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10.11.2023 07:01:08 - ZÜBLIN IMMOBILIEN HOLDING AG / Publication of Semi-Annual Report 2023/24 as of 30 September 2023
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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.
* * * * * * *
Income statement
properties
Balance sheet
Key figures per share in CHF
Portfolio
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End of Inside Information
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Hardturmstrasse 76
8005 Zürich
Switzerland
End of Announcement EQS News Service
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1770181 10-Nov-2023 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1770181&application_name=news
END) Dow Jones Newswires
November 10, 2023 01:01 ET (06:01 GMT)
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 2023 1.4.2023 1.4.2022 ? in % to 30.9.2023 to 30.9.2022
Income statement
Rental income CHFm 4.5 4.4 2.3 Operating income from letting CHFm 4.3 4.1 4.9 Change in market value of investment CHFm -2.2 1.3 -269.2
properties
EBITDA CHFm 3.3 3.0 10.0 Earnings CHFm 0.5 3.4 -85.3 Return on equity % 0.4 5.0 -4.6
Balance sheet
Investment properties CHFm 225.9 227.1 -0.5 Equity CHFm 135.7 138.5 -2.0 Equity Ratio % 59.0 59.5 -0.5 Mortgages CHFm 64.9 64.9 0.0 Loan to value % 28.7 28.6 0.1
Key figures per share in CHF
Earnings of shareholders CHF 0.15 1.61 -90.7 NAV per share CHF 40.92 41.77 -2.0 EPRA NRV per share CHF 46.26 47.10 -1.8 Share price on reporting date CHF 26.60 27.00 -1.5
Portfolio
Annualized rental income CHFm 9.1 9.0 1.1 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
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1770181&application_name=news
END) Dow Jones Newswires
November 10, 2023 01:01 ET (06:01 GMT)
