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10.11.2023 07:01:14 - dpa-AFX: EQS-Adhoc: ZÜBLIN IMMOBILIEN HOLDING AG / Publication of Semi-Annual Report 2023/24 as of 30 September 2023 (english)
ZÜBLIN IMMOBILIEN HOLDING AG / Publication of Semi-Annual Report 2023/24 as
of 30 September 2023
Züblin Immobilien Holding AG / Key word(s): Half Year Results
ZÜBLIN IMMOBILIEN HOLDING AG / Publication of Semi-Annual Report 2023/24 as
of 30 September 2023
10-Nov-2023 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
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The first six months of 2023/24 were successful in operating terms. As
expected, however, the uncertain economic situation and rising interest
rates impacted on the revaluation of our properties. Thanks to a positive
asset management performance, Züblin's key performance indicators as of 30
September 2023 illustrate the company's ability to deliver a solid result in
a challenging market environment.
Improved operating result in the first half
In a demanding market environment dominated by caution, Züblin nonetheless
achieved a solid result in the first six months of 2023/24 thanks to strong
operational performance. Rent index increases and new lettings were
important contributors to the operating result, leading to an increase by
around 4.9% to CHF 4.3 million. In addition, the ratio of administrative
expenses to rental income improved to 24.8% (previous year: 27.2%). At CHF
1.1 million, personnel and administrative expenses were down slightly on the
previous year.
The revaluation of the real estate portfolio led to an adjustment of CHF 2.2
million. The lower valuation was due firstly to an increase in the average
nominal discount rate by 10 basis points owing to the higher interest rate
environment. At the same time net initial yield remained at an attractive
level of 3.8% (previous year: 3.7%). Secondly, financial expenses increased
from CHF 0.3 million to CHF 0.8 million as a result of higher interest
rates. The average effective interest rate as of 30 September 2023 was 2.6%
(previous year: 1.2%).
Good operating performance, particularly with regard to lettings, enabled
Züblin to report a positive first half of 2023/24 overall despite the more
difficult operating environment and general market challenges. Net profit
for the reporting period amounted to CHF 0.5 million (previous year: CHF 3.4
million). The decline in net profit of CHF 2.9 million is mainly due to
lower revalutions (-CHF 2.7 million after tax) and higher financial expenses
(+CHF 0.5 million) in light of the changed interest rate environment.
Stable portfolio - WALT at 6.3 years
The letting business performed well in the reporting period and led to a
significant increase in WALT (weighted average lease term) from 2.9 to 6.3
years. The total asset value of the real estate portfolio, which continues
to comprise six properties, stood at CHF 225.9 million as of 30 September
2023. Owing to inflation, the predominantly indexed lease contracts are
expected to give a significant uplift to operating income from letting in
the current financial year.
In particular, lease extensions with longstanding tenants helped to lend
further stability to the portfolio. Leases with two of our top five tenants
were extended, one until 2029 and the other until at least 2035. The
positive results of our active marketing give us confidence that we will be
able to further reduce the vacancy rate from the current 8.9% in the second
half of 2023/24.
Solid balance sheet - LTV at 28.7 %
Supported by a solid equity ratio of 59.0% (31 March 2023: 59.5%), Züblin's
total assets amounted to CHF 230.1 million as of 30 September 2023. Net
asset value (NAV) per share was CHF 40.92, slightly lower than the figure as
of 31 March 2023 (CHF 41.77) after the distribution of CHF 1.00 to
shareholders in June 2023.
At the end of the first half of the year, the real estate portfolio was
valued at CHF 225.9 million. Five of our six investment properties continue
to be financed by a framework financing of CHF 100.0 million expiring in
2029. As of the balance sheet date, the amount drawn remained unchanged at
CHF 65.0 million. Accordingly, the LTV ratio is 28.7% (31 March 2023:
28.6%).
Outlook
Recent months have been demanding and challenging for all sectors and
industries and we are proud of the cooperative partnership with our tenants,
which has proved particularly valuable in this environment. We are confident
of being able to continue our steady operating performance in the second
half of financial year 2023/24. Our focus will remain on developing our
properties in a sustainable and quality-driven manner and reducing
vacancies. Our medium-term objective remains unchanged: to expand the
portfolio substantially by acquiring properties that conform with our
strategy.
* * * * * * *
Income statement
Balance sheet
Key figures per share in CHF
Portfolio
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End of Inside Information
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End of Announcement EQS News Service
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1770181 10-Nov-2023 CET/CEST
of 30 September 2023
Züblin Immobilien Holding AG / Key word(s): Half Year Results
ZÜBLIN IMMOBILIEN HOLDING AG / Publication of Semi-Annual Report 2023/24 as
of 30 September 2023
10-Nov-2023 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
The first six months of 2023/24 were successful in operating terms. As
expected, however, the uncertain economic situation and rising interest
rates impacted on the revaluation of our properties. Thanks to a positive
asset management performance, Züblin's key performance indicators as of 30
September 2023 illustrate the company's ability to deliver a solid result in
a challenging market environment.
Improved operating result in the first half
In a demanding market environment dominated by caution, Züblin nonetheless
achieved a solid result in the first six months of 2023/24 thanks to strong
operational performance. Rent index increases and new lettings were
important contributors to the operating result, leading to an increase by
around 4.9% to CHF 4.3 million. In addition, the ratio of administrative
expenses to rental income improved to 24.8% (previous year: 27.2%). At CHF
1.1 million, personnel and administrative expenses were down slightly on the
previous year.
The revaluation of the real estate portfolio led to an adjustment of CHF 2.2
million. The lower valuation was due firstly to an increase in the average
nominal discount rate by 10 basis points owing to the higher interest rate
environment. At the same time net initial yield remained at an attractive
level of 3.8% (previous year: 3.7%). Secondly, financial expenses increased
from CHF 0.3 million to CHF 0.8 million as a result of higher interest
rates. The average effective interest rate as of 30 September 2023 was 2.6%
(previous year: 1.2%).
Good operating performance, particularly with regard to lettings, enabled
Züblin to report a positive first half of 2023/24 overall despite the more
difficult operating environment and general market challenges. Net profit
for the reporting period amounted to CHF 0.5 million (previous year: CHF 3.4
million). The decline in net profit of CHF 2.9 million is mainly due to
lower revalutions (-CHF 2.7 million after tax) and higher financial expenses
(+CHF 0.5 million) in light of the changed interest rate environment.
Stable portfolio - WALT at 6.3 years
The letting business performed well in the reporting period and led to a
significant increase in WALT (weighted average lease term) from 2.9 to 6.3
years. The total asset value of the real estate portfolio, which continues
to comprise six properties, stood at CHF 225.9 million as of 30 September
2023. Owing to inflation, the predominantly indexed lease contracts are
expected to give a significant uplift to operating income from letting in
the current financial year.
In particular, lease extensions with longstanding tenants helped to lend
further stability to the portfolio. Leases with two of our top five tenants
were extended, one until 2029 and the other until at least 2035. The
positive results of our active marketing give us confidence that we will be
able to further reduce the vacancy rate from the current 8.9% in the second
half of 2023/24.
Solid balance sheet - LTV at 28.7 %
Supported by a solid equity ratio of 59.0% (31 March 2023: 59.5%), Züblin's
total assets amounted to CHF 230.1 million as of 30 September 2023. Net
asset value (NAV) per share was CHF 40.92, slightly lower than the figure as
of 31 March 2023 (CHF 41.77) after the distribution of CHF 1.00 to
shareholders in June 2023.
At the end of the first half of the year, the real estate portfolio was
valued at CHF 225.9 million. Five of our six investment properties continue
to be financed by a framework financing of CHF 100.0 million expiring in
2029. As of the balance sheet date, the amount drawn remained unchanged at
CHF 65.0 million. Accordingly, the LTV ratio is 28.7% (31 March 2023:
28.6%).
Outlook
Recent months have been demanding and challenging for all sectors and
industries and we are proud of the cooperative partnership with our tenants,
which has proved particularly valuable in this environment. We are confident
of being able to continue our steady operating performance in the second
half of financial year 2023/24. Our focus will remain on developing our
properties in a sustainable and quality-driven manner and reducing
vacancies. Our medium-term objective remains unchanged: to expand the
portfolio substantially by acquiring properties that conform with our
strategy.
* * * * * * *
KEY FIGURES AS OF 30 SEPTEMBER 1.4.2023 to 1.4.2022 to in 2023 30.9.2023 30.9.2022 %
Income statement
Rental income CH- 4.5 4.4 2.3
Fm
Operating income from letting CH- 4.3 4.1 4.9
Fm
Change in market value of CH- -2.2 1.3 -269-
investment properties Fm .2
EBITDA CH- 3.3 3.0 10.0
Fm
Earnings CH- 0.5 3.4 -85.-
Fm 3
Return on equity % 0.4 5.0 -4.6
Balance sheet
Investment properties CH- 225.9 227.1 -0.5
Fm
Equity CH- 135.7 138.5 -2.0
Fm
Equity Ratio % 59.0 59.5 -0.5
Mortgages CH- 64.9 64.9 0.0
Fm
Loan to value % 28.7 28.6 0.1
Key figures per share in CHF
Earnings of shareholders CH- 0.15 1.61 -90.-
F 7
NAV per share CH- 40.92 41.77 -2.0
F
EPRA NRV per share CH- 46.26 47.10 -1.8
F
Share price on reporting date CH- 26.60 27.00 -1.5
F
Portfolio
Annualized rental income CH- 9.1 9.0 1.1
Fm
EPRA Net Initial Yield (NIY) % 3.8 3.7 0.1
Average effective interest rate % 2.6 2.0 0.6
Vacancy rate monetary % 8.9 8.9 0.0
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End of Inside Information
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Language: English
Company: Züblin Immobilien Holding AG
Hardturmstrasse 76
8005 Zürich
Switzerland
Phone: +41 44 206 29 39
Fax: +41 44 206 29 38
E-mail: investor.relations@zueblin.ch
Internet: www.zueblin.ch
ISIN: CH0312309682
Listed: SIX Swiss Exchange
EQS News ID: 1770181
End of Announcement EQS News Service
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1770181 10-Nov-2023 CET/CEST
