich, Lausanne and Geneva
Condominiums	● Low interest rates lead to demand, especially in the low- and mid-price segment ● Low financing costs, but high equity requirement
Development for Third Parties	● Strong demand
Transaction market	● Stable demand for investment properties

2. 2016 key financial figures

Income statement figures 2. 2016 key financial figures

CHF million	2013	2014	2015	2016	PY change
Net rental income	78.9	87.6	94.1	96.2	 2.3%
• Direct cost/income ratio for rented properties	17%	17%	13%	16%	23.1% 
Profit on sale of trading properties and development services	31.6	24.9	5.5	23.9	 330.5%
• Gross margin	14.7%	15.9%	6.4%	15.7%	 145.3%
Net income from revaluation	25.2	3.8	34.7	80.7	 132.3%
Profit on disposal of investment properties	7.1	4.9	63.8	34.9	 -45.2%
EBIT including revaluation	119.4	97.6	170.4	200.3	 17.5%
EBIT excluding revaluation	94.1	93.8	135.7	119.6	 -11.9%
Tax expense	-16.7	-4.8	-34.1	-15.1	 -55.6%
Profit	81.6	63.2	105.0	159.4	 51.9%
Profit attributable to the shareholders of MOH	81.6	62.2	103.9	158.7	 52.7%
Profit attributable to the shareholders of MOH excluding revaluation	62.6	60.2	78.6	99.4	 26.5%

Income statement figures 2. 2016 key financial figures

	2013	2014	2015	2016		PY change
EPRA earnings per share (CHF)	6.71	8.13	8.17	8.27		1.2%
EPRA rental increase like for like	0.9%	0.6%	0.8%	0.4%		-50.0%
Vacancy rate	3.9%	5.4%	4.7%	4.8%		2.1%
Gross yield from investment properties	5.7%	5.6%	5.4%	5.3%		-1.9%
Net yield from investment properties	4.6%	4.5%	4.3%	4.1%		-4.7%
Average financing costs	2.7%	2.5%	2.5%	2.4%		-3.3%
Interest spread	1.9%	2.0%	1.9%	1.7%		-10.5%

Medium to long-term maturity profile of fixed-term rental agreements1) 2. 2016 key financial figures

1) Excluding rental agreements of unlimited duration

14 Results 2016

Components of the revaluation income 2. 2016 key financial figures

• High demand for real estate leading to market-driven positive performance
• The development of new properties from the pipeline creates added value
• Net income from revaluation of CHF 80.7 million
• 68% of revaluation income arising from market-driven adjustments, 32% added value from operational performance

Key balance sheet figures 2. 2016 key financial figures

	2013	2014	2015	2016	PY change
Equity (CHF million)	1,241.1	1,222.5	1,264.7	1,366.3	 8.0%
- in %	45.8%	44.2%	42.8%	45.1%	 5.4%
Deferred tax, net (CHF million)	126.1	120.3	160.7	156.0	 -2.9%
- in %	4.7%	4.3%	5.4%	5.1%	 -5.6%
Interest-bearing debt (CHF million)	1,241.1	1,292.7	1,366.7	1,349.4	 -1.3%
- in %	45.8%	46.7%	46.3%	44.5%	 -3.9%
- Loans (CHF million)	909.2	780.7	854.2	836.4	 -2.1%
- Bonds (CHF million)	331.9	512.0	512.5	513.0	 0.1%
- long-term	76.9%	98.2%	98.2%	93.1%	 -5.2%
Net financing costs (CHF million)	22.5	31.4	33.6	28.5	 -15.2%
Ø interest rate (for the period)	2.72%	2.51%	2.46%	2.38%	 -3.3%
Interest coverage factor	3.6	3.3	4.6	3.9	 -15.2%
Net Gearing	83.6%	87.1%	90.4%	86.0%	 -4.9%

Long-term financing at excellent conditions 2. 2016 key financial figures

• As at the reporting date 31.12.2016, the average interest rate was 2.32%
• Unchanged favorable interest rate environment for financing

	31.12.2015	31.12.2016
Ø residual maturity	7.7 years	6.9 years
Ø interest rate	2.33%	2.32%

3. Pipeline and real estate portfolio

18 Results 2016

Investment properties for the own portfolio
2017	2018	2019	2020	Project	Use
Under construction: CHF 480 million (prior year CHF 340 million)
				Aarau, Baufeld 2 (Torfeld Süd)	6 Residential/office buildings, 167 rental apartments
				Horgen, Seestrasse 93 (Seehallen)	Commercial and retail space
				Kriens, am Mattenhof 4, 6, 8, 12/14, 16	Office, residential building, retail space, hotel, 129 rental apartments
				Lausanne, Rue Côtes-de-Montbenon 1/3/5 (Les Garages)	Small trade
				Rheinfelden, Rütteliweg 8 / Spitalhalde 40	Renovation, 84 apartments
				Zurich, Hohlstrasse 485	10 office-/retail units, 201 apartments, 80 parking slots

Investment properties for the own portfolio
2017	2018	2019	2020	Project	Use
In Planning: CHF 370 million	(prior	year	CHF 400 million)
				Aarau, Bahnhofstrasse 102 (Mediapark)	Renovation commercial space
				Lausanne, Avenue Edouard Dapples 9, 13, 15, 15a (GMR)	Restoration residential building
				Lausanne, site development Rasude	Urban Development
				Lausanne, Rue de Genève 19/21 (Jumeaux)	Retail, office and storage space
				Lausanne, Rue de la Vigie 3	Hotel
				Lausanne, Rue de la Vigie 5	Residential buildings, office and retail space
				Lausanne, Rue des Côtes-de-Montbenon 8-14	Residential buildings, office and retail space

Condominiums for sale
2017	2018	2019	2020	Project	Use
Under construction: CHF 80 million (prior year CHF 100 million)
				Aarau, Baufeld 4 (Torfeld Süd)	92 condominiums, 131 parking slots
				Bad Zurzach, Weissensteinweg (Salzturm)	21 condominiums
In Planning: CHF 100 million	(prior	year	CHF 100 million)
				Merlischachen, Chappelmatt-Strasse (Burgmatt)	78 condominiums, 140 parking slots
Sale of plot				Weggis, Hertensteinstrasse 105	open

Sustainability 3. Pipeline and real estate portfolio

	2011 (baseline year)	2015 (ACTUAL)	2016 (ACTUAL)	PY change
Energy-consuming space (m2 )	401,392	574,329	597,732	 4%
Energy consumption - electricity, heating (MWh)	85,947	89,737	89,887	 0%
Energy intensity (kWh/m2)	214	156	150	 -4%
Emissions (tCO eq) 2	13,931	14,984	14,390	 -4%
Emission intensity (kgCO eq/m2 ) 2	35	26	24	 -8%

• Mobimo has incorporated sustainability in its strategy for over 5 years
• In 2015 Mobimo developed an internal sustainability rating aimed at regularly evaluating and continuously enhancing the quality of its projects and properties
• 100% of its development properties are Minergie-certified
• 20% of its investment properties are Minergie-certified

Versatile site development in Switzerland 3. Pipeline and real estate portfolio

• Ongoing and future projects with a potential investment amount of approx. CHF 1,6 Mrd.
• 100% Minergie-certified
• Internal sustainability rating

4. Outlook and summary

Focus in 2017 4. Outlook and summary

Strategy	● Further expansion of the activities and services of Development for Third Parties ● Selective production of condominiums ● Continuation of attractive dividend policy
Operating business	● Stable rental income, low vacancy rate and high level of tenant satisfaction ● Reinforcement of the service offering for customers through FM Service & Dienstleistungs AG ● Strict cost and risk management
Real estate portfolio	● Successful realisation of planned construction projects ● Continued increase in quality of Mobimo's own portfolio through targeted developments and purchases ● Targeted portfolio diversification to achieve a balanced portfolio mix
Transaction market	● Ongoing review of purchase and sales opportunities ● Reinvestment of sales proceeds in projects from the pipeline

Mobimo – well prepared for the future 4. Outlook and summary

Stable income	● High-value real estate portfolio in prime locations in Switzerland ● Diversified investment portfolio ● Low vacancy rate
Growth and rising income	● Attractive development pipeline at top locations in Switzerland
Security	● High equity ratio and long-term financing at low interest rates form an excellent foundation for further growth and for investments in the planned projects of the pipeline
Know-how	● Solid business model, excellent positioning ● A capable and committed Mobimo team
Return	● Share with a very good return ● Attractive dividend of CHF 10.00, non-taxable for private investors

Your contact persons

Christoph Caviezel CEO

• Dr. iur., attorney at law
• Chairman of the Executive Board
• CEO of the Mobimo Group since October 2008
• Directly manages the Purchase/Divestment and HR division
• Many years' successful management of a Swiss real estate company

christoph.caviezel@mobimo.ch manuel.itten@mobimo.ch

ir@mobimo.ch, Tel. 044 397 11 86

Manuel Itten CFO

• Business Administration FH
• Member of the Executive Board
• Joined Mobimo in 2004 and has been CFO since 2009
• Established and headed Controlling until the end of February 2009
• Many years' experience of working in the real estate field

28 Results 2016

Focus on the main economic areas Appendix

Balanced and stable portfolio mix Appendix

• The portfolio mix is subject to continuous optimisation
• The residential component is gradually being increased through the planning and construction of investment properties for the company's own property portfolio
• Residential component in target range of 30%
• The portfolio mix of the investment portfolio comprises approximately one-third residential usage, one-third office usage and one-third other commercial usage

The five biggest tenants Appendix

• Broad diversification of the tenant structure
• The five biggest tenants generate 20.6% of rental income

Growth of the overall portfolio Appendix

Total value: CHF 2,766 million (2015: CHF 2,655 million)

CHF million	2015	2016		Veränd.
Investment properties	2,132	2,112		-0.9%
 Commercial properties	1,372	1,388		1.2%
Residential properties	760	724		-4.7%
Development properties	523	654		25.0%
 Commercial properties (investment)	171	209		22.2%
 Commercial properties (trading)	29	59		103.4%
 Residential properties (investment)	125	140		12.0%
 Residential properties (trading)	198	246		24.2%

Profitable and fast-growing portfolio Appendix

• Expansion of the portfolio of investment properties due to acquisitions and developments in the project pipeline
• Targeted development of residential and commercial properties for Mobimo's own portfolio
• Quality of the portfolio is optimised further with newly completed investment properties
• Investment properties account for 76% of the overall portfolio

Solid equity ratio as the basis for qualitative growth Appendix

• Target of > 40% continues to be met

• Capital base still solid

• Target of > 2 clearly exceeded Substantially below the maximum target of 150%

• High degree of financing leeway

Investment properties: Planned building starts and completions 2017 Appendix

Building starts:

• Aarau, Bahnhofstrasse (Mediapark)
• Lausanne, Avenue Edouard Dapples
• Lausanne, Rue de Genève (Jumeaux)

Completion:

● Aarau, Baufeld 4 (Torfeld Süd)

1) Office space / Residential buildings rentable area 15,609 m² 2) Residential buildings / Retail space 56 rental apartments,

3) Retail space / Office space rentable area 7,455 m² 4) Residential buildings 92 condominiums

rentable area 5,375 m²

Development for Third Parties: Planned start of realisation 2017 Appendix

The right strategy for qualitative growth and stable returns Appendix

Development for Third Parties	Development properties	Investment properties
Buying/selling	Development	Portfolio management	Solid financing
• Successful acquisitions • Good regional and user-specific diversification	• Many aspects to site . Planning and realising residential and commercial properties • Planning and realising condominiums for third parties • Considering the needs of the environment	· Strategic development • Portfolio optimisation • Considering environmental, economic and social aspects . Reacting quickly and flexibly to changes in the market	• Appropriate equity ratio for further qualitative growth • Long-term guaranteed financing at excellent conditions

Selected share data Appendix

	2013	2014	2015	2016		PY change
Issued shares (number)	6,214,478	6,216,606	6,218,170	6,218,170		0.0%
Share capital (CHF million)	180.2	180.3	180.3	180.3		0.0%
Market capitalisation (CHF million)	1,156.5	1,238.3	1,384.8	1,584.1		14.4%
(CHF)1) NAV per share	200.01	195.93	202.45	217.33		7.3%
EPRA NAV per share (CHF)	223.58	229.05	244.06	258.53		5.9%
Year-end price (CHF)	186.10	199.20	222.70	254.75		14.4%
Earnings per share (CHF)	13.14	10.00	16.72	25.52		52.6%
Distribution per share (CHF)	9.50	9.50	10.00	10.00		0.0%
Payout ratio	72%	95%	60%	39%		-35.0%

1) As at 31 December 2016, the NAV corresponds to the diluted NAV.

Positive share price performance Appendix

• Outperformance of indices
• Liquidity remains high
• An average of some 10,035 shares were traded each day (2015: 11,638)
• Generating annual revenues of around CHF 581 million (2015: CHF 614 million)

Composition of shareholders

Appendix

• Free float as at 31.12.2016: 100% (as per SIX Swiss Exchange definition)
• As at 31.12.2016, the following shareholders held 3% or more of the share capital:
• BlackRock, Inc., 4.97%
• Zuger Pensionskasse, 3.38%

Adress	Fair value as at 31.12.16 in TCHF	Use
Lausanne, Horizon 4 – 6 Avenue d'Ouchy 4 – 6	127 470	Commercial property
Zurich, Mobimo Tower Hotel Turbinenstrasse 18	122 360	Hotel
Affoltern a. A., Obstgartenstr. 9 / Alte Obfelderstr. 27/29, 31 – 35	107 150	Nursing home, rental and retirement apartments
Lausanne, Ilot du Centre Rue Beau-Séjour 8	100 750	Rental apartments

1) Total fair value CHF 1,094 million

Adress	Fair value as at 31.12.16 in TCHF	Use
Zurich, Friesenbergstrasse 75 / Im Tiergarten 7	89 120	Commercial property
Lausanne, Petit Mont-Riond Rue Voltaire 2 – 12	70 910	Rental apartments
Lausanne, Les Mercier Voie du Chariot 4 – 7	66 270	Commercial property
Zurich, Letzigraben 134 – 136	65 290	Rental apartments

1) Total fair value CHF 1,094 million

Adress	Fair value as at 31.12.16 in TCHF	Use
Zurich, Mobimo Skyscraper Hardturmstrasse 3/3a/3b	62 290	Commercial property
Regensdorf, Sonnenhof Schulstrasse	60 000	Rental apartments
Kreuzlingen, Ziil Center Leubernstrasse 3 / Bottighoferstrasse 1	57 552	Commercial property
Zurich, Apollo Stauffacherstrasse 41	49 500	Commercial property

1) Total fair value CHF 1,094 million

Adress	Fair value as at 31.12.16 in TCHF	Use
Lausanne, Les Pépinières Rue des Côtes-de-Montbenon 20 – 24	43 690	Commercial property
Onex, Avenue des Grandes-Communes 21 – 23 – 25	38 100	Residential apartments
Lausanne, 2) Rue de Genève 7	33 170	Commercial property

1) Total fair value CHF 1,094 million 2) Share investment property

Site development: Lausanne – Rasude Appendix

2017	2018	2019	2020	2021	2022	2023

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

USAGE

Offices, hotel, apartments (condominiums/rental apartments), retail, gastronomy (joint project with SBB)

INVESTMENT approx. CHF 270 million

LOCATION

Right next to Lausanne train station

Site development: Aarau – Aeschbach District Appendix

SITE AREA 55,000 m² (incl. park)

USAGE

1,100 workplaces, 92 condominiums, 167 rental apartments, retail, gastronomy, commercial

INVESTMENT approx. CHF 170 million (excluding third parties)

LOCATION Central, near Aarau train station

Site development: Lausanne – Flon Vision 2025 Appendix

2017	2018	2019	2020	2021	2022	2023

SITE AREA 55,000 m²

USAGE Further development of the Flon district

INVESTMENT approx. CHF 200 million

LOCATION Central, in the direct vicinity of a metro station

SUSTAINABILITY

47 Results 2016

Site development: Lucerne South – Mattenhof (Kriens) Appendix

SITE AREA 25,000 m²

USAGE

Offices, commercial, hotel, apartments, retail, gastronomy

INVESTMENT approx. CHF 260 million

LOCATION

Mattenhof train station, in the direct vicinity of the motorway junction

Site development: Biel/Bienne – Agglolac Appendix

GROSS SITE AREA approx. 110,000 m²

USAGE

Development of a city district, offices, commercial, hotel, apartments (condominiums/rental apartments), retail, gastronomy (project with the cities of Nidau and Biel)

INVESTMENT approx. CHF 350 million

LOCATION

Next to the lake, near the train station

Site development: Zurich Oerlikon – Rheinmetall Appendix

GROSS SITE AREA 53,000 m²

USAGE

Offices, commercial, apartments (condominiums/rental apartments), gastronomy, events

INVESTMENT approx. CHF 500 million

LOCATION Near Oerlikon train station

Site development: Allaman VD Appendix

GROSS SITE AREA 25,000 m²

USAGE (planned) 300 compact apartments (26,100 m² HNF)

RENT

Tenants: Logistics; rental contracts run until 31.12.2019

LOCATION

Wine-growing village to the south-west of Morges; right next to the train station on a gentle slope facing the lake