Mobimo Holding AG

EQS-Adhoc: 2014: A good financial year for Mobimo

EQS Group-Ad-hoc: Mobimo Holding AG / Key word(s): Final Results
2014: A good financial year for Mobimo

12.02.2015 / 06:50
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------

P r e s s   r e l e a s e


A good financial year for Mobimo

* Rental income up by 11% to CHF 105.1 million
* Increase in proportion of investment properties to 77% of the total
portfolio of CHF 2.47 billion
* Investments for Third Parties establishes itself as a third revenue
pillar
* Earnings per share of CHF 10.00, unchanged dividend of CHF 9.50 per share

Lucerne, 12 February 2015 - Mobimo can look back on another good financial
year. As expected, net operating profit was down on the extraordinarily
profitable prior year at CHF 63.2 million. The company is nonetheless in a
position to continue with its attractive dividend policy and distribute CHF
9.50 per share. The main drivers of Mobimo's continued good business
performance in 2014 were the expected boost in rental income and strong
profits from sales and project development.

A calmer real estate market
The anti-immigration and Ecopop initiatives, the regulatory measures
implemented and announced by the Federal Council, FINMA and the Swiss
National Bank, the restraint shown by banks, together with a number of
critical media reports on the real estate market, did not leave market
participants unaffected. An actual cooling of the real estate market is,
however, only noticeable in sub-segments. The desire to own residential
property continues unabated, not least driven by even lower financing
costs. In this respect, Mobimo is well positioned in the mid-price segment,
offering modern products in central locations, and is pleased with the
ongoing high level of interest in such products. The sales process is once
again taking more time and requiring greater consulting effort, however.
While patience is required as regards the absorption rate in the saturated
luxury segment, demand for rental apartments remains sound, including at
the higher end of the market. The sideways trend in the market for office
and commercial space is unchanged, with retail in particular still feeling
the effects of fierce competition. Transaction prices for investment
properties remain high, with many market participants generating major
demand. Thanks to its diversified and flexible approach, Mobimo is well
positioned with its strategy in this environment.

Intensive construction and development activities
Both the Pépinières multi-functional building in Lausanne and the
retirement home and residential development next to the railway station in
Affoltern am Albis (Zurich) were handed over to tenants in the first half
of the year. The Station 595 project in Badenerstrasse in Zurich - another
office building that was successfully converted into condominiums and
studios by Mobimo - and the Collina condominiums in Zurich-Witikon were
completed in autumn. Construction began at the start of the year on the
Letzihof residential development in Zurich, while major progress was also
made on the Sonnenhof residential development in Regensdorf (Zurich). Work
began in the second half of the year on the realisation of the development
in the Aeschbachquartier in Aarau and the creation of condominiums in the
city of Lucerne. Demolition work and environmental remediation measures
began in preparation for the development of the groundbreaking residential
construction project on the Labitzke site in Zurich-Altstetten. The site
was the focus of constant media coverage due to its occupation by
activists, a situation we tolerated during the planning phase. The building
permit was issued at the end of the year. In Investments for Third Parties,
the foundation stone was laid for the new 3M EMEA headquarters in
Langenthal. Shortly before the end of the year, the completed residential
development project in the Hochbord district of Dübendorf (Zurich) was
handed over to the commissioning party.

Marked rise in rental income in the investment portfolio
As expected, the completion and handover of the various rental properties
in the prior year and the year under review resulted in strong growth in
rental income in 2014. This means that income streams continue to stabilise
in line with targets. Income from rental properties totalled CHF 105.1
million, exceeding the 100-million-mark for the first time, and was 11%
above the prior-year level. In addition to the completion of buildings for
its own use, Mobimo added a major, fully let office complex in
Friesenbergstrasse in Zurich to its portfolio in the first quarter. In this
building, we will continue to accumulate experience of facility management
services, with these services being offered under the Mobimo name within
the framework of a joint venture. In addition, five smaller properties were
sold. The value of the investment properties totalled CHF 1,908 million as
at the end of the period under review (prior year: CHF 1,578 million),
which corresponds to 77% (prior year: 67%) of the overall portfolio of CHF
2,470 million.

Solid revenue in trading properties and services
Revenues from trading properties and services are understandably volatile.
After the result of these business activities was only just balanced in the
first half of the year, positive net income of almost CHF 25 million was
achieved as at the end of the year (in comparison: CHF 32 million was
generated in 2013 and CHF 22 million in 2012). In addition to a
considerable number of transfers of condominium ownership, the Investments
for Third Parties business area also made a substantial contribution to
results and has thus developed into an important source of income.


Neutral revaluation result
In comparison with prior years, a considerably lower revaluation result of
CHF 3.8 million was recorded in 2014. The share of revaluation gains
accounted for by market factors had little impact on the result. Going
forward we will continue to be able to generate revaluation gains from the
development of our own portfolio, but we no longer anticipate valuation
increases in relation to the discount rate in the near future.

Increased headcount and streamlining of corporate management
Following the departure of Executive Board member Peter Grossenbacher, a
decision was taken to merge Portfolio Management and Investments for Third
Parties under the new heading of Real Estate. Thomas Stauber, who has been
a member of the Mobimo Executive Board since November 2011 and is
responsible for the successful establishment of the Investment for Third
Parties business area, took over as head of the new unit with effect from 1
July 2014. Headcount at Mobimo grew in the year under review, with the
company now employing more than 100 FTEs for the first time ever. This was
in keeping with the growth of our portfolio. This strong team will allow us
to meet the challenge posed by the further growth of the company.

Successful refinancing with bonds and an extremely solid balance sheet
The capital market has a lot of confidence in Mobimo. In the year under
review we placed a seven-year bond and a ten-year bond, totalling CHF 350
million. The 2010 - 14 convertible bond was repaid as at 30 June 2014. The
Group therefore remains extremely solidly financed over the long term at
good conditions. Today, around 50% of liabilities consist of bank
liabilities and bonds. Mobimo's equity ratio as at the end of the year was
a comfortable 44%.

Changes to the Board of Directors and dividend proposal to the General
Meeting
Paul Rambert, a long-serving member of the Board of Directors and
successful former CEO of LO Holding, will not make himself available for
re-election after reaching the internal age limit. The Board of Directors
is delighted to be able to put forward Peter Barandun as a worthy successor
for election. We will propose to the General Meeting the distribution of an
unchanged dividend of CHF 9.50 per share from capital contribution
reserves. This will ensure our share continues to pay a return of around
4.8% based on its price at the end of 2014.

Outlook
Given the current macroeconomic environment and in the face of increasingly
strict regulation, growth-impeding factors that are reducing the demand for
office space in particular are now emerging. The Board of Directors and the
Executive Board are therefore cautiously optimistic as regards the future
development of the Swiss real estate market. Mobimo will benefit from its
flexibility and lean organisation in a real estate market that is returning
to normal. The growing proportion of investment properties in good, central
locations is providing us with the required stable growth in rental income,
while development opportunities in respect of condominiums and for third
parties also remain good.

Detailed reporting
You can find the report on the 2014 financial year on our website
www.mobimo.ch under Investor Relations / Reporting or on the homepage.
(Link: http://ir.mobimo.ch/websites/mobimo2014/English/40/reporting.html)


A media and analysts' conference will take place today at 10.00 a.m.
Christoph Caviezel (CEO) and Manuel Itten (CFO) will present the 2014
financial results. The webcast of the conference is also available on our
website at: www.mobimo.ch.

A telephone conference in English for analysts and media representatives
will take place today at 2.00 p.m. Following the presentation of the 2014
financial results, Christoph Caviezel (CEO) and Manuel Itten (CFO) will be
available to answer any questions. Registration is not necessary.
Dial-in number: +41 44 580 72 18 / Conference ID: 9533973
The accompanying PowerPoint presentation can be viewed on the homepage at
www.mobimo.ch


If you have any questions, please contact:
Mobimo Holding AG
Christoph Caviezel, CEO
Manuel Itten, CFO
+41 44 397 11 86
ir@mobimo.ch
www.mobimo.ch


About Mobimo
Mobimo Holding AG was established in Lucerne in 1999 and has been listed on
the SIX Swiss Exchange since 2005. The Mobimo Group has an attractive
portfolio mix of investment properties offering steady returns and
development properties with significant appreciation
potential. Investments are made in promising locations, primarily in the
economic areas of Zurich and Lausanne/Geneva, together with those of Basel,
Lucerne/Zug, Aarau and St. Gallen. With a total property portfolio of
around CHF 2.5 billion, Mobimo is one of the leading real estate companies
in Switzerland. The pipeline includes development properties for the
company's own portfolio with an investment volume of CHF 0.9 billion (as at
31 December 2014).

End of ad hoc announcement

---------------------------------------------------------------------

12.02.2015 News transmitted by EQS Schweiz AG. www.eqs.com - news
archive: http://switzerland.eqs.com/de/News

The issuer is responsible for the contents of the release.

---------------------------------------------------------------------


322353 12.02.2015
 



Weitere Meldungen: Mobimo Holding AG

Das könnte Sie auch interessieren: