Mobimo Holding AG

EQS-Adhoc: Mobimo Holding AG: A strong first half of the year for Mobimo


EQS Group-Ad-hoc: Mobimo Holding AG / Key word(s): Half Year Results/Half Year
Results
Mobimo Holding AG: A strong first half of the year for Mobimo

04-Aug-2017 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
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A strong first half of the year for Mobimo

-Following the extraordinary record results of the previous year, Mobimo has
again posted a strong half-year performance in 2017.

- Mobimo generated profit of CHF 63.3 million (first half of 2016: CHF 89.8
million).

- Rental income of CHF 56.4 million (first half of 2016: CHF 56.8 million) was
on a par with the previous year's figure.

- The vacancy rate remained at practically the same low level of 4.9%.

- Profit on sale of trading properties and development services was CHF 13.3
million (first half of 2016: CHF 17.0 million).

- Net income from revaluation of CHF 30.6 million (first half of 2016: CHF 20.9
million), which was mostly related to development properties, was substantially
up year-on-year.

Lucerne, 4 August 2017 - After the record results of the previous year, Mobimo
again posted pleasing half-year results in 2017, generating sound operating
results in all areas. The company also registered net income from revaluation
that was largely attributable to the realisation of development projects for its
own investment portfolio. The numerous projects under construction and being
planned are opening up a potential for further growth.

After financial years 2015 and 2016 had been shaped by extremely high income
from the sale of investment properties and substantial market-related upward
valuations of the portfolio, the focus in 2017 has reverted to the contribution
made by operating results and development-driven added value. In the first half
of 2017, Mobimo reported high EBIT of CHF 92.9 million (first half of 2016: CHF
105.2 million) and an excellent profit of CHF 63.3 million (first half of 2016:
CHF 89.8 million) with successful activities in all operating areas. The profit
attributable to the shareholders of Mobimo including revaluation totalled CHF
62.4 million (first half of 2016: CHF 89.5 million) and not including
revaluation CHF 40.1 million (first half of 2016: CHF 74.2 million). This
generated earnings per share of CHF 10.03 (first half of 2016: CHF 14.39) and
CHF 6.46 per share excluding revaluation (first half of 2016: CHF 11.93). This
indicates that Mobimo is on track to continue with its customary, attractive
dividend policy.

Rental income on a par with the prior year thanks to low vacancy rate
Despite disposals and in view of a practically unchanged low vacancy rate of
4.9% (31 December 2016: 4.8%), rental income remained on a par with the
prior-year level at CHF 56.4 million. The cost/income ratio arising from direct
expenses for rented properties was once again slightly lower than in the
previous year, coming in at 14% (first half of 2016: 15%). This resulted in net
rental income of CHF 48.6 million (first half of 2017: CHF 48.3 million).
Transaction-related movements in the portfolio as well as new business in the
form of development properties completed for the portfolio once again mean that
any comparison with prior-year periods is of limited relevance.

Continuous growth in rental income over the coming years
Thanks to its own property and facility management, Mobimo works in close
proximity to tenants and can identify the changes and needs of customers at an
early stage. This is one of the reasons why Mobimo has already been able to
extend most of the contracts that expire in 2017 or conclude new ones.

Thanks to targeted portfolio diversification, Mobimo maintains a balanced usage
mix. As at 30 June 2017, the share of rental income from residential usage was
around 28%. Mobimo is currently realising, particularly in Zurich, Kriens, Aarau
and Lausanne, projects for its own portfolio with a total investment volume of
CHF 480 million. These will generate additional annual rental income in excess
of CHF 25 million up to the end of 2019. Other development projects are also
being planned for Mobimo's own portfolio with a total investment volume of some
CHF 370 million and target rental income in excess of CHF 20 million.

Pleasing sales of condominiums in Aarau
Income from sale of trading properties and development services totalled CHF
91.2 million in the first half of 2017 (first half of 2016: CHF 59.7 million),
which resulted in profit from trading properties and development services of CHF
13.3 million (first half of 2016: CHF 17.0 million). 74 condominiums were
transferred to their new owners, with a large number of these situated in the
Aarauer Aeschbachquartier, which was completed in spring 2017.

Mobimo will continue to invest in condominium projects where location,
conditions and regional demand permit. After the reporting date, the company
thus purchased a plot of land in Meggen on the shores of Lake Lucerne, where it
plans to build around 30 condominiums. Development for Third Parties is
realising a number of projects during the course of 2017 that will contribute to
results in the second half of the year. The pipeline for third-party projects
has a total investment volume of around CHF 800 million.

Taking advantage of opportunities using active portfolio management
Mobimo capitalised on continued high demand in the transaction market to sell
three investment properties, once again optimising the portfolio and generating
considerable profits. It disposed of the Apollo office building in Zurich, a
business property in Renens and an apartment building in Versoix. These
disposals produced net income of CHF 17.8 million (first half of 2016: CHF 33.9
million). In keeping with the company's business model, the sales proceeds will
be invested in its own development pipeline in order to generate higher returns.

Revaluation income primarily from own developments
In the first half of 2017, Mobimo reported revaluation income of CHF 30.6
million (first half of 2016: CHF 20.9 million), of which CHF 23.8 million was
attributable to the positive development in value of investment properties under
construction. These include conversions or renovations of residential and office
buildings in Rheinfelden, Aarau and Lausanne as well as, for example, the
construction that is proceeding as planned on the Labitzke site in Zurich, where
virtually all apartments have been rented out one year before its occupation.
Construction work has been completed on Les Garages in Lausanne. This modular
sales, business and office space in the Flon district that is to be occupied in
September has already been let. The existing portfolio also provides further
scope for value enhancement as a consequence of new developments or conversions.
Thanks to having its own department, Mobimo can exploit this potential
efficiently.

Outlook
Switzerland is in robust economic condition. It offers attractive workplaces and
a high quality of life. These parameters guarantee that demand for residential
and business space - in particular in good city centre locations - continues
unabated. Mobimo is confident that it is operating in an attractive market
environment that provides an abundant source of opportunities. The changes under
way in the retail sector, changing working methods brought about by
digitalisation and constantly growing supply call for attentive observation of
the market and flexibility. Thanks to its business model, Mobimo is in a
position to pursue various options and operate successfully according to the
market situation in question.

The company's focus remains unchanged as it enters into the second half of 2017.
Mobimo aims to maintain its attractive dividend policy. The Board of Directors
and Executive Board are confident that the company will continue to develop well
in future, deliver excellent operational performances and create added value for
its shareholders.

 

Detailed reporting:You can find the report on the first half-year 2017 on our
websitewww.mobimo.ch.

A media and analysts' conference call will take place today at 10.00 a.m.
Christoph Caviezel (CEO) and Manuel Itten (CFO) will present the 2017 half-year
results.

Dial-in data: +41 44 580 72 69 | Conference ID: 4568230
Please use the following link to view a live broadcast of the presentation being
used in the teleconference:http://mobimo040817-live.audio-webcast.com

A conference call in English will be held today at 2 p.m.:Following the
presentation of the half-year results, Manuel Itten (CFO) will be available to
answer any questions.

Dial-in data: +41 44 580 10 22 / Conference ID: 9006571
The corresponding presentation can be viewed by clicking the following link:
www.audio-webcast.com(password: mobimo0817en)

If you have any questions, please contact:
Mobimo Holding AG
Dr. 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. With a real estate portfolio with a total value
of more than CHF 2.7 billion, the Group is one of the leading real estate
companies in Switzerland. The portfolio comprises investment and development
properties in first-class locations in German-speaking Switzerland and
French-speaking Switzerland. Mobimo generates stable rental income with its
residential and commercial properties, while its development expertise and full
pipeline allows it to create value enhancement potential in its own portfolio
and for third parties. The investment volume of development properties for its
own portfolio totals around CHF 0.8 billion. Mobimo has a stable business model,
pursues a sustainable strategy and provides its shareholders with an attractive
return.

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598559  04-Aug-2017 CET/CEST
 

 


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