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09.02.2024 07:02:01 - dpa-AFX: EQS-News: Mobimo achieves operating targets for 2023 with solid result (english)
Mobimo achieves operating targets for 2023 with solid result
Mobimo Holding AG / Key word(s): Annual Results/Sustainability
Mobimo achieves operating targets for 2023 with solid result
09-Feb-2024 / 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.
---------------------------------------------------------------------------
Ad hoc announcement pursuant to Art. 53 LR
Mobimo achieves operating targets for 2023 with solid result
Lucerne, 9 February 2024 - Mobimo looks back on an operationally gratifying
year in 2023. The economic environment, marked by inflation and interest
rate volatility, was challenging for the real estate market. Nevertheless,
the operating targets communicated at the beginning of the year were
achieved. The positive drivers behind the 2023 results were the increase in
rental income, the realisation of development profits through the successful
sale of projects and condominiums, and protecting the equity base.
The operating result (EBIT) for 2023 was CHF 127.0 million excluding
revaluation (prior year: CHF 137.2 million) or CHF 77.0 million including
revaluation (prior year: CHF 181.5 million). Net profit came in at CHF 90.0
million excluding revaluation (prior year: CHF 102.3 million) or CHF 46.6
million including revaluation (prior year: CHF 135.3 million). This equates
to earnings per share excluding revaluation of CHF 12.40 (prior year: CHF
14.39). The Board of Directors will propose an unchanged dividend of CHF
10.00 per share at the General Meeting on 26 March 2024, in a continuation
of its consistent distribution policy.
New builds deliver growth in rental income
Mobimo was able to further increase its rental income and its rental income
base in the year under review. Rental income for 2023 was CHF 125.7 million,
which is significantly higher than in the prior year (CHF 120.0 million), up
4.7%. This increase was largely due to the completion of the two major
development projects Zurich, Manegg and Zurich, Tiergarten. On the other
hand, there were effects from higher rents in the portfolio and some one-off
effects in commercial properties.
Rents will continue to be adjusted where contracts allow. Commercial rents,
which are predominantly indexed, were adjusted for inflation, and the
increases in the reference interest rate announced on 1 June and 1 December
2023 were fed into or replicated in residential rents. The main effect of
the rent increases in the residential segment will not become apparent until
the 2024 financial year due to the time lag. Mobimo will continue to
strengthen rental income for the long term through active, market-oriented
contract management across the entire portfolio. The vacancy rate as at the
reporting date was low, at 4.1% (prior year: 4.3%). Strengthening the
earnings base is all the more important now that the financing costs have
risen by around 25% to CHF 20.5 million due to higher interest rates (prior
year: CHF 16.3 million).
Profits from value-adding development
Profit from development projects and sales of properties was CHF 27.2
million in 2023 (prior year: CHF 42.4 million). Marketing of the 'Edenblick'
project in Oberägeri was successfully launched in summer 2023, and
construction started in the fourth quarter. Mobimo is realising 90
sought-after condominium apartments spread across ten buildings. As at the
reporting date, notarised purchase agreements or reservations had already
been made for 45 apartments. Demand for high-quality condominiums and
projects remains unabated, also reflecting the high quality of the products
offered by Mobimo. Mobimo also has a solid track record of translating its
development activities into attractive development profits.
With a considerable development pipeline worth around CHF 1.5 billion,
Mobimo is in a promising position to create further value over the coming
years. In the fourth quarter, a separate purchase agreement was notarised
for part of the RAD site in Zurich Oerlikon. After the transfer of
ownership, which is expected to take place in 2025, Mobimo will develop the
11,000 m2 site into a mixed residential and working neighbourhood over the
following years.
Sustained trend reversal for property values
Real estate market transactions decreased in response to the turnaround in
interest rates, although activity has rallied slightly since the second half
of the year. Slightly lower prices were again recorded in the commercial and
office sectors, meaning that the value correction seen in the first half of
2023 - the first in years - continued in the second half. Nevertheless, the
broadly diversified portfolio of properties in good locations is proving
robust even in the face of current market changes. The appreciation gains
from the investment properties under construction continue to cushion the
corrections for existing office and commercial space. Overall, the value of
the portfolio depreciated slightly, by 1.5%. The value of the entire
property portfolio as at the end of 2023 was CHF 3.6 billion (prior year:
CHF 3.7 billion).
Mobimo continues to have a solid balance sheet, remains sustainably financed
and is maintaining a consistently high equity ratio, which came in at 48.9%
(prior year: 49.4%) with a moderate leverage ratio (EPRA LTV) of 42.3%
(previous year: 42.3%). Mobimo is protecting its equity by means of planned
portfolio adjustments and targeted capital recycling in order to be prepared
for the challenging market development. In 2023, the sales of the
residential property Schaffhausen, Hochstrasse and of the hotel and
commercial property in Cham, Brunmatt were part of this strategy.
Further progress on sustainability
Mobimo was able to further reduce CO2 emissions (-2.8%), energy intensity
(-1.5%) and emissions intensity (-2.4%) year on year in 2023. Due to the
methodical adjustment to the REIDA calculation method widely used in
Switzerland, the absolute energy and environmental indicators also improved
significantly. However, Mobimo's percentage reduction targets are unaffected
by this. In 2023, the proportion of energy-consuming space certified with a
sustainability rating increased by 15 percentage points to 40% of the
portfolio. This brings Mobimo a significant step closer to the target of 50%
by 2030, while at the same time continuously improving data transparency and
quality. This year, for the first time, the comprehensive sustainability
report will be published on the same day as the annual report.
Change in the Board of Directors
After 15 years on Mobimo's Board of Directors, Daniel Crausaz has decided
not to stand for re-election at the upcoming General Meeting. With his deep
financial expertise, he has played a key role in Mobimo's success in recent
years. The Board of Directors would like to thank Daniel Crausaz
wholeheartedly for his valuable contribution. It is pleased to propose Dr.
Markus Schürch (born 1971, Swiss citizen) to the General Meeting for
election as a new member of the Board of Directors. Markus Schürch is CFO of
Belimo, a company specialising in building technology. With his extensive
expertise in the areas of finance, capital markets and corporate services
and his connection to real estate, his professional prowess and personal
qualities will make him a real asset to Mobimo's Board of Directors.
The ongoing renewal process is to be continued. In the interests of a
healthy balance between continuity and renewal, the gradual replacement of
the longest-serving members of the Board of Directors, Brian Fischer, is
currently planned for the 2025 Annual General Meeting and Peter Schaub for
the 2026 Annual General Meeting.
Outlook
Mobimo is confident about 2024, even against the backdrop of the current
market changes. Rental income is expected to remain stable overall in 2024,
with a constant vacancy rate of less than 4.5% for the whole portfolio.
Income from developments and sales of promotion is expected to be slightly
above the 2023 level in the current financial year. Mobimo is strategically
well-positioned and remains resilient, both in the portfolio and
developments and as a company. With its high standards of quality and
sustainability, Mobimo is convinced that the company is consistently
creating added value for all its stakeholder groups.
Detailed reporting:
You can see the 2023 Annual Report here.
Analysts and press conference on the 2023 annual results:
Daniel Ducrey (CEO) and Jörg Brunner (CFO) will present the results (in
German). The conference can be followed live as a web stream with audio and
video signal via the following link (registration required). It will also be
possible to ask questions online (including in English and French).
Upcoming events:
26 March 2024: Annual General Meeting 2024
18 April 2024: Capital market day
2 August 2024: Publication of 2024 half-year financial results
If you have any questions, please contact:
Contact for analysts and investors:
Stefan Feller, Head of Investor Relations
ir@mobimo.ch
+41 44 397 11 97
Contact for media:
Anthony Welbergen, Head of Corporate Communication
medien@mobimo.ch
+41 44 397 11 86
www.mobimo.ch
About Mobimo:
With a broadly diversified real estate portfolio that has a total value of
approximately CHF 3.6 billion, Mobimo Holding AG is one of the leading real
estate companies in Switzerland. Its portfolio comprises residential and
commercial properties, along with development properties both for the
company's own portfolio and for third parties. The properties are in
first-class locations in German-speaking and French-speaking Switzerland.
The buildings are characterised by balanced diversification and diligent
management. Mobimo uses its development projects to strengthen its income
base and boost the intrinsic value of its portfolio. The company also
creates investment opportunities for third parties through its development
services. Mobimo has around 170 employees.
Additional features:
File: https://eqs-cockpit.com/c/fncls.ssp?u=690bbd5463b7b9095ce9d9cf157e3f13
File description: 2023.02.09_Mobimo_Ad hoc_Mitteilung_gem_
Art_53_KR_Resultat_GJ_2023_EN
---------------------------------------------------------------------------
End of Inside Information
---------------------------------------------------------------------------
1833867 09-Feb-2024 CET/CEST
Mobimo Holding AG / Key word(s): Annual Results/Sustainability
Mobimo achieves operating targets for 2023 with solid result
09-Feb-2024 / 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.
---------------------------------------------------------------------------
Ad hoc announcement pursuant to Art. 53 LR
Mobimo achieves operating targets for 2023 with solid result
* Net rental income rises significantly to CHF 125.7 million - an increase
of 4.7% on the previous year (CHF 120.0 million), largely driven by the
successful completion of the major Manegg and Tiergarten development
projects in Zurich.
* For the first time, there was a slight year-on-year depreciation in the
value of investment properties, primarily commercial properties.
However, the moderate change in value of -1.5% reflects the quality of
the broadly diversified portfolio.
* Increase in energy-consuming space with sustainability certificate by
60% compared to the previous year. Further reduction in energy and
emissions intensity.
* The election of Dr. Markus Schürch to the Board of Directors will be
proposed to the Annual General Meeting. Daniel Crausaz will not be
running for re-election. The renewal process on the Board of Directors
will continue over the next few years.
Lucerne, 9 February 2024 - Mobimo looks back on an operationally gratifying
year in 2023. The economic environment, marked by inflation and interest
rate volatility, was challenging for the real estate market. Nevertheless,
the operating targets communicated at the beginning of the year were
achieved. The positive drivers behind the 2023 results were the increase in
rental income, the realisation of development profits through the successful
sale of projects and condominiums, and protecting the equity base.
The operating result (EBIT) for 2023 was CHF 127.0 million excluding
revaluation (prior year: CHF 137.2 million) or CHF 77.0 million including
revaluation (prior year: CHF 181.5 million). Net profit came in at CHF 90.0
million excluding revaluation (prior year: CHF 102.3 million) or CHF 46.6
million including revaluation (prior year: CHF 135.3 million). This equates
to earnings per share excluding revaluation of CHF 12.40 (prior year: CHF
14.39). The Board of Directors will propose an unchanged dividend of CHF
10.00 per share at the General Meeting on 26 March 2024, in a continuation
of its consistent distribution policy.
New builds deliver growth in rental income
Mobimo was able to further increase its rental income and its rental income
base in the year under review. Rental income for 2023 was CHF 125.7 million,
which is significantly higher than in the prior year (CHF 120.0 million), up
4.7%. This increase was largely due to the completion of the two major
development projects Zurich, Manegg and Zurich, Tiergarten. On the other
hand, there were effects from higher rents in the portfolio and some one-off
effects in commercial properties.
Rents will continue to be adjusted where contracts allow. Commercial rents,
which are predominantly indexed, were adjusted for inflation, and the
increases in the reference interest rate announced on 1 June and 1 December
2023 were fed into or replicated in residential rents. The main effect of
the rent increases in the residential segment will not become apparent until
the 2024 financial year due to the time lag. Mobimo will continue to
strengthen rental income for the long term through active, market-oriented
contract management across the entire portfolio. The vacancy rate as at the
reporting date was low, at 4.1% (prior year: 4.3%). Strengthening the
earnings base is all the more important now that the financing costs have
risen by around 25% to CHF 20.5 million due to higher interest rates (prior
year: CHF 16.3 million).
Profits from value-adding development
Profit from development projects and sales of properties was CHF 27.2
million in 2023 (prior year: CHF 42.4 million). Marketing of the 'Edenblick'
project in Oberägeri was successfully launched in summer 2023, and
construction started in the fourth quarter. Mobimo is realising 90
sought-after condominium apartments spread across ten buildings. As at the
reporting date, notarised purchase agreements or reservations had already
been made for 45 apartments. Demand for high-quality condominiums and
projects remains unabated, also reflecting the high quality of the products
offered by Mobimo. Mobimo also has a solid track record of translating its
development activities into attractive development profits.
With a considerable development pipeline worth around CHF 1.5 billion,
Mobimo is in a promising position to create further value over the coming
years. In the fourth quarter, a separate purchase agreement was notarised
for part of the RAD site in Zurich Oerlikon. After the transfer of
ownership, which is expected to take place in 2025, Mobimo will develop the
11,000 m2 site into a mixed residential and working neighbourhood over the
following years.
Sustained trend reversal for property values
Real estate market transactions decreased in response to the turnaround in
interest rates, although activity has rallied slightly since the second half
of the year. Slightly lower prices were again recorded in the commercial and
office sectors, meaning that the value correction seen in the first half of
2023 - the first in years - continued in the second half. Nevertheless, the
broadly diversified portfolio of properties in good locations is proving
robust even in the face of current market changes. The appreciation gains
from the investment properties under construction continue to cushion the
corrections for existing office and commercial space. Overall, the value of
the portfolio depreciated slightly, by 1.5%. The value of the entire
property portfolio as at the end of 2023 was CHF 3.6 billion (prior year:
CHF 3.7 billion).
Mobimo continues to have a solid balance sheet, remains sustainably financed
and is maintaining a consistently high equity ratio, which came in at 48.9%
(prior year: 49.4%) with a moderate leverage ratio (EPRA LTV) of 42.3%
(previous year: 42.3%). Mobimo is protecting its equity by means of planned
portfolio adjustments and targeted capital recycling in order to be prepared
for the challenging market development. In 2023, the sales of the
residential property Schaffhausen, Hochstrasse and of the hotel and
commercial property in Cham, Brunmatt were part of this strategy.
Further progress on sustainability
Mobimo was able to further reduce CO2 emissions (-2.8%), energy intensity
(-1.5%) and emissions intensity (-2.4%) year on year in 2023. Due to the
methodical adjustment to the REIDA calculation method widely used in
Switzerland, the absolute energy and environmental indicators also improved
significantly. However, Mobimo's percentage reduction targets are unaffected
by this. In 2023, the proportion of energy-consuming space certified with a
sustainability rating increased by 15 percentage points to 40% of the
portfolio. This brings Mobimo a significant step closer to the target of 50%
by 2030, while at the same time continuously improving data transparency and
quality. This year, for the first time, the comprehensive sustainability
report will be published on the same day as the annual report.
Change in the Board of Directors
After 15 years on Mobimo's Board of Directors, Daniel Crausaz has decided
not to stand for re-election at the upcoming General Meeting. With his deep
financial expertise, he has played a key role in Mobimo's success in recent
years. The Board of Directors would like to thank Daniel Crausaz
wholeheartedly for his valuable contribution. It is pleased to propose Dr.
Markus Schürch (born 1971, Swiss citizen) to the General Meeting for
election as a new member of the Board of Directors. Markus Schürch is CFO of
Belimo, a company specialising in building technology. With his extensive
expertise in the areas of finance, capital markets and corporate services
and his connection to real estate, his professional prowess and personal
qualities will make him a real asset to Mobimo's Board of Directors.
The ongoing renewal process is to be continued. In the interests of a
healthy balance between continuity and renewal, the gradual replacement of
the longest-serving members of the Board of Directors, Brian Fischer, is
currently planned for the 2025 Annual General Meeting and Peter Schaub for
the 2026 Annual General Meeting.
Outlook
Mobimo is confident about 2024, even against the backdrop of the current
market changes. Rental income is expected to remain stable overall in 2024,
with a constant vacancy rate of less than 4.5% for the whole portfolio.
Income from developments and sales of promotion is expected to be slightly
above the 2023 level in the current financial year. Mobimo is strategically
well-positioned and remains resilient, both in the portfolio and
developments and as a company. With its high standards of quality and
sustainability, Mobimo is convinced that the company is consistently
creating added value for all its stakeholder groups.
Detailed reporting:
You can see the 2023 Annual Report here.
Analysts and press conference on the 2023 annual results:
Date 9 February 2024
Time 10.00 (CET)
Daniel Ducrey (CEO) and Jörg Brunner (CFO) will present the results (in
German). The conference can be followed live as a web stream with audio and
video signal via the following link (registration required). It will also be
possible to ask questions online (including in English and French).
Upcoming events:
26 March 2024: Annual General Meeting 2024
18 April 2024: Capital market day
2 August 2024: Publication of 2024 half-year financial results
If you have any questions, please contact:
Contact for analysts and investors:
Stefan Feller, Head of Investor Relations
ir@mobimo.ch
+41 44 397 11 97
Contact for media:
Anthony Welbergen, Head of Corporate Communication
medien@mobimo.ch
+41 44 397 11 86
www.mobimo.ch
About Mobimo:
With a broadly diversified real estate portfolio that has a total value of
approximately CHF 3.6 billion, Mobimo Holding AG is one of the leading real
estate companies in Switzerland. Its portfolio comprises residential and
commercial properties, along with development properties both for the
company's own portfolio and for third parties. The properties are in
first-class locations in German-speaking and French-speaking Switzerland.
The buildings are characterised by balanced diversification and diligent
management. Mobimo uses its development projects to strengthen its income
base and boost the intrinsic value of its portfolio. The company also
creates investment opportunities for third parties through its development
services. Mobimo has around 170 employees.
Additional features:
File: https://eqs-cockpit.com/c/fncls.ssp?u=690bbd5463b7b9095ce9d9cf157e3f13
File description: 2023.02.09_Mobimo_Ad hoc_Mitteilung_gem_
Art_53_KR_Resultat_GJ_2023_EN
---------------------------------------------------------------------------
End of Inside Information
---------------------------------------------------------------------------
1833867 09-Feb-2024 CET/CEST
