Mobimo Holding AG / Key word(s): Annual Results
Mobimo can look back on satisfactory results for 2019
07-Feb-2020 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.
Mobimo can look back on satisfactory results for 2019
›› Rental income was up 10% year on year at CHF 125.0 million (prior year:
CHF 114.1 million).
›› The vacancy rate as at 31 December 2019 was once again low, at 3.8% (31
December 2018: 2.9%).
›› Profit was CHF 103.1 million (prior-year: CHF 90.3 million).
Lucerne, 7 February 2020 - Mobimo recorded a significant rise in rental
income. Net income from revaluation was once again positive. The total value
of Mobimo's real estate portfolio grew to just under CHF 3.3 billion in the
year under review. As announced last autumn, development projects and sale
of trading properties made only a small contribution to income.
Mobimo can look back on a satisfactory performance overall in 2019. The year
was dominated by the opening of two major districts in German-speaking
Switzerland - the Aeschbachquartier in Aarau and the Mattenhof in Kriens -
and the transition in the company's operational and strategic management.
The total portfolio value grew as planned to just under CHF 3.3 billion
(prior year: CHF 3.1 billion). The profit attributable to the shareholders
of Mobimo Holding AG was CHF 103.2 million and CHF 61.7 million excluding
revaluation (prior year: CHF 90.6 million and CHF 59.2 million
respectively). The net income from revaluation arising from the company's
development activities was CHF 16.0 million (prior year: CHF 23.2 million).
The Board of Directors will once again propose a distribution of CHF 10.00
per share to the Annual General Meeting.
Growth and improvement in quality
2019 was a positive year for the company's rental business. Several
properties, including the Seehallen commercial property in Horgen and the
investment properties in the Aeschbachquartier, were transferred from the
development pipeline to the portfolio, further increasing its quality.
Mobimo also almost completed construction work at the Mattenhof in Kriens in
the second half of the year, and the Moxy Hotel in Lausanne was handed over
to the tenant SV Hotel on schedule shortly before the end of the year. In
line with expectations, rental income increased significantly year on year
CHF 114.1 million to CHF 125.0 million. The direct cost/income ratio for
rented properties was lower than in the prior year, at 15% (prior year:
18%). This resulted in a 14% increase in net rental income to CHF 106.7
million (prior year: CHF 94.0 million). The vacancy rate remained low, at
3.8% (prior year: 2.9%), due in particular to the successful first-time
letting of the new additions to the portfolio outlined above. The occupancy
rate for commercial and residential space is now over 90% in the
Aeschbachquartier as at the beginning of the year and currently 70% at the
Mattenhof (based on target rental income), with the positive trend set to
There were a number of sustainability highlights in 2019. Mobimo opened the
Aeschbachquartier, the first district in Switzerland certified according to
German Sustainable Building Council (DGNB) criteria. At the Mattenhof,
heating and cooling is largely CO2-neutral thanks to the use of solar power
and an innovative integrated system (known as an "anergy" system). And at
Seehallen Horgen, the building's own photovoltaic system supplies solar
power to tenants. The Mobimo portfolio was once again awarded Green Star
certification by the Global Real Estate Sustainability Benchmark (GRESB).
Low income from development projects and sale of trading properties
As announced last autumn, profit from development projects and sale of
trading properties was lower in the year under review, at CHF 3.0 million
(prior year: CHF 6.2 million), due to delays in two projects in the
development activities for third parties business. In view of the
well-stocked pipeline, Mobimo expects development projects and sale of
trading properties to make more substantial contributions to income again
over the next few years. The acquisition of three plots of land in the year
under review, one in central Zurich, one on the outskirts of the city and
one in a preferred location in central Switzerland, merits a mention in this
regard. These are suitable for conversion into mid-priced condominiums, a
segment that is much in demand. Work on the construction of 30 condominiums
on the land in Meggen acquired in 2017 is due to start in the first half of
2020. This year will be a key year for one of the projects in the long-term
pipeline, with voters in Biel/Bienne and Nidau set to decide in June 2020 on
the parameters for the realisation of the Agglolac project. Agglolac is a
major district development, with Mobimo providing expert and financial
support to the two towns.
Recent and forthcoming management changes
Daniel Ducrey has been CEO of Mobimo since the beginning of April 2019,
while the long-standing Head of Property Management, Christoph Egli, also
joined the Executive Board on the first of August. The transition to the
next generation has also started in the Board of Directors: Peter Schaub
took over from Georges Theiler as Chairman, and Bernadette Koch and Dr.
Christoph Caviezel were elected as new members of the Board. Wilhelm Hansen
agreed to extend his term of office in view of his fellow Board member Peter
Barandun's decision to step down with effect from the 2019 Annual General
Meeting. He will definitely not be standing for re-election at the Annual
General Meeting on 31 March 2020. The Board of Directors would like to thank
him for his huge commitment over many years and for the role he has played
in the company's success. The Board of Directors will propose Dr. Martha
Scheiber (Swiss national, born in 1965) to the shareholders as his
successor. Until 2019, Dr. Scheiber was Head of Asset Management and a
member of the Executive Board of Pax Holding, where her responsibilities
included overseeing the insurer's real estate portfolio. A notable event
after the reporting date was the decision by Executive Board member Manuel
Itten to leave Mobimo in summer 2020 to pursue a new entrepreneurial
challenge. The Board of Directors and Executive Board regret the departure
of the long-standing Chief Financial Officer and would like to take this
early opportunity to thank him for his tremendous service.
After completing some major construction projects in the past two years,
Mobimo's focus is now on its investment portfolio. The company is aiming to
further strengthen its rental income base through customer-oriented
management, active portfolio management and efficient marketing. Another key
area of focus is the company's own development activities, which have
demonstrated in the past their ability to add value with projects such as
the Labitzke site and the Aeschbachquartier. And it is through this added
value that the company wishes to differentiate itself going forward. Mobimo
will maintain strict cost management in all its activities. The economic
outlook remains generally stable with a positive trend. Mobimo is well
positioned both operationally and strategically, and both the Board of
Directors and the Executive Board are therefore confident about 2020.
The Alternative Performance Measures document, available at www.mobimo.ch >
Investors > Investor services > Glossary, includes explanations of key
indicators that are not defined under IFRS, EPRA guidelines, SIA (Swiss
Society of Engineers and Architects) standard D 0213, Corporate Governance
Best Practice Recommendations or other standards.
›› The Annual Report 2019 is available at www.mobimo.ch.
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›› A media and analysts' conference with Daniel Ducrey (CEO) and Manuel
Itten (CFO) will take place today at 10.00 a.m.
A webcast of the conference is available on our website at:
›› A telephone conference in English with Daniel Ducrey (CEO) and Manuel
Itten (CFO) will take place today at 2.00 p.m.
Dial-in data: +41 44 580 72 06 | Conference ID: 7191004
Link to the presentation for call participants (no audio signal):
Link to the webcast with audio signal and slides:
If you have any questions, please contact:
Mobimo Holding AG
Daniel Ducrey, CEO
Manuel Itten, CFO
+41 44 397 11 86
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 approximately CHF 3.3 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 0.7 billion.
Mobimo has a stable business model, pursues a sustainable strategy and
provides its shareholders with an attractive return.
End of ad hoc announcement