Ad hoc press release pursuant to article 53 Listing Rules
A successful 2021
›› Net rental income up year on year to CHF 112.5 million (prior year: CHF 105.1 million).
›› Profit on development projects and sale of trading properties significantly higher than in the previous year at CHF 58.5 million (prior year: CHF 36.8 million).
›› Profit of CHF 139.4 million (prior year: CHF 96.6 million).
Lucerne, 11 February 2022 - Mobimo enjoyed a very successful 2021 from both an operational and a strategic perspective. The Development for Third Parties business area made a substantial contribution to earnings while rental business continued to grow and the company made key acquisitions that further strengthened both the investment portfolio and the development pipeline.
Mobimo recorded EBIT of CHF 194.7 million in 2021 (prior year: CHF 145.8 million), or CHF 141.3 million excluding revaluation (prior year: CHF 111.5 million). Profit was CHF 139.4 million including revaluation and CHF 96.3 million excluding revaluation (prior year: CHF 96.6 million and CHF 69.7 million respectively). This resulted in earnings per share of CHF 21.13 (prior year: CHF 14.64), or CHF 14.60 excluding revaluation (prior year: CHF 10.56). The Board of Directors will propose a dividend of CHF 10.00 per share to the Annual General Meeting on 12 April 2022.
The total value of the real estate portfolio as at the end of 2021 was CHF 3.6 billion (prior year: CHF 3.4 billion).
Successful development activities
In the year under review, Mobimo's development activities once again played a key role in creating value for the company. Profit on development projects and sale of trading properties was CHF 58.5 million (prior year: CHF 36.8 million). This was attributable to the sale of the Cosmos project in the greater Zurich area and to the sale of the apartments that form part of the project in Meggen in the canton of Lucerne. Despite the volatility inherent in this business, development activities carried out for third parties will continue to contribute between CHF 15 million and CHF 20 million per year on average to Mobimo's results in the future.
The pipeline received a further boost in mid-December 2021 with the acquisition of a development site covering an area of around 12,000 m² in the municipality of Wangen-Brüttisellen in the greater Zurich area; this attractive project boasts a project volume of around CHF 1.1 billion. There is still strong demand for mid-priced condominiums, a market in which Mobimo is well-positioned thanks to numerous projects in both German-speaking and French-speaking Switzerland.
The investment properties that Mobimo is currently planning for its own investment portfolio are on track and have a future investment volume of CHF 460 million.
Rental business continues to grow
Net rental income was up year on year at CHF 112.5 million (prior year: CHF 105.1 million). Alongside successful marketing and additional income from newly acquired commercial properties, the growth was primarily attributable to a significantly less pronounced Covid effect: while Mobimo received
CHF 6.5 million less than was owed in 2020, support measures for tenants in the restaurant, hotel and retail sectors had an impact of only around CHF 1.0 million on rental income in the year under review.
The vacancy rate in the investment portfolio fell from 5.5% to 4.8% as at the end of 2021.
Regional diversification of the investment portfolio
Mobimo enhanced the regional diversification of its investment portfolio at the end of December 2021, acquiring three city-centre properties in Biel/Bienne, Neuchâtel and Fribourg. The acquisition is highly relevant from a strategic point of view, as it extends Mobimo's portfolio in French-speaking Switzerland to locations outside the greater Lausanne and greater Geneva areas.
The high residential component of the investment portfolio and the progress made on the four investment properties under construction led to a pleasing increase in net income from revaluation to CHF 53.3 million (prior year: CHF 34.3 million).
Recognition as an attractive employer
In 2021, Mobimo focused in particular on the environmental performance of its investment portfolio. The company will carry on continuously reducing its CO₂ emissions via the measures set out in the CO₂ reduction path presented at the end of November 2021, with the stated aim of making its investment portfolio carbon-neutral by 2050. The other highlights in terms of Mobimo's sustainability performance were the reduction of its emissions intensity to 15 kg CO₂eq/m² (prior year: 16 kg CO₂eq/m²), the certification of the Mattenhof as a 2000-Watt site and being ranked second in the Swiss Employer Award (Swiss Arbeitgeber Award), which recognises the attractiveness of Swiss companies as an employer.
Proposal for election at the Annual General Meeting
At the Annual General Meeting on 12 April 2022, the Board of Directors will propose to the company's shareholders that Stéphane Maye be elected as an additional member of the Board of Directors and a member of the Nomination and Compensation Committee. Mr Maye was born in 1967 in the French-speaking part of Switzerland. He has a degree in civil engineering from the Swiss Federal Institute of Technology Zurich (ETH Zurich) and an Executive MBA from the University of St. Gallen (HSG). He has been a partner at pom+ Consulting, a consulting firm specialising in real estate, since 2009. He has an extensive track record in the planning and management of large-scale real estate projects and in corporate management, combined with in-depth experience of issues relating to real estate digitalisation and sustainable construction.
Outlook
Mobimo continues to operate in a market with positive long-term prospects. The economic outlook is generally solid, interest rates are still low, and Switzerland remains an attractive location. The Board of Directors and Executive Board are not currently seeing any signs in the market of a decline in demand for residential property or rental apartments in good locations, while demand for investment properties among institutional investors also remains high. By contrast, the market for office, commercial and retail space is challenging at present. Retail is suffering from the further acceleration in the growth of online trading caused by the pandemic, while the increasing popularity of home working will change the office landscape in some areas. Thanks to its close relationships with its commercial tenants and its own developments, Mobimo is in a position to identify any changes at an early stage and take decisive action to preserve the value of the investment portfolio.
The company's focus for 2022 is on ensuring the efficient planning and implementation of pipeline projects and the realisation of ongoing construction projects, and on further optimising the investment portfolio. It will continue to exploit the low interest rate environment to keep financing costs low over the long term. Mobimo is agile, experienced and ready for further profitable growth. The Board of Directors and Executive Board are confident that there will again be attractive opportunities available in the market this year.
Detailed reporting:
›› You can find the Annual Report 2021 here.
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›› A telephone conference in German with CEO Daniel Ducrey and CFO Stefan Hilber will take place today at 10.00 a.m. (questions in English and French are very welcome).
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:
Contact for analysts and investors:
Tanja Nay
IR Representative
ir@mobimo.ch
+41 44 397 11 97
Contact for media:
Marion Schihin
Head of Communications
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.
