Annual Report • Aug 25, 2010
Annual Report
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| Financial information | 30.06.2010 | 30.06.2009 | |
|---|---|---|---|
| Profit on sale of trading properties | CHF million |
4.6 | 21.7 |
| Net rental income | CHF million |
38.2 | 29.2 |
| Net income from revaluation | CHF million |
16.5 | 9.1 |
| Operating result (EBIT) | CHF million |
49.3 | 54.1 |
| Operating result (EBIT) not including revaluation | 32.8 | 45.0 | |
| Profit | CHF million |
28.8 | 35.5 |
| Profit after tax not including revaluation | CHF million |
16.4 | 28.7 |
| 30.06.2010 | 31.12.2009 | ||
| Equity as at 30 June | CHF million |
976.6 | 926.9 |
| Equity ratio | 45% | 48% | |
| Return on equity1 | 7.5% | 8.0% | |
| Return on equity not including revaluation2 | 4.3% | 7.1% | |
| Net gearing3 | 92% | 89% | |
| Average residual maturity of financial liabilities | Years | 5.5 | 5.1 |
| Average rate of interest on financial liabilities | 2.9% | 3.1% | |
| Portfolio information | 30.06.2010 | 31.12.2009 | |
| Commercial investment properties | CHF million |
1,208.1 | 1,147.9 |
| Residential investment properties | CHF million |
179.4 | 135.0 |
| Commercial development properties | CHF million |
250.8 | 211.3 |
| Residential development properties | CHF million |
381.0 | 383.3 |
| Investment property vacancy rate | 6.5% | 6.7% | |
| Discount rate for revaluation | 4.96% | 4.98% | |
| Headcount | 30.06.2010 | 31.12.2009 | |
| Average headcount (full-time basis)4 | 69.7 | 59.3 | |
| Share information | 30.06.2010 | 30.06.2009 | |
| Share capital | CHF million |
193.1 | 165.1 |
| No. of shares outstanding5 | 5,078,968 | 4,335,323 | |
| Earnings per share | CHF | 5.68 | 8.18 |
| Earnings per share not including revaluation | CHF | 3.24 | 6.61 |
| Capital repayment via nominal value reduction6 | CHF | 9.00 | 9.00 |
| Nominal value per share | CHF | 38.00 | 38.00 |
| NAV per outstanding share after options | CHF | 191.43 | 176.74 |
| and conversion rights7 | |||
| Share price as at 30 June | CHF | 188.00 | 146.00 |
| 955.1 | 634.4 |
1 Profit in relation to average equity (equity at 1 January plus capital increase/reduction) for the period under review
2 Profit not including revaluation (and attributable deferred tax) in relation to average equity (equity at 1 January plus capital increase/reduction) for the period under review
3 Net financial liabilities to equity
4 Changes in headcount, see also Note 14
5 No. of shares in issue 5,080,575 less treasury shares 1,607 = no. of outstanding shares 5,078,968
6 Nominal value repayment of CHF 9 for 2009 financial year in accordance with resolution of General Meeting on 5 May 2010; paid out on 12 August 2010 (prior year 30 June 2009)
7 Assuming all options and conversion rights granted are exercised
Development property Condominium building
Wädenswil, "Triton" Rötibodenstrasse 34 / 36
| 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 2010 | 12 |
| Letter to shareholders | 14 |
| Review of first half of 2010 | 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 (restated) | 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 | 58 |
| • Details of properties owned and used by Mobimo • Co-ownership details |
58 58 |
| 60 |
Investment and development property Hotel and condominium property
Zurich, "Mobimo Tower" Turbinenstrasse
Investment property Rental apartments
Winterthur, "Museumstrasse" Museumstrasse 3
Half-Year Report 2010 5
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 attractive locations in the business centres of Zurich, Lucerne/Zug, Basel, Aarau, Lausanne/Geneva and St. Gall.
Mobimo's business model sets it apart from its competitors.
With a solid financing base and equity 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 bringing broadbased rental income with steady returns. A well stocked pipeline provides a steady supply of new investment properties to be held in the portfolio and attractive condominium apartments which, when sold, will generate capital gains.
As at 30 June 2010, the real estate portfolio comprised 137 properties with a value of approximately CHF 2,019 million, which breaks down into CHF 1,387 million for investment properties and CHF 632 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 the office space component, the residential component and the combined commercial component (industry, retail and special use) to each account for one-third 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 528,000 m2 provided potential rental income of CHF 93 million p.a. as at 30 June 2010. 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 and trading properties with an investment volume of roughly CHF 640 million, with approximately one-third attributable to the Mobimo Tower in West Zurich, the Group's biggest project at present.
Mobimo has consistently generated a high dividend. Since the initial public offering in 2005, CHF 9.00 has each year been paid out to shareholders in the form of a withholding tax-exempt nominal value repayment. Over the past five years the dividend yield (nominal value repayment) has consistently been in the region of 5%.
| Mobimo Holding AG | ||||||
|---|---|---|---|---|---|---|
| Share capital: CHF External auditor: KPMG |
193.1 million BoD: Urs Ledermann, Daniel Crausaz, Brian Fischer, Bernard Guillelmon, Wilhelm Hansen, Paul Rambert, Peter Schaub, Paul Schnetzer, Georges Theiler Executive Board: Dr. Christoph Caviezel, Manuel Itten, Peter Grossenbacher, Andreas Hämmerli AG |
|||||
| Mobimo Management AG | Mobimo AG | Mobimo Finance Ltd. | LO Holding Lausanne-Ouchy SA |
JJM Participations SA | 04Real AG | |
| Share capital: CHF 0.1 million |
Share capital: S CHF 72 million |
hare capital: minimum capital CHF |
Share capital: S 12 million CHF |
hare capital: 6 million |
Share capital: CHF 1 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 shareholders' 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 shareholders' equity stood at CHF 757 million.
Mobimo Holding AG's exchange offer for LO Holding Lausanne-Ouchy SA was successfully completed on 9 November 2009; share capital was increased by CHF 26.9 million in order to carry out the conversion.
In June Mobimo Holding AG successfully completed a CHF 175 million convertible bond issue due on 30 June 2014.
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 secured 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, Lucerne/Zug, Basel, Aarau, Lausanne/ Geneva and St. Gall. Investments are only carried out in good locations.
The investment portfolio is made up of approximately onethird office space, one-third residential, and one-third industry, retail and special users (e.g. schools, residential schemes for the elderly, etc.).
The real estate portfolio is optimised and adjusted on an ongoing basis. Value is rigorously maintained and increased through the maintaining of relations with tenants, 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 real estate holdings, development properties now account for around one-quarter of the overall portfolio.
Mobimo can borrow on both a short and long-term basis. Equity should amount to at least 40% of total assets.
The Mobimo share generates regular dividends. It is characterised by steady development in value and a high payout ratio.
1 Including properties in own use
9
| No. of shares as at 30 June | |||||
|---|---|---|---|---|---|
| (prior year as at 31 December) | 2010 | 2009 | 2008 | 2007 | 2006 |
| Share capital (in TCHF ) |
193,062 | 192,035 | 204,230 | 243,232 | 225,346 |
| No. of registered shares issued | 5,080,575 | 5,053,552 | 4,355,323 | 4,343,425 | 3,466,860 |
| Nominal value per registered share (in CHF ) |
38 | 38 | 47 | 56 | 65 |
| Of which treasury shares | 1,607 | 4,373 | 10,000 | 0 | 0 |
| No. of registered shares outstanding | 5,078,968 | 5,049,179 | 4,345,323 | 4,343,425 | 3,466,860 |
| Ratios in CHF as at 30 June |
2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|
| Earnings per share | 5.68 | 8.18 | 6.80 | 5.13 | 5.15 |
| Earnings per share without revaluation | 3.24 | 6.61 | 5.30 | 3.91 | 4.61 |
| NAV per share, after options and conversion rights | 191.43 | 176.74 | 183.27 | 171.70 | 169.06 |
| Share price – high¹ | 191.90 | 142.87 | 166.91 | 166.70 | 153.67 |
| Share price – low¹ | 176.00 | 110.88 | 152.36 | 157.52 | 133.76 |
| Half-year-end price¹ | 188.00 | 139.19 | 160.92 | 160.92 | 151.36 |
| Average no. of shares traded per day | 6,291 | 4,734 | 3,975 | 3,974 | 3,028 |
| Market capitalisation (in CHF million) |
955.1 | 634.4 | 816.6 | 814.7 | 641.9 |
Source: SIX Swiss Exchange
The registered shares of Mobimo Holding AG are traded in the main segment of the SIX Swiss Exchange in Zurich. Code: MOBN / Swiss security no.: 1110887 / ISIN: CH0011108872, Bloomberg: MOBN SW Equity / Reuters: MOBN.S The latest stock market data can be found at www.mobimo.ch
23 June 2005 to 30 June 2010
Mobimo's share price went up by 6.8% in the first half of 2010, rising from CHF 176.10 to CHF 188.00. As at 30 June 2010 Mobimo's share price of CHF 188.00 was 1.8% below the diluted NAV of CHF 191.43. The liquidity of the Mobimo share and the trading volume have both remained positive year-to-date. An average of 6,291 (prior year 5,920) shares were traded each day, generating daily turnover of around CHF 1.2 million (prior year CHF 880,000). The Mobimo share recorded total turnover of CHF 143 million (as at 31 December 2009: CHF 230 million) on the SIX Swiss Exchange in the first half of 2010.
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: CH0112991333, Bloomberg: MOBIMO Corp. / Reuters: CH11299133
In June 2010 Mobimo successfully completed a CHF 175 million convertible bond issue with a coupon of 2.125%, maturing in 2014, with a conversion price of CHF 210.37. Zürcher Kantonalbank subsequently published a credit rating of BBB+ for Mobimo.
The following shareholders held more than 3% of the share capital as at 30 June 2010:
Reichmuth & Co Investmentfonds AG 1, 5.74% Family of Dr. Alfred Meili, 3.59% Pensionskasse des Kantons Zug, 3.44%
Free float as at 30 June 2010 (as per SIX Swiss Exchange definition): 100%
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 and 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 86 [email protected]
Tel. +41 44 809 58 58 [email protected]
6 April 2011, KKL Luzern
8 March 2011
Investment property Rental apartments
K e n n z a h l e n i m Ü b e r b l i c k
Lausanne, "Illot du Centre" Rue Beau-Séjour 8
Investment property Office and commercial property
Lausanne, Post-Areal Avenue d'Ouchy 4, 6
View "Ilot du Centre"
Half-Year Report 2010 13
We are delighted to present to you our Half-Year Report as at 30 June 2010. Mobimo recorded a net profit of CHF 28.8 million (prior year CHF 35.5 million) in the first six months of the year, corresponding to earnings per share of CHF 5.68 (prior year CHF 8.18). We are therefore well on course, in line with our expectations.
The solid result for the first half of the year reflects the continued robustness of the Swiss real estate market. Demand for centrally located, attractive office and commercial space and premium residential space remains high. Low mortgage interest rates and the comparatively minor impact of the diminishing economic and financial crisis are also playing a part.
Rental income rose by 30% in the period under review to CHF 43.7 million, with some 25% or CHF 10.9 million coming from the full consolidation of LO Holding. The vacancy rate of our investment portfolio decreased slightly, to 6.5%.
As expected, however, the market for the (renewed) rental of office and commercial space was more challenging. This makes it all the more pleasing that we were able to conclude a long-term rental agreement with a new, solvent tenant for a large, centrally located office building in Zurich that a major bank no longer required due to restructuring, achieving this even before the end of the notice period. Lausanne's Le Flon area, which was added to Mobimo's portfolio through the integration of LO Holding in 2009, continues to attract new tenants. In less central areas, however, it has become more difficult to re-let office and commercial space that has been vacated. For example, no new tenant has yet been found for the commercial property in Regensdorf, which was vacated in January. Here and in other locations we are constantly examining and implementing development and conversion concepts that could lead to improved marketing of such properties. To give one example, a former office building in Winterthur is currently being successfully converted into an attractive condominium apartment building (photo on page 4).
As expected, profit on trading properties and condominium sales was well below the record high of the prior-year period, at CHF 4.6 million. The change in strategic focus, whereby individual trading properties providing one-time profits on disposal are converted to investment properties offering recurring rental income, is clearly having an impact. By contrast, the revaluation of investment properties under construction resulted in a profit of CHF 7 million. The accounting rule whereby profits on the sale of condominiums can only be booked as realised in the financial year that ownership is transferred means that profits on trading properties will be more volatile in future. Mobimo is aiming to boost regular income from the rental of existing and new investment properties and also to exploit opportunities in the development of condominiums.
The development of properties under construction is running according to plan. Five construction projects involving a total of 235 apartments for the investment portfolio are currently in progress. Huge strides are being made towards the completion of the Mobimo Tower. The topping-out ceremony took place in May, and as at the end of the reporting period more than one-third of the apartments linked to the hotel had been reserved or sold. We have removed our "The Hill" project in Erlenbach from the market due to insufficient demand; the attractive land will now be parcelled out and sold for the construction of single-family homes. Construction of the 102 rental apartments in Lausanne, and their rental, is proceeding very successfully, and the three housing renovations in Horgen (photo on page 18) are almost complete.
The value of our portfolio has also increased by more than CHF 104 million due to the transfer of the newbuilds into the investment portfolio and the good rental levels. As part of our portfolio management process, three properties were sold in the period under review, with no impact on the income statement.
Market demand for investment properties remains high, making it difficult to acquire properties at reasonable prices. Mobimo therefore concentrates on buying properties with scope for development and expansion, giving it the opportunity to add value. An important hurdle was cleared in Aarau in the period under review. In a referendum, the population approved the design plan for the "Torfeld Süd" site and therefore said "Yes" to the complete redevelopment of the area of over 100,000 square metres near the station, more than half of which belongs to Mobimo. The rental agreement with an existing commercial tenant (Rockwell Automation) has been extended, and a long-term rental agreement has also already been signed with the same company for a new office building. An institutional investor (Gastrosocial) is acquiring a further office block project; the company will use the building itself. "Torfeld Süd" offers Mobimo new investment property opportunities for years to come, primarily in residential construction. The attractive "Post" site (photo on page 12) at Lausanne station will also offer similar investment potential; it was acquired as planned in the first half of 2010.
The funds are available to realise our expansion plans. In June Mobimo successfully completed a CHF 175 million convertible bond issue with a coupon of 2.125%, maturing in 2014, with a conversion price of CHF 210.37. This issue helped to strengthen our Group's financial resources considerably and to expand Mobimo's circle of investors. At the same time, procuring this new capital via a convertible bond also represented an attractive option for us. There is currently a high level of demand for this asset class, and this created attractive conditions from Mobimo's point of view.
The merger with LO Holding, which is now wholly owned by Mobimo, is proving to be extremely satisfactory and fruitful. Following a six-month integration period during which Christoph Caviezel headed the Executive Board in Lausanne on an interim basis, on 1 July 2010 the role was taken over by Sonia Romano, who already has more than ten years' experience with the Lausanne-based firm.
Our equity ratio remains solid, at 45%. The average interest rate for financial liabilities was further reduced to 2.9% (prior year 3.1%), while the average repayment term was extended to 5.5 years (prior year 5.1 years).
For the 2010 financial year we anticipate a result from ordinary activities largely in line with that of the prior year (excluding one-off effects from the LO acquisition). It therefore looks probable even at this early stage that we will be maintaining our attractive distribution policy.
We would like to thank you, our shareholders, for the trust you place in our company.
Urs Ledermann Dr. Christoph Caviezel Chairman of the Board of Directors Chief Executive Officer
Mobimo recorded another solid result in the first half of 2010, a period characterised by economic uncertainty. Net rental income was up 31% year-on-year at CHF 38.2 million (prior year CHF 29.2 million). Net income from revaluation rose by 82% to CHF 16.5 million (prior year CHF 9.1 million). The increase was due in part to the strategic focus and the resultant expansion of the company's own investment portfolio. It was also attributable to the conclusion of new rental agreements, leading to higher rental income in the future. As expected, the profit of CHF 4.6 million on the sale of trading properties was considerably lower than the record prior-year figure of CHF 21.7 million due to the significantly smaller number of projects in the revenue recognition phase (in line with the new accounting rules regarding the transfer of ownership of residential properties sold). As a result, the profit for the first six months of the year was also down on the prior-year figure, at CHF 28.7 million (prior year CHF 35.5 million). This is also in line with expectations. Overall, solid earnings per share of CHF 5.68 (prior year CHF 8.18) were generated in the first half of the year.
The takeover of 04Real AG was successfully completed on 4 May. Through the takeover, Mobimo acquired a building complex with 45,000m2 of usable space on a 12,600m2 site at a prime location right by the main station in Lausanne. The company's portfolio holdings rose to CHF 2,019 million (end-2009 CHF 1,878 million) as a result of the new acquisition and spending on own-portfolio investment properties under construction.
With an equity ratio of 45%, Mobimo remains solidly financed. Its capacity for investment was further boosted by the successful completion of a CHF 175 million convertible bond issue. The average interest expense for financial liabilities was further reduced to 2.9% (end-2009 3.1%) in the first half of the year. At the same time, the average residual maturity of financial liabilities was increased from 5.1 years to 5.5 years. This enabled the company to lock in the current favourable interest rates for the medium term.
The net yield achieved on investment properties in the first six months of the year was 5.1% (end-2009 5.4%). After deducting the average borrowing costs of 2.9% the yield spread is an attractive 2.2% (end-2009 2.3%).
Mobimo's share price continued to perform well in the first half of the year, rising from CHF 176.10 to CHF 188.00, an increase of 6.8%. As at 30 June the price was therefore 1.8% below the diluted NAV of CHF 191.43.
Income from rentals of CHF 43.7 million (prior year CHF 33.7 million) was generated in the first half of the year. This equates to a year-on-year increase of 30% in rental income. CHF 10.9 million of the rental income was generated by the LO Group, which was successfully acquired last November. The investment property vacancy rate was 6.5% as at 30 June 2010, slightly below the figure of 6.7% recorded at the end of 2009. Direct expense for rented properties was down slightly yearon-year at 12% (prior year 13%).
A commercial property with a current market value of CHF 88.4 million was acquired as part of the takeover of 04Real AG. The following investment properties were also disposed of in the first half of the year in order to optimise the portfolio:
The sale of the three commercial properties and an additional cession of land in Jona, St. Gallerstrasse 23/25, Bühlstrasse 1 for a total price of CHF 19.8 million resulted in a minimal loss of CHF 0.1 million, meaning there was no impact on the income statement overall.
Net income from revaluation increased by 82% year-on-year to CHF 16.5 million (prior year CHF 9.0 million). This includes CHF 7.0 million of revaluation gains from the successful development of own-portfolio investment properties (prior year CHF 6.8 million, CHF 5.6 million of which related to initial recognition as at 1 January 2009).
In line with the application of IFRIC Interpretation 15, income from the sale of trading properties is recognised when ownership is transferred to the buyer of the condominium in question. This means that the income recognised in different periods may fluctuate significantly depending on the status of individual projects. As such, the profit of CHF 4.6 million on the sale of trading properties was well below the record prior-year figure of CHF 21.7 million. This was in line with expectations. Transfers in the first half of 2010 related primarily to the project in Horgen, Stockerstrasse 40 – 42 (Wiesental I). In the previous year the transfers related to seven different projects. A total of 29 apartments were transferred to their new owners in the first six months of 2010, compared with a total of 109 transfers of ownership in the same period in 2009. Demand for condominiums remained stable despite the economic uncertainty. The still very attractive interest rate environment continues to support demand in this market. Mobimo focuses on the development of condominiums in prime locations, particularly in and around the city of Zurich and in the Lake Geneva region. The following projects were under construction or completed in the period under review:
These developments and Adliswil, Wilacker (construction to begin in the second half of the year) will create a total of 174 new residential units for condominium property. All projects reached the planned stage of completion in the first half of the year.
The 3,043m2 property at the former Würth-Werft site in a premium location in Weggis was acquired in the period under review for CHF 8.4 million.
Construction does not begin on new projects until sales or rental levels of 30% to 40% have been achieved. This explains why the length of time from project procurement to project completion may tend to increase.
Development projects for investment properties destined for Mobimo's own portfolio are reported under investment properties under construction. With land reserves at premium locations, Mobimo has extremely attractive development potential for its own portfolio, and this ensures first-class growth potential, irrespective of what is happening on the transaction market.
In the year under review, the following investment properties were in either the preliminary planning, construction or completion phase:
The total investment volume for these construction projects is some CHF 310 million.
Mobimo also has a planned project pipeline with a total investment volume of around CHF 670 million to be realised in the next few years. The pipeline comprises condominium sales projects and own-portfolio developments.
Development property Condominium building
Horgen, "Sto54" Stockerstrasse 54
Investment property Rental apartments
Horgen, "Holzbach" Seestrasse 43 – 69
Development property Condominiums and rental apartments
Adliswil, "Wilacker" Bernhofstrasse 37a – 45a
Development property Condominium building
Herrliberg, "LUMIERE" Rigiweg
Half-Year Report 2010
1.1 Consolidated balance sheet
| All amounts in TCHF | Note | 30.06.2010 | 31.12.2009 |
|---|---|---|---|
| Assets | |||
| Current assets | |||
| Cash | 3 | 105,983 | 27,407 |
| Trade receivables | 5,957 | 5,079 | |
| Other receivables | 8,880 | 11,937 | |
| Trading properties | 4 | 270,427 | 254,805 |
| Accrued income and prepaid expenses | 2,658 | 575 | |
| Total current assets | 393,905 | 299,803 | |
| Non-current assets | |||
| Investment properties | |||
| – Commercial properties | 5 | 1,313,089 | 1,232,806 |
| – Residential properties | 5 | 179,412 | 135,007 |
| – Investment properties under construction | 5 | 239,522 | 237,785 |
| Property, plant and equipment | |||
| – Owner-occupied properties | 6 | 16,810 | 17,107 |
| – Other property, plant and equipment | 6 | 913 | 1,052 |
| Intangible assets | 1,002 | 382 | |
| Investments in associates | 7 | 16,900 | 15,297 |
| Financial assets | 5,463 | 8,765 | |
| Total non-current assets | 1,773,111 | 1,648,201 | |
| Total assets | 2,167,016 | 1,948,004 |
| All amounts in TCHF | Note | 30.06.2010 | 31.12.2009 |
|---|---|---|---|
| Equity and liabilities | |||
| Liabilities | |||
| Current liabilities | |||
| Current financial liabilities | 8 | 165,547 | 171,342 |
| Trade payables | 12,072 | 11,404 | |
| Current tax liabilities | 36,961 | 30,501 | |
| Derivative financial instruments | 728 | 420 | |
| Other payables | 3,613 | 4,708 | |
| Advance payments from buyers | 16,055 | 6,957 | |
| Accrued expenses and deferred income | 18,489 | 20,086 | |
| Total current liabilities | 253,465 | 245,418 | |
| Non-current liabilities | |||
| Non-current financial liabilities | 8 | 826,711 | 674,589 |
| Employee benefit obligations | 2,313 | 2,309 | |
| Derivative financial instruments | 9,572 | 6,030 | |
| Deferred tax liabilities | 98,314 | 92,772 | |
| Total non-current liabilities | 936,910 | 775,700 | |
| Total liabilities | 1,190,375 | 1,021,118 | |
| Equity | 9 | ||
| Share capital | 193,062 | 192,035 | |
| Treasury shares | –286 | –721 | |
| Capital reserves | 391,195 | 370,242 | |
| Retained earnings | 392,424 | 363,799 | |
| Total equity attributable to the shareholders of Mobimo Holding AG | 976,395 | 925,355 | |
| Attributable to minority interests | 246 | 1,531 | |
| Total equity | 976,641 | 926,886 | |
| Total equity and liabilities | 2,167,016 | 1,948,004 |
| First half of | First half of | ||
|---|---|---|---|
| All amounts in TCHF | Note | 2010 | 2009 |
| Income from sale of trading properties | 11 | 37,830 | 124,736 |
| Expenses from sale of trading properties (real estate) | 11 | –33,272 | –103,005 |
| Profit on sale of trading properties | 4,558 | 21,731 | |
| Income from rental of properties | 12 | 43,652 | 33,666 |
| Direct expenses for rented properties | 12 | –5,404 | –4,454 |
| Net rental income | 38,248 | 29,212 | |
| Gains from revaluation of investment properties | 13 | 20,650 | 12,478 |
| Losses on revaluation of investment properties | 13 | –4,157 | –3,397 |
| Net income from revaluation | 16,493 | 9,081 | |
| Profit on sale of investment properties | –110 | 1,139 | |
| Other income | 2,183 | 1,824 | |
| Personnel expense | 14 | –7,296 | –6,124 |
| Operating expense | –2,221 | –1,158 | |
| Administrative expense | –1,905 | –1,127 | |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 49,949 | 54,578 | |
| Depreciation and amortisation | –623 | –475 | |
| Earnings before interest and tax (EBIT) | 49,326 | 54,103 | |
| Share of profit of associates | 1,603 | 0 | |
| Financial income | 407 | 158 | |
| Financial expense | –15,551 | –9,044 | |
| Earnings before tax (EBT) | 35,785 | 45,217 | |
| Tax expense | –7,023 | –9,737 | |
| Profit | 28,762 | 35,480 | |
| Of which attributable to the shareholders of Mobimo Holding AG | 28,750 | 35,480 | |
| Of which attributable to minority interests | 12 | 0 | |
| EBITDA not including revaluation | 33,456 | 45,497 | |
| Operating result (EBIT) not including revaluation | 32,833 | 45,022 | |
| Earnings before tax (EBT) not including revaluation | 19,292 | 36,136 | |
| Profit after tax not including revaluation | |||
| (and attributable deferred tax) | 16,392 | 28,668 | |
| Earnings per share in CHF | |||
| – including revaluation | 10 | 5.68 | 8.18 |
| – not including revaluation (and attributable deferred tax) | 10 | 3.24 | 6.61 |
| Diluted earnings per share in CHF | |||
| – including revaluation | 10 | 5.60 | 8.04 |
| – not including revaluation (and attributable deferred tax) | 10 | 3.19 | 6.50 |
| First half of | First half of | |
|---|---|---|
| All amounts in TCHF | 2010 | 2009 |
| Profit | 28,762 | 35,480 |
| Cash flow hedges: | ||
| – Transfer to income statement | –160 | –154 |
| – Tax effect | 35 | 34 |
| Other comprehensive loss | –125 | –120 |
| Total comprehensive income/loss | 28,637 | 35,360 |
| – of which attributable to the shareholders of M obimo Holding AG |
28,625 | 35,360 |
| – of which attributable to minority interests | 12 | 0 |
| Other | Total | Equity attributable to | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Share | Treasury | Capital | Hedging | retained | retained | the shareholders of | Minority | Total | |
| All amounts in TCHF | capital | shares | reserves | reserve | earnings | earnings | Mobimo AG | interests | equity |
| As at 1.1.2009 | 204,230 | –1,605 | 281,073 | 1,444 | 299,087 | 300,531 | 784,229 | 784,229 | |
| Profit 1.1. – 30.6.2009 | 35,480 | 35,480 | 35,480 | 35,480 | |||||
| Cash flow hedges: | |||||||||
| – Transfer to | |||||||||
| income statement1 | –154 | –154 | –154 | –154 | |||||
| Tax effects | 34 | 34 | 34 | 34 | |||||
| Other comprehensive | |||||||||
| loss | 0 | 0 | 0 | –120 | 0 | –120 | –120 | –120 | |
| Total comprehensive | |||||||||
| income/loss | 0 | 0 | 0 | –120 | 35,480 | 35,360 | 35,360 | 35,360 | |
| Nominal value repayment | –39,108 | 90 | –39,018 | –39,018 | |||||
| As at 30.6.2009 | 165,122 | –1,515 | 281,073 | 1,324 | 334,567 | 335,891 | 780,571 | 780,571 | |
| As at 1.1.2010 | 192,035 | –721 | 370,242 | 1,202 | 362,597 | 363,799 | 925,355 | 1,531 | 926,886 |
| Profit 1.1. – 30.6.2010 | 28,750 | 28,750 | 28,750 | 12 | 28,762 | ||||
| Cash flow hedges: | |||||||||
| – Transfer to | |||||||||
| income statement1 | –160 | –160 | –160 | –160 | |||||
| Tax effects | 35 | 35 | 35 | 35 | |||||
| Other comprehensive | |||||||||
| loss | 0 | 0 | 0 | –125 | 0 | –125 | –125 | -125 | |
| Total comprehensive | |||||||||
| income/loss | 0 | 0 | 0 | –125 | 28,750 | 28,625 | 28,625 | 12 | 28,637 |
| Capital increase | 1,027 | 1,027 | 1,027 | ||||||
| Convertible bonds1 | 4,001 | 4,001 | 4,001 | ||||||
| Tax effects1 | –603 | –603 | –603 | ||||||
| Share-based | |||||||||
| payments: | |||||||||
| – BoD and management | 288 | –1 | 287 | 287 | |||||
| – Acquisition of property2 | 799 | 17,546 | 18,345 | 18,345 | |||||
| Acquisition of treasury | |||||||||
| shares | –1,939 | –1,939 | –1,939 | ||||||
| Purchase of minority | |||||||||
| interests | 1,287 | 10 | 1,297 | -1,297 | 0 | ||||
| As at 30.6.2010 | 193,062 | –286 | 391,195 | 1,077 | 391,347 | 392,424 | 976,395 | 246 | 976,641 |
1 The cash flow hedges and convertible bond are described in Note 8 Financial liabilities
2 The purchase of the property Place de la Gare, Avenue d'Ouchy 4/6 in Lausanne is described in Note 9
| All amounts in TCHF Note 2010 2009 Profit before tax 35,785 45,217 Net gains from revaluation of investment properties 5 –16,493 –9,081 Personnel expense 287 0 Depreciation of property, plant and equipment 493 391 Amortisation of intangible assets 130 84 Loss (profit) on sale of investment property 110 –1,139 Loss (profit) on sale of property, plant and equipment –2 0 Share of profit of associates –1,603 0 Financial result 15,144 8,886 Change Trade receivables –878 1,704 Trading properties –10,711 50,757 Other receivables and accrued income and prepaid expenses –1,225 –2,712 Employee benefit obligations 6 14 Trade payables –97 –1,279 Advance payments from buyers 9,098 –11,425 Other current liabilities and accrued expenses and deferred income –5,141 11,182 Income tax paid –2,123 –2,665 Net cash from operating activities 22,780 89,934 Cash increases from asset deal 733 0 Investments in financial assets –560 –2,500 Acquisition of investment properties 5 –41,007 –36,301 Acquisition of property, plant and equipment –69 –58 Acquisition of intangible assets –54 –136 Disposal of financial assets 3,862 122 Disposal of investment properties 5 19,068 14,537 Disposal of property, plant and equipment 13 0 Dividends received 101 80 Interest received 325 78 Net cash used in investing activities –17,588 –24,178 Proceeds from financial liabilities 322,079 46,585 Repayment of financial liabilities –232,721 –51,873 Net cash from capital increases 1,027 0 Share capital nominal value repayment 0 –39,018 Acquisition of treasury shares –1,939 0 Interest paid –15,062 –9,457 Net cash used in/from financing activities 73,384 –53,763 Increase in cash 78,576 11,993 Cash at beginning of reporting period 27,407 11,594 Cash at end of reporting period 105,983 23,587 |
First half of | First half of | |
|---|---|---|---|
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 condominiums 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 2010 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.
All amounts contained in the consolidated interim financial statements are shown in thousands of Swiss francs (TCHF), unless stated otherwise.
The accounting principles applied in the consolidated interim financial statements correspond to the Group accounting principles set out in the consolidated financial statements for 2009, with the following exceptions: with effect from 1 January 2010, Mobimo now uses the following newly applicable or amended standards and interpretations:
IFRS 3 rev. Business Combinations
Amendments to IAS 39 – Financial Instruments: Recognition and Measurement – Eligible Hedged Items
Amendments to IFRS 2 – Share-based Payment (Cash-settled) in the Group
IFRS 1 – First-time Adoption of International Financial Reporting Standards – Restructured
IFRIC 17 – Distributions of Non-cash Assets to Owners
These changes had no impact 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. No impact or no significant impact is expected on Mobimo's consolidated financial statements as a result of these changes.
| Standard/Interpretation | Entry into force | Planned application | |
|---|---|---|---|
| by Mobimo | |||
| Amendment to IAS 32 - Financial Instruments: | * | 1 February 2010 | 2011 financial year |
| Presentation - Classification of Rights Issues | |||
| IFRIC 19 – Extinguishing Financial Liabilities with | * | 1 July 2010 | 2011 financial year |
| Equity Instruments | |||
| IAS 24 (rev. 2009) – Related Party Disclosures | * | 1 January 2011 | 2011 financial year |
| Amendments to IFRIC 14: IAS 19 - The Limit on a | * | 1 January 2011 | 2011 financial year |
| Defined Benefit Asset, Minimum Funding Require | |||
| ments and their Interaction - Prepayments of a | |||
| Minimum Funding Requirement | |||
| Amendments to IFRSs (May 2010) | ** | 1 July 2010 | 2011 financial year |
| 1 January 2011 | |||
| Amendment to IFRS 1 – First-time Adoption of | * | 1 July 2010 | 2011 financial year |
| International Financial Reporting Standards – | |||
| Limited Exemption from Comparative IFRS 7 | |||
| Disclosures for First-time Adopters | |||
| IFRS 9 – Financial Instruments: Classification and | ** | 1 January 2013 | 2013 financial year |
| Measurement | |||
* No impact or no significant impact expected on Mobimo's consolidated financial statements.
** Impact on Mobimo's consolidated financial statements has not yet been reliably determined to a sufficient degree.
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.
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:
Long-term 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 condominiums (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 were 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 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 and the Board of Directors, are likewise not attributed to the segments and are also reported under Reconciliation.
Segment assets include investment properties, investment properties under construction, trading properties and trade receivables. No other assets are attributed 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. Accordingly, there was no need to eliminate intersegment transactions.
Since Mobimo is active exclusively in Switzerland, revenues and non-current assets do not need to be broken down on a geographical basis.
Mobimo did not generate any revenues with individual clients that amounted to more than 10% of Group revenues.
A further breakdown of income from rental of properties (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 | 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 | |
| Properties in own use | 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 |
| Portfolio | |||||
|---|---|---|---|---|---|
| All amounts in TCHF | Management | Development | Total segments | Reconciliation | Total |
| Income from sale of trading properties | 124,736 | 124,736 | 124,736 | ||
| Income from rental of properties | 32,391 | 1,275 | 33,666 | 33,666 | |
| Net income from revaluation | 2,070 | 7,011 | 9,081 | 9,081 | |
| Profit on sale of investment properties | 1,139 | 1,139 | 1,139 | ||
| Total segment income | 35,600 | 133,022 | 168,622 | 0 | 168,622 |
| Segment result EBIT | 29,694 | 28,226 | 57,920 | –3,817 | 54,103 |
| Financial result | –8,886 | ||||
| Earnings before tax (EBT) | 45,217 | ||||
| Tax | –9,737 | ||||
| Profit | 35,480 | ||||
| Trading properties | 255,940 | 255,940 | 255,940 | ||
| Investment properties | 1,012,709 | 32,287 | 1,044,996 | 1,044,996 | |
| Properties in own use | 13,898 | 13,898 | 13,898 | ||
| Investment properties under construction | 155,182 | 155,182 | 155,182 | ||
| Trade receivables | 1,714 | 1,427 | 3,141 | 3,141 | |
| Total segment assets | 1,028,321 | 444,836 | 1,473,157 | 0 | 1,473,157 |
| Non-attributed assets | 42,324 | 42,324 | |||
| Total assets | 1,515,481 | ||||
| Depreciation and amortisation | –340 | –54 | –394 | –81 | –475 |
| Investments in non-current assets | 12,759 | 26,046 | 38,805 | 190 | 38,995 |
There were no acquisitions in the first half of 2010.
Some of Mobimo's activities do not generate steady income over the course of the year. This is particularly true for income from the sale of condominiums. Higher income may be generated in the first or second half of the year depending on the number of changes of ownership or the volume of projects.
Cash is comprised exclusively of current account deposits at Swiss banks. All of the CHF 106 million in cash is freely available. Cash holdings were temporarily increased due to the convertible bond payment on 30 June 2010.
| 30.06.2010 | 31.12.2009 | |
|---|---|---|
| Land | 84,814 | 70,815 |
| Properties under construction | 165,006 | 150,427 |
| Completed real estate and development properties | 20,607 | 33,563 |
| Total trading properties | 270,427 | 254,805 |
Land holdings were increased by CHF 9.2 million in the first half of the year due to the transfer of the 3,043m2 Würth-Werft property in Weggis. The land at Adliswil, Wilacker II was also transferred from properties under construction to land for sale. This increased the holdings by a further CHF 1.9 million.
As planned, the projects at Horgen, Stockerstrasse 40–42 and Horgen, Stockerstrasse 54 are in the completion phase and the first ownership transfers began in June. Progress on the Wädenswil, Rötiboden and Zurich, Turbinenstrasse (Mobimo Tower) projects also proceeded as planned. As construction work progressed, the holdings of properties under construction also increased.
Holdings of completed real estate and development properties fell due to the successful sale and resulting transfer of condominiums from the following projects: Herrliberg, Schipfplateau; Horgen, Stockerstrasse 27; Lucerne, Guggistrasse; Thalwil, Bergstrasse and Zurich, Katzenbach I. The development property at Winterthur, Museumstrasse is in the middle of the realisation phase, which in turn slightly increased holdings.
Investment properties developed as follows:
| Investment | ||||
|---|---|---|---|---|
| Commercial | Residential | properties under | 30.06.2010 | |
| First half of 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 | 1,090,518 | 125,148 | 229,851 | 1,445,517 |
| Increases from purchases | 88,380 | 0 | 0 | 88,380 |
| Increases from investments | 3,461 | 660 | 39,237 | 43,358 |
| Disposals | –18,906 | 0 | 0 | –18,906 |
| Transfers to trading properties | 0 | 0 | –1,860 | –1,860 |
| Transfers from investment properties under construction | 0 | 36,892 | –36,892 | 0 |
| Cumulative acquisition costs as at 30 June 2010 | 1,163,453 | 162,700 | 230,335 | 1,556,488 |
| Revaluation | ||||
| Total as at 1 January 2010 | 142,288 | 9,859 | 7,934 | 160,081 |
| Positive fair value adjustments | 12,017 | 1,278 | 7,356 | 20,650 |
| Negative fair value adjustments | –3,709 | –143 | –305 | –4,157 |
| Disposals | –960 | 0 | 0 | –960 |
| Transfers to trading properties | 0 | 0 | –81 | –81 |
| Transfers from investment properties under construction | 0 | 5,718 | –5,718 | 0 |
| Cumulative revaluation as at 30 June 2010 | 149,636 | 16,712 | 9,186 | 175,534 |
| Market value as at 30 June 2010 | 1,313,089 | 179,412 | 239,522 | 1,732,022 |
| (Fire insurance value) | (1,360,247) | (137,549) | (155,414) | (1,653,210) |
| Commercial | Residential | Investment properties | 31.12.2009 | |
|---|---|---|---|---|
| 2009 | properties | properties | under construction | Total |
| Market value as at 1 January 2009 | 925,270 | 116,985 | 40,5571 | 1,082,812 |
| Acquisition costs | ||||
| As at 1 January 2009 | 783,023 | 107,388 | 40,630 | 931,041 |
| Acquisition LO Holding Lausanne-Ouchy S.A. | 331,805 | 22,429 | 39,132 | 393,366 |
| Increases from purchases | 12,307 | 0 | 0 | 12,307 |
| Increases from investments | 2,174 | 82 | 67,318 | 69,574 |
| Disposals | –32,744 | –4,751 | 0 | –37,495 |
| Transfers to trading properties | –6,047 | 0 | –2,611 | –8,658 |
| Transfers from property, plant and equipment | 0 | 0 | 85,382 | 85,382 |
| Cumulative acquisition costs as at 31 December 2009 | 1,090,518 | 125,148 | 229,8512 | 1,445,517 |
| Revaluation | ||||
| Total as at 1 January 2009 | 142,247 | 9,597 | –73 | 151,771 |
| Positive fair value adjustments | 9,196 | 1,481 | 8,395 | 19,072 |
| Negative fair value adjustments | –9,266 | –99 | –388 | –9,753 |
| Disposals | 661 | –1,120 | 0 | –459 |
| Transfers to trading properties | –550 | 0 | 0 | –550 |
| Cumulative revaluation as at 31 December 2009 | 142,288 | 9,859 | 7,934 | 160,081 |
| Market value as at 31 December 2009 | 1,232,806 | 135,007 | 237,785 | 1,605,598 |
| (Fire insurance value) | (1,329,980) | (137,446) | (143,196) | (1,610,622) |
The following investment properties were acquired in the first half of 2010:
Lausanne, Place de la Gare, Avenue d'Ouchy 4/6 Commercial property
The sale of three investment properties and cession of land in Jona, St. Gallerstrasse 23/25; Bühlstrasse 1 for a total price of CHF 19.8 million resulted in a loss of CHF 0.1 million. The following investment properties were divested:
| Oberuzwil, W iesentalstrasse 22/22a |
Commercial property |
|---|---|
| Otelfingen, Lauetstrasse 3/5/7/9/11/21/23/25/27/29/31/33/35 | Commercial property |
| interthur, Im Hölderli 26 | Commercial property |
1 The opening balances under Investment properties under construction were included in Residential properties in the prior year 2 Includes CHF 17 million attributable to a guarantee for Zurich, Turbinenstrasse Hotel (Mobimo Tower)
| from | to | |
|---|---|---|
| Adliswil, W ilacker II (land) |
Investment properties under construction | Trading properties |
| Zurich, Katzenbach II | Investment properties under construction | Residential properties |
The investment properties were valued by the independent real estate experts Wüest & Partner AG using the DCF method.
Property, plant and equipment comprises properties in own use, movables, vehicles and computer hardware. It does not include any leased properties.
The Küsnacht property at Seestrasse 59 is included under properties in own use at a carrying amount of CHF 13.4 million.
Other properties in own use are Place de l'Europe 7 and Rue Côtes-de-Montbenon 16 in Lausanne. The total net carrying amount of the properties in own use as at 30 June 2010 was CHF 16.8 million.
| 30.06.2010 | 31.12.2009 | |
|---|---|---|
| Investment in Flonplex SA, Lausanne (40% stake) | 3,815 | 3,354 |
| Investment in Parking du Centre SA, Lausanne (50% stake) | 13,085 | 11,943 |
| Total | 16,900 | 15,297 |
| 30.06.2010 | 31.12.2009 | |
|---|---|---|
| Bank current accounts | 0 | 2,567 |
| Building loans for trading properties | 26,400 | 30,250 |
| ortgage amortisation due within 12 months | 2,912 | 3,128 |
| ortgages due for extension or repayment within 12 months | 136,235 | 135,397 |
| Total current financial liabilities | 165,547 | 171,342 |
| ortgages | 659,533 | 674,589 |
| Convertible bonds | 167,178 | 0 |
| Total non-current financial liabilities | 826,711 | 674,589 |
| Total financial liabilities | 992,258 | 845,931 |
All financial liabilities are denominated in Swiss francs.
As at the reporting date, amounts due were as follows:
| 30.06.2010 | 31.12.2009 | |
|---|---|---|
| Due within first year | 165,547 | 171,342 |
| Due within second year | 55,866 | 142,612 |
| Due within third year | 33,699 | 58,301 |
| Due within fourth year | 222,980 | 55,469 |
| Due within fifth year | 92,220 | 82,135 |
| Due within sixth year | 27,823 | 37,285 |
| Due within seventh year | 63,562 | 3,382 |
| Due within eighth year | 12,618 | 26,016 |
| Due within ninth year | 84,662 | 33,789 |
| Due within tenth year | 60,624 | 62,433 |
| Due within eleventh year | 101,147 | 73,023 |
| Due within twelfth year | 59,110 | 35,723 |
| Due within thirteenth year | 12,400 | 52,021 |
| Due within fourteenth year | n/a | 12,400 |
| Total financial liabilities | 992,258 | 845,931 |
Mortgages in an amount of CHF 136.2 million (31 December 2009: CHF 135.4 million) and due for repayment within 12 months are allocated to current financial liabilities since, as at the financial reporting date, there was no formal agreement for extension beyond 30 July 2011 (or 31 December 2010 where applicable).
Maturity profile (as at 30 June 2010)
The average residual maturity of all financial liabilities as at 30 June 2010 was 5.5 years (FY 2009: 5.1 years). This increase was caused by new fixed-rate mortgages with maturities of up to ten years being entered into.
| 30.06.2010 | 31.12.2009 | |
|---|---|---|
| Up to one year | 165,547 | 171,342 |
| Up to 2 years | 55,866 | 142,612 |
| Up to 3 years | 33,699 | 58,301 |
| Up to 4 years | 222,980 | 55,469 |
| Up to 5 years | 92,220 | 82,135 |
| Over 5 years | 421,946 | 336,072 |
| Total financial liabilities | 992,258 | 845,931 |
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 have to be 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 take place, cumulative unrealised gains or losses are transferred to profit or loss. This applies for the years 2010 to 2022. As at 30 June 2010 and 31 December 2009, 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 108.3 million. These transactions are not classified as cash flow hedges. Consequently, fair value adjustments were recognised through profit or loss.
The fair value of all derivatives thus totalled a net CHF -10.4 million as at 30 June 2010 (FY 2009: CHF -6.4 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 the Mobimo Holding AG registered share on the SIX Swiss Exchange (SIX) is 130% or more of the conversion price over a period of 20 consecutive trading days.
A convertible bond is a compound financial instrument, into which a conversion right is embedded for the investor. Under IAS 32, convertible bonds must be split into a liability and an equity component. The early redemption options represent further embedded derivatives. However, there is no need under the provisions of IAS 39 to recognise these derivatives separately, as the options are tied closely to the economic characteristics and risks of the underlying contract, namely the bond.
On initial recognition of the convertible bond, the liability and equity components were split as follows: In a first step, the fair value of the liability component was determined. This corresponds to the present value of future payments from the convertible bond (interest and principal). They were discounted at an interest rate that would apply to an identical bond with no conversion right. The difference between the fair value of the liability component calculated in this way and the nominal amount was recognised as the equity component. The issuance costs were split pro rata between the liability and equity components.
| CHF million | 30.06.2010 |
|---|---|
| Convertible bond (liability component) | 170.9 |
| ./. pro-rated issuance costs | –3.7 |
| Convertible bond (liability component) | 167.2 |
| Equity component before issuance costs | 4.1 |
| ./. pro-rated issuance costs | –0.1 |
| ./. deferred taxes on the difference between the carrying amount of the liability component and the taxable value of the convertible bond | –0.6 |
| Equity component, net | 3.4 |
| Provisions for deferred tax | 0.6 |
| Total income from issue | 171.2 |
The equity component remains unchanged under equity until bonds are converted. The difference of CHF 7.8 million as at 30 June 2010 between the carrying amount of the liability component (CHF 167.2 million) and the redemption amount (CHF 175.0 million) will be amortised over the residual maturity of the convertible bond out to 2014 using the effective interest method.
Deferred tax liabilities must be recognised on the difference between the taxable value of the convertible bond and the carrying amount of the liability component at the holding tax rate of 7.8% and released through profit and loss over the term of the convertible bond. As the convertible bond was issued on the reporting date, no financial expense was incurred during the reporting period.
Of the total financial liabilities, CHF 968.8 million bear interest at fixed rates and CHF 23.5 million bear interest at variable rates as at 30 June 2010.
The average rate of interest in the first half of 2010 was 2.92% (FY 2009: 3.06%).
All financial liabilities of CHF 825.1 million are secured via mortgage liens (as at 31 December 2009: all financial liabilities of CHF 843.3 million). Some of the credit facilities arranged with banks contain convenants pertaining to capital resources, 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 2009: CHF 0.3 million) are available for the purposes of securing any capital gains taxes (contingent liability, see note 15) to be paid.
There are also unutilised mortgage and building loan facilities in a total amount of approximately CHF 204.3 million (FY 2009: CHF 159.2 million). The latter can be drawn down as building work progresses and on condition that certified purchase agreements are presented.
The Annual General Meeting of 5 May 2010 approved a capital reduction via a reduction in the nominal value of all shares from CHF 38 to CHF 29. Repayment took place on 12 August 2010.
Changes in equity can be summarised as follows:
| Shares | |||
|---|---|---|---|
| No. of shares | Shares issued | Treasury shares | outstanding |
| As at 1 January 2009 | 4,345,323 | –10,000 | 4,335,323 |
| Issue of new shares for the acquisition of JJM Participations SA |
295,521 | 295,521 | |
| Issue of new shares for the acquisition of LO Holding Lausanne-Ouchy SA | 412,708 | –4,150 | 408,558 |
| Acquisition of treasury shares | –2,000 | –2,000 | |
| Sale of treasury shares | 7,000 | 7,000 | |
| Acquisition of minority interests settled with treasury shares | 2,421 | 2,421 | |
| Share-based payments to Board of Directors and management | 2,356 | 2,356 | |
| As at 31 December 2009 | 5,053,552 | –4,373 | 5,049,179 |
| Issue of shares from conditional capital for options exercised | 27,023 | 27,023 | |
| Acquisition of treasury shares | –10,754 | –10,754 | |
| Share-based payments for the acquisition of properties | 4,800 | 4,800 | |
| Share-based payments to Board of Directors and management | 1,562 | 1,562 | |
| Acquisition of minority interests settled with treasury shares | 7,158 | 7,158 | |
| As at 30 June 2010 | 5,080,575 | –1,607 | 5,078,968 |
As at 30 June 2010 share capital was CHF 193.1 million, composed of 5,080,575 registered shares with a nominal value of CHF 38 each. 1,607 treasury shares were held as at that date.
27,023 option rights were exercised in the first half of 2010.
The purchase of the property Place de la Gare, Avenue d'Ouchy 4/6 in Lausanne took place as part of the takeover of 04Real AG. The purchase does not qualify as a business combination within the meaning of IFRS 3. The purchase price of CHF 18.3 million is payable entirely in shares and will be paid incrementally depending on rents received. The transaction qualifies as a share-based payment within the meaning of IFRS 2. The purchase price was fully recognised at the time of acquisition as an increase in the capital reserves. A total of 4,800 shares had been transferred to the sellers by the reporting date.
There is also conditional share capital of a maximum of CHF 49.8 million for the issue of up to 1,311,299 fully paid-up registered shares with a nominal value of CHF 38, of which
– up to CHF 3.0 million is designated for the exercise of option rights granted to members of the Board of Directors, employees of Group companies and related parties. Shareholders' subscription rights are excluded;
– up to CHF 1.2 million is designated for the exercise of subscription rights created after 5 May 2010 under an employee share option programme. Shareholders' subscription rights are excluded;
– up to CHF 45.6 million is designated for the exercise of conversion and/or option rights connected to convertible bonds, bonds with warrants, similar bonds or other financial market instruments of the company or granted by Group companies. Shareholders' subscription rights are excluded.
Finally, authorised share capital is available allowing the Board of Directors to increase the share capital of the company by a maximum of CHF 45.6 million within two years at most via the issue of up to 1,200,000 registered shares, to be fully paid up, with a nominal value of CHF 38 per share.
Earnings per share are calculated from the Group result 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. As the convertible bond was not issued until the reporting date, it has not yet had any influence on the diluted earnings per share.
The profit can be broken down as follows:
| 30.06.2010 | 30.06.2009 | |
|---|---|---|
| Proceeds from sale of trading properties | 37,830 | 124,736 |
| Total income from sale of trading properties | 37,830 | 124,736 |
| Acquisition costs of trading properties sold | 35,193 | 103,075 |
| Creation of valuation allowances | 80 | 0 |
| Valuation allowance reversal | –2,000 | –70 |
| Total expenses from sale of trading properties | 33,272 | 103,005 |
| Profit on sale of trading properties | 4,558 | 21,731 |
Net rental income can be broken down between the individual divisions as follows:
| 30.06.2010 | 30.06.2009 | |
|---|---|---|
| Commercial properties | 38,475 | 29,874 |
| Residential properties | 5,032 | 3,683 |
| Income from rental of investment properties | 43,507 | 33,557 |
| Trading properties1 | 145 | 109 |
| Total income from rental of properties | 43,652 | 33,666 |
| Commercial properties | 4,815 | 3,982 |
| Losses on receivables commercial properties | –215 | 68 |
| Residential properties | 692 | 400 |
| Losses on receivables residential properties | 5 | 1 |
| Investment property expense | 5,297 | 4,451 |
| Rented trading properties | 118 | 2 |
| Losses on receivables trading properties | –11 | 1 |
| Total direct expenses for rented properties | 5,404 | 4,454 |
| Net rental income | 38,248 | 29,212 |
The future rental income set out below will be generated from non-cancellable rental agreements for investment properties:
| 30 June 2010 | Commercial properties |
Residential properties |
Total |
|---|---|---|---|
| Rental income within 1 year | 63,577 | 720 | 64,297 |
| Rental income within 2 to 5 years | 166,215 | 2,010 | 168,225 |
| Rental income in over 5 years | 93,056 | 594 | 93,650 |
| Total future rental income from non-cancellable rental agreements | 322,849 | 3,324 | 326,172 |
| Commercial | Residential | ||
|---|---|---|---|
| 31 December 2009 | properties | properties | Total |
| Rental income within 1 year | 64,979 | 750 | 65,729 |
| Rental income within 2 to 5 years | 168,294 | 1,851 | 170,145 |
| Rental income in over 5 years | 97,163 | 709 | 97,872 |
| Total future rental income from non-cancellable rental agreements | 330,436 | 3,310 | 333,746 |
The five biggest tenants generate the following share of rental income:
| 30.06.2010 | 31.12.2009 | |
|---|---|---|
| Name of tenant | Share in % | Share in % |
| Swisscom AG | 7.3 | 7.6 |
| AG | 3.9 | 4.2 |
| Coop | 3.8 | 3.8 |
| Swiss Post 1 | 3.7 | 1.5 |
| Rockwell Automation AG | 3.6 | 3.7 |
1 Became one of the five biggest tenants in 2010.
Income can be broken down as follows:
| 30.06.2010 | 30.06.2009 | |
|---|---|---|
| Gains from revaluation of residential properties | 1,135 | 688 |
| Gains from revaluation of commercial properties | 8,308 | 1,557 |
| Gains from revaluation of investment properties under construction | 7,050 | 6,836 |
| Total net income from revaluation | 16,493 | 9,081 |
Mobimo recorded gains of TCHF 7,050 in the first half of 2010 from the revaluation of investment properties under construction. In the prior-year period, the share from investment properties under construction was TCHF 6,836; TCHF 5,588 of this was attributable to initial recognition as at 1 January 2009.
The average number of full-time positions increased from 53.3 in the first half of 2009 to 69.7 (59.3 as at 31 December 2009). This increase is mainly due to the integration of LO Holding Lausanne-Ouchy SA, whose employees were included fully in headcount for the first time in this period.
As at 30 June 2010, total capital commitments amounted to CHF 17.5 million. These commitments relate to the investment properties under construction at Horgen, Seestrasse and Zurich, Manessestrasse.
Contingent liabilities amount to a total of CHF 0.3 million in the form of bank guarantees for securing property gains taxes.
The commercial property at Reinach, Hauptstrasse 13–15 was publicly certified on 20 July 2010 with a sale price of CHF 5.4 million. Three development properties (trading properties) were also acquired in July at a price of CHF 24.2 million. They are a residential and commercial property in the community of St. Moritz, Via Maistra 29, and two residential properties in Zurich at Im Schilf 4 and Hinterbergstrasse 53.
The consolidated interim financial statements were approved by the Board of Directors on 24 August 2010. No other events took place between 30 June 2010 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 2010.
| Location | Address | Site area in m2 |
Register of polluted sites |
Built | Acquired | |
|---|---|---|---|---|---|---|
| Land | ||||||
| Adliswil | Wilacker Site I | 7,231 | no | Dec 07 | ||
| Adliswil | Wilacker Site II | 3,700 | no | Dec 07 | ||
| Adliswil | Wilacker Site III | 1,347 | no | Dec 07 | ||
| Adliswil | Wilacker Site IV | 10,935 | no | Dec 07 | ||
| Erlenbach | Forch-/Glärnischstrasse | 7,037 | no | Apr 07 | ||
| Flawil | Mittlerer Botsberg 1 2 | 6,777 | no | Oct 05/Apr 06 | ||
| Herrliberg | Rigiweg | 5,082 | no | Nov 08 | ||
| Horgen | Stockerstrasse 40 – 42 (Wiesental II) | 7,047 | no | Nov 05 | ||
| Weggis | Hertensteinstrasse 105 | 3,043 | no | May 10 | ||
| 52,199 | ||||||
| Properties under construction | ||||||
| Horgen | Stockerstrasse 40 – 42 (Wiesental I) | 7,633 | no | Nov 05 | ||
| Horgen | Stockerstrasse 54 | 919 | no | Nov 06 | ||
| Wädenswil | Rötiboden | 3,740 | no | Oct 2007 | ||
| Zurich | Turbinenstrasse trading property (Mobimo Tower) | 1,936 | no | May 2008 | ||
| 14,228 | ||||||
| Completed properties | ||||||
| Horgen | Stockerstrasse 27 – 29 | 5,490 | no | Nov 2005 | ||
| Lucerne | Guggistrasse 10/12/12a 3 | 3,004 | no | 1979 | Jul 2007 | |
| Thalwil | Bergstrasse 10 | 2,551 | no | Jun 2006 | ||
| Winterthur | Museumstrasse 3 3 | 2,550 | no | 1970 | Dec 1998 | |
| Zurich | Im Brächli 5/7/9 3 | 2,144 | no | 1955 | Aug 09 | |
| Zurich | Katzenbach I | 6,530 | no | Oct 2004/Feb 2005 | ||
| Zurich | Zweierstrasse 141; Zurlindenstrasse 82 3 | 880 | no | 1991 | Feb 1999 | |
| 23,149 |
1 Status: certified purchase agreement
2 Sale of building plots
3 Conversion from rental to condominium ownership
| Sales status | Carrying amount | Scheduled | Project status | Sales volumes | Description |
|---|---|---|---|---|---|
| 30.06.2010 1 | 30.06.2010 | realisation | 30.06.2010 | in TCHF | |
| in TCHF | |||||
| open | 12,423 | open | in planning | open | open |
| open | 1,941 | open | in planning | open | open |
| open | 1,692 | open | in planning | open | open |
| open | 11,267 | open | in planning | open | open |
| open | 12,968 | open | in planning | open | open |
| open | 1,022 | open | in planning | open | open |
| 0/8 | 17,142 | 2010/12 | in planning | open | 8 CONDO |
| 0/42 | 17,111 | 2011/12 | in planning | open | 42 CONDO |
| open | 9,248 | open | in planning | open | open |
| 84,814 | 0 | ||||
| 27/47 | 38,781 | 2008/10 | construction project | 62,172 | 47 CONDO |
| 3/4 | 5,103 | 2009/10 | construction project | 9,020 | 4 CONDO |
| 7/16 | 9,475 | 2010/11 | construction project | 24,800 | 16 CONDO |
| 8/53 | 111,647 | 2008/11 | construction project | 175,195 | 53 CONDO |
| 165,006 | 271,187 | ||||
| 39/39 | 17 | 2007/09 | for sale | 41,449 | 39 CONDO |
| 9/9 | 1,687 | for sale | 15,936 | 9 CONDO | |
| 14/14 | 93 | 2007/09 | for sale | 19,291 | 14 CONDO |
| 0/18 | 10,914 | for sale | 19,210 | 18 CONDO | |
| open | 7,542 | in planning | open | open | |
| 67/67 | 304 | 2007/09 | for sale | 46,050 | 67 CONDO |
| 23/23 | 50 | for sale | 19,927 | 23 CONDO | |
| 20,607 | 142,653 |
As at 30 June 2010
20 trading properties were recognised in the balance sheet, of which
16 were newbuild projects (prior year 15)
4 development properties (prior year 4) Most residential development properties are
located in the Canton of Zurich, primarily the City of Zurich itself and the Lake Zurich region.
Canton of Zurich
Canton of Lucerne
Canton of St. Gall
| Location | Address | Acquired | Built | Year |
|---|---|---|---|---|
| renovated | ||||
| Aarau | Bahnhofstrasse 102 (Mediapark) | Mar 2004 | 1975 | 1998 |
| Adliswil | Soodring 13/13a | Jun 2006 | 1986/1990 | 2005 |
| Aesch | Pfeffingerring 201 | May 2007 | 1973 | |
| Baden-Dättwil | Im Langacker 20/20a/22 | Jun 2004 | 1972 | 1988 |
| Brugg | Bahnhofstrasse 11 | Jun 2006 | 2005 | |
| Buchs | Webereiweg 3; Weierweg 6 | Jun 2001 | 1924/1994 | |
| 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 |
| Frenkendorf | Parkstrasse 2 | Sep 2006 | 2008 | |
| Frenkendorf | Parkstrasse 6 | Nov 2005 | 1983 | |
| Gossau | Industriestrasse 149 | Oct 2006 | 1991 | 2002 |
| Herisau | Obstmarkt 1 | Jul 2008 | 1984 | |
| Horgen | Seestrasse 80 | Nov 2005 | 1960 | |
| Horgen | Seestrasse 93 | Nov 2005 | 1998 | |
| Jona | St. Gallerstrasse 23/25; Bühlstrasse 1 | Nov 2004 | 1981 | 2002 |
| 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 3 | Nov 2009 | n/a | |
| Lausanne | Parking du Centre 3 | Nov 2009 | n/a | |
| Lausanne | Place de la Gare 4 3 | Nov 2009 | 1961 | 2000 |
| Lausanne | Place de la Navigation 4 – 6 3 | Nov 2009 | 1895 | |
| Lausanne | Place de l'Europe 7 3 | Nov 2009 | 1905 | 2001 |
| Lausanne | Place de l'Europe 8 3 | Nov 2009 | 1911 | |
| Lausanne | Place de l'Europe 9 3 | Nov 2009 | 1900 | 2002 |
| Lausanne | Rue de Genève 2/4/6/8 3 | Nov 2009 | 1904 | 2002 |
| Lausanne | Rue de Genève 17 3 | Nov 2009 | 1884 | 2002 |
| Lausanne | Rue de la Vigie 3 3 | Nov 2009 | 1964 | |
| Lausanne | Rue de la Vigie 5 3 | Nov 2009 | 1963 | 1988 |
| Lausanne | Rue des Côtes-de-Montbenon 6 3 | Nov 2009 | 1921 | |
| Lausanne | Rue des Côtes-de-Montbenon 8 3 | Nov 2009 | 1946 | 1998 |
| Lausanne | Rue des Côtes-de-Montbenon 16 3 | Nov 2009 | 1912 | 2007 |
| Lausanne | Rue des Côtes-de-Montbenon 24/26 3 | Nov 2009 | n/a | |
| Lausanne | Rue des Côtes-de-Montbenon 28/30 3 | Nov 2009 | n/a | |
| Lausanne | Rue du Port-Franc 9 3 | Nov 2009 | 1927 | |
| Lausanne | Rue du Port-Franc 11 (Miroiterie) 3 | Nov 2009 | 2006 | |
| Lausanne | Rue du Port-Franc 17 3 | Nov 2009 | 2002 | |
| Lausanne | Rue du Port-Franc 20; Rue de Genève 33 3 | Nov 2009 | 2005 | |
| Lausanne | Rue du Port-Franc 22; Rue de la Vigie 1 3 | Nov 2009 | 2005 | |
| Lausanne | Vallée du Flon 3 | Nov 2009 | n/a | 2007 |
| Lausanne | Vallée du Flon (phase II) 3 | Nov 2009 | n/a | 2009 |
| Lausanne | Voie du Chariot 3 3 | Nov 2009 | 2008 | |
| Lausanne | Voie du Chariot 4/6 3 | Nov 2009 | 2008 | |
| Lausanne | Voie du Chariot 5/7 3 | Nov 2009 | 2008 | |
| Lucerne | Alpenstrasse 9 | Jun 2007 | 1890 | 2001 |
| Market value | Acquisition costs Gross yield |
Target rental income | Vacancy rate as at | Vacant surface area as |
|---|---|---|---|---|
| in TCHF | in TCHF in % 1 |
in TCHF | 30.06.2010 in % 2 | at 30.06.2010 in % |
| 25,930 | 7.5 | 1,956 | 25.6 | 20.8 |
| 13,150 | 7.1 | 937 | 4.7 | 2.8 |
| 26,750 | 7.4 | 1,976 | 0.0 | 0.0 |
| 17,050 | 7.6 | 1,297 | 21.4 | 28.3 |
| 26,440 | 6.0 | 1,595 | 7.7 | 12.3 |
| 15,210 | 6.6 | 1,011 | 0.0 | 0.0 |
| 2,867 | 6.4 | 183 | 0.0 | 0.0 |
| 13,260 | 8.1 | 1,070 | 17.9 | 14.1 |
| 11,520 | 6.7 | 773 | 6.0 | 2.7 |
| 9,729 | 9.3 | 903 | 32.9 | 36.9 |
| 26,790 | 6.7 | 1,786 | 19.8 | 21.5 |
| 21,180 | 6.6 | 1,399 | 11.1 | 7.3 |
| 7,839 | 5.3 | 415 | 0.0 | 0.0 |
| 11,190 | 8.3 | 929 | 4.8 | 3.0 4.2 |
| 25,790 | 7.1 | 1 832 | 3.4 | 10.1 |
| 16,660 | 6.6 | 1,096 | 7.7 | |
| 7,727 | 6.6 | 513 | 0.2 | |
| 27,710 | 9.8 | 2,723 | 0.0 | |
| 14,080 | 7.1 | 1,000 | 1.2 | |
| 11,160 | 6.3 | 698 | 0.0 | |
| 64,550 | 5.6 | 3,632 | 0.3 | |
| 6,509 | 5.0 | 324 | 0.0 | |
| 37,400 | 8.3 | 3,089 | 24.1 | |
| 88,380 | 2.5 | 2,210 | 0.0 | |
| 4,281 | 4.9 | 210 | 0.0 | |
| 6,821 | 5.4 | 370 | 0.0 | |
| 21,460 9,695 |
6.3 7.0 |
1,360 676 |
6.9 0.0 |
|
| 3,881 | 6.0 | 235 | 0.0 | |
| 5,653 | 6.6 | 374 | 0.0 | |
| 18,740 | 6.1 | 1,149 | 0.0 | |
| 22,260 | 5.9 | 1,307 | 0.0 | |
| 17,370 | 7.7 | 1,342 | 0.7 | |
| 3,199 | 5.2 | 166 | 0.0 | |
| 10,270 | 8.2 | 840 | 2.6 | |
| 5,430 | 5.7 | 309 | 0.5 | |
| 7,332 | 7.2 | 531 | 0.0 | |
| 3,939 | 6.4 | 250 | 0.0 | |
| 1,703 | 4.6 | 79 | 0.0 | |
| 2,046 | 3.6 | 74 | 0.0 | |
| 4,228 | 7.5 | 317 | 0.0 | |
| 14,450 | 5.1 | 740 | 4.5 | |
| 11,030 | 6.1 | 670 | 0.0 | |
| 50,090 | 6.0 | 3,017 | 0.0 | |
| 20,800 | 5.6 | 1,172 | 0.0 | |
| 1,126 | 0.0 | 0 | 0.0 | |
| 6,261 | 0.0 | 3 | 0.0 | |
| 12,850 | 6.6 | 845 | 35.3 | 44.0 |
| 29,880 | 6.0 | 1,799 | 0.0 | |
| 28,260 | 5.9 | 1,666 | 1.0 | |
| 9,943 | 4.8 | 479 | 0.0 |
| Location | Address | Acquired | Built | Year |
|---|---|---|---|---|
| renovated | ||||
| Meggen | Neuhausstrasse 3 | Oct 2005 | 1977 | |
| Neuhausen | Victor-von-Bruns-Strasse 19 | Mar 2007 | 2007 | |
| Oberglatt | Aspstrasse 12 | Sep 2005 | 1990 | |
| Reinach | Hauptstrasse 13/15 | Oct 2001 | 1983 | |
| Renens | Chemin de la Rueyre 116/118 | Mar 2007 | 1989 | |
| St. Gall | Schochengasse 6 | Feb 2004 | 1974 | 2000 |
| St. Gall | St. Leonhardstrasse 22 | Dec 2004 | 1900 | 2002 |
| St. Gall | Wassergasse 42/44 | Feb 2004 | 1966 | 2000 |
| St. Gall | Wassergasse 50/52 | Feb 2004 | 1998 | |
| Tagelswangen | Lindauerstrasse 17; Ringstrasse 30 | Dec 2000 | 1981 | 2002 |
| Winterthur | Industriestrasse 26 | Oct 1999 | 1994 | 2002 |
| Winterthur | Marktgasse 34 | Dec 1995 | 1972 | |
| Zurich | Bahnhofplatz 4 | Jul 2006 | 1881 | 2002 |
| Zurich | Friedaustrasse 17 | Oct 1998 | 1968 | |
| Zurich | Hardturmstrasse 3/5 (Mobimo high-rise) | Nov 1999 | 1974 | 2001 |
| Zurich | Letzigraben 134 – 136 | Sep 2006 | 1958/1975 | |
| Zurich | Rautistrasse 12 | Nov 1999 | 1972 | |
| Zurich | Schifflände 6; Kruggasse 1 | May 1998 | 1950 | |
| Zurich | Siewerdtstrasse 105 | Jun 2001 | 1984 | |
| Zurich | Stauffacherstrasse 41 | Jun 2000 | 1990 | |
| Zurich | Thurgauerstrasse 23; Siewerdtstrasse 25 | Mar 2002 | 1963/1968/1985 | |
| Zurich | Witikonerstrasse 311/311b | Sep 1997 | 1992 | |
| 73 | Commercial investment properties | |||
| Aarau | Buchserstrasse 7/13 | Jun 2001 | 1967 | 2003 |
| Aarau | Buchserstrasse 15 | Aug 2008 | 1928 | |
| Aarau | Buchserstrasse 18/27/35; Industriestrasse 20/44; Torfeldstrasse 4 | Oct 2006 | 1905/1916/ | |
| 1929/1943/1954 | ||||
| Aarau | Buchserstrasse 47; Florastrasse 1 | Feb 2009 | 1914/1967 | |
| Aarau | Industriestrasse 28 | Jun 2001 | 1974 | |
| Aarau | Torfeldstrasse (car park) | Jun 2001 | 1973 | 1994 |
| Cham | Alte Steinhauserstrasse 35 | 1984 | ||
| Aug 2003 | ||||
| Kreuzlingen | Romanshornerstrasse (land) | Nov 2006 | ||
| Kriens | Mattenhof (land) | Mar 2005 | ||
| Lausanne | Place de l'Europe 6 3 | Nov 2009 | 1905 | |
| Lausanne | Rue de Genève 19 3 | Nov 2009 | 1893 | |
| Lausanne | Rue de Genève 21 3 | Nov 2009 | 1902 | |
| Lausanne | Rue de Genève 23 3 | Nov 2009 | 1915 | |
| Lausanne | Rue des Côtes-de-Montbenon 1/3 3 | Nov 2009 | 1930 | |
| Lausanne | Rue des Côtes-de-Montbenon 5 3 | Nov 2009 | 1930 | |
| Lausanne | Rue des Côtes-de-Montbenon 11/24 3 | Nov 2009 | 1935 | |
| Lausanne | Rue des Côtes-de-Montbenon 12 3 | Nov 2009 | 1918 | |
| Lausanne | Rue des Côtes-de-Montbenon 14 3 | Nov 2009 | 1963 | |
| Regensdorf | Althardstrasse 10 | Dec 2001 | 1982 | |
| Regensdorf | Althardstrasse 30 | Dec 2001 | 1976 | |
| Wohlen | Zentralstrasse 34 | Dec 1998 | 1900/1990 | |
| 21 | Commercial development properties | |||
| 94 | Total commercial properties |
1 Target gross yield as at reporting date, 30 June 2010, as % of market value
2 Vacancy rate as % of target rental income
| Market value | Acquisition costs | Gross yield | Target rental income | Vacancy rate as at | Vacant surface area as |
|---|---|---|---|---|---|
| in TCHF | in TCHF | in % 1 | in TCHF | 30.06.2010 in % 2 | at 30.06.2010 in % |
| 6,688 | 9.7 | 648 | 0.1 | 2.4 | |
| 13,850 | 5.2 | 723 | 0.0 | 0.0 | |
| 23,860 | 7.8 | 1,859 | 5.3 | 4.4 | |
| 5,347 | 11.0 | 588 | 12.1 | 12.2 | |
| 12,340 | 6.9 | 856 | 4.5 | 3.9 | |
| 16,660 | 6.4 | 1,070 | 0.0 | 0.0 | |
| 3,972 | 5.9 | 234 | 41.3 | 47.8 | |
| 14,430 | 6.4 | 919 | 7.7 | 10.3 | |
| 12,820 | 6.2 | 791 | 0.0 | 0.0 | |
| 6,622 | 9.5 | 627 | 100.0 | 100.0 | |
| 18,390 | 7.6 | 1,404 | 10.6 | 9.3 | |
| 4,035 | 5.9 | 239 | 0.0 | 0.0 | |
| 18,510 | 4.8 | 881 | 7.1 | 13.8 | |
| 7,706 58,270 |
8.1 5.6 |
623 3,252 |
22.8 0.0 |
10.9 0.0 |
|
| 14,070 | 7.0 | 990 | 3.8 | 1.2 | |
| 18,570 | 7.0 | 1,308 | 5.2 | 4.0 | |
| 6,338 | 5.2 | 330 | 0.0 | 0.0 | |
| 5,903 | 7.4 | 436 | 22.4 | 19.0 | |
| 38,930 | 5.4 | 2,097 | 0.0 | 0.0 | |
| 13,750 | 6.9 | 954 | 3.5 | 7.3 | |
| 8,323 | 6.3 | 528 | 15.5 | 15.6 | |
| 1,191,253 | 1,057,155 | 6.3 | 74,675 | 6.8 | 8.6 |
| 11,370 | 8.1 | 925 | 0.0 | 0.0 | |
| 390 | 8.9 | 35 | 0.0 | 0.0 | |
| 27,370 | 5.8 | 1,593 | 25.6 | 17.4 | |
| 696 | 0.0 | 0 | 0.0 | n/a | |
| 16,050 | 7.6 | 1,225 | 0.0 | 0.0 | |
| 5,720 | 6.2 | 352 | 0.0 | 0.0 | |
| 5,688 | 9.9 | 561 | 38.2 | 35.2 | |
| 1,865 | 0.0 | 0 | n/a | n/a | |
| 3,187 | 0.0 | 0 | n/a | n/a | |
| 155 | 0.0 | 0 | 0 | n/a | |
| 2,754 | 13.9 | 384 | 13.5 | 19.7 | |
| 2,583 | 12.0 | 309 | 10.4 | 13.5 | |
| 1,925 | 8.5 | 164 | 0.0 | 0.0 | |
| 602 | 14.2 | 85 | 11.2 | 0.0 | |
| 251 | 11.2 | 28 | 0.0 | 0.0 | |
| 729 | 1.7 | 12 | 0.0 | 0.0 | |
| 1,651 | 8.5 | 140 | 0.0 | n/a | |
| 438 | 8.2 | 36 | 0.0 | n/a | |
| 17,529 | 9.9 | 1 742 | 51.5 | 56.1 | |
| 17,070 | 11.7 | 2,004 | 93.2 | 92.4 | |
| 3,813 | 8.2 | 313 | 30.1 | 35.5 | |
| 121,836 | 106,298 | 8.1 | 9,908 | 36.1 | 31.6 |
| 1,313,089 | 1,163,453 | 6.4 | 84,583 | 10.3 | 12.8 |
3 Increase from the acquisition of LO Holding Lausanne-Ouchy SA on 9 November 2009
| Location | Address | Ownership | Site area | Register of |
|---|---|---|---|---|
| in m2 | polluted sites | |||
| Aarau | Bahnhofstrasse 102 (Mediapark) | sole ownership | 5,675 | no |
| Adliswil | Soodring 13/13a | sole ownership | 3,153 | no |
| Aesch | Pfeffingerring 201 | sole ownership | 16,034 | no details |
| Baden-Dättwil | Im Langacker 20/20a/22 | sole ownership | 8,792 | no |
| Brugg | Bahnhofstrasse 11 | CONDO (773/1000) |
2,726 | no |
| Buchs | Webereiweg 3; Weierweg 6 | sole ownership | 6,705 | no |
| Bülach | Bahnhofstrasse 39 | sole ownership | 563 | no |
| Bülach | Schlosserstrasse 4 (Ifang) | sole ownership | 4,415 | no |
| Dierikon | Pilatusstrasse 2 | sole ownership | 4,436 | no |
| Dietikon | Lerzenstrasse 12 | sole ownership | 3,000 | yes (code D) 4 |
| Dübendorf | Sonnentalstrasse 5 | CONDO (929/1000) |
4,368 | yes (code D) 4 |
| Dübendorf | Zürichstrasse 98 | sole ownership | 9,719 | yes (petrol station / code D) 4 |
| Frenkendorf | Parkstrasse 2 | sole ownership | 4,803 | no details |
| Frenkendorf | Parkstrasse 6 | sole ownership | 7,748 | no details |
| Gossau | Industriestrasse 149 | sole ownership | 4,174 | no |
| Herisau | Obstmarkt 1 | sole ownership | 1,602 | no |
| Horgen | Seestrasse 80 | sole ownership | 3,117 | no |
| Horgen | Seestrasse 93 | sole ownership | 10,767 | yes |
| Jona | St. Gallerstrasse 23/25; Bühlstrasse 1 | sole ownership | 4,058 | yes |
| Kreuzlingen | Hauptstrasse 37 | sole ownership | 1, 448 | no |
| Kreuzlingen | Leubernstrasse 3 | sole ownership | 32,557 | no |
| Kreuzlingen | Lengwilerstrasse 2 | sole ownership | 7,027 | no |
| Kriens | Sternmatt 6 | sole ownership | 28,636 | no |
| Lausanne | Avenue d'Ouchy 4. 6 | sole ownership | 12,609 | Yes 8 |
| Lausanne | Flonplex | building right | 1,953 | yes9 |
| Lausanne | Parking du Centre | building right | 5,065 | yes9 |
| Lausanne | Place de la Gare 4 | sole ownership | 630 | no |
| Lausanne | Place de la Navigation 4 – 6 | sole ownership | 567 | yes5 |
| Lausanne | Place de l'Europe 7 | sole ownership | 213 | yes5 |
| Lausanne | Place de l'Europe 8 | sole ownership | 1,035 | yes5 |
| Lausanne | Place de l'Europe 9 | sole ownership | 975 | yes5 |
| Lausanne | Rue de Genève 2/4/6/8 | sole ownership | 2,260 | yes5 |
| Lausanne | Rue de Genève 17 | sole ownership | 2,312 | yes5 |
| Lausanne | Rue de la Vigie 3 | building right | 972 | yes8 |
| Lausanne | Rue de la Vigie 5 | sole ownership | 852 | yes8 |
| Lausanne | Rue des Côtes-de-Montbenon 6 | sole ownership | 533 | yes5 |
| Lausanne | Rue des Côtes-de-Montbenon 8 | sole ownership | 587 | yes5 |
| Lausanne | Rue des Côtes-de-Montbenon 16 | sole ownership | 671 | yes5 |
| Lausanne | Rue des Côtes-de-Montbenon 24/26 | building right | 867 | yes9 |
| Lausanne | Rue des Côtes-de-Montbenon 28/30 | building right | 1,068 | yes8 |
| Lausanne | Rue du Port-Franc 9 | sole ownership | 995 | yes7 |
| Lausanne | Rue du Port-Franc 11 (Miroiterie) | sole ownership | 612 | yes6 |
| Lausanne | Rue du Port-Franc 17 | sole ownership | 776 | yes6 |
| Lausanne | Rue du Port-Franc 20; Rue de Genève 33 | sole ownership | 2,000 | yes6 |
| Lausanne | Rue du Port-Franc 22; Rue de la Vigie 1 | sole ownership | 1,999 | yes6 |
| Lausanne | Vallée du Flon | sole ownership | 926 | yes8 |
| Lausanne | Vallée du Flon (phase II) | sole ownership | 5,151 | yes8 |
| Lausanne | Voie du Chariot 3 | sole ownership | 500 | yes6 |
| Lausanne | Voie du Chariot 4/6 | sole ownership | 2,614 | yes6 |
4 Code D: clarification necessary within framework of building project 5
Site pollution unlikely – the property has to be maintained in accordance with the design plan ("Gestaltungsplan") and has been subject to comprehensive renovation over recent years
6 Site pollution eliminated – property rebuilt over recent years
| Property | Total rentable | Office space | Sales space | Commercial space | Apartment | Other |
|---|---|---|---|---|---|---|
| description 10 | area in m2 | in % | in % | in % | space in % | in % |
| Com | 13,246 | 65.7 | 0.0 | 9.0 | 0.7 | 24.6 |
| Com | 5,903 | 42.8 | 0.0 | 23.6 | 0.0 | 33.5 |
| Com | 14,794 | 28.6 | 0.0 | 43.8 | 0.0 | 27.6 |
| Com | 8,820 | 24.8 | 28.8 | 23.7 | 1.3 | 21.4 |
| Com | 3,985 | 28.9 | 34.8 | 31.3 | 0.0 | 5.0 |
| Com | 3,979 | 92.6 | 0.0 | 0.0 | 0.0 | 7.4 |
| Com | 880 | 62.2 | 18.0 | 0.0 | 0.0 | 19.9 |
| Com | 7,439 | 26.0 | 0.0 | 52.7 | 1.9 | 19.4 |
| Com | 4,331 | 60.0 | 16.1 | 15.4 | 0.0 | 8.5 |
| Com | 7,641 | 19.1 | 0.0 | 61.5 | 1.4 | 18.0 |
| Com | 8,901 | 45.0 | 0.0 | 43.8 | 0.0 | 11.2 |
| Com | 9,620 | 20.9 | 15.1 | 31.5 | 0.0 | 32.4 |
| Com | 1,533 | 0.0 | 70.3 | 0.0 | 0.0 | 29.7 7.4 |
| Com | 6,290 | 46.1 | 0.0 | 44.8 | 1.7 | |
| Com | 10,646 | 93.7 | 0.5 | 0.0 | 0.0 | 5.8 |
| Com | 5,647 | 52.5 | 9.4 | 0.0 | 0.0 | 38.1 |
| Com | 2,126 | 76.5 | 0.0 | 0.0 | 0.0 | 23.5 13.6 |
| Com | 19,099 | 0.0 | 0.0 | 86.4 | 0.0 | |
| Res + Com | 4,875 | 45.7 | 27.0 | 0.0 | 15.8 | |
| Com | 2,530 | 55.7 | 19.9 | 0.0 | 0.0 | |
| Com | 17,588 | 8.9 | 89.2 | 0.0 | 0.0 | |
| Com | 1,350 | 0.0 | 66.7 | 0.0 | 0.0 | 33.3 |
| Com | 27,660 | 26.5 | 3.6 | 47.8 | 1.0 | |
| Com | 27,127 | 34.3 | 4.8 | 36.3 | 0.0 | |
| Building right | 1,953 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Building right | 6,526 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Com | 4,426 | 67.5 | 15.1 | 0.0 | 0.0 | |
| Com – hotel | 2,800 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 |
| Com – share investment prop. Com |
805 1,593 |
40.5 75.5 |
37.5 24.5 |
0.0 0.0 |
0.0 0.0 |
|
| Com | 3,442 | 43.9 | 31.8 | 0.0 | 0.0 | |
| Com | 4,401 | 10.3 | 89.7 | 0.0 | 0.0 | 24.3 |
| Com | 6,646 | 43.6 | 19.1 | 7.2 | 0.0 | 30.0 |
| Building right | 1,840 | 0.0 | 0.0 | 70.7 | 0.0 | |
| Com | 3,638 | 61.7 | 0.0 | 0.0 | 0.0 | |
| Com | 2,182 | 0.0 | 18.5 | 63.7 | 0.0 | |
| Com | 2,226 | 73.9 | 0.0 | 3.6 | 0.0 | |
| Com – share investment prop. | 775 | 64.5 | 0.0 | 0.0 | 35.5 | 22.5 |
| Building right | 867 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 |
| Building right | 1,068 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 |
| Com | 1,733 | 21.9 | 20.5 | 42.4 | 0.0 | 15.2 |
| Com | 2,314 | 20.4 | 57.7 | 0.0 | 0.0 | |
| Com | 2,142 | 57.9 | 0.0 | 0.0 | 24.9 | |
| Com | 9,971 | 34.9 | 65.1 | 0.0 | 0.0 | |
| Com | 4,066 | 81.3 | 8.9 | 0.0 | 0.0 | |
| Land | 0 | n/a | n/a | n/a | n/a | |
| Land | 54 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 |
| Com | 2,168 | 75.5 | 15.5 | 0.0 | 0.0 | |
| Com | 5,438 | 32.0 | 65.2 | 0.0 | 0.0 | |
7 Site pollution suspected but no measures expected - properties have to be maintained in accordance with the design plan "Gestaltungsplan"
9 Building-right plots on which newbuild projects have been completed over recent years
8 Site pollution suspected; measures required in newbuild plans 10 Com = commercial ; Res = residential
| Location | Address | Ownership | Site area | Register of |
|---|---|---|---|---|
| in m2 | polluted sites | |||
| Lucerne | Alpenstrasse 9 | sole ownership | 569 | no |
| Meggen | Neuhausstrasse 3 | sole ownership | 6,661 | no |
| Neuhausen | Victor-von-Bruns-Strasse 19 | sole ownership | 1,597 | no |
| Oberglatt | Aspstrasse 12 | sole ownership | 32,149 | no |
| Reinach | Hauptstrasse 13/15 | building right on sub-plot | 553 | no |
| Renens | Chemin de la Rueyre 116/118 | sole ownership | 4,503 | no |
| St. Gall | Schochengasse 6 | sole ownership | 1,316 | no |
| St. Gall | St. Leonhardstrasse 22 | sole ownership | 219 | no |
| St. Gall | Wassergasse 42/44 | CONDO (824/1000) |
1,714 | no |
| St. Gall | Wassergasse 50/52 | sole ownership | 1,373 | no |
| Tagelswangen | Lindauerstrasse 17; Ringstrasse 30 | sole ownership | 8,953 | yes (code D) 4 |
| Winterthur | Industriestrasse 26 | sole ownership | 3,635 | yes (code D) 4 |
| Winterthur | Marktgasse 34 | CONDO (144/1000) |
623 | no |
| Zurich | Bahnhofplatz 4 | sole ownership | 189 | no |
| Zurich | Friedaustrasse 17 | sole ownership | 869 | no |
| Zurich | Hardturmstrasse 3/5 (Mobimo high-rise) | sole ownership | 2,714 | 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 | Siewerdtstrasse 105 | sole ownership | 1,403 | 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) |
| 73 | Commercial investment properties | 307,272 | ||
| Aarau | Buchserstrasse 7/13 | sole ownership | 3,657 | yes (insignificant) |
| Aarau | Buchserstrasse 15 | sole ownership | 353 | no |
| Aarau | Buchserstrasse 47; Florastrasse 1 | sole ownership | 840 | yes (code D) 4 |
| Aarau | Buchserstrasse 18/27/35; Industriestrasse | sole ownership | 41,239 | yes |
| 20/44; Torfeldstrasse 4 | ||||
| Aarau | Industriestrasse 28 | sole ownership | 3,639 | yes (insignificant) |
| Aarau | Torfeldstrasse (car park) | sole ownership | 2,339 | 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 | Place de l'Europe 6 | sole ownership | 369 | yes7 |
| Lausanne | Rue de Genève 19 | sole ownership | 1,738 | yes7 |
| Lausanne | Rue de Genève 21 | sole ownership | 1,440 | yes7 |
| Lausanne | Rue de Genève 23 | sole ownership | 1,084 | yes7 |
| Lausanne | Rue des Côtes-de-Montbenon 1/3 | sole ownership | 1,101 | yes8 |
| Lausanne | Rue des Côtes-de-Montbenon 5 | sole ownership | 734 | yes8 |
| Lausanne | Rue des Côtes-de-Montbenon 11/24 | sole ownership | 1,195 | yes8 |
| Lausanne | Rue des Côtes-de-Montbenon 12 | sole ownership | 499 | yes8 |
| Lausanne | Rue des Côtes-de-Montbenon 14 | sole ownership | 647 | yes8 |
| Regensdorf | Althardstrasse 10 | sole ownership | 7,714 | yes |
| Regensdorf | Althardstrasse 30 | sole ownership | 9,355 | yes |
| Wohlen | Zentralstrasse 34 | sole ownership | 3,189 | no |
| 21 | Commercial development properties | 90,289 | ||
| 94 | Total commercial properties | 397,561 | ||
| Property | Total rentable | Office space | Sales space | Commercial space | Apartment | Other |
|---|---|---|---|---|---|---|
| description 10 | area in m2 | in % | in % | in % | space in % | in % |
| Res + Com | 1,839 | 58.0 | 13.5 | 0.0 | 22.8 | 5.7 |
| Com | 4,103 | 31.8 | 0.0 | 0.0 | 0.0 | 68.2 |
| Com | 3,130 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Com | 14,177 | 19.7 | 0.0 | 66.8 | 0.8 | 12.7 |
| Com | 2,271 | 41.1 | 24.5 | 0.0 | 9.6 | 24.7 |
| Com | 4,304 | 67.5 | 0.0 | 0.8 | 0.0 | 31.7 |
| Com | 4,505 | 95.6 | 0.0 | 0.0 | 0.0 | 4.4 |
| Com | 1,073 | 78.7 | 13.0 | 0.0 | 0.0 | 8.4 |
| Com | 3,963 | 89.2 | 0.0 | 0.0 | 6.1 | 4.6 |
| Com | 3,581 | 73.1 | 0.0 | 0.0 | 0.0 | 26.9 |
| Com | 6,161 | 20.6 | 0.0 | 0.0 | 0.0 | 79.4 |
| Com | 10,728 | 0.0 | 0.8 | 86.1 | 0.0 | 13.1 |
| Com | 447 | 0.0 | 44.7 | 0.0 | 0.0 | 55.3 |
| Com | 744 | 64.4 | 27.6 | 0.0 | 0.0 | 8.1 |
| Com | 2,578 | 62.8 | 0.0 | 3.5 | 0.0 | 33.7 5.4 |
| Com | 8,259 | 94.6 | 0.0 | 0.0 | 0.0 | |
| Com | 6,917 | 16.1 | 0.0 | 39.4 | 1.3 | 43.2 |
| Com | 5,468 | 74.1 | 8.5 | 0.0 | 1.4 | 16.0 22.4 |
| Com | 501 | 60.7 | 17.0 | 0.0 | 0.0 | |
| Com | 1,837 | 96.0 | 0.0 | 0.0 | 0.0 | |
| Com | 6,793 | 66.3 | 1.0 | 0.0 | 0.0 | |
| Com | 3,895 | 61.3 | 6.3 | 8.3 | 0.0 | 24.1 14.1 |
| Res + Com | 1,991 393,354 |
49.0 38.8 |
0.0 13.3 |
6.5 24.7 |
30.4 1.2 |
|
| Com | 4,047 | 91.0 | 0.0 | 0.0 | 0.0 | |
| Com | 239 | 0.0 | 0.0 | 0.0 | 38.5 | |
| Com | 0.0 | n/a | n/a | n/a | n/a | |
| Com | 27,512 | 6.5 | 0.4 | 80.1 | 2.5 | |
| Com | 11,180 | 0.9 | 0.0 | 87.2 | 0.0 | |
| Car park | 0 | n/a | n/a | n/a | n/a | |
| Com | 4,365 | 80.1 | 5.0 | 0.0 | 0.0 | |
| Land | 0 | n/a | n/a | n/a | n/a | |
| Land | 0 | n/a | n/a | n/a | n/a | |
| Com | 0 | 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 | |
| Com | 640 | 0.0 | 0.0 | 100.0 | 0.0 | |
| Com | 13,166 | 38.6 | 29.0 | 0.0 | 0.0 | |
| Com | 12,879 | 60.4 | 0.0 | 29.6 | 2.2 | 20.4 |
| Com | 1,590 | 56.6 | 23.0 | 0.0 | 0.0 | |
| 86,351 | 26.4 | 6.6 | 45.0 | 1.2 | ||
| 479,705 | 36.6 | 12.1 | 28.3 | 1.2 |
| 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 |
| 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 | |
| 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. Gall | 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 | Apr 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 |
| Lausanne | Place de la Navigation 2 | sole ownership | 254 | yes 5 |
| Lausanne | Avenue d'Ouchy 70 | sole ownership | 478 | yes 5 |
| Lausanne | Avenue d'Ouchy 72. 74 | Easement | 0 | yes 5 |
| Lausanne | Avenue d'Ouchy 76 | sole ownership | 738 | yes 5 |
| Lausanne | Rue des Fontenailles 1 | sole ownership | 716 | 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. Gall | 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 |
| 16 | Properties | 72,702 | ||
1 Target gross yield as at reporting date, 30 June 2010, as % of market value 2 Vacancy rate as % of target rental income
16 Properties 179,412 162,700 6.0 10,739 4.6 3.2
| Vacant surface area as | Vacancy rate as at | Target rental income | Gross yield | Acquisition costs | Market value |
|---|---|---|---|---|---|
| at 30.06.2010 in % | 30.06.2010 in % 2 | in TCHF | in % 1 | in TCHF | in TCHF |
| 1.1 | 0.2 | 1,054 | 5.4 | 19,680 | |
| 1.7 | 0.8 | 538 | 5.9 | 9,079 | |
| 0.0 | 0.0 | 279 | 6.3 | 4,410 | |
| 0.0 | 0.0 | 231 | 6.1 | 3,770 | |
| 0.0 | 0.0 | 124 | 8.3 | 1,495 | |
| 0.0 | 0.0 | 627 | 5.7 | 11,050 | |
| 2.0 | 1.1 | 135 | 6.9 | 1,953 | |
| 0.0 | 0.5 | 778 | 6.2 | 12,570 | |
| 0.0 | 1.0 | 1,184 | 6.4 | 18,590 | |
| 1.5 | 4.4 | 1,160 | 6.6 | 17,630 | |
| 4.5 | 1.8 | 192 | 5.4 | 3,574 | |
| 0.6 | 1.7 | 708 | 6.6 | 10,660 | |
| 0.0 | 0.0 | 399 | 5.9 | 6,714 | |
| 15.5 | 15.8 | 2,486 | 5.7 | 43,530 | |
| 0.0 | 3.0 | 291 | 5.7 | 5,101 | |
| 0.0 | 0.0 | 555 | 5.8 | 9,606 | |
| 3.2 | 4.6 | 10,739 | 6.0 | 162,700 | 179,412 |
| Total rentable area in m2 5,061 2,461 1,239 1,133 979 2,517 1,081 4,032 6,490 |
1–11/2- room apartments 0 0 0 0 0 0 2 0 9 |
2–21/2- room apartments 8 6 2 0 6 0 0 4 |
3–31/2- room apartments 18 12 20 |
0 5 3 0 0 |
4–41/2- room apartments 28 12 1 0 3 0 4 20 |
5 and more room apartments 0 0 5 5 0 10 4 0 |
Total apartments 54 30 8 10 12 10 10 |
Other space used in % 3.7 4.6 8.6 6.8 0.0 28.0 11.5 1.2 |
|---|---|---|---|---|---|---|---|---|
| 44 | ||||||||
| 19 | 43 | 23 | 1 | 95 | 3.3 | |||
| 5,472 | 7 | 30 | 0 | 46 | 0 | 83 | 1.2 | |
| 1,534 | 1 | 2 | 1 | 7 | 0 | 11 | 30.6 | |
| 4,208 | 0 | 6 | 21 | 21 | 0 | 48 | 1.0 | |
| 1,466 | 0 | 0 | 7 | 3 | 0 | 10 | 41.7 | |
| 8,275 | 0 | 4 | 28 | 5 | 69 | 3.9 | ||
| 1,610 | 0 | 5 | 8 | 5 | 0 | 18 | 0.0 | |
| 987 | 21 | 0 | 0 | 0 | 0 | 21 | 50.5 | |
| 32 | 48,545 40 92 170 201 30 533 |
5 Site pollution unlikely – the property has to be maintained in accordance with the design plan "Gestaltungsplan" and has been subject to comprehensive renovation in recent years 10 Com = commercial ; Res = residential
| Location | Address | Ownership | Acquired | Built | Market value in TCHF |
Site area in m2 |
Register of polluted sites |
Description of property |
|
|---|---|---|---|---|---|---|---|---|---|
| Horgen | Seestrasse 43 – 45 | sole ownership | Nov 2005 | under construction | 47,580 | 11,361 | no | Res | |
| Horgen | Seestrasse 80 | sole ownership | Nov 2005 | under construction | 6,352 | 3,117 | no | Car park | |
| Lausanne | Rue de Genève 7 | sole ownership | Nov 2009 | 1932 | 15,680 | 3,343 | yes 5 | Res + Com | |
| Lausanne | Rue Beau-Séjour 8 | sole ownership | Nov 2009 | under construction | 37,640 | 3,827 | n/a | Res | |
| Zurich | Manessestrasse 190/192; Staffelstrasse 1/3/5 (construction project) | sole ownership | Dec 2005 | under construction | 25,330 | 2,345 | no | Res | |
| Zurich | Turbinenstrasse Hotel (Mobimo Tower) | sole ownership | May 2008 | under construction | 106,940 | 5,808 | no | Hotel | |
| 6 | Properties | 239,522 | 29,801 |
| Location | Address | Ownership | Acquired | Built | Carrying amount Site area Register of Description of Total rentable in TCHF in m2 polluted sites property area in m2 |
|---|---|---|---|---|---|
| Küsnacht | Seestrasse 59 | sole ownership | Sep 2002 | 2006 | 13,374 2,287 no Com 1,884 |
| Lausanne | Place de l'Europe 7 | sole ownership | Nov 2009 | 1905 | 2,561 178 yes 5 Com-share own-use |
| Lausanne | Rue des Côtes-de-Montbenon 16 | sole ownership | Nov 2009 | 1912 | 875 179 yes 5 Com-share own-use |
| 3 | Properties | 16,810 2,644 |
| Location | Address | Ownership | Acquired | Built | Market value | Site area | Register of | Description of | Total rentable | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| in TCHF | in m2 | polluted sites | property | area in m2 | |||||||
| Lausanne | Flonplex | co-ownership 40% | Nov 2009 | 2001 | 9,142 | 0 | yes 6 | Multiplex cinema | |||
| Lausanne | Parking du Centre | co-ownership 50% | Nov 2009 | 2001 | 27,410 | 0 | yes 6 | Car park | |||
| Lausanne | Parking St. François | co-ownership 26.5% | Nov 2009 | n/a | 2,137 | 0 | yes 8 | Car park | |||
| 3 | Properties | 38,689 |
| Total rentable | Description of | Register of | Site area | Market value |
|---|---|---|---|---|
| area in m2 | property | polluted sites | in m2 | in TCHF |
| 8,424 | Res | no | 11,361 | 47,580 |
| 64 | Car park | no | 3,117 | 6,352 |
| 5,998 | Res + Com | yes 5 | 3,343 | 15,680 |
| 10,015 | Res | n/a | 3,827 | 37,640 |
| 6,312 | Res | no | 2,345 | 25,330 |
| 13,000 | Hotel | no | 5,808 | 106,940 |
| 43,813 | 29,801 | 239,522 | ||
| 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 | 13,374 |
| 617 | Com-share own-use | yes 5 | 178 | 2,561 |
| 288 | Com-share own-use | yes 5 | 179 | 875 |
| 2,789 | 2,644 | 16,810 |
| Total rentable | Description of | Register of | Site area | Market value |
|---|---|---|---|---|
| area in m2 | property | polluted sites | in m2 | in TCHF |
| n/a | Multiplex cinema | yes 6 | 0 | 9,142 |
| n/a | Car park | yes 6 | 0 | 27,410 |
| n/a | Car park | yes 8 | 0 | 2,137 |
| 38,689 |
Rütligasse 1 CH-6000 Lucerne 7 Tel. +41 41 249 49 80 Fax +41 41 249 49 89 www.mobimo.ch
Murbacherstrasse 37 CH-6003 Lucerne Tel. +41 41 228 25 72 Fax +41 41 228 25 82
Seestrasse 59 CH-8700 Küsnacht Tel. +41 44 397 11 11 Fax +41 44 397 11 12
Whiteley Chambers, Don Street St Helier Jersey JE4 9WG
Place de l'Europe 7 CH-1001 Lausanne
JJM Participations SA c/o LO Holding Lausanne-Ouchy SA
04Real AG c/o Mobimo Management AG
The Half-Year Report 2010 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 Locher André, www.swisscastles.ch Pichler Urs, www.pichler-fotografen.ch
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