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Mobimo Holding AG — Investor Presentation 2011
Aug 25, 2011
933_ip_2011-08-25_40635fa0-4ec1-460d-83ac-8bed06337a16.pdf
Investor Presentation
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MOBIMO COMPANY PRESENTATION
DISCLAIMER
The financial data as well as the other information presented herein constitute selected information.
The information in this presentation does not constitute an offer or invitation and may not be construed as a recommendation by us to purchase, hold or sell shares of Mobimo Holding AG. This information or any copy thereof may not be sent or taken to or distributed in any jurisdiction in which such transmission or distribution is unlawful. This document may contain certain 'forward-looking' statements. By their nature, forwardlooking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements.
HIGHLIGHTS
- Important projects completed
- Enhanced quality of portfolio / vacancy rate 4.4%
- Further developments in project pipeline
- lnclusion in EPRA Index
KEY FINANCIAL FIGURES I
| in CHF m. |
30.06.2011 | 31.12.2010 | 30.06.2010 |
|---|---|---|---|
| Net income, trading properties | 0.5 | 8.4 | 4.6 |
| Net income, rentals | 37.1 | 79.2 | 38.2 |
| Net income, revaluations | 16.6 1) | 29.1 | 16.5 |
| Sales income, investment properties | 1.1 | 5.4 | -0.1 |
| Tax expense | -1.3 | -11.9 | -7.0 |
| Profit | 34.5 | 66.0 | 28.8 |
1) CHF 15.4 million of net income from revaluation derives from operating performance, thereof CHF 4.1 million relating to investment properties under construction and CHF 11.3 million mainly coming from successful letting. An additional CHF 1.2 million is attributable to market-driven changes to discount rates.
KEY FINANCIAL FIGURES II
| in CHF | 30.06.2011 | 31.12.2010 | 30.06.2010 |
|---|---|---|---|
| EBITDA | 46.9 m. | 103.5 m. |
49.9 m. |
| EBIT | 46.2 m. | 102.2 m. | 49.3 m. |
| Profit | 34.5 m. | 66.0 m. | 28.8 m. |
| Return on equity | 7.3 % | 7.1 % | 7.5 % |
DEVELOPMENT AS AN ADDED (HY 2011)
PROPERTY PORTFOLIO
7
DEVELOPMENT OF MOBIMO NAV 2005 - 2011
SOLID FINANCING
| Goal | 30.06.2011 | 31.12.2010 | 30.06.2010 | |
|---|---|---|---|---|
| Equity ratio | > 40 % | 43 % | 45 % | 45 % |
| Interest coverage factor |
> 2.0 | 2.3 | 3.0 | 2.7 |
| Net gearing | < 150 % | 102 % | 92 % | 92 % |
| Average interest rate | 3.0 % | 2.9 % | 2.9 % | |
| Average residual maturity |
4.8 years | 5.1 years | 5.5 years |
MATURITY PROFILE OF FINANCIAL LIABILITIES
Ø residual maturity: 4.8 years
Ø interest rate: 3.0% Total: CHF 1,040 m.
1) Non-current financial liabilities include the convertible bond in the amount of CHF 175 million maturing on 30 June 2014 in addition to mortgage liabilities.
CHANGE IN YIELD SPREAD (INVESTMENT PROPERTIES)
SHARE DATA
| in CHF | 30.06.2011 | 31.12.2010 | 30.06.2010 |
|---|---|---|---|
| Share capital | 148.9 m. | 148.8 m. | 193.1 m. |
| Market capitalisation | 1,117.8 m. | 1,024.7 m. | 955.1 m. |
| (Half-) year-end share price | 217.70 | 199.70 | 188.00 |
| Distribution | 9.00 | 9.00 | 9.00 |
| Earnings per share | 6.72 | 13.01 | 5.68 |
| per share1) NAV |
188.28 | 190.45 | 191.43 |
1) Assuming all options granted and the convertible bond are exercised
MOBIMO'S PORTFOLIO AS AT 30 JUNE 2011
INVESTMENT PROPERTIES BY ECONOMIC AREA
TARGET RENTAL INCOME BY TYPE OF USE
1) Other use mainly includes: hotels, catering establishments, car parks and ancillary uses.
THE FIVE BIGGEST TENANTS
MATURITY PROFILE OF RENTAL CONTRACTS1)
Ø remaining term: 5,2 years
Company presentation 2011
1) Not including rental contracts of unlimited duration
KEY FIGURES FOR PROPERTY PORTFOLIO
| 30.06.2011 | 31.12.2010 | |
|---|---|---|
| Gross yield on investment properties | 5.9 % | 6.1 % |
| Net yield on investment properties | 5,0 % | 5.1 % |
| Investment property vacancy rate | 4.4 % | 5.1 % |
- Disposal of properties with higher risk premiums = reduction in gross yield
- Successful letting operations = significant reduction in vacancy rate
DEVELOPMENT – A CORE COMPETENCE AT MOBIMO
- Construction of investment properties for own portfolio
- Construction and sale of condominiums
- Achieving added value on existing properties held
PROJECT PIPELINE
Development and construction of investment properties for own portfolio
Under construction: CHF 440 m. In planning: CHF 820 m. 2011 2012 2013 2014 2011 2012 2013 2014 2015
Development, construction and sale of condominiums
Under construction: CHF 440 m. In planning: CHF 320 m.
PROJECTS COMPLETED IN FIRST HALF-YEAR 2011
- Lausanne, Beau-Séjour
- Lausanne, Genève 7
- Winterthur, Museumstrasse
LAUSANNE, BEAU-SÉJOUR
101 apartments (to rent)
Investment CHF 58 m.
Letting status as at 25.8.11: Fully occupied
Location:
Central, urban, close to main railway station and city centre
LAUSANNE FLON, GENÈVE 7
11 apartments (to rent) 1,250 m2 office 1,500 m2 fitness 1,400 m2 retail
Investment CHF 30 m.
Letting status as at 25.8.11: Nearly fully occupied
Location: city centre, Flon
WINTERTHUR, MUSEUMSTRASSE
18 apartments (condominiums)
Investment CHF 18 m.
Sale status as at 25.8.11: all condos sold
Location: very central, popular location in Winterthur, links to town centre
PROJECT PIPELINE – INVESTMENT PROPERTIES UNDER CONSTRUCTION (APPROX. CHF 440 M)
Dates: start to end of construction
AARAU TORFELD SÜD "POLYGON", SITE 3
4,087 m2 office space
Investment CHF 24 m.
Tenant: Rockwell Automation
ZURICH "SECRET GARDEN", MANESSESTRASSE 190/192
52 apartments (to rent)
Investment CHF 49 m.
Letting status as at 25.8.11: 20 units
Location: central, close to Sihlcity
ZURICH-WEST, SITE C
96 rental apartments 1,500 m2 commercial, retail
Investment CHF 86 m.
Rental start: End 2011/Beginning 2012
Location: Situated in Zurich-West/district 5, near Pfingstweidpark, urban, good public transport links
ZURICH, MOBIMO TOWER INVESTMENT AND DEVELOPMENT PROPERTY
53 apartments (condominiums)
Investment CHF 130 m.
Sale status as at 25.8.11: 32 condos
Renaisance Zurich Tower Hotel, 300 rooms
Investment CHF 125 m.
Letting status: 100% let, hotel opening: 15.8.2011
HORGEN, MEILENWERK ZÜRICHSEE
Vintage car centre with catering and events zone / Design Hotel with 100 rooms
Investment CHF 35 m
Start of construction: beginning of 2012 Completion: spring 2013
Location: centrally located near the station and lake Zurich
PROJECT PIPELINE – CONDO PROPERTIES UNDER CONSTRUCTION (APPROX. CHF 440 M)
ADLISWIL, WILACKER
75 apartments (condominiums)
Investment CHF 73 m.
Sale status as at 25.8.11: 39 condos
Location:
in recreation area, above centre of Adliswil, close to Zurich, public transport links
HORGEN, "WISENTAL"
43 apartments (condominiums) Investment CHF 47 m. For sale starting: spring 2011 Location: near the station and city centre,partial lake view
WÄDENSWIL, "TRITON", RÖTIBODENSTRASSE
16 apartments (condominiums)
Investment CHF 21 m.
Sale status as at 25.8.11: 15 condos
Location:
on an intermediate plateau, lake view, decentralised
ZURICHBERG, IM SCHILF
10 apartments (condominiums) Investment CHF 22 m. Sale status as at 25.8.11:
9 condos
Location: Zürichberg, next to Bethanien hospital
ZURICH-WEST, SITES A AND B
Site A: 59 apartments (condominiums)
Site B: 81 apartments (condominiums)
Investment CHF 119 m.
For sale starting: summer 2011
PROJECT PIPELINE – INVESTMENT PROPERTIES IN PLANNING (APPROX. CHF 820 M)
| 2011 | 2012 | 2013 | 2014 | 2015 | |||
|---|---|---|---|---|---|---|---|
| Affoltern a.A., OVA | Apartments, care | home | |||||
| Aarau, Torfeld site 1* | Offices | ||||||
| Aarau, Torfeld site 2* | Approx. 120 apartments, offices, commercial | ||||||
| Aarau, Torfeld site 4* |
Residential | ||||||
| Kriens, Mattenhof site* | Business City | ||||||
| 1) Lausanne, Côtes-de-Montb* |
Commercial, residential | ||||||
| Lausanne, R. de Genève 19/21* |
Commercial, offices, residential | ||||||
| Lausanne, Pépinières | Services, offices | ||||||
| Lausanne, "La Poste"* | Building | renovation | / urban development | ||||
| Lausanne, Vigie 3* 1) | Commercial | ||||||
| Regensdorf, im Pfand*1) | 141 apartments | ||||||
| Zurich, Labitzke site* | approx. 300 apartments, commercial | ||||||
| Zurich, Letzigraben*1) | Residential |
AARAU TORFELD SÜD
Location: central, near Aarau main railway station
Area: 50,000 m2 park included
Gross exploitation: 80,000 m2
Rezoning from an industrial zone to one of mixed use including residential, leisure, office and work.
AFFOLTERN AM ALBIS, OVA SITE
45 rental apartments and 44 retirement apartments
Retirement home for 120 people
Investment CHF 65 m.
Tenant: Senevita (retirement home)
LAUSANNE FLON, "PÉPINIÈRES"
1,800 m2 school 4,100 m2 restaurant, etc. 450 m2 offices
Investment CHF 41 m.
Start of construction: autumn 2011 Completion: spring 2013
Location: on the Esplanade du Flon 2. Destination FLON
LAUSANNE, LA POSTE
Office/ Retail
Investment CHF 30 m.
Beginning: autumn 2011 End: autumn 2012
Location: Close to the central station in Lausanne
PROJECT PIPELINE – CONDO PROPERTIES IN PLANNING (APPROX. CHF 330 M)
Dates: start to end of construction
OUTLOOK: FOCAL POINTS OF OPERATIONS IN 2011
- Implementing the numerous building projects
- Increasing rental and promotion income
- Further quality improvements to portfolio (transformation, conversion, disposal)
- Further developments in project pipeline
CONTACT DETAILS
Christoph Caviezel, CEO Tel. 044 397 11 56 [email protected]
Manuel Itten, CFO Tel. 044 397 11 44 [email protected]
Edwin van der Geest Media and IR [email protected]