Interim / Quarterly Report • Aug 16, 2012
Interim / Quarterly Report
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Development property Condominiums and rental apartments
Adliswil «Wilacker» Bernhofstrasse 37a-45a
| Mobimo Group (consolidated) | 30.06.2012 | 30.06.2011 | |
|---|---|---|---|
| Net rental income | CHF million | 39.8 | 37.1 |
| Net income from revaluation | CHF million | 22.7 ¹ | 16.6 |
| Profit on sale of trading properties | CHF million | 8.3 | 0.5 |
| Operating result (EBIT) | CHF million | 60.8 | 46.2 |
| Profit | CHF million | 39.6 | 34.5 |
| Return on equity ² | 6.9% | 7.3% | |
| Profit after tax not including revaluation | CHF million | 22.6 | 22.0 |
| Return on equity not including revaluation ³ | 4.0% | 4.6% | |
| 30.06.2012 | 31.12.2011 | ||
| Commercial investment properties | CHF million | 1,151.4 | 1,133.3 |
| Residential investment properties | CHF million | 369.8 | 335.3 |
| Commercial development properties | CHF million | 317.3 | 288.2 |
| Residential development properties | CHF million | 430.8 | 414.4 |
| Total properties | CHF million | 2,269.2 | 2,171.2 |
| Investment property vacancy rate | 4.1% | 3.3% | |
| Discount rate for revaluation | 4.70% | 4.76% | |
| Headcount (full time basis)⁴ | 82.7 | 78.9 | |
| Rate of interest on financial liabilities | 3.1% | 3.0% | |
| Residual maturity of financial liabilities | Years | 9.3 | 9.2 |
| Equity ratio | 47% | 47% | |
| Net gearing ⁵ | 77% | 69% | |
| Mobimo share | 30.06.2012 | 30.06.2011 | |
| No. of shares outstanding ⁶ | 6,199,208 | 5,132,706 | |
| Earnings per share | CHF | 6.41 | 6.72 |
| Earnings per share not including revaluation | CHF | 3.65 | 4.29 |
| Distribution ⁷ | CHF | 9.00 | 9.00 |
| Nominal value per share | CHF | 29.00 | 29.00 |
| NAV per outstanding share after options and convertible bond8 | CHF | 188.69 | 188.28 |
| Share price as at 30 June | CHF | 219.10 | 217.70 |
| Share capital | CHF million | 180.0 | 148.9 |
| Market capitalisation as at 30 June | CHF million | 1,360.2 | 1,117.8 |
| Equity as at 30 June | CHF million | 1,159.1 | 957.5 |
¹ CHF 12.3 million of net income from revaluation is attributable to operating performance, with CHF 8.1 million relating to investment properties under construction and a further CHF 4.2 million mainly coming from successful letting. An additional CHF 10.4 million is attributable to market-driven changes in the discount rate
² Profit as a percentage of average equity (equity at 1 January plus capital increase /reduction) for the period under review
⁴ Change in headcount: see Note 14
⁵ Net financial liabilities to equity
⁶ No. of shares issued 6,207,952 less treasury shares 8, 744 = no. of outstanding shares 6,199,208
⁷ Distribution from the capital contribution reserves for the 2011 financial year of CHF 9.00 per share as resolved by the General Meeting on 18 April 2012 As at 31 December 2011, capital contribution reserves totalling around CHF 376 million were accepted by the tax authorities as distributable share premium reserves, of which CHF 55.8 million have been distributed
⁸ Assuming all options granted and conversion rights are exercised
Investment property Commercial property
Aarau, "Polygon" Torfeld Süd site
| 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 2012 | 12 |
| Letter to shareholders | 14 |
| Review of first half of 2012 | 16 |
| Financial report | 22 |
| Consolidated interim financial statements | 24 |
| • Consolidated balance sheet | 24 |
| • Consolidated income statement | 26 |
| • Consolidated statement of comprehensive income | 27 |
| • Consolidated statement of changes in equity | 28 |
| • Consolidated cash flow statement | 29 |
| • Notes to the consolidated interim financial statements | 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 | 58 |
| • Co-ownership details | 58 |
| EPRA performance figures | 60 |
| Contact addresses | 62 |
3
Mobimo Holding AG was established in Lucerne in 1999 and has been listed on the SIX Swiss Exchange since 2005. Today Mobimo is one of the leading real estate companies in Switzerland. Following the merger with LO Holding Lausanne-Ouchy SA at the end of 2009, it now ranks as one of the biggest market players in both German-speaking and French-speaking Switzerland. Acquisitions and investments are targeted mainly in the economic areas of Zurich and Lausanne / Geneva and in Basel, Lucerne / Zug, Aarau and St. Gallen.
Mobimo's business model sets it apart from its competitors.
With a solid financing base and equity of not less than 40% of total assets, Mobimo plans, builds and maintains returnoriented investment properties and realises development properties offering attractive potential gains.
Based on its three core competencies – buying /selling, development and portfolio management - Mobimo has successfully built up a premium investment portfolio comprising commercial, industrial and residential properties and generating broad-based rental income with steady returns. A well stocked project pipeline provides a steady supply of new investment properties to be held in the portfolio or sold to third-party investors, along with attractive condominium apartments which, when sold, will generate capital gains.
As at 30 June 2012, the real estate portfolio comprised 127 properties with a value of approximately CHF 2,269 million, which breaks down into CHF 1,521 million for investment properties and CHF 748 million for development properties. The portfolio mix is optimised on an ongoing basis, and the residential component is gradually being increased through the planning and construction of investment properties for the company's own property portfolio. The medium-term target is for office space, residential and other commercial usage to each account for around 30% of the portfolio.
Around three-quarters of the property portfolio is invested in investment properties which are broadly diversified in terms of both location and use. The rentable area of 482,700 m² generated potential rental income of some CHF 100 million p.a. as at 30 June 2012. This means that a high proportion of revenues is 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 properties (CHF 1,000 million) and condominium properties (CHF 550 mil-
lion) with a total investment volume of around CHF 1,550 million.
In addition to these developments, Mobimo also offers development services for third parties up to and including turn-key real estate investments for institutional and private investors. Area, site and project developments are turned into reality in a way which meets the needs of the market and is sustainable. Cooperation with partners takes a number of different forms, and is structured in line with requirements and depending on the stage reached.
Mobimo has consistently generated a high dividend. Since the initial public offering in 2005, CHF 9.00 has been paid out to Mobimo shareholders each year in the form of a withholding-tax-exempt nominal value repayment or capital repayment. Over the past five years the dividend yield (nominal value repayment or capital repayment) has consistently averaged in the region of 5%, calculated on the basis of the relevant year-end share price.
| Mobimo Holding AG | |||
|---|---|---|---|
| Share capital: CHF 180 million Paul Rambert, Peter Schaub, Georges Theiler Andreas Hämmerli, Thomas Stauber External auditor: KPMG AG |
BoD: Urs Ledermann, Daniel Crausaz, Brian Fischer, Bernard Guillelmon, Wilhelm Hansen, Executive Board: Dr. Christoph Caviezel, Manuel Itten, Peter Grossenbacher, |
||
| Mobimo Management AG | Mobimo AG | LO Holding Lausanne-Ouchy SA |
JJM Participations SA |
| Share capital: CHF 0.1 million | Share capital: CHF 72 million | Share capital: CHF 12 million | Share capital: CHF 6 million |
On 15 October 1997 Dr. Alfred Meili, together with private banker Karl Reichmuth and other investors, founded Mobimo AG, with its headquarters in Lucerne. The company's share capital was CHF 36 million, on top of which there was another CHF 36 million in the form of shareholder loans.
Mobimo Holding AG, Lucerne, was founded on 27 December 1999. Its share capital amounted to CHF 73 million.
Under a private placement in October 2000 Mobimo Holding AG's share capital was increased to CHF 181 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 112 million.
On 8 June 2006 Mobimo conducted a capital increase of CHF 143 million; at the end of June 2006 share capital amounted to CHF 225 million and equity to CHF 596 million.
A further capital increase of CHF 149 million took place on 4 June 2007. As at 30 June 2007, Mobimo's equity stood at CHF 757 million.
The newly formed Board of Directors, led by Chairman Urs Ledermann, and Executive Board, headed by CEO Dr. Christoph Caviezel, reviewed the company's strategy and direction.
Mobimo Holding AG's exchange offer for LO Holding Lausanne-Ouchy SA was successfully completed on 9 November 2010. The share capital was increased by CHF 27 million in order to carry out the conversion.
In June 2010, Mobimo Holding AG successfully completed a CHF 175 million convertible bond issue maturing on 30 June 2014.
As part of the restructuring of the Mobimo Group, the assets of Mobimo Finance Ltd. were transferred to Mobimo Holding AG and LO Holding Lausanne-Ouchy SA and the company was subsequently liquidated. The investment in O4Real AG was also transferred to LO Holding Lausanne-Ouchy SA.
A further capital increase of around CHF 193 million took place on 6 December 2011. Mobimo Holding AG issued 1,028,350 new registered shares, which were traded on the SIX Swiss Exchange for the first time on 7 December 2011.
Mobimo strives for gradual growth in its real estate portfolio. This growth takes place primarily through the construction of investment properties for the company's own portfolio as well as through the acquisition of individual properties or portfolios. Growth may also be achieved via company takeovers.
The decision to grow is taken when the elements of price, location and future prospects come together in such a way as to create value for shareholders. Mobimo invests in promising locations in Switzerland. We see these primarily as the economic areas of Zurich and Lausanne / Geneva, as well as those of Basel, Lucerne / Zug, Aarau and St. Gallen. Investments are only made in sustainably good locations.
Over the medium term, the investment portfolio should comprise residential, office and commercial properties, each accounting for around 30% of holdings.
The real estate portfolio is optimised and adjusted on an ongoing basis. Value is rigorously maintained and increased through the maintaining of relations with lessees, a high level of rental occupancy, cost optimisation and the implementation of effective marketing strategies.
Real estate development focuses on the following areas:
Quality of life is expressed in the design of living, residential and working space. In addition to economic aspects, Mobimo also incorporates environmental and socio-cultural aspects in its activities. This results in added value for the users of Mobimo properties and for shareholders.
Mobimo can borrow on both a short- and long-term basis. Equity should amount to at least 40% of total assets.
The Mobimo share regularly generates high dividends. It is characterised by a steady development in value and an attractive payout ratio.
9
| Share information as at 30 June | |||||
|---|---|---|---|---|---|
| (previous years as at 31December) | 2012 | 2011 | 2010 | 2009 | 2008 |
| Share capital (in TCHF) | 180,031 | 178,933 | 148,804 | 192,035 | 204,230 |
| No. of registered shares issued | 6,207,952 | 6,170,098 | 5,131,170 | 5,053,552 | 4,355,323 |
| Nominal value per registered share (in CHF) | 29 | 29 | 29 | 38 | 47 |
| Of which treasury shares | 8,744 | 1,747 | 1,071 | 4,373 | 10,000 |
| No. of registered shares outstanding | 6,199,208 | 6,168,351 | 5,130,099 | 5,049,179 | 4,345,323 |
| Ratios in CHF as at 30 June | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|
| Earnings per share | 6.41 | 6.72 | 5.68 | 8.18 | 6.80 |
| Earnings per share not including revaluation | 3.65 | 4.29 | 3.24 | 6.61 | 5.30 |
| NAV per share, after options and conversion rights | 188.69 | 188.28 | 191.43 | 176.74 | 183.27 |
| Share price – high ¹ | 221.10 | 213.09 | 166.28 | 129.85 | 151.70 |
| Share price – low¹ | 194.42 | 178.13 | 152.50 | 100.77 | 138.47 |
| Half-year-end price ¹ | 219.10 | 206.55 | 162.90 | 126.50 | 146.25 |
| Average no. of shares traded per day | 9,307 | 8,646 | 6,291 | 4,734 | 3,975 |
| Market capitalisation (in CHF million) | 1,360.2 | 1,117.8 | 955.1 | 634.4 | 816.6 |
Source: SIX Swiss Exchange
The registered shares of Mobimo Holding AG are traded on the SIX Swiss Exchange in Zurich and are listed in accordance with the Standard for Real Estate Companies. Code: MOBN/ Swiss security no.: 1110887 / ISIN code: CH0011108872, Bloomberg: MOBN SW Equity / Reuters: MOBN.S.
The latest stock market data can be found at www.mobimo.ch.
1 January 2007 to 30 June 2012
Mobimo's share price went up by 5.3% in the first half of 2012, rising from CHF 208.00 to CHF 219.10. As at 30 June 2012 Mobimo's share price of CHF 219.10 was 16.1% above the diluted NAV (net asset value) of CHF 188.69. The liquidity of the Mobimo share and the trading volume remained positive. Average daily trading volume amounted to 9,307 (first half of 2011: 8,646). This was equivalent to a daily trading volume of approximately CHF 2.0 million (first half of 2011: CHF 1.8 million). The Mobimo share generated revenues of CHF 250 million in the first half of 2012 (first half of 2011: CHF 224 million) on the SIX Swiss Exchange.
¹ Historical prices, adjusted for share splits and distributions (source: Bloomberg)
III. Convertible bond
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 207.99 (the original conversion price before the capital increase of 6 December 2011 was CHF 210.37). Published credit ratings for Mobimo: UBS: BBB stable; ZKB: BBB +.
The convertible bonds of Mobimo Holding AG are traded on the SIX Swiss Exchange in Zurich and are listed in accordance with the Standard for Bonds. Code: MOB10 / Swiss security no.: 11299133 / ISIN code: CH 0112991333, Bloomberg: MOBIMO Corp. / Reuters: CH 11299133.
The following shareholders held more than 3% of the share capital as at 30 June 2012:
Zuger Pensionskasse 3.38%
Free float as at 30 June 2012 (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, 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, print versions of Mobimo Holding AG's annual and half-year reports are only sent out by post upon request. A summary report on the first half of 2012 is to be sent to shareholders.
Mobimo Holding AG Dr. Christoph Caviezel, CEO Manuel Itten, CFO Tel. +41 44 397 11 59 [email protected]
Tel. +41 44 809 58 58 [email protected]
9 April 2013, KKL Lucerne
14 February 2013
11
Investment property Rental and retirement apartments, retirement centre
Affolten am Albis, "Obstgarten" Obfelderstrasse /Obstgartenstrasse
D e a r Sha r e hold ers, L ad ies and G e ntl e m e n
Mobimo Holding AG is continuing its dynamic momentum into 2012. EBIT increased in the period under review by 32% to CHF 60.8 million (prior year: CHF 46.2 million) and net profit was up by 15% to CHF 39.6 million (prior year: 34.5 million). Excluding last year's extraordinary effect (taxes), profit excluding revaluation rose by 37% to CHF 22.6 million. Both net rental income from the growing investment portfolio and trading and revaluation gains contributed to this pleasing figure. The real estate portfolio reported a total value of CHF 2,269 million (end of prior year: CHF 2,171 million) as at the reporting date of 30 June 2012.
The Swiss real estate market continued to prove robust in the first half of 2012. The stable economy, the persistent inflow of immigrants, the need for more living space and the growing number of small households are the main factors driving the continued demand for high-quality living space in the main business centres. Despite calls to exercise restraint by the Swiss National Bank and FINMA, mortgage demand shows no signs of flagging. The low interest rates are making condominiums too attractive for many people when compared to apartment rentals. In contrast, sales of condominiums in the highest price ranges have slowed, with high rents also feasible only in in the best locations. Market demand for centrally located office and commercial space remains sound while properties near Switzerland's borders, in particular in the retail area, are suffering from the strength of the franc and from people crossing over the border to do their shopping in neighbouring countries.
Mobimo made further advances on schedule in this environment, reacting where necessary in response to changes in the market. At the end of the period under review, a new investment property had almost been completed – the "Polygon" office building for Rockwell Automation in Aarau. This now makes it possible to "clear" the rest of the site, which is one of the conditions for the extensive redevelopment of the "Torfeld Süd" site. The transfer of ownership of the first apartments in the "Wilacker" development in Adliswil began in spring, while the construction of the three residential buildings with their 250 rental apartments and condominiums on the "Am Pfingstweidpark" site at the foot of the Mobimo Tower in Zurich West is making good progress. Construction has started on the "Pépinières" complex in Lausanne-Flon and on the mixed development on the OVA site near the station in Affoltern am Albis, where a long-term rental contract has been concluded with the future operator of the site's old people's residence.
Profit from the sale of condominiums (trading properties) rose to CHF 8.3 million (2011: CHF 0.5 million), as ownership was transferred to buyers of condominiums located in several residential properties (Wilacker Adliswil, Mobimo Tower). Apartments were sold for CHF 71.8 million. While demand in the mid-price segment continues to be as high as ever, for example, in the case of "Am Pfingstweidpark" in Zurich and "Wilacker" in Adliswil, the sale of the last 20 high-price apartments in the Mobimo Tower is proving to be more time-consuming than planned, despite sustained high interest. Mobimo also sold the land it had set aside for the construction of luxury properties in Erlenbach in the first half of the year and is primarily focussing on new developments in the mid-price segment.
Net rental income reported a renewed marked rise to CHF 39.8 million (2011: CHF 37.1 million) despite the reduction in the reference interest rate. This is also a consequence of the extensive portfolio adjustments made in the last two years, which have substantially raised the quality of the investment portfolio and rental income.
The progress made on the construction of existing projects, rental income optimisations and the market-related reduction of the discount rate resulted in net income from revaluation of CHF 22.7 million (prior year: CHF 16.6 million).
Mobimo will be able to continue on its growth path. Properties destined for the company's own investment portfolio with an investment volume of around CHF 440 million are currently under construction or close to completion. There are also plans for more projects for the company's own portfolio with an investment volume of some CHF 560 million.
The period under review saw the addition of a former commercial and office building with character located on Badenerstrasse in Zurich Altstetten, which is being converted into attractive condominiums with more than 40 lofts and studios.
Mobimo's development expertise is held in high regard by the market. The new "Investments for Third Parties" business area, in operation since 1 January 2012, is already processing its first major mandate. Mobimo is to develop a residential site with some 250 rental apartments in Dübendorf together with a third-party investor.
The award of a tender for a development partner for the towns of Biel and Nidau was a special honour for Mobimo. Under the name of "AGGLOlac", 130,000 square metres of the former Expo-2002 site on the shores of Lake Biel are to be developed into a new and attractive suburb of the Bernese watch-making metropolis.
Mobimo's balance sheet is extremely solid and our business is highly predictable. The average residual maturity of our financial liabilities is 9.3 years and our average interest rates are a modest 3.1%. Our equity amounted to CHF 1,159.1 million as of mid-year 2012, which corresponds to an equity ratio of a substantial 47%. This provides us with a high degree of flexibility in the planning and realisation of our projects.
The Mobimo share closed at CHF 219.10 on 30 June 2012, which was 5.3% above its closing price on 31 December 2011. Taking the dividend of CHF 9 per share into account that was paid out on 25 April 2012, this equates to a total performance of 9.7% in the first half of 2012.
We are optimistic about the further course of the current financial year. From the current perspective, the continuation of our usual attractive dividend policy appears to be feasible. The main focus of our activities remains likewise unchanged: realising numerous construction projects, expanding our development business, space marketing, selling condominiums and the targeted optimisation of our project pipeline.
With thanks for the trust you have placed in us,
Board of Directors
Urs Ledermann Dr. Christoph Caviezel Chairman of the Chief Executive Officer
In the first half of 2012, Mobimo once again posted higher results at all levels year-on-year after reporting a record performance in the 2011 financial year. EBITDA was up 31% year-on-year to CHF 61.5 million (prior year: CHF 46.9 million), while EBIT was up 32% to CHF 60.8 million (prior year: CHF 46.1 million). Earnings before tax (EBT) were CHF 48.5 million (prior year: CHF 35.8 million), which was an increase of 36% over the first half of 2011. Net profit was up 15% to CHF 39.6 million (prior year: CHF 34.5 million), although tax expense in the first half of 2011 had contained a positive non-recurring effect of CHF 5.5 million.
Before revaluations, EBITDA was up 28% to CHF 38.7 million year-on-year (prior year: CHF 30.2 million) and EBIT up 29% to CHF 38.1 million (prior year: CHF 29.5 million). Earnings before tax (EBT) not including revaluations were up 35% to CHF 25.8 million (prior year: CHF 19.1 million) and profit after tax not including revaluations up 3% to CHF 22.6 million (prior year: CHF 22.0 million).
The overall portfolio grew in the first half of 2012 by 5% from CHF 2,171 million as at 31 December 2011 to CHF 2,269 million as at 30 June 2012. A slightly lower average discount rate of 4.70% was applied to real estate valuations as at 30 June 2012 (end of 2011: 4.76%).
On 6 December 2011 a capital increase was successfully carried out that involved the issue of 1,028,350 new shares and generated new funds of CHF 193 million for the company. The number of shares issued increased correspondingly as at the end of 2011 by 20% to 6,170,098.
Despite the substantially higher number of shares, earnings per share in the half year under review were CHF 6.41 (diluted earnings per share CHF 5.99), which was only slightly below the level of the prior year (CHF 6.72 and CHF 6.65). The company posted earnings per share before revaluations of CHF 3.65 (prior year: CHF 4.29) and diluted earnings per share of CHF 3.57 (prior year: CHF 4.41). With the reported earnings per share, Mobimo is once again well on track with its strategy of sustaining an attractive dividend distribution policy in the 2012 financial year.
Following the distribution of CHF 9 per share from the capital contribution reserves in April 2012, net asset value (NAV) per share was CHF 186.98 as at 30 June 2012 (end of 2011: CHF 190.36) and diluted NAV per share was CHF 188.69 (end of 2011: CHF 191.41) as at 30 June 2012. The shares closed at CHF 219.10 on 30 June 2012, which corresponds to a premium of 16% to the diluted NAV.
With an equity ratio of 47% (when cash is set off against financial liabilities, the equity ratio is about 50%), Mobimo continues to have a very solid capital base.
The average residual maturity of financial liabilities rose slightly to 9.3 years as at 30 June 2012 (end of 2011: 9.2 years). The company took advantage of ongoing extremely attractive interest rates to lock in a very low level of interest rates for the long term. The average interest rate for financial liabilities was 3.09% in the first half of 2012, compared to 3.02% in the prior year. The slight rise in the half year under review was mainly the result of the temporary repayment of shortterm financial liabilities due to high liquidity. By contrast, the average interest rate for long-term financial liabilities was further reduced in the first half of 2012.
Income from the rental of properties in the first half of 2012 was up 8% year-on-year to CHF 46.3 million (prior year: CHF 42.9 million). Eight properties were sold in 2011 as part of the portfolio adjustment process. These portfolio adjustments reduced potential rental income by some CHF 6.7 million a year. This decline was more than offset by the transfer to the investment portfolio of properties under construction that were completed in the 2011 financial year and first half of 2012 offering potential rental income of a total CHF 16.5 million per year. The following properties stemming from the company's own development projects were transferred to the investment portfolio during this period:
As at 30 June 2012, the vacancy rate remained at a low level of 4.1% (end of 2011: 3.3%).
At CHF 39.8 million, net rental income was up 7% over the first half of 2011 (CHF 37.1 million). The net yield achieved on investment properties in the first six months of the year was 4.9% (end of 2011: 5.0%).
As expected, income from the sale of trading properties in the first half of 2012 was well above the prior-year figure at CHF 71.8 million (prior year: CHF 29.1 million). Profit generated on the sale of trading properties of CHF 8.3 million was accordingly well above the prior-year period (CHF 0.5 million). These successful results are mainly due to transfers of ownership from the following projects:
As at 30 June 2012, notarised sales agreements to the value of around CHF 157 million had been concluded for condominiums under construction, which will generate proceeds accordingly when ownership of the properties is transferred.
Overall, work on all condominium development property projects proceeded as planned in the 2012 financial year.
Mobimo's growth is driven by the targeted development of residential and commercial properties and the quality of the portfolio is optimised on an ongoing basis. In the first half of the year, the following properties were under construction or in the completion stage:
The investment volume of these projects for the company's own portfolio totals some CHF 440 million. The following projects for the company's own portfolio, involving a total investment volume of CHF 560 million, are also being planned:
The properties under construction and planned for the company's own portfolio will create additional potential rental income of some CHF 56 million a year.
The first project for the new "Investments for Third Parties" business area was acquired in the first half of 2012:
• Dübendorf, Sonnentalstrasse 10
There are plans to realise a residential construction project for a third-party investor on the same site with a total investment volume of some CHF 120 million.
Manuel Itten, Chief Financial Officer
Lausanne Flon
Lausanne Flon
1.1 Consolidat ed balance shee t
| All amounts in TCHF | Notes | 30. 06. 2012 | 31. 12. 2011 |
|---|---|---|---|
| Assets | |||
| Current assets | |||
| Cash | 3 | 137,347 | 252,059 |
| Trade receivables | 6,084 | 6,368 | |
| Other receivables | 13,709 | 12,113 | |
| Trading properties | 4 | 344,193 | 319,008 |
| Accrued income and prepaid expenses | 5,142 | 4,753 | |
| Total current assets | 506,475 | 594,301 | |
| Non-current assets | |||
| Investment properties | |||
| – Commercial properties | 5 | 1,337,434 | 1,317,333 |
| – Residential properties | 5 | 369,774 | 335,261 |
| – Investment properties under construction | 5 | 200,867 | 182,964 |
| Property, plant and equipment | |||
| – Owner-occupied properties | 6 | 16,972 | 16,630 |
| – Other property, plant and equipment | 6 | 1,075 | 1,039 |
| Intangible assets | 3,549 | 3,524 | |
| Investments in associates | 7 | 21,645 | 20,087 |
| Financial assets | 1,990 | 2,153 | |
| Deferred tax assets | 3,608 | 4,647 | |
| Total non-current assets | 1,956,915 | 1,883,638 | |
| Total assets | 2,463,390 | 2,477,939 |
| All amounts in TCHF | Notes | 30. 06. 2012 | 31. 12. 2011 |
|---|---|---|---|
| Equity and liabilities | |||
| Liabilities | |||
| Current liabilities | |||
| Current financial liabilities | 8 | 24,824 | 60,867 |
| Trade payables | 26,488 | 14,557 | |
| Current tax liabilities | 35,939 | 33,675 | |
| Derivative financial instruments | 8 | 96 | 306 |
| Other payables | 1,673 | 154 | |
| Advance payments from buyers | 33,313 | 25,430 | |
| Accrued expenses and deferred income | 24,966 | 28,450 | |
| Total current liabilities | 147,299 | 163,439 | |
| Non-current liabilities | |||
| Non-current financial liabilities | 8 | 1,009,753 | 1,001,790 |
| Employee benefit obligations | 1,629 | 1,691 | |
| Derivative financial instruments | 8 | 28,062 | 25,052 |
| Deferred tax liabilities | 117,520 | 111,784 | |
| Total non-current liabilities | 1,156,963 | 1,140,317 | |
| Total liabilities | 1,304,262 | 1,303,756 | |
| Equity | 9 | ||
| Share capital | 180,031 | 178,933 | |
| Treasury shares | –1,910 | –374 | |
| Capital reserves | 443,542 | 494,308 | |
| Retained earnings | 537,464 | 501,316 | |
| Total equity | 1,159,127 | 1,174,183 | |
| Total equity and liabilities | 2,463,390 | 2,477,939 |
| All amounts in TCHF | Notes | First half of 2012 | First half of 2011 |
|---|---|---|---|
| Income from rental of properties | 11 | 46,337 | 42,878 |
| Direct expenses for rented properties | 11 | –6,567 | –5,826 |
| Net rental income | 39,770 | 37,052 | |
| Gains from revaluation of investment properties | 12 | 30,088 | 20,511 |
| Losses from revaluation of investment properties | 12 | –7,358 | –3,879 |
| Net income from revaluation | 22,731 | 16,632 | |
| Income from sale of trading properties | 13 | 71,848 | 29,059 |
| Expenses from sale of trading properties | 13 | –63,582 | –28,609 |
| Profit from sale of trading properties | 8,266 | 450 | |
| Profit from sale of investment properties | 0 | 1,095 | |
| Capitalised own account services | 2,692 | 2,452 | |
| Other income | 302 | 386 | |
| Personnel expenses | 14 | –8,765 | –7,584 |
| Operating expenses | –2,242 | –2,216 | |
| Administrative expenses | –1,286 | –1,397 | |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 61,467 | 46,870 | |
| Depreciation and amortisation | –645 | –717 | |
| Earnings before interest and tax (EBIT) | 60,822 | 46,153 | |
| Share of profit of associates | 1,759 | 1,272 | |
| Financial income | 401 | 1,865 | |
| Financial expense | –14,460 | –13,517 | |
| Earnings before tax (EBT) | 48,521 | 35,773 | |
| Tax expense | 15 | –8,914 | –1,287 |
| Profit | 39,608 | 34,486 | |
| Of which attributable to the shareholders of Mobimo Holding AG | 39,608 | 34,486 | |
| Of which attributable to minority interests | 0 | 0 | |
| EBITDA not including revaluation | 38,736 | 30,238 | |
| Operating result (EBIT) not including revaluation | 38,091 | 29,521 | |
| Earnings before tax (EBT) not including revaluation | 25,790 | 19,141 | |
| Profit after tax not including revaluation (and attributable deferred tax) | 22,560 | 22,021 | |
| Earnings per share in CHF | |||
| – including revaluation | 10 | 6.41 | 6.72 |
| – not including revaluation (and attributable deferred tax) | 10 | 3.65 | 4.29 |
| Diluted earnings per share in CHF | |||
| – including revaluation | 10 | 5.99 | 6.65 |
| All amounts in TCHF | First half of 2012 | First half of 2011 |
|---|---|---|
| Profit | 39,608 | 34,486 |
| Cash flow hedges: | ||
| – Loss on financial instruments for hedge accounting | –2,314 | 0 |
| – Transfer to income statement | –165 | –166 |
| – Tax effects | 557 | 37 |
| AFS financial assets | ||
| – Transfer to income statement | 0 | –975 |
| Other comprehensive income /loss | –1,922 | –1,104 |
| Total comprehensive income /loss | 37,686 | 33,382 |
| – of which attributable to the shareholders of Mobimo Holding AG | 37,686 | 33,382 |
| – of which attributable to minority interests | 0 | 0 |
1.3 Consolidat ed s tat ement of changes in equ i t y
| Treas | Market | Other | Total | Equity attributable to | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| All amounts in TCHF | Share | ury | Capital | value | Hedging | retained | retained | the shareholders of | Minority | Total |
| capital | shares | reserves | reserve | reserve | earnings | earnings | Mobimo AG | interests | equity | |
| As at 1 January 2011 | 148,804 | –183 | 391,269 | 975 | 950 | 429,524 | 431,450 | 971,339 | 1 | 971,340 |
| Profit 1 January – | 34,486 | 34,486 | 34,486 | 0 | 34,486 | |||||
| 30 June 2011 | ||||||||||
| Cash flow hedges:1 | ||||||||||
| – Transfer to income | ||||||||||
| statement | –166 | –166 | –166 | –166 | ||||||
| Tax effects | 37 | 37 | 37 | 37 | ||||||
| AFS financial assets2 | ||||||||||
| – Transfer to income | ||||||||||
| statement | –975 | –975 | –975 | –975 | ||||||
| Other comprehensive | –975 | –129 | 0 | –1,104 | –1,104 | –1,104 | ||||
| income /loss | ||||||||||
| Total comprehensive | –975 | –129 | 34,486 | 33,382 | 33,382 | 0 | 33,382 | |||
| income /loss | ||||||||||
| Distribution of capital | ||||||||||
| contribution reserves | –46,204 | –46,204 | –46,204 | |||||||
| Capital increase | 96 | 96 | 96 | |||||||
| Share-based payments: | ||||||||||
| – BoD and management | 1,643 | –12 | –933 | –933 | 698 | 698 | ||||
| Acquisition of | ||||||||||
| treasury shares | –1,829 | –1,829 | –1,829 | |||||||
| As at 30 June 2011 | 148,900 | –369 | 345,053 | 0 | 821 | 463,077 | 463,899 | 957,482 | 1 | 957,483 |
| As at 1 January 2012 | 178,933 | –374 | 494,308 | 0 | –9,263 | 510,579 | 501,316 | 1,174,183 | 0 | 1,174,183 |
| Profit 1 January – | 39,608 | 39,608 | 39,608 | 0 | 39,608 | |||||
| 30 June 2012 | ||||||||||
| Cash flow hedges:1 | ||||||||||
| – Transfer to income statement | –165 | –165 | –165 | –165 | ||||||
| – Financial instruments for | ||||||||||
| hedge accounting | –2,314 | –2,314 | –2,314 | –2,314 | ||||||
| Tax effects | 557 | 557 | 557 | 557 | ||||||
| Other comprehensive | 0 | 0 | 0 | 0 | –1,922 | 0 | –1,922 | –1,922 | 0 | –1,922 |
| income /loss | ||||||||||
| Total comprehensive | 0 | 0 | 0 | 0 | –1,922 | 39,608 | 37,686 | 37,686 | 0 | 37,686 |
| income /loss | ||||||||||
| Distribution of capital | ||||||||||
| contribution reserves | –55,813 | –55,813 | –55,813 | |||||||
| Capital increase | 241 | 241 | 241 | |||||||
| Conversion of convert | 857 | 5,125 | 5,981 | 5,981 | ||||||
| ible bond 1 | ||||||||||
| Share-based payments: | ||||||||||
| – BoD and management | 2,059 | –69 | –1,538 | –1,538 | 453 | 453 | ||||
| Acquisition of treasury shares | –4,501 | –4,501 | –4,501 | |||||||
| Sale of treasury shares | 906 | –9 | 897 | 897 | ||||||
| As at 30 June 2012 | 180,031 | –1,910 | 443,542 | 0 | –11,185 | 548,649 | 537,464 | 1,159,127 | 0 | 1,159,127 |
1 The cash flow hedges and convertible bond are described in Note 8 Financial liabilities
2 Sale of the investment in Olmero AG
1.4 Consolidat ed cash flow s tat ement
| First half of | First half of | ||
|---|---|---|---|
| All amounts in TCHF | Notes | 2012 | 2011 |
| Earnings before tax | 48,521 | 35,773 | |
| Net gains from revaluation of investment properties | 5 | –22,731 | –16,632 |
| Share-based payments | 453 | 697 | |
| Depreciation on property, plant and equipment | 557 | 555 | |
| Amortisation of intangible assets | 88 | 162 | |
| Loss (profit) on sale of investment property | 0 | –1,095 | |
| Loss (profit) on sale of property, plant and equipment | 0 | 16 | |
| Share of profit of associates | –1,759 | –1,272 | |
| Financial result | 14,059 | 11,652 | |
| Change | |||
| Trade receivables | 284 | –1,205 | |
| Trading properties | –22,720 | 4,978 | |
| Other receivables and accrued income and prepaid expenses | –800 | –10,530 | |
| Employee benefit obligations | –62 | –40 | |
| Trade payables | 11,931 | 7,166 | |
| Advance payments from buyers | 7,883 | 8,368 | |
| Other current liabilities and accrued expenses and deferred income | –3,563 | –4,816 | |
| Income tax paid | –1,726 | –400 | |
| Net cash from operating activities | 30,415 | 33,377 | |
| Acquisition of investment properties | 5 | –49,285 | –94,998 |
| Acquisition of property, plant and equipment | –274 | –246 | |
| Acquisition of intangible assets | –113 | –4,276 | |
| Disposal of financial assets | 0 | 1,766 | |
| Disposal of investment properties | 5 | 0 | 45,983 |
| Dividends received | 270 | 69 | |
| Interest received | 235 | 238 | |
| Net cash used in investing activities | –49,167 | –51,464 | |
| Proceeds from financial liabilities | 51,352 | 189,463 | |
| Repayment of financial liabilities | –73,937 | –134,796 | |
| Net cash from capital increases | 241 | 96 | |
| Distribution of capital contribution reserves | –55,813 | –46,204 | |
| Acquisition of treasury shares | –4,501 | –1,829 | |
| Sale of treasury shares | 897 | 0 | |
| Interest paid | –14,200 | –15,850 | |
| Net cash used in /from financing activities | –95,961 | –9,120 | |
| Net decrease in cash | –114,712 | –27,207 | |
| Cash at beginning of reporting period | 252,059 | 92,773 | |
| Cash at end of reporting period | 137,347 | 65,566 | |
The Mobimo Group is a real estate company which operates exclusively in Switzerland. Its business activities consist of the long-term holding and managing of commercial, industrial and residential properties, the construction and selling of condominium properties and the development of commercial and residential properties.
The parent company is Mobimo Holding AG, a public limited company under Swiss law, headquartered in Lucerne and listed on the SIX Swiss Exchange.
The unaudited consolidated interim financial statements of the Mobimo Group for the first half of 2012 are produced in accordance with International Accounting Standard 34 (IAS 34) on interim financial reporting and comply with Article 17 on accounting (Accounting Guideline) of the SIX Swiss Exchange.
The consolidated interim financial statements as at 30 June 2012 do not contain all information and disclosures required for annual financial reporting and should therefore be read in conjunction with the consolidated financial statements as at 31 December 2011.
All amounts contained in the consolidated interim financial statements are shown in thousands of Swiss francs (TCHF), unless stated otherwise. The sums and totals of the individual positions listed may be larger or smaller than 100% due to rounding.
The accounting principles applied in the consolidated interim statements correspond to the Group accounting principles set out in the consolidated financial statements for 2011, with the exception of the new standards and interpretations applicable with effect from 1 January 2012. With effect from 1 January 2012, Mobimo has been using the following newly applicable or amended standards and interpretations:
Amendment to IFRS 7 – Disclosures: Derecognition of Financial Assets
This change had no impact on these interim financial statements.
Amendment to IAS 12 – Deferred Taxes: Recovery of Underlying Assets
Under the amendment to IAS 12, deferred taxes on investment properties are to be determined on a sale basis. This is in keeping with the practice applied by Mobimo and thus had no effect on these interim financial statements.
The following new and amended standards and interpretations have been approved, but will not take effect until a later date and have not been implemented in advance in these interim financial statements.
| Standard /Interpretation | Entry into force | Planned application by Mobimo |
|
|---|---|---|---|
| IFRS 10 – Consolidated Financial Statements: establishes principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other enti |
* | 1 January 2013 | 2013 financial year |
| ties. IFRS 11 – Joint Arrangements: establishes principles for financial reporting by parties to a joint arrangement. |
* | 1 January 2013 | 2013 financial year |
| IFRS 12 – Disclosure of Interests in Other Entities IFRS 13 – Fair Value Measurement |
* |
1 January 2013 1 January 2013 |
2013 financial year 2013 financial year |
| Amendments to IAS 1 – Change to the Presenta tion of Items of Other Comprehensive Income |
** | 1 July 2012 | 2013 financial year |
| Amendments to IAS 19 – Employee Benefits | *** | 1 January 2013 | 2013 financial year |
| IAS 28 (amended in 2011) – Investments in Associates and Joint Ventures |
* | 1 January 2013 | 2013 financial year |
| Amendments to IFRS 7 – Disclosures: Offsetting Financial Assets and Financial Liabilities |
* | 1 January 2013 | 2013 financial year |
| Amendments to IFRSs (May 2012) | * | 1 January 2013 | 2013 financial year |
| Amendments to IAS 32 – Offsetting Financial Assets and Financial Liabilities |
* | 1 January 2014 | 2014 financial year |
| IFRS 9 – Financial Instruments: Classification and Measurement |
**** | 1 January 2015 | 2015 financial year |
The new IFRS 13 Fair Value Measurement standard was published in May 2011. IFRS 13 does not change the rules as to which items on the balance sheet must be measured at fair value, but it does contain new standard guidelines for determining the fair value of assets, liabilities and equity instruments if its application is required or permitted by another standard. IFRS 13 also contains extended rules on disclosures in the notes. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date (i.e. an exit price). With nonfinancial assets, management has to assume the "highest and best use" by a market participant, which may differ from its current use. For Mobimo, IFRS 13 will mainly be of significance in the measurement of investment properties. Based on the information currently available, Mobimo does not
**** Impact on Mobimo's consolidated financial statements has not yet been reliably determined to a sufficient degree
expect the amendments to have a material effect on the value of the overall portfolio.
The most important amendments in the revised standard are as follows: Until now Mobimo has recognised actuarial gains and losses from periodic recalculations in profit or loss on a straight-line basis over the average remaining period of service if they exceeded 10% of the higher of assets and benefit obligations ("corridor method"). With the abolition of the corridor method with effect from 1 January 2013 onwards, actuarial gains and losses will be recognised immediately under other income in equity and not through profit or loss. As at 30 June 2012, these totalled CHF 3.5 million (31 December 2011: CHF 2.2 million). Greater volatility in pension assets/ employee pension obligations and consolidated equity can therefore be expected. In addition, the revised IAS 19 now provides for a net interest component. This is determined by multiplying the net pension obligation by the discount rate. As the net pension obligation covers both obligations and plan assets, this approach implies a netting of interest expense and expected income from plan assets. At the same time, this means that expected income from plan assets will be at the level of the discount rate. Previously, the return on plan assets was estimated in accordance with expected income based on the respective investment portfolio. If the new rule had been applied in the first half of 2012, pension expense would have been CHF 0.07 million higher.
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 main estimates and assumptions used in the measurement of assets and liabilities affect, unchanged from the consolidated financial statements as at 31 December 2011, the market values of investment properties, the estimate of construction costs of trading properties and income tax.
The management structure of the Mobimo Group and thus the internal reporting to the Group's chief operating decision maker is based on the individual divisions. The divisions themselves are structured according to the services and / or activities of the Group.
Reportable segments pursuant to IFRS 8 are the two divisions Portfolio Management and Development. The business activities of these two divisions can be described as follows:
Portfolio Management focuses on the 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 residential property (newbuilds and development properties). It also holds land, properties under construction and completed properties which will eventually be transferred to the investment property portfolio. These investment properties are purchased with certain construction shortcomings or substantial vacancy rates. As soon as the vacancy rate of a development property falls below 10% on a long-term basis, it is reclassified as an investment property on 1 January of the subsequent year (and is thus transferred to the Portfolio Management division).
Investment properties with a long-term vacancy rate of over 10% where vacancy is unlikely to be brought below 10% on a long-term basis without significant refurbishment measures are transferred from investment properties to development properties. Projects of the "Investments for Third Parties" business area, which is currently being set up, are also included.
The Board of Directors, as the chief operating decision maker, monitors the results of the individual divisions on the basis of EBIT. These figures are determined using the same accounting principles as in the consolidated annual financial statements prepared in accordance with IFRS. Income tax and interest are not included in the segment results and are recognised under Reconciliation. The costs of central functions such as Finance and IT, Marketing and Communication, Legal Services and Central Services, as in the case of the expenses for the Executive Board, are allocated to the segments on the basis of usage. The other revenues and expenses in connection with the Board of Directors are not allocated to the segments and are likewise reported under Reconciliation.
Segment assets include investment properties, investment properties under construction, owner occupied properties, trading properties and trade receivables. No other assets are attributed to the segments. Segment assets are measured in the same way as in the consolidated annual 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 operates exclusively in Switzerland, there is no need for a breakdown of revenues and non-current assets by geographical area.
Mobimo did not enter into any transactions with clients amounting to more than 10% of Group revenues.
A further breakdown of income from properties by sub-segment (commercial, residential and trading properties) can be found in Note 11.
| Portfolio | |||||
|---|---|---|---|---|---|
| All amounts in TCHF | Management | Development | Total segments | Reconciliation | Total |
| Income from rental of properties | 41,634 | 4,703 | 46,337 | 46,337 | |
| Net income from revaluation | 18,178 | 4,553 | 22,731 | 22,731 | |
| Income from sale of trading properties | 71,848 | 71,848 | 71,848 | ||
| Profit from sale of investment properties | 0 | 0 | |||
| Total segment income | 59,811 | 81,104 | 140,915 | 0 | 140,915 |
| Segment result EBIT | 51,071 | 10,153 | 61,223 | –402 ¹ | 60,822 |
| Financial result | –12,300 | ||||
| Earnings before tax (EBT) | 48,521 | ||||
| Tax | –8,914 | ||||
| Profit | 39,608 | ||||
| Trading properties | 344,193 | 344,193 | 344,193 | ||
| Investment properties | 1,504,156 | 203,052 | 1,707,208 | 1,707,208 | |
| Owner occupied properties | 16,972 | 16,972 | 16,972 | ||
| Investment properties under construction | 200,867 | 200,867 | 200,867 | ||
| Trade receivables | 4,805 | 1,279 | 6,084 | 6,084 | |
| Total segment assets | 1,525,933 | 749,391 | 2,275,324 | 2,275,324 | |
| Non-attributed assets | 188,066 | 188,066 | |||
| Total assets | 2,463,390 | ||||
| Depreciation and amortisation | –419 | –155 | –574 | –71 | –645 |
| Investments in non-current assets | 5,028 | 45,419 | 50,447 | 112 | 50,559 |
¹ The reconciliation EBIT comprises compensation for the Board of Directors amounting to TCHF 704 and other revenues in an amount of TCHF 302
| Portfolio | |||||
|---|---|---|---|---|---|
| All amounts in TCHF | Management | Development | Total segments | Reconciliation | Total |
| Income from rental of properties | 37,100 | 5,778 | 42,878 | 42,878 | |
| Net income from revaluation | 12,620 | 4,012 | 16,632 | 16,632 | |
| Income from sale of trading properties | 29,059 | 29,059 | 29,059 | ||
| Profit on sale of investment properties | 1,097 | –2 | 1,095 | 1,095 | |
| Total segment income | 50,818 | 38,847 | 89,665 | 0 | 89,665 |
| Segment result EBIT | 42,704 | 3,813 | 46,517 | –364 ¹ | 46,153 |
| Financial result | –10,380 | ||||
| Earnings before tax (EBT) | 35,773 | ||||
| Tax | –1,287 | ||||
| Profit | 34,486 | ||||
| Trading properties | 282,418 | 282,418 | 282,418 | ||
| Investment properties | 1,305,912 | 154,151 | 1,460,063 | 1,460,063 | |
| Owner occupied properties | 16,048 | 16,048 | 16,048 | ||
| Investment properties under construction | 318,431 | 318,431 | 318,431 | ||
| Trade receivables | 15,179 | 231 | 15,410 | 15,410 | |
| Total segment assets | 1,337,139 | 755,231 | 2,092,370 | 2,092,370 | |
| Non-attributed assets | 122,114 | 122,114 | |||
| Total assets | 2,214,484 | ||||
| Depreciation and amortisation | –497 | –115 | –612 | –105 | –717 |
| Investments in non-current assets | 1,918 | 93,973 | 95,891 | 4,276 | 100,167 |
¹ The reconciliation EBIT comprises compensation for the Board of Directors amounting to TCHF 750 and other revenues in an amount of TCHF 386
During the first half of 2012 the property at Zurich, Badenerstrasse 595 was purchased through the acquisition of the shares in Ruf Immobilien AG. As the purchased company did not qualify as an operation within the meaning of IFRS 3, the acquisition did not qualify as a business combination but represented a purchase of assets.
As part of restructuring within the companies covered under the scope of consolidation, the companies Flon Events Sàrl, Lausanne, and LO Gestion SA, Lausanne, were merged to form LO Immeubles SA, Lausanne.
Some of Mobimo's activities do not generate steady income over the course of the year. This applies particularly to income from the sale of residential property. Higher income may be generated in the first or second half of the year depending on the number of properties conveyed or the volume of projects.
Cash is comprised exclusively of current account deposits at Swiss banks. All of the CHF 137.3 million in cash is freely available.
| 30. 06. 2012 | 31. 12. 2011 | |
|---|---|---|
| Land | 81,609 | 57,405 |
| Properties under construction | 114,457 | 153,027 |
| Completed real estate and development properties | 148,127 | 108,576 |
| Total trading properties | 344,193 | 319,008 |
Land holdings changed during the first half of the year due to the sale of the plot at Erlenbach, Forch-/ Glärnischstrasse and the acquisition in Dübendorf, Sonnentalstrasse 10.
The successful completion of the three Wilacker projects in Adliswil reduced the holdings of properties under construction.
Holdings of completed real estate and development properties increased due to the acquisition of the development project at Zurich, Badenerstrasse 595 and the units not yet sold in Adliswil.
Investment properties developed as follows:
| Investment | ||||
|---|---|---|---|---|
| Commercial | Residential | properties under | 30 June 2012 | |
| First half of 2012 | properties | properties | construction | Total |
| Market value as at 1 January 2012 | 1,317,333 | 335,261 | 182,964 | 1,835,558 |
| Acquisition costs | ||||
| As at 1 January 2012 | 1,168,908 | 289,161 | 180,007 | 1,638,076 |
| Increases from purchases | 435 | 0 | 4 657 | 5,092 |
| Increases from investments | 9,785 | 2,501 | 33,068 | 45,355 |
| Disposals | 0 | 0 | 0 | 0 |
| Transfers from intangible assets | 0 | 0 | 0 | 0 |
| Transfers from /to property, plant and equipment | –661 | 0 | 0 | –661 |
| Transfers between segments | 0 | 24,292 | –24,292 | 0 |
| Cumulative acquisition costs as at 30 June 2012 | 1,178,468 | 315,954 | 193,440 | 1,687,862 |
| Revaluation | ||||
| Total as at 1 January 2012 | 148,425 | 46,100 | 2,957 | 197,482 |
| Gains on valuations | 16,965 | 5,018 | 8,105 | 30,088 |
| Losses on valuations | –6,424 | –697 | –237 | –7,358 |
| Disposals | 0 | 0 | 0 | 0 |
| Transfers between segments | 0 | 3,398 | –3,398 | 0 |
| Cumulative revaluation as at 30 June 2012 | 158,967 | 53,820 | 7,427 | 220,213 |
| Market value as at 30 June 2012 | 1,337,434 | 369,774 | 200,867 | 1,908,075 |
| Fire insurance value | 1,294,607 | 254,806 | 161,037 | 1,710,450 |
| Investment | ||||
|---|---|---|---|---|
| Commercial | Residential | properties under | 31. 12. 2011 | |
| 2011 | properties | properties | construction | Total |
| Market value as at 1 January 2011 | 1,234,893 | 202,829 | 270,946 | 1,708,668 |
| Acquisition costs | ||||
| As at 1 January 2011 | 1,104,274 | 184,195 | 252,387 | 1,540,856 |
| Increases from purchases | 34,242 | 0 | 9,500 | 43,742 |
| Increases from investments | 12,334 | 2,132 | 104,264 | 118,729 |
| Disposals | –74,970 | 0 | –62 | –75,032 |
| Transfers from intangible assets | 0 | 0 | 10,691 | 10,691 |
| Transfers from /to property, plant and equipment | 3,245 | 0 | –4,155 | –910 |
| Transfers between segments | 89,783 | 102,835 | –192,618 | 0 |
| Cumulative acquisition costs as at 31 December 2011 | 1,168,908 | 289,161 | 180,007 | 1,638,076 |
| Revaluation | ||||
| Total as at 1 January 2011 | 130,618 | 18,634 | 18,559 | 167,811 |
| Gains on valuations | 28,397 | 6,877 | 19,056 | 54,330 |
| Losses on valuations | –9,369 | –1,447 | –2,320 | –13,136 |
| Disposals | –11,521 | 0 | –3 | –11,524 |
| Transfers between segments | 10,300 | 22,035 | –32,335 | 0 |
| Cumulative revaluation as at 31 December 2011 | 148,425 | 46,100 | 2,957 | 197,482 |
| Market value as at 31 December 2011 | 1,317,333 | 335,261 | 182,964 | 1,835,558 |
| Fire insurance value | 1,284,088 | 293,500 | 189,953 | 1,767,542 |
The following investment properties were acquired in the first half of 2012:
| Affoltern am Albis, Obstgartenstrasse (Site II – care home) | Investment property under construction |
|---|---|
| St. Gallen, Wassergasse 42 / 44 (purchase of condominiums) | Commercial property |
No investment properties were sold during the first half of 2012.
| from | to | |
|---|---|---|
| Regensdorf, Schul- / Riedthof- / Feldblumenstrasse | Residential properties | Investment properties under construction |
| Lausanne, Rue des Côtes-de-Montbenon 16 (building parts) | Commercial properties | Owner-occupied properties |
| Zurich, Manessestrasse 190 | Properties under construction | Residential properties |
The investment properties were valued by the independent real estate experts Wüest & Partner AG using the DCF method. For the DCF valuations as at 30 June 2012, the discount rates applied averaged 4.70% (4.76% as at 31 December 2011), within a range from 4.0% to 8.0% (4.1% to 8.0% as at 31 December 2011).
Property, plant and equipment comprises owner-occupied properties, movables, vehicles and computer hardware. It does not include any leased properties.
Owner-occupied properties include the property Küsnacht, Seestrasse 59 as well as part of the property Rue de Genève 7, which is used by Mobimo Management AG as its administrative centre. A room for cultural activities at the property Rue des Côtes-de-Montbenon 16 is also included.
| 30. 06. 2012 | 31. 12. 2011 | |
|---|---|---|
| Investment in Flonplex SA, Lausanne (40% stake) | 5,934 | 5,332 |
| Investment in Parking du Centre SA, Lausanne (50% stake) | 15,711 | 14,755 |
| Total | 21,645 | 20,087 |
| 30. 06. 2012 | 31. 12. 2011 | |
|---|---|---|
| Mortgage amortisation due within 12 months | 4,821 | 4,697 |
| Mortgages due for extension or repayment within 12 months | 20,003 | 56,170 |
| Total current financial liabilities | 24,824 | 60,867 |
| Mortgages | 844,796 | 831,790 |
| Convertible bond | 164,958 | 170,000 |
| Total non-current financial liabilities | 1,009,753 | 1,001,790 |
| Total financial liabilities | 1,034,577 | 1,062,657 |
All financial liabilities are denominated in Swiss francs.
As at the reporting date, amounts due were as follows:
| 30. 06. 2012 | 31. 12. 2011 | |
|---|---|---|
| Due within first year | 24,824 | 60,867 |
| Due within second year | 236,429 | 58,513 |
| Due within third year | 80,808 | 254,574 |
| Due within fourth year | 26,874 | 32,287 |
| Due within fifth year | 70,586 | 9,348 |
| Due within sixth year | 24,638 | 73,481 |
| Due within seventh year | 93,564 | 25,254 |
| Due within eighth year | 62,238 | 71,598 |
| Due within ninth year | 105,563 | 133,754 |
| Due within tenth year | 72,392 | 50,438 |
| Due within eleventh year and longer | 236,663 | 292,545 |
| Total financial liabilities | 1,034,577 | 1,062,657 |
Mortgages amounting to CHF 20.0 million (31 December 2011: CHF 56.2 million) and due for repayment within 12 months are accounted for under current financial liabilities since, as at the reporting date, there was no formal agreement for extension beyond 30 June 2012 (or 31 December 2011 as applicable).
The average residual term of overall financial liabilities was 9.3 years on 30 June 2012 (31 December 2011: 9.2 years).
¹ Non-current financial liabilities include the convertible bond with a carrying amount of CHF 165.0 million (nominal value CHF 168.9 million) maturing on 30 June 2014 in addition to mortgage liabilities
| 30. 06. 2012 | 31. 12. 2011 | |
|---|---|---|
| Up to one year | 24,824 | 60,867 |
| Up to 2 years | 236,429 | 58,513 |
| Up to 3 years | 80,808 | 254,574 |
| Up to 4 years | 26,874 | 32,287 |
| Up to 5 years | 70,586 | 9,348 |
| Over 5 years | 595,056 | 647,069 |
| Total financial liabilities | 1,034,577 | 1,062,657 |
Certain mortgage interest rates were hedged in advance by means of forward rate agreements. Such forward rate agreements generally qualify as derivatives embedded in credit agreements and are measured at fair value in accordance with IAS 39. These forward rate agreements were partly classified as cash flow hedges pursuant to IAS 39, and fair value adjustments relating to the effective portion of the hedge are recognised directly in equity via a separate item (hedging reserve). When the hedged interest cash flows take place, cumulative unrealised gains or losses are transferred to the income statement. This applies until 2022. An amount of CHF 0.2 million was reposted to the income statement in the first half of the year. As at 30 June 2012 and 31 December 2011 there were no open forward rate agreements.
Mobimo has concluded separate interest rate hedges (swaps) in an amount of CHF 218.3 million. Of these, CHF 130.0 million (31December 2011: CHF 130.0 million) are classified as cash flow hedges. Consequently, changes in market value were recognised under other income in equity, and not through profit or loss. The fair value of these financial instruments, all with a negative replacement value, amounts to –15.2 million (31December 2011: CHF –12.9 million). In addition, interest rate hedges not classified as cash flow hedges stand at CHF 88.3 million (31 December 2011: CHF 108.3 million). Consequently, market value adjustments were recognised through the income statement. The fair value of these interest rate swaps, all with a negative replacement value, amounts to –13.0 million (31 December 2011: CHF –12.5 million). The market value of all derivatives thus stood at CHF –28.2 million as at 30 June 2012 (31 December 2011: –25.4 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 of CHF 207.99, original conversion price before the capital increase on 6 December 2011 was 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 207.99 per registered share. The conversion price was adjusted following the capital increase on 6 December 2011 and the resulting dilution; the original conversion price was CHF 210.37 per registered share. A maximum of 841,386 registered shares may be issued at the conversion price under the convertible bond (831,866 before the capital increase). 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 be redeemed early at any time if more than 85% of the original bond volume is converted and / or redeemed or, after 21 July 2013, if the closing price of Mobimo Holding AG registered shares on the SIX Swiss Exchange (SIX) is 130% or more of the conversion price over a period of 20 consecutive trading days.
The convertible bond was recognised in the balance sheet as follows at the reporting date:
| 30. 06. 2012 | 31. 12. 2011 | |
|---|---|---|
| Convertible bond before issuance costs | 170,910 | 170,910 |
| Pro-rated issuance costs | –3,732 | –3,732 |
| Amortisation of difference between liability component/redemption amount | 3,767 | 2,821 |
| Conversion of bond into registered shares | –5,988 | 0 |
| Convertible bond (liability component) | 164,958 | 169,999 |
| Equity component before issuance costs | 4,090 | 4,090 |
| ./. Pro-rated issuance costs | –89 | –89 |
| ./. Reclassification of deferred taxes on the difference between the carrying amount and taxable value upon issue | –610 | –610 |
| Equity component upon issue | 3,391 | 3,391 |
| Increase in equity through conversion | 5,988 | 0 |
| Conversion fees and settlement of fractional amounts | –19 | 0 |
| Reversal for deferred tax upon conversion | 12 | 0 |
| Equity component conversions | 5,981 | 0 |
| Provisions for deferred tax upon issue | 610 | 610 |
| Cumulative reversal for deferred tax in income statement | –293 | –220 |
| Reversal for deferred tax conversion against equity | –12 | 0 |
| Deferred tax liability | 305 | 390 |
During the first half of the year, bonds with a nominal value of CHF 6.1 million, which represents 3.51% of the issue volume, were converted. In addition to the interest of CHF 1.7 million actually payable, an expense of CHF 0.9 million from amortisation is also included in the income statement, which equates to an effective interest rate of 3.34%.
The average rate of interest on all financial liabilities in the first half of 2012 was 3.09% (full-year 2011: 3.02%).
Financial liabilities amounting to CHF 869.6 million are secured via mortgage liens (31 December 2011: CHF 892.6 million). Some of the credit facilities contain covenants pertaining to equity ratio, net gearing, interest coverage factor and portfolio structure which were met over the entire reporting period.
There are also unutilised mortgage and building loan facilities totalling CHF 167.0 million.
The Annual General Meeting of 18 April 2012 approved a distribution of capital contribution reserves for the 2011 financial year of CHF 9 per share, which was paid on 25 April 2012. The par value of Mobimo shares remains at CHF 29.
Changes in equity can be summarised as follows:
| Shares | |||
|---|---|---|---|
| No. of shares | Shares issued | Treasury shares | outstanding |
| As at 1 January 2011 | 5,131,170 | –1,071 | 5,130,099 |
| Issue of shares from conditional capital for options exercised | 10,578 | 10,578 | |
| Acquisition of treasury shares | –71,736 | –71,736 | |
| Share-based payments for the acquisition of properties | 62,785 | 62,785 | |
| Share-based payments to Board of Directors and management | 8,331 | 8,331 | |
| Sale of treasury shares | 300 | 300 | |
| Issue of shares from authorised capital for capital increase | 1,028,350 | 1,028,350 | |
| Acquisition of treasury shares from capital increase | –356 | –356 | |
| As at 31 December 2011 | 6,170,098 | –1,747 | 6,168,351 |
| Issue of shares from conditional capital for options exercised | 8,315 | 8,315 | |
| Issue of shares from conversion of convertible bond | 29,539 | 29,539 | |
| Share-based payments to Board of Directors and management | 9,486 | 9,486 | |
| Acquisition of treasury shares | –20,591 | –20,591 | |
| Sale of treasury shares | 4,108 | 4,108 | |
| As at 30 June 2012 | 6,207,952 | –8,744 | 6,199,208 |
As at 30 June 2012, share capital was CHF 180.0 million, composed of 6,207,952 registered shares with a nominal value of CHF 29 each. 8,744 treasury shares were held as at that date.
8,315 option rights were exercised in the first half of 2012, leading to a CHF 0.2 million increase in share capital.
There is also conditional share capital of a maximum of CHF 34.3 million for the issue of up to 1,183,852 fully paid-up registered shares with a nominal value of CHF 29 each, of which :
Finally, authorised share capital is available allowing the Board of Directors to increase the share capital of the company by a maximum of CHF 33.1 million within two years (up to April 2013) at most via the issue of up to 1,142,111 registered shares, to be fully paid up, with a nominal value of CHF 29 per share.
At CHF 33.1 million, conditional and authorised capital are linked together insofar that upon using this authorised capital, conditional capital in the same amount is no longer available to the Board of Directors. The same applies in the opposite case: if this conditional capital is used, the same amount of the authorised capital is also no longer available. The amount of the authorised share capital of 33.1 million, the amount by which the Board of Directors is authorised to increase share capital by as at 30 June 2012, is thus reduced by the units of the convertible bond still outstanding totalling CHF 23.5 million (conditional capital).
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 and the conversion of convertible bonds into shares.
Net asset value (NAV) per share was CHF 186.98 (31 December 2011: CHF 190.36) and diluted NAV was CHF 188.69 (31 December 2011: CHF 191.41).
Net rental income can be broken down into the individual divisions as follows:
| 30. 06. 2012 | 30. 06. 2011 | |
|---|---|---|
| Commercial properties | 36,309 | 34,838 |
| Residential properties | 9,760 | 7,084 |
| Income from rental of investment properties | 46,069 | 41,922 |
| Trading properties¹ | 268 | 956 |
| Total income from rental of properties | 46,337 | 42,878 |
| Commercial properties | 5,115 | 4,845 |
| Losses on receivables commercial properties | 132 | 229 |
| Residential properties | 1,268 | 645 |
| Losses on receivables residential properties | 6 | 34 |
| Investment property expense | 6,520 | 5,753 |
| Rented trading properties | 36 | 72 |
| Losses on receivables trading properties | 11 | 1 |
| Total direct expenses for rented properties | 6,567 | 5,826 |
| Net rental income | 39,770 | 37,052 |
The future rental income set out below will be generated from non-cancellable rental agreements for investment properties:
| Commercial | Residential | ||
|---|---|---|---|
| 30 June 2012 | properties | properties | Total |
| Rental income within 1 year | 66,513 | 2,238 | 68,751 |
| Rental income within 2 to 5 years | 201,555 | 3,202 | 204,757 |
| Rental income in over 5 years | 137,814 | 2,951 | 140,766 |
| Total future rental income from non-cancellable rental agreements | 405,882 | 8,391 | 414,273 |
| Commercial | Residential | ||
|---|---|---|---|
| 31 December 2011 | properties | properties | Total |
| Rental income within 1 year | 61,664 | 3,749 | 65,413 |
| Rental income within 2 to 5 years | 173,403 | 2,152 | 175,555 |
| Rental income in over 5 years | 197,628 | 711 | 198,338 |
| Total future rental income from non-cancellable rental agreements | 432,695 | 6,612 | 439,306 |
The five biggest tenants generate the following share of rental income:
| 30. 06. 2012 | 31. 12. 2011 | |
|---|---|---|
| Name of tenant | Share in % | Share in % |
| Swisscom Group | 6.0 | 6.7 |
| SV (Schweiz) AG | 5.3 | 6.0 |
| Coop | 3.5 | 3.9 |
| MIGR OS Cooperative Association |
3.1 | 3.5 |
| Rockwell Automation AG | 3.1 | 3.4 |
This profit can be broken down as follows:
| 30. 06. 2012 | 30. 06. 2011 | |
|---|---|---|
| Gains from revaluation of residential properties | 4,322 | 1,322 |
| Gains from revaluation of commercial properties | 10,541 | 11,175 |
| Gains from revaluation of investment properties under construction | 7,868 | 4,135 |
| Total net income from revaluation | 22,731 | 16,632 |
This profit can be broken down as follows:
| 30. 06. 2012 | 30. 06. 2011 | |
|---|---|---|
| Proceeds from sale of trading properties | 71,848 | 29,059 |
| Total income from sale of trading properties | 71,848 | 29,059 |
| Acquisition costs of trading properties sold | 62,935 | 28,566 |
| Creation of valuation allowances | 650 | 43 |
| Valuation allowance reversal | –4 | 0 |
| Total expenses from sale of trading properties | 63,582 | 28,609 |
| Profit on sale of trading properties | 8,266 | 450 |
The average number of full-time equivalents increased from 75.9 at mid-year 2011 to 82.7 at mid-year 2012 due to the filling of vacancies and increased staffing levels in certain areas.
In the first half of 2012, no one-off effects had an impact on the level of tax expense. In the prior-year period (first half of 2011), tax expense was influenced by the reversal of tax provisions totalling CHF 5.5 million as a result of the implementation of the ruling of the Swiss Federal Supreme Court on 4 April 2011, which brought an end to a long-running legal dispute between Mobimo Holding AG ("Mobimo") and the City of Zurich. The dispute was about the possibility of deducting expenses and loss carryforwards in connection with the assessment of property gains tax. As a result of the Supreme Court ruling, which was positive for Mobimo, it was possible to release tax provisions. There are still a number of open issues currently being clarified with the local tax authorities relating to how the Supreme Court judgement is to be effectively implemented.
As at 30 June 2012, capital commitments amounted to CHF 85.1 million. These commitments relate to the investment properties under construction at Aarau, Polygon – Industriestrasse, site 3; Affoltern am Albis, Obstgartenstrasse; Affoltern am Albis, Obfelderstrasse; Lausanne, Avenue d'Ouchy 4 – 6; Lausanne, Vallée du Flon (Les Pépinères); and Zurich, Turbinenstrasse –City West, site C.
There are no contingent liabilities.
The consolidated interim financial statements were approved by the Board of Directors on 13 August 2012. No other events took place between 30 June 2012 and the approval date of these consolidated interim financial statements that would require adjustments being made to the carrying amounts of assets and liabilities as at 30 June 2012.
| Location | Address | Site | Register of | Construction | Acquired |
|---|---|---|---|---|---|
| area in m² | polluted | year | |||
| sites | |||||
| Building land | |||||
| Dübendorf | Sonnentalstrasse 10 | 11,292 | No | May 2012 | |
| Herrliberg | Rigiweg | 5,082 | No | Nov 2008 | |
| Lucerne | Büttenenhalde | 7,115 | No | Dec 2011 | |
| Meilen | Feldgüetliweg 143 / 145 | 2,660 | No | Aug 2011 | |
| Müllheim | Grüenegg | 10,500 | No | Mar 2011 | |
| Weggis | Hertensteinstrasse 105 | 3,043 | No | May 2010 | |
| 39,692 | |||||
| Properties under | |||||
| construction | |||||
| Horgen | Stockerstrasse 40 – 42 (Wiesental II) | 7,047 | No | Nov 2005 | |
| Zurich | Hinterbergstrasse 53 2 | 1,465 | No | July 2010 | |
| Zurich | Turbinenstrasse Site A | 5,144 | No | May 2011 | |
| Zurich | Turbinenstrasse Site B | 5,965 | No | May 2011 | |
| 19,621 | |||||
| Completed properties | |||||
| Aarau | Buchserstrasse 8 | 241 | No | Mar 2011 | |
| Adliswil | Wilacker I | 7,231 | No | Dec 2007 | |
| Adliswil | Wilacker II | 10,935 | No | Dec 2007 | |
| Egerkingen | Einschlagstrasse | 8,729 | No | Mar 2011 | |
| Horgen | Stockerstrasse 27 – 29 | 5,490 | No | Nov 2005 | |
| Horgen | Stockerstrasse 40 – 42 (Wiesental I) | 7,633 | No | Nov 2005 | |
| Horgen | Stockerstrasse 54 | 919 | No | Nov 2006 | |
| Lucerne | Guggistrasse 10 / 12 / 12a 2 | 3,004 | No | 1979 | July 2007 |
| St. Moritz | Via Maistra 29 2 | 557 | No | July 2010 | |
| Zurich | Badenerstrasse 595 2 | 2,389 | No | May 2012 | |
| Zurich | Im Brächli 5 / 7 / 9 2 | 2,144 | No | 1955 | Aug 2009 |
| Zurich | Turbinenstrasse Promotion (Mobimo Tower) | 1,936 | No | May 2008 | |
| 51,208 |
³ Sale of land
¹ Status: certified purchase agreement
² Development properties
| Sales status | Carrying value | Realisation | Project status | Sales volume | Description |
|---|---|---|---|---|---|
| 30. 06. 2012 ¹ | 30. 06. 2012 | 30. 06. 2012 | in TCHF | ||
| in TCHF | |||||
| open | 35,522 | open | in planning | open | open |
| 0 / 8 | 17,715 | 2012 / 2013 | in planning | open | 8 Condos |
| 0 / 23 | 5,447 | open | in planning | 29,391 | 23 Condos |
| 0 / 14 | 10,910 | 2012 / 2014 | Construction project | 30,000 | 14 Condos |
| 1/1 | 1,861 | 2012 | for sale | n / a | n / a |
| open | 10,154 | open | in planning | open | open |
| 81,609 | 59,391 | ||||
| 20 / 43 | 27,739 | 2011 / 2013 | Construction project | 51, 852 | 43 Condos |
| 10 / 11 | 17,464 | 2011 / 2013 | Construction project | 25,570 | 11 Condos |
| 46 / 63 | 28,216 | 2011 / 2013 | Construction project | 60,740 | 63 Condos |
| 57 / 81 | 41,038 | 2011 / 2013 | Construction project | 76, 335 | 81 Condos |
| 114,457 | 214,437 | ||||
| 470 | open | in planning | open | Residential building | |
| 22 / 33 | 26,457 | 2010 / 2012 | for sale | 34,644 | 33 Condos |
| 13 / 24 | 12,211 | 2010 / 2012 | for sale | 27,690 | 24 Condos |
| 2,879 | open | for sale | open | 4 Condos | |
| 39 / 39 | 7 | 2007 / 2009 | for sale | 41,284 | 39 Condos |
| 47 / 47 | 6 | 2008 / 2010 | for sale | 60,192 | 47 Condos |
| 1,503 | 2009 / 2010 | for sale | 8,950 | 4 Condos | |
| 2008 / 2011 | for sale | 15,936 | 9 Condos | ||
| 20 | |||||
| open open |
15,574 | 2013 / 2014 | in planning | open | open |
| 20,130 | open | in planning | open | open | |
| 33 /53 | 8,352 60,519 |
2011 / 2014 2008 / 2011 |
in planning for sale |
26,775 173,610 |
17 Condos 53 Condos |
As at 30 June 2012, 22 trading properties were carried in the balance sheet, of which
17 newbuild projects (31 December 2011: 19)
5 development properties (31 December 2011: 5) The geographic focus of the residential development properties is the Canton of Zurich, primarily the city of Zurich itself and the Lake Zurich region.
Percentage breakdown of carrying amounts in CHF
Canton of Zurich Canton of Lucerne Canton of Grisons Canton of Solothurn Canton of Thurgau
Canton of Aargau
| Location | Address | Acquired | Construction year | Year |
|---|---|---|---|---|
| renovated | ||||
| Aarau | Bahnhofstrasse 102 (Mediapark) | Mar 2004 | 1975 | 1998 |
| Aesch | Pfeffingerring 201 | May 2007 | 1973 | |
| Baden-Dättwil | Im Langacker 20 / 20a / 22 | Jun 2004 | 1972 | 1988 |
| Brugg | Bahnhofstrasse 11 | Jun 2006 | 2005 | |
| Bülach | Bahnhofstrasse 39 | Sep 2005 | 1969 | 1995 |
| Dierikon | Pilatusstrasse 2 | May 2009 | 1990 | 2007 |
| Dübendorf | Sonnentalstrasse 5 | Mar/Dec 1999 | 1975 | 2000 |
| Dübendorf | Zürichstrasse 98 | Jan 2000 | 1965 | 1983 |
| Herisau | Obstmarkt 1 | July 2008 | 1984 | 2008 |
| Horgen | Seestrasse 80 | Nov 2005 | 1960 | 2000 / 2008 |
| Horgen | Seestrasse 82 | Nov 2005 | 2010 / 2011 | |
| Kreuzlingen | Hauptstrasse 37 | Sep 2005 | 1987 | |
| Kreuzlingen | Lengwilerstrasse 2 | April 2007 | 2007 | |
| Kreuzlingen | Leubernstrasse 3 | Nov 2006 | 1983 / 2003 | 2003 |
| Kreuzlingen | Romanshornerstrasse | Nov 2006 | n / a | |
| Kriens | Sternmatt 6 | Feb 2004 | 1986 | 2008 |
| Lausanne | Flonplex | Nov 2009 | n / a | |
| Lausanne | Parking du Centre | Nov 2009 | n / a | |
| Lausanne | Place de la Gare 4 | Nov 2009 | 1961 | 2000 |
| Lausanne | Place de la Navigation 4 – 6 | Nov 2009 | 1895 | 2002 |
| Lausanne | Place de l'Europe 6 | Nov 2009 | 1905 | 2011 |
| Lausanne | Place de l'Europe 7 | Nov 2009 | 1905 | 2001 |
| Lausanne | Place de l'Europe 8 | Nov 2009 | 1911 | 1989 |
| Lausanne | Place de l'Europe 9 | Nov 2009 | 1900 | 2002 |
| Lausanne | Rue de Genève 2 / 4 / 6 / 8 | Nov 2009 | 1904 | 2002 |
| Lausanne | Rue de Genève 7 | Nov 2009 | 1932 | 2011 |
| Lausanne | Rue de Genève 17 | Nov 2009 | 1884 | 2002 |
| Lausanne | Rue de Genève 23 | Nov 2009 | 1915 | 2005 |
| Lausanne | Rue de la Vigie 3 | Nov 2009 | 1964 | |
| Lausanne | Rue de la Vigie 5 | Nov 2009 | 1963 | 1988 |
| Lausanne | Rue des Côtes-de-Montbenon 6 | Nov 2009 | 1921 | 2009 |
| Lausanne | Rue des Côtes-de-Montbenon 8 | Nov 2009 | 1946 | 1998 |
| Lausanne | Rue des Côtes-de-Montbenon 16 | Nov 2009 | 1912 | 2007 |
| Lausanne | Rue des Côtes-de-Montbenon 24 / 26 | Nov 2009 | n / a | |
| Lausanne | Rue des Côtes-de-Montbenon 28 / 30 | Nov 2009 | n / a | |
| Lausanne | Rue du Port-Franc 9 | Nov 2009 | 1927 | 2009 |
| Lausanne | Rue du Port-Franc 11 (Miroiterie) | Nov 2009 | 2008 | |
| Lausanne | Rue du Port-Franc 17 (Les Colonnades) | Nov 2009 | 2002 | |
| Lausanne | Rue du Port-Franc 20; Rue de Genève 33 | Nov 2009 | 2007 | |
| Lausanne | Rue du Port-Franc 22; Rue de la Vigie 1 | Nov 2009 | 2007 | |
| Lausanne | Voie du Chariot 3 | Nov 2009 | 2008 | |
| Lausanne | Voie du Chariot 4 / 6 | Nov 2009 | 2008 | |
| Lausanne | Voie du Chariot 5 / 7 | Nov 2009 | 2008 | |
| Lucerne | Alpenstrasse 9 | Jun 2007 | 1890 | 2001/2010 |
| Neuhausen | Victor-von-Bruns-Strasse 19 | Mar 2007 | 2007 | |
¹ Target gross yield as at reporting date 30. 06. 2012 as % of market value
² Vacancy rate as % of target rental income
| Market value | Acquisition costs | Gross yield | Target rental revenues | Vacancy rate as at | Vacant space as at |
|---|---|---|---|---|---|
| in TCHF | in TCHF | in %¹ | in TCHF | 30. 06. 2012 in %² | 30 06. 2012 in % |
| 27,450 | 7.4 | 2,028 | 8.0 | 6.8 | |
| 26,150 | 7.5 | 1,962 | 1.4 | 0.0 | |
| 17,920 | 7.4 | 1,319 | 11.6 | 16.2 | |
| 27,870 | 5.6 | 1,554 | 1.8 | 2.3 | |
| 3,102 | 5.9 | 183 | 0.0 | 0.0 | |
| 11,410 | 6.5 | 740 | 12.7 | 10.8 | |
| 27,420 21,930 |
6.7 6.2 |
1,831 1,361 |
6.8 3.3 |
8.0 3.8 |
|
| 16,720 | 6.4 | 1,067 | 8.3 | 9.7 | |
| 8,066 | 6.4 | 517 | 0.2 | 0.0 | |
| 6,504 | 2.8 | 179 | 0.0 | 0.0 | |
| 11,800 | 5.9 | 698 | 0.0 | 0.0 | |
| 6,429 | 5.0 | 324 | 0.0 | 0.0 | |
| 66,660 | 5.5 | 3,682 | 1.5 | 1.8 | |
| 1,925 | 4.2 | 81 | 0.0 | n / a | |
| 37,860 | 8.2 | 3,104 | 17.9 | 21.8 | |
| 4,440 | 4.7 | 210 | 0.0 | ||
| 7,770 | 5.5 | 427 | 0.0 | ||
| 25,510 | 5.8 | 1,481 | 0.0 | ||
| 10,060 | 6.7 | 676 | 0.0 | ||
| 5,270 | 5.7 | 298 | 0.0 | ||
| 7,634 | 5.9 | 454 | 0.0 | ||
| 7,223 | 5.2 | 374 | 0.0 | ||
| 20,940 | 6.0 | 1,253 | 0.0 | ||
| 23,210 | 5.6 | 1,307 | 0.0 | ||
| 30,160 | 5.2 | 1,580 | 0.0 | ||
| 18,990 | 7.2 | 1,374 | 0.0 | ||
| 2,100 | 8.7 | 182 | 0.0 | ||
| 6,864 | 6.3 | 431 | 1.6 | ||
| 11,650 | 7.3 | 854 | 0.0 | ||
| 6,447 | 5.4 | 349 | 0.5 | ||
| 7,733 | 6.8 | 528 | 0.7 | ||
| 4,514 | 5.8 | 263 | 0.0 | ||
| 1,725 | 4.6 | 79 | 0.0 | ||
| 2,092 | 3.5 | 74 | 0.0 | ||
| 5,554 | 6.2 | 342 | 0.0 | ||
| 13,530 | 6.6 | 895 | 1.3 | ||
| 11,300 | 6.3 | 714 | 0.0 | ||
| 48,020 | 6.7 | 3,193 | 0.0 | ||
| 21,790 | 5.6 | 1,219 | 0.0 | ||
| 14,020 | 6.0 | 841 | 2.0 | ||
| 30,470 | 6.1 | 1,872 | 0.0 | ||
| 29,900 | 5.6 | 1,681 | 1.0 | ||
| 10,880 | 4.6 | 501 | 0.0 | ||
| 13,090 | 5.5 | 725 | 0.0 |
| Location | Address | Acquired | Construction year | Year |
|---|---|---|---|---|
| renovated | ||||
| Renens | Chemin de la Rueyre 116 / 118 | Mar 2007 | 1989 | |
| St. Gallen | Schochengasse 6 | Feb 2004 | 1974 | 2000 |
| St. Gallen | St. Leonhardstrasse 22 | Dec 2004 | 1900 | 2002 / 2006 |
| St. Gallen | Wassergasse 42 / 44 | Feb 2004 | 1966 | 2000 |
| St. Gallen | Wassergasse 50 / 52 | Feb 2004 | 1998 | |
| Winterthur | Industriestrasse 26 | Oct 1999 | 1994 | 2002 |
| Zurich | Bahnhofplatz 4 | July 2006 | 1881 | 2002 / 2005 |
| Zurich | Friedaustrasse 17 | Oct 1998 | 1968 | |
| Zurich | Hardturmstrasse 3 / 5 (Mobimo Tower) | Nov 1999 | 1974 | 2001 / 2008 |
| Zurich | Letzigraben 134 – 136 | Sep 2006 | 1958 / 1975 | |
| Zurich | Rautistrasse 12 | Nov 1999 | 1972 | 2011 |
| Zurich | Schifflände 6; Kruggasse 1 | May 1998 | 1950 | |
| Zurich | Stauffacherstrasse 41 | Jun 2000 | 1990 | 2011 |
| Zurich | Thurgauerstrasse 23; Siewerdtstrasse 25 | Mar 2002 | 1963 / 1968 / 1985 | |
| Zurich | Turbinenstrasse –Mobimo Tower Hotel | May 2008 | 2011 | |
| Zurich | Witikonerstrasse 311 / 311b | Sep 1997 | 1992 | |
| 61 | Commercial investment properties | |||
| Aarau | Site 1 – Torfeld Süd | June 2001 /Aug 2008 | 1967 / 1984 | |
| Aarau | Site 2 – Torfeld Süd | Oct 2006 | 1905 / 1916 / 1929 / 1943 / 1954 | |
| Aarau | Site 3 – Torfeld Süd | June 2001 / | 1905 / 1916 / 1929 / 1943 / | |
| Oct 2006 | 1954 / 1974 | |||
| Aarau | Site 4 – Torfeld Süd | Juni 2001 /Oct | 1905 / 1914 / 1916 / 1929 / | |
| 2006 / Feb 2009 | 1943 / 1954 / 1967 / 1973 | |||
| Kriens | Mattenhof (building land) | Mar 2005 | n / a | |
| Lausanne | Avenue d'Ouchy 4 – 6 | May 2010 | 1962 | |
| Lausanne | Rue de Genève 19 | Nov 2009 | 1893 | 2002 |
| Lausanne | Rue de Genève 21 | Nov 2009 | 1902 | |
| Lausanne | Rue des Côtes-de-Montbenon 1 / 3 | Nov 2009 | 1930 | |
| Lausanne | Rue des Côtes-de-Montbenon 5 | Nov 2009 | 1930 | |
| Lausanne | Rue des Côtes-de-Montbenon 11 | Nov 2009 | 1935 | |
| Lausanne | Rue des Côtes-de-Montbenon 12 | Nov 2009 | 1918 | 2004 |
| Lausanne | Rue des Côtes-de-Montbenon 14 | Nov 2009 | 1963 | |
| Regensdorf | Althardstrasse 10 | Dec 2001 | 1982 | |
| Regensdorf | Althardstrasse 30 | Dec 2001 | 1976 | |
| Zurich | Albulastrasse /Hohlstrasse | Feb 2010 | 1896 | |
| 16 | Commercial development properties | |||
| 77 | Total commercial properties |
¹ Target gross yield as at reporting date 30. 06. 2012 as % of market value
² Vacancy rate as % of target rental income
| Market value | Acquisition costs Gross yield |
Target rental revenues | Vacancy rate as at | Vacant space as at |
|---|---|---|---|---|
| in TCHF | in TCHF | in %¹ in TCHF |
30. 06. 2012 in %² | 30 06. 2012 in % |
| 12,320 | 7.0 860 |
8.2 | 6.7 | |
| 17,630 | 6.1 1,075 |
0.0 | 1.7 | |
| 4,429 | 5.9 263 |
0.0 | 0.0 | |
| 15,660 | 6.2 968 |
14.1 | 16.2 | |
| 13,490 | 6.2 834 |
0.0 | 0.0 | |
| 20,180 | 7.2 1,456 |
9.5 | 7.8 | |
| 19,700 | 4.6 910 |
0.0 | 0.0 | |
| 8,468 | 6.4 541 |
3.9 | 3.9 | |
| 57,930 | 5.6 3,259 |
0.3 | 0.0 | |
| 13,890 | 6.8 944 |
13.5 | 15.2 | |
| 20,000 | 6.7 1,345 |
9.9 | 10.2 | |
| 6,929 | 4.8 331 |
0.0 | 0.0 | |
| 47,820 | 5.0 2,379 |
0.0 | 0.0 | |
| 14,540 | 6.6 958 |
0.0 | ||
| 130,510 | 4.1 5,405 |
0.0 | ||
| 8,784 | 6.5 574 |
22.2 | ||
| 1,134,382 | 5.9 66,909 |
3.2 | ||
| 9,988 | 0.3 27 |
91.1 | ||
| 7,546 | 2.8 208 |
73.8 | ||
| 25,427 | 5.9 1,494 |
0.0 | ||
| 17,659 | 7.1 1,260 |
69.8 | ||
| 3,187 | 0.0 n / a |
n / a | ||
| 64,600 | 5.5 3,565 |
37.0 | ||
| 2,779 | 13.5 374 |
11.9 | ||
| 2,584 | 11.0 284 |
1.3 | ||
| 608 | 14.0 85 |
8.5 | ||
| 251 | 11.2 28 |
0.0 | ||
| 150 | 8.3 12 |
0.0 | ||
| 1,648 | 8.5 140 |
0.0 | ||
| 445 | 8.1 36 |
0.0 | ||
| 17,130 | 9.8 1,672 |
43.5 | ||
| 15,000 | 14.2 2,129 |
97.8 | ||
| 34,050 | 4.1 1,399 |
n / a | ||
| 203,052 | 6.3 12,715 |
43.1 | 38.0 | |
| 1,337,434 | 6.0 79,623 |
9.6 |
| Location | Address | Ownership | Site area | Register of | Property | Total rentable Office space |
Sales space | Commercial Residential |
|---|---|---|---|---|---|---|---|---|
| in m2 | polluted sites | description ⁹ | space in m² | in % in % |
space in % space in % |
|||
| Aarau | Bahnhofstrasse 102 (Mediapark) | Sole ownership | 5,675 | No | CB | 13,165 | 55.7 0.0 |
9.1 1.5 |
| Aesch | Pfeffingerring 201 | Sole ownership | 16,034 | No details | CB | 14,219 | 28.3 0.0 |
63.0 0.0 |
| Baden-Dättwil | Im Langacker 20 / 20a / 22 | Sole ownership | 8,792 | No | CB | 9,429 | 22.4 28.3 |
30.3 1.0 |
| Brugg | Bahnhofstrasse 11 | Condominium | 2,726 | No | CB | 4,076 | 33.0 33.3 |
28.7 0.0 |
| Bülach | Bahnhofstrasse 39 | Sole ownership | 563 | No | CB | 944 | 64.8 16.6 |
0.0 0.0 |
| Dierikon | Pilatusstrasse 2 | Sole ownership | 4,397 | No | CB | 4,397 | 60.3 15.8 |
15.3 0.0 |
| Dübendorf | Sonnentalstrasse 5 | Condominium | 4,368 | Yes (code D) 3 | CB | 8,769 | 23.5 0.0 |
65.4 0.0 |
| Dübendorf | Zürichstrasse 98 | Sole ownership | 9,719 | Yes (petrol station / code D) 3 | CB | 10,165 | 28.8 16.5 |
27.9 1.1 |
| Herisau | Obstmarkt 1 | Sole ownership | 1,602 | No | CB | 6,088 | 55.7 2.1 |
7.0 0.0 |
| Horgen | Seestrasse 80 | Sole ownership | 3,393 | No | CB | 2,151 | 76.2 0.0 |
19.0 0.0 |
| Horgen | Seestrasse 82 | Sole ownership | 0 | No | Car park | 64 | 0.0 0.0 |
0.0 0.0 |
| Kreuzlingen | Hauptstrasse 37 | Sole ownership | 1,448 | No | CB | 2,792 | 50.2 17.9 |
0.0 0.0 |
| Kreuzlingen | Lengwilerstrasse 2 | Sole ownership | 7,027 | No | CB | 1,348 | 0.0 66.5 |
0.0 0.0 |
| Kreuzlingen | Leubernstrasse 3 | Sole ownership | 25,530 | No | CB | 17,835 | 8.8 89.3 |
0.0 0.0 |
| Kreuzlingen | Romanshornerstrasse | Sole ownership | 2,180 | No | building right | n / a | 0.0 0.0 |
0.0 0.0 |
| Kriens | Sternmatt 6 | Sole ownership | 28,757 | No | CB | 27,605 | 25.4 3.5 |
48.6 0.9 |
| Lausanne | Flonplex | Sole ownership | 1,953 | Yes8 | Building right | 1,953 | 0.0 0.0 |
0.0 0.0 |
| Lausanne | Parking du Centre | Sole ownership | 5,065 | Yes8 | Building right | 6,526 | 0.0 0.0 |
0.0 0.0 |
| Lausanne | Place de la Gare 4 | Sole ownership | 630 | No | CB | 4,485 | 66.6 13.7 |
0.0 0.0 |
| Lausanne | Place de la Navigation 4 – 6 | Sole ownership | 567 | Yes⁴ | CB – hotel | 2,800 | 0.0 0.0 |
0.0 0.0 |
| Lausanne | Place de l'Europe 6 | Sole ownership | 369 | Yes⁴ | CB – hotel | 923 | 0.0 0.0 |
0.0 0.0 |
| Lausanne | Place de l'Europe 7 | Sole ownership | 391 | Yes⁴ | CB | 1,423 | 66.3 7.9 |
0.0 0.0 |
| Lausanne | Place de l'Europe 8 | Sole ownership | 1,035 | Yes⁴ | CB | 1,593 | 75.5 24.5 |
0.0 0.0 |
| Lausanne | Place de l'Europe 9 | Sole ownership | 975 | Yes⁴ | CB | 3,492 | 43.3 31.3 |
0.0 0.0 |
| Lausanne | Rue de Genève 2 / 4 / 6 / 8 | Sole ownership | 2,260 | Yes⁴ | CB | 4,401 | 10.3 89.7 |
0.0 0.0 |
| Lausanne | Rue de Genève 7 | Sole ownership | 3,343 | Yes⁴ | CB–share investment prop. | 5,114 | 12.4 27.2 |
0.0 20.9 |
| Lausanne | Rue de Genève 17 | Sole ownership | 2,312 | Yes⁴ | CB | 6,680 | 43.4 20.8 |
7.2 0.0 |
| Lausanne | Rue de Genève 23 | Sole ownership | 2,524 | Yes6 | CB | 2,104 | 0.0 0.0 |
0.0 0.0 |
| Lausanne | Rue de la Vigie 3 | Sole ownership | 972 | Yes7 | CB | 3,104 | 54.9 0.0 |
0.0 0.0 |
| Lausanne | Rue de la Vigie 5 | Sole ownership | 852 | Yes7 | CB | 3,645 | 61.6 0.0 |
0.0 0.0 |
| Lausanne | Rue des Côtes-de-Montbenon 6 | Sole ownership | 510 | Yes⁴ | CB | 2,182 | 37.0 18.5 |
26.7 0.0 |
| Lausanne | Rue des Côtes-de-Montbenon 8 | Sole ownership | 587 | Yes⁴ | CB | 2,226 | 73.9 0.0 |
3.6 0.0 |
| Lausanne | Rue des Côtes-de-Montbenon 16 | Sole ownership | 850 | Yes⁴ | CB – share investment prop. | 819 | 66.4 0.0 |
0.0 33.6 |
| Lausanne | Rue des Côtes-de-Montbenon 24 / 26 | Sole ownership | 867 | Yes8 | Building right | 867 | 0.0 0.0 |
0.0 0.0 |
| Lausanne | Rue des Côtes-de-Montbenon 28 / 30 | Sole ownership | 1,068 | Yes7 | Building right | 1,068 | 0.0 0.0 |
0.0 0.0 |
| Lausanne | Rue du Port-Franc 9 | Sole ownership | 995 | Yes6 | CB | 1,733 | 21.9 20.5 |
42.4 0.0 |
| Lausanne | Rue du Port-Franc 11 (Miroiterie) | Sole ownership | 612 | Yes5 | CB | 2,309 | 0.0 57.9 |
0.0 0.0 |
| Lausanne | Rue du Port-Franc 17 (Les Colonnades) | Sole ownership | 776 | Yes5 | CB | 2,142 | 57.9 0.0 |
0.0 24.9 |
| Lausanne | Rue du Port-Franc 20; Rue de Genève 33 | Sole ownership | 2,000 | Yes5 | CB | 9,971 | 34.9 65.1 |
0.0 0.0 |
| Lausanne | Rue du Port-Franc 22; Rue de la Vigie 1 | Sole ownership | 1,999 | Yes5 | CB | 4,066 | 81.3 8.9 |
0.0 0.0 |
| Lausanne | Voie du Chariot 3 | Sole ownership | 500 | Yes5 | CB | 2,168 | 75.5 15.5 |
0.0 0.0 |
| Lausanne | Voie du Chariot 4 / 6 | Sole ownership | 2,614 | Yes5 | CB | 5,438 | 32.0 65.2 |
0.0 0.0 |
| Lausanne | Voie du Chariot 5 / 7 | Sole ownership | 1,042 | Yes5 | CB | 5,030 | 54.3 15.9 |
0.0 13.8 |
| Lucerne | Alpenstrasse 9 | Sole ownership | 569 | No | RB + CB | 1,979 | 55.5 13.1 |
0.0 21.6 |
| Neuhausen | Victor-von-Bruns-Strasse 19 | Sole ownership | 1,597 | No | CB | 2,806 | 93.8 0.0 |
0.0 0.0 |
⁵ Site pollution eliminated – property rebuilt in recent years
⁴ Site pollution unlikely – the property must be maintained in accordance with the design plan ("Gestaltungsplan") and has been subject to comprehensive renovation in recent years
| Property | Total rentable | Office space | Sales space | Commercial | Residential | Other |
|---|---|---|---|---|---|---|
| description ⁹ | space in m² | in % | in % | space in % | space in % | uses in % |
| CB | 13,165 | 55.7 | 0.0 | 9.1 | 1.5 | 33.7 |
| CB | 14,219 | 28.3 | 0.0 | 63.0 | 0.0 | 8.6 |
| CB | 9,429 | 22.4 | 28.3 | 30.3 | 1.0 | 18.0 |
| CB | 4,076 | 33.0 | 33.3 | 28.7 | 0.0 | 5.0 |
| CB | 944 | 64.8 | 16.6 | 0.0 | 0.0 | 18.5 |
| CB | 4,397 | 60.3 | 15.8 | 15.3 | 0.0 | 8.6 |
| CB | 8,769 | 23.5 | 0.0 | 65.4 | 0.0 | 11.1 |
| CB | 10,165 | 28.8 | 16.5 | 27.9 | 1.1 | 25.7 |
| CB | 6,088 | 55.7 | 2.1 | 7.0 | 0.0 | 35.2 |
| CB | 2,151 | 76.2 | 0.0 | 19.0 | 0.0 | 4.8 |
| Car park | 64 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 |
| CB | 2,792 | 50.2 | 17.9 | 0.0 | 0.0 | 31.9 |
| CB | 1,348 | 0.0 | 66.5 | 0.0 | 0.0 | 33.5 |
| CB | 17,835 | 8.8 | 89.3 | 0.0 | 0.0 | 1.9 0.0 |
| building right | n / a | 0.0 | 0.0 | 0.0 | 0.0 | |
| CB | 27,605 | 25.4 | 3.5 | 48.6 | 0.9 | |
| Building right | 1,953 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 |
| Building right | 6,526 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 |
| CB | 4,485 | 66.6 | 13.7 | 0.0 | 0.0 | |
| CB – hotel | 2,800 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 100.0 |
| CB – hotel | 923 | 0.0 | 0.0 | 0.0 | 0.0 | |
| CB | 1,423 | 66.3 | 7.9 | 0.0 | 0.0 | |
| CB | 1,593 | 75.5 | 24.5 | 0.0 | 0.0 | |
| CB | 3,492 | 43.3 | 31.3 | 0.0 | 0.0 | |
| CB CB–share investment prop. |
4,401 5,114 |
10.3 12.4 |
89.7 27.2 |
0.0 0.0 |
0.0 20.9 |
|
| CB | 6,680 | 43.4 | 20.8 | 7.2 | 0.0 | |
| CB | 2,104 | 0.0 | 0.0 | 0.0 | 0.0 | |
| CB | 3,104 | 54.9 | 0.0 | 0.0 | 0.0 | 100.0 |
| CB | 3,645 | 61.6 | 0.0 | 0.0 | 0.0 | |
| CB | 2,182 | 37.0 | 18.5 | 26.7 | 0.0 | |
| CB | 2,226 | 73.9 | 0.0 | 3.6 | 0.0 | |
| CB – share investment prop. | 819 | 66.4 | 0.0 | 0.0 | 33.6 | |
| 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 |
| CB | 1,733 | 21.9 | 20.5 | 42.4 | 0.0 | 15.2 |
| CB | 2,309 | 0.0 | 57.9 | 0.0 | 0.0 | 42.1 |
| CB | 2,142 | 57.9 | 0.0 | 0.0 | 24.9 | |
| CB | 9,971 | 34.9 | 65.1 | 0.0 | 0.0 | |
| CB | 4,066 | 81.3 | 8.9 | 0.0 | 0.0 | |
| CB | 2,168 | 75.5 | 15.5 | 0.0 | 0.0 | |
| CB | 5,438 | 32.0 | 65.2 | 0.0 | 0.0 | |
| CB | 5,030 | 54.3 | 15.9 | 0.0 | 13.8 | |
| RB + CB | 1,979 | 55.5 | 13.1 | 0.0 | 21.6 | |
| CB | 2,806 | 93.8 | 0.0 | 0.0 | 0.0 |
53
| Location | Address | Ownership | Site area | Register of |
|---|---|---|---|---|
| in m² | polluted sites | |||
| Renens | Chemin de la Rueyre 116 / 118 | Sole ownership | 4,503 | No |
| St. Gallen | Schochengasse 6 | Sole ownership | 1,316 | No |
| St. Gallen | St. Leonhardstrasse 22 | Sole ownership | 219 | No |
| St. Gallen | Wassergasse 42 / 44 | Condo (867 / 1,000) | 1,714 | No |
| St. Gallen | Wassergasse 50 / 52 | Sole ownership | 1,373 | No |
| Winterthur | Industriestrasse 26 | Sole ownership | 3,635 | Yes (code D) 3 |
| Zurich | Bahnhofplatz 4 | Sole ownership | 189 | Yes |
| Zurich | Friedaustrasse 17 | Sole ownership | 869 | No |
| Zurich | Hardturmstrasse 3 / 5 (Mobimo Tower) | Sole ownership | 2,151 | Yes |
| Zurich | Letzigraben 134 – 136 | Sole ownership | 5,003 | Yes |
| Zurich | Rautistrasse 12 | Sole ownership | 1,894 | Yes (petrol station) |
| Zurich | Schifflände 6; Kruggasse 1 | Sole ownership | 120 | No |
| Zurich | Stauffacherstrasse 41 | Sole ownership | 1,405 | No |
| Zurich | Thurgauerstrasse 23; Siewerdtstrasse 25 | Sole ownership | 2,657 | No |
| Zurich | Turbinenstrasse –Mobimo Tower Hotel | Sole ownership | 5,808 | No |
| Zurich | Witikonerstrasse 311 / 311b | Sole ownership | 1,846 | No |
| 61 | Commercial investment properties | 196,747 | ||
| Aarau | Site 1 – Torfeld Süd | Sole ownership | 3,774 | Yes (insignificant) |
| Aarau | Site 2 – Torfeld Süd | Sole ownership | 12,692 | Yes (insignificant) |
| Aarau | Site 3 – Torfeld Süd | Sole ownership | 14,249 | Yes (insignificant) |
| Aarau | Site 4 – Torfeld Süd | Sole ownership | 13,032 | Yes (insignificant) |
| Kriens | Mattenhof (building land) | Sole ownership | 3,666 | No |
| Lausanne | Avenue d'Ouchy 4 – 6 | Sole ownership | 12,609 | Yes7 |
| Lausanne | Rue de Genève 19 | Sole ownership | 2,733 | Yes6 |
| Lausanne | Rue de Genève 21 | Sole ownership | 2,524 | Yes6 |
| Lausanne | Rue des Côtes-de-Montbenon 1 / 3 | Sole ownership | 1,101 | Yes7 |
| Lausanne | Rue des Côtes-de-Montbenon 5 | Sole ownership | 734 | Yes7 |
| Lausanne | Rue des Côtes-de-Montbenon 11 | Sole ownership | 696 | Yes7 |
| Lausanne | Rue des Côtes-de-Montbenon 12 | Sole ownership | 499 | Yes7 |
| Lausanne | Rue des Côtes-de-Montbenon 14 | Sole ownership | 647 | Yes7 |
| Regensdorf | Althardstrasse 10 | Sole ownership | 7,714 | No |
| Regensdorf | Althardstrasse 30 | Sole ownership | 9,355 | No |
| Zurich | Albulastrasse /Hohlstrasse | Sole ownership | 8,663 | Yes |
| 16 | Commercial development properties | 94,688 | ||
| 77 | Total commercial properties | 291,435 |
³ Code D: clarification necessary in the context of building projects
⁴ Site pollution unlikely – the property must be maintained in accordance with the design plan ("Gestaltungsplan") and has been subject to comprehensive renovation in recent years
⁵ Site pollution eliminated – property rebuilt in recent years
| Property | Total rentable | Office space | Sales space | Commercial | Residential | Other |
|---|---|---|---|---|---|---|
| description ⁹ | space in m² | in % | in % | space in % | space in % | uses in % |
| CB | 4,329 | 67.1 | 0.0 | 0.8 | 0.0 | 32.1 |
| CB | 4,460 | 95.4 | 0.0 | 0.0 | 0.0 | 4.6 |
| CB | 1,090 | 79.1 | 12.8 | 0.0 | 0.0 | 8.2 |
| CB | 3,959 | 80.4 | 0.0 | 0.0 | 9.4 | 10.2 |
| CB | 3,554 | 72.3 | 0.0 | 0.0 | 0.0 | 27.7 |
| CB | 11,330 | 63.1 | 0.8 | 21.8 | 0.0 | 14.3 |
| CB | 758 | 63.5 | 27.8 | 0.0 | 0.0 | 8.7 |
| CB | 2,634 | 62.7 | 0.0 | 3.7 | 10.5 | 23.1 |
| CB | 8,228 | 94.3 | 0.0 | 0.0 | 0.0 | 5.7 |
| CB | 6,878 | 16.2 | 0.0 | 33.1 | 1.3 | 49.4 |
| CB | 6,093 | 73.3 | 15.2 | 1.8 | 1.3 | 8.3 |
| CB | 511 | 50.9 | 0.0 | 0.0 | 7.4 | 41.7 |
| CB | 6,793 | 66.3 | 1.0 | 0.0 | 0.0 | 32.6 |
| CB | 3,902 | 59.1 | 6.8 | 6.9 | 0.0 | 27.2 |
| CB – hotel | 17,874 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 |
| RB+CB | 2,089 | 48.3 | 0.0 | 6.9 | 29.2 | 15.6 |
| 300,575 | 39.4 | 16.5 | 15.0 | 1.7 | 27.5 | |
| CB | 4,286 | 85.9 | 0.0 | 0.0 | 0.0 | 14.1 |
| CB | 4,084 | 4.4 | 2.4 | 82.7 | 6.9 | 3.6 6.3 |
| CB CB |
21,248 9,929 |
0.5 0.0 |
0.0 0.0 |
93.3 96.4 |
0.0 3.6 |
|
| Building land | 0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| CB | 25,700 | 21.6 | 15.2 | 47.2 | 0.0 | |
| CB | 3,374 | 0.0 | 18.1 | 26.6 | 0.0 | |
| CB | 3,515 | 0.0 | 17.1 | 26.9 | 0.0 | 56.0 |
| CB | 314 | 0.0 | 0.0 | 100.0 | 0.0 | |
| CB | 272 | 0.0 | 0.0 | 36.4 | 0.0 | 63.6 |
| CB | 220 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 |
| CB | 935 | 0.0 | 0.0 | 21.4 | 0.0 | 78.6 |
| CB | 640 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 |
| CB | 12,309 | 42.0 | 31.1 | 0.0 | 0.0 | 26.9 |
| CB | 12,878 | 61.3 | 0.0 | 29.6 | 2.2 | 6.9 |
| CB | 7,712 | 3.3 | 0.0 | 85.1 | 0.0 | 11.6 |
| 107,416 | 21.3 | 8.4 | 54.5 | 0.9 | 14.9 | |
| 407,991 | 34.6 | 14.4 | 25.4 | 1.5 | 24.2 | |
⁶ Site pollution suspected but no measures expected – property must be maintained in accordance with the "Gestaltungsplan"
⁷ Site pollution suspected, measures required for newbuild projects
⁸ Building-right plots on which newbuild projects have been completed in recent years
⁹ CB = commercial building; RB = residential building
| Location | Address | Acquired | Construction | Year |
|---|---|---|---|---|
| year | renovated | |||
| Bergdietikon | Baltenschwilerstrasse 3 / 5 / 7 / 9 / 11 / 13 / 15 / 17 | Oct 2007 | 1973 / 1980 | 1992 / 2007 |
| Binz | Zürichstrasse 244 / 246 | Nov 2005 | 1966 | 1997 / 2001 |
| Horgen | Seestrasse 43 – 49 | Nov 2005 | 2011 | |
| Horgen | Seestrasse 63 – 69 | Nov 2005 | 2011 | |
| Lausanne | Avenue d'Ouchy 70 | Nov 2009 | 1906 | 2004 |
| Lausanne | Avenue d'Ouchy 72 / 74 | Nov 2009 | 1907 | |
| Lausanne | Avenue d'Ouchy 76 | Nov 2009 | 1907 | 2004 |
| Lausanne | Place de la Navigation 2 | Nov 2009 | 1895 | 2004 |
| Lausanne | Rue Beau-Séjour 8 | Nov 2009 | 2011 | |
| Lausanne | Rue des Fontenailles 1 | Nov 2009 | 1910 / 1963 | 1993 |
| Münchwilen | Buchenacker 22 / 24 / 26 / 28; Unterer Buchenacker 7 | Jun 2007 | 1994 / 1995 | |
| Opfikon-Glattbrugg | Farmanstrasse 47 / 49 | Dec 2010 | 2009 | |
| Rheinfelden | Rütteliweg 8; Spitalhalde 40 | Sep 2006 | 1972 | 2004 |
| St. Gallen | Teufenerstrasse 15 | Dec 2006 | 1900 | 2005 |
| Wängi | Brühlwiesenstrasse 11a / 11b / 15a / 15b / 19a / 19b | Jun 2007 | 1984 / 1988 | |
| Zurich | Katzenbachstrasse 221 – 231 | Oct 2004 / Feb 2005 | 2009 | |
| Zurich | Katzenbachstrasse 239 | Mar 2008 | 1969 | |
| Zurich | Klingenstrasse 34; Konradstrasse 68 | Nov 2001 | 1897 | 1987 |
| Zurich | Manessestrasse 190 / 192; Staffelstrasse 1/ 3 / 5 | Dec 2005 | 2012 | |
| Zurich | Wettingerwies 7; Zeltweg | April 1999 | 1969 | 2003 |
20 Residential investment properties 369,774 5.5 20,262 7.1 5.5
| Location | Address | Ownership | Site area in m² |
Register of polluted sites |
|---|---|---|---|---|
| Bergdietikon | Baltenschwilerstrasse 3 / 5 / 7 / 9 / 11 / 13 / 15 / 17 | Sole ownership | 11,131 | No |
| Binz | Zürichstrasse 244 / 246 | Sole ownership | 4,325 | No |
| Horgen | Seestrasse 43 – 49 | Sole ownership | 6,047 | No |
| Horgen | Seestrasse 63 – 69 | Sole ownership | 5,307 | No |
| Lausanne | Avenue d'Ouchy 70 | Sole ownership | 478 | Yes⁴ |
| Lausanne | Avenue d'Ouchy 72 / 74 | Easement | 0 | Yes⁴ |
| Lausanne | Avenue d'Ouchy 76 | Sole ownership | 738 | Yes⁴ |
| Lausanne | Place de la Navigation 2 | Sole ownership | 254 | Yes⁴ |
| Lausanne | Rue Beau-Séjour 8 | Sole ownership | 3,827 | Yes⁵ |
| Lausanne | Rue des Fontenailles 1 | Sole ownership | 716 | No |
| Münchwilen | Buchenacker 22 / 24 / 26 / 28; Unterer Buchenacker 7 | Sole ownership | 5,741 | No |
| Opfikon-Glattbrugg | Farmanstrasse 47 / 49 | Sole ownership | 3,840 | No |
| Rheinfelden | Rütteliweg 8; Spitalhalde 40 | Sole ownership | 14,817 | No |
| St. Gallen | Teufenerstrasse 15 | Sole ownership | 658 | No |
| Wängi | Brühlwiesenstrasse 11a / 11b / 15a / 15b / 19a / 19b | Sole ownership | 7,412 | No |
| Zurich | Katzenbachstrasse 221 – 231 | Sole ownership | 6,137 | No |
| Zurich | Katzenbachstrasse 239 | Sole ownership | 1,987 | No |
| Zurich | Klingenstrasse 34; Konradstrasse 68 | Sole ownership | 361 | No |
| Zurich | Manessestrasse 190 /192; Staffelstrasse 1 / 3 / 5 | Sole ownership | 2,345 | No |
| Zurich | Wettingerwies 7; Zeltweg | Sole ownership | 610 | No |
| 20 | Residential investment properties | 76,731 |
¹ Target gross yield as at reporting date 30. 06. 2012 as % of market value ⁹ CB = commercial building; RB = residential building
² Vacancy rate as % of target rental income
| Year | Market value | Acquisition costs | Gross yield | Target rental | Vacancy rate as at | Vacant space as at |
|---|---|---|---|---|---|---|
| renovated | in TCHF | in TCHF | in %¹ | revenues in TCHF | 30. 06. 2012 in % 2 | 30. 06. 2012 in % |
| 1992 / 2007 | 19,890 | 5.2 | 1,024 | 2.1 | 2.9 | |
| 1997 / 2001 | 9,806 | 5.5 | 537 | 1.0 | 0.0 | |
| 27,950 | 5.1 | 1,419 | 5.7 | 4.4 | ||
| 25,950 | 5.1 | 1,324 | 5.4 | 5.1 | ||
| 2004 | 4,432 | 5.8 | 256 | 0.0 | 0.0 | |
| 2,173 | 6.7 | 146 | 0.0 | 0.0 | ||
| 2004 | 12,560 | 5.0 | 630 | 0.0 | 0.0 | |
| 2004 | 5,060 | 5.9 | 299 | 0.0 | 0.0 | |
| 73,620 | 5.6 | 4,135 | 0.0 | 2.5 | ||
| 1993 | 2,683 | 5.7 | 152 | 1.1 | ||
| 13,040 | 6.0 | 777 | 0.6 | |||
| 22,130 | 5.0 | 1,104 | 5.9 | |||
| 2004 | 17,950 | 6.1 | 1,102 | 3.1 | ||
| 2005 | 3,844 | 5.0 | 191 | 1.8 | ||
| 11,270 | 6.3 | 713 | 0.6 | |||
| 45,700 | 5.4 | 2,448 | 14.6 | |||
| 5,146 | 5.8 | 299 | 13.8 | |||
| 1987 | 7,360 | 5.5 | 404 | 0.0 | ||
| 48,990 | 5.6 | 2,745 | 26.5 | |||
| 2003 | 10,220 | 5.5 | 558 | 0.0 | ||
| 369,774 | 5.5 | 20,262 | 7.1 |
| Property | Total | 1 – 1½- | 2 – 2½- | 3 – 3½- | 4 – 4½- | 5 or more | Total | Space with |
|---|---|---|---|---|---|---|---|---|
| description 9 | rentable | room | room | room | room | room | apartments | other uses in |
| space in m² | apartments | apartments | apartments | apartments | apartments | % | ||
| 3 RB | 5,226 | 0 | 8 | 18 | 28 | 0 | 54 | 6.0 |
| RB | 2,580 | 0 | 6 | 12 | 12 | 0 | 30 | 4.5 |
| RB | 4,555 | 0 | 2 | 6 | 24 | 7 | 39 | 6.6 |
| RB | 4,051 | 0 | 0 | 24 | 16 | 0 | 40 | 0.5 |
| RB+CB | 1,133 | 0 | 0 | 5 | 0 | 5 | 10 | 6.8 |
| RB | 979 | 0 | 6 | 3 | 3 | 0 | 12 | 0.0 |
| RB+CB | 2,517 | 0 | 0 | 0 | 0 | 10 | 10 | 28.0 |
| RB+CB | 1,239 | 0 | 2 | 0 | 1 | 5 | 8 | 8.6 |
| RB | 10,211 | 0 | 19 | 55 | 17 | 10 | 101 | 2.5 |
| RB | 957 | 2 | 0 | 0 | 4 | 4 | 10 | 0.0 |
| 3 RB | 4,358 | 0 | 4 | 20 | 20 | 0 | 44 | 4.7 |
| 7 RB | 3,609 | 1 | 13 | 16 | 9 | 0 | 39 | 0.4 |
| 2 RB | 5,588 | 8 | 30 | 0 | 46 | 0 | 84 | 0.5 |
| RB+CB | 1,598 | 1 | 2 | 1 | 7 | 0 | 11 | 30.1 |
| 3 RB | 4,439 | 0 | 6 | 21 | 21 | 0 | 48 | 2.1 |
| RB | 7,961 | 0 | 5 | 32 | 27 | 5 | 69 | 4.1 |
| RB | 1,610 | 0 | 5 | 8 | 5 | 0 | 18 | 0.0 |
| 2 RB+CB | 1,457 | 0 | 0 | 7 | 3 | 0 | 10 | 41.2 |
| RB | 6,583 | 0 | 11 | 21 | 20 | 0 | 52 | 10.0 |
| RB+CB | 1,145 | 21 | 0 | 0 | 0 | 0 | 21 | 42.1 |
| 71,796 | 33 | 119 | 249 | 263 | 46 | 710 | 6.6 |
| Location | Address | Ownership | Acquired | Construction year |
|---|---|---|---|---|
| Aarau | Polygon – Industriestrasse | Sole ownership | Jun 2001 | 2012 |
| Affoltern am Albis | Obstgartenstrasse – retirement apartments | Sole ownership | Aug 2011 | 2013 |
| Affoltern am Albis | Obfelderstrasse – rental apartments | Sole ownership | Aug 2011 | 2013 |
| Horgen | Seestrasse 93 –Meilenwerk | Sole ownership | Jan 2000 | 1956 / 2013 |
| Lausanne | Avenue d'Ouchy 4 – 6 (Administration) | Sole ownership | May 2010 | 1962 / 2012 |
| Lausanne | Vallée du Flon – Les Pépinières | Sole ownership | Nov 2009 | 2013 |
| Regensdorf | Schulstrasse 95 / 101 / 107 / 115; Riedthofstrasse 55 / 63; | Sole ownership | Jun 2007 | 1963 / 1969 / 2013 |
| Feldblumenstrasse 44 | ||||
| Zurich | Turbinenstrasse –City West, Site C | Sole ownership | Dec 2010 | 2013 |
| 8 | Properties under construction |
All the above investment properties are in the construction phase. Completion of the properties in Lausanne, Avenue d'Ouchy 4 – 6 and Aarau, Polygon – Industriestrasse, Site 3 is planned for the second half of 2012. Construction in Horgen, Seestrasse 93 –Meilenwerk, Lausanne, Les Pépinières and Zurich, Turbinenstrasse –City West, Site C is scheduled to end in 2013. Affoltern am Albis, Obstgarten- and Obfelderstrasse are scheduled to be completed by the end of 2013.
| Location | Address | Ownership | Acquired | Construction year |
|---|---|---|---|---|
| Lausanne | Rue de Genève 7 | Sole ownership | Nov 2009 | 1932 |
| Lausanne | Rue des Côtes-de-Montbenon 16 | Sole ownership | Nov 2009 | 1912 |
| Küsnacht | Seestrasse 59 | Sole ownership | Sep 2002 | 2006 |
| 3 | Properties |
| Location | Address | Ownership | Acquired | Construction year |
|---|---|---|---|---|
| Lausanne | Flonplex | Co-ownership 40% | Nov 2009 | 2001 |
| Lausanne | Parking du Centre | Co-ownership 50% | Nov 2009 | 2002 |
| Lausanne | Parking St-François | Co-ownership 26.5% | Nov 2009 | n / a |
| 3 | Participations |
³ Code D: clarification necessary within framework of building project ⁵ Site pollution eliminated – property rebuilt in recent years
⁴ Site pollution unlikely – the property must be maintained in accordance with the design plan ("Gestaltungsplan") and has been subject to comprehensive renovation in recent years
| Total rentable | Description of | Register of | Site area | Market value |
|---|---|---|---|---|
| area in m² | property | polluted sites | in m² | CHF thousands |
| 4,215 | Com | Yes (code D) ³ | 3,840 | 19,320 |
| 8,701 | Com | No | 3,537 | 13,950 |
| 4,366 | Res | No | 5,305 | 6,147 |
| 19,099 | Com | Yes | 10,767 | 32,110 |
| 7,717 | Com | Yes7 | 12,609 | 36,030 |
| 7,276 | Com | Yes | 2,602 | 12,880 |
| 12,367 | 9 Res | No | 16,656 | 21,370 |
| 10,040 | Res | No | 7,431 | 59,060 |
| 73,781 | 62,747 | 200,867 | ||
| Total rentable | Description of | Register of | Site area | Carrying amount |
|---|---|---|---|---|
| area in m2 | property | polluted sites | in m2 | CHF thousands |
| Com-owner-occupied portion | Yes⁴ | 3,343 | 3,997 | |
| Com-owner-occupied portion | Yes⁴ | 850 | 649 | |
| Com | No | 2,287 | 12,326 | |
| 6,480 | 16,972 |
| Total rentable | Description of | Register of | Site area | Market value |
|---|---|---|---|---|
| area in m2 | property | polluted sites | in m2 | CHF thousands |
| 5,256 | Multiplex cinema | Yes 5 | 0 | 9,525 |
| Car park | Yes 5 | 0 | 28,200 | |
| Car park | Yes 7 | 0 | 2,533 | |
| 5,256 | 40,258 |
⁶ Site pollution suspected but no measures expected – properties must be maintained in accordance with the "Gestaltungsplan"
⁷ Site pollution suspected, measures required in newbuild plans
⁸ Building-right plot on which newbuild projects have been completed in recent years
⁹ Com = commercial; Res = residential
59
In this section the Mobimo Group reports its key performance figures in accordance with the Best Practices Recommendations of the EPRA Reporting and Accounting Committee. The European Public Real Estate Association is an association of leading European property companies and is a partner of the FTSE EPRA/NAREIT index family, which added the Mobimo Holding AG share as one of its components on 20 June 2011. The figures published elsewhere by Mobimo on NAV, net initial yield and vacancy rates may vary from the EPRA figures set out below, as Mobimo does not for example include the market value of trading properties, which are accounted for at cost, and bases its calculations on effective rents. However, when calculating earnings per share Mobimo does take account of profits on the sale of trading and investment properties.
| A EPRA earnings and EPRA earnings per share | ||||
|---|---|---|---|---|
| Earnings as per IFRS income statement | 39,608 | |||
| (i) G ain or loss from the revaluation of investment properties |
–22,731 | |||
| (ii) Net income from the sale of investment properties and other financial assets carried at market value |
–58 | |||
| (iii) Net income from the sale of trading properties including valuation allowances |
–3,163 | |||
| (iv) Tax on profits or losses on disposals |
949 | |||
| (v) Negative goodwill/impairment of goodwill |
n / a | |||
| (vi) Changes in the fair value of financial instruments |
486 | |||
| (vii) Transaction costs for the purchase of companies and associates |
n / a | |||
| (viii) Deferred tax on EPRA adjustments |
5,286 | |||
| (ix) Adjustments to positions (i) to (viii) in respect of associates |
–527 | |||
| (x) Minority interests in respect of the above |
n / a | |||
| EPRA earnings | ||||
| Average number of shares outstanding | ||||
| EPRA earnings per share | 3.21 |
| B EPRA net asset value | 30.06.2012 | 31.12.2011 |
|---|---|---|
| NAV as per consolidated financial statements | 1,159,127 | 1,174,183 |
| Dilution effect of exercise of options, convertibles and other equity instruments | 165,532 | 170,900 |
| Diluted NAV after the exercise of options, convertibles and other equity instruments | 1,324,660 | 1,345,083 |
| (i.a) R evaluation of investment properties (if IAS 40 cost model is used) |
n / a | n / a |
| (i.b) R evaluation of investment properties under construction (if IAS 40 cost option |
||
| is used) | n / a | n / a |
| (i.c) R evaluation of other investments (owner-occupied properties) |
9,370 | 8,847 |
| (ii) R evaluation of rental agreements for properties under finance leases |
n / a | n / a |
| (iii) Difference in valuation of trading properties |
46,905 | 47,495 |
| (iv) Market value of derivative financial instruments |
28,158 | 25,358 |
| (v.a) Deferred tax |
113,911 | 107,137 |
| (v.b) G oodwill from deferred tax |
n / a | n / a |
| Adjustments to (i) to (v) in respect of associates | 3,577 | n / a |
| EPRA NAV | 1,526,582 | 1,533,921 |
| Number of shares outstanding (diluted) | 6,199,208 | 7,027,347 |
| EPRA NAV per share | 217.45 | 218.28 |
| C Triple net asset value (NNNAV) | 30.06.2012 | 31.12.2011 |
|---|---|---|
| EPRA NAV | 1,526,582 | 1,533,921 |
| (i) Market value of derivative financial instruments |
–28,158 | –25,358 |
| (ii) Market value of financial liabilities |
–99,108 | –96,385 |
| (iii) Deferred tax |
–113,911 | –107,137 |
| EPRA NNNAV | 1,285,404 | 1,305,041 |
| Number of shares outstanding (diluted) | 7,020,350 | 7,027,347 |
| EPRA NNNAV per share | 183.10 | 185.71 |
| D EPRA net initial yield from rental income | 30.06.2012 | 31.12.2011 |
|---|---|---|
| Investment properties – ownership | 1,908,075 | 1,835,558 |
| Investment properties – joint ventures/funds | 37,725 | 20,087 |
| Trading properties | 344,193 | 319,008 |
| Less developments (land, investment properties under construction, trading properties) | –548,247 | –505,159 |
| Value of the completed investment properties | 1,741,746 | 1,669,494 |
| Allowance for estimated purchaser costs | 0 | 0 |
| Gross up completed property portfolio valuation | 1,741,746 | 1,669,494 |
| Annualised cash passing rental income | 94,605 | 92,810 |
| Direct expenses for investment properties | –10,403 | –12,771 |
| Annualised net rental income | 84,202 | 80,039 |
| Plus additional expected rental income after expiry of rent-free periods or other lease incentives | 0 | 0 |
| "Topped-up" net rental income | 84,202 | 80,039 |
| EPRA net initial yield from rental income | 4.8 % | 4.8% |
| EPRA "topped-up" net initial yield from rental income | 4.8 % | 4.8% |
| E EPRA vacancy rate | 30.06.2012 | 31.12.2011 |
|---|---|---|
| Estimated rental income potential from vacant space | 3,596 | 2,768 |
| Estimated rental income from overall portfolio | 87,170 | 84,980 |
| EPRA vacancy rate | 4.1 % | 3.3% |
The relevant performance key figures were calculated for the first time on 31 December 2011, meaning that no values are available for the prior period for the EPRA earnings and EPRA earnings per share.
Rütligasse 1 CH-6000 Lucerne 7 Tel. +41 41 249 49 80 Fax +41 41 249 49 89 www.mobimo.ch
Seestrasse 59 CH-8700 Küsnacht Tel. +41 44 397 11 11 Fax +41 44 397 11 12
Seestrasse 59 CH-8700 Küsnacht Tel. +41 44 397 11 11 Fax +41 44 397 11 12
LO Holding Lausanne-Ouchy SA LO Immeubles SA Mobimo Management SA O4Real SA Rue de Genève 7 CH-1001 Lausanne Tel. +41 21 341 12 12 Fax +41 21 341 12 13
The Half-Year Report 2012 is also available in French and German. The English report is a translation of the original German.
Overall responsibility: Mobimo Holding AG
Design and layout: Baldinger & Baldinger AG, Aarau
Photos: Kessler Michael, www.profifoto.ch Wavre Olivier, www.wavre.ch Wyrsch Donovan, www.donovanpicture.com
Visualisation: Dachtler Partner AG, www.dachtlerpartner.ch Raumgleiter GmbH, www.raumgleiter.com
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