EQS Group-Ad-hoc: Mobimo Holding AG / Key word(s): Half Year Results Ad hoc press release pursuant to article 53 Listing Rules Pleasing half-year result for Mobimo ›› Net rental income up year on year at CHF 55.9 million (prior year: CHF 52.0 million) due to a less pronounced "Covid effect". Mobimo is pleased to be able to present a good half-year result for 2021. The substantial contribution to earnings made by development business for third parties - a line of business that is volatile by its very nature - played a particularly important part in increasing the operating result (EBIT) to CHF 115.4 million (prior year: CHF 65.8 million), or to CHF 95.5 million (prior year: CHF 40.8 million) excluding revaluation. As a result, profit amounted to CHF 83.7 million (prior year: CHF 41.7 million) including revaluation and CHF 67.3 million (prior year: CHF 21.5 million) excluding revaluation. Net income from revaluation was CHF 19.9 million (prior year: CHF 25.1 million). Our commercial properties recorded a largely stable valuation, while in the case of residential properties lower discount rates meant higher market valuations. Higher rental income and lower vacancy rate The vacancy rate in our investment portfolio dropped from 5.5% as at the end of 2020 to 5.0%. Although renting out commercial premises is somewhat challenging, our Marketing team succeeded in concluding some major contracts, particularly with regard to the Mattenhof district in Kriens. The value of the overall Mobimo portfolio as at 30 June 2021 was unchanged at approximately Substantial contribution to earnings from development business Mobimo's trading properties are also well received: at the condominium development in Meggen (canton of Lucerne) only three of the 30 apartments remain unsold a year before the first residents move in. Although, a high level of volatility must typically be expected in this area of business, the development pipeline for third parties looks promising, and encompasses investment properties worth around CHF 380 million and condominium projects to the tune of CHF 590 million. Rental income base continually reinforced In March 2021, a majority of parliamentarians in the cities of Biel/Bienne and Nidau rejected the Agglolac project. We were sorry to hear this as we shared the confidence of the cities' executives in the value of this project. However, the rejection of Agglolac has no direct effect on Mobimo's profitability and had only a minor impact on the 2021 half-year result. Sustainability Report 2020 Comfortable financial position As previously announced, our long-standing Board member Bernard Guillelmon did not stand for re-election to the Board of Directors at the Annual General Meeting. The company would like to thank the former Chair of the Nomination and Compensation Committee for, among other things, a smooth management transition on the Board of Directors and Executive Board in 2019. He also played a prudent and successful role in the new appointments to the Executive Board and in succession planning for the company at strategic level. The Board of Directors would like to thank him for his huge contribution to the company and to wish him all the best for the future. Outlook and thank you Investment pressure from institutional investors is practically unchanged, and they have a high level of risk tolerance. At present we see no indications of any damage to the attractiveness of the property market. Demand is high for residential property in particular - whether owner-occupied or for rent. For office premises, we expect values to be maintained in the medium term. The mainstreaming of working from home, to whatever extent that happens to be, is definitely one of the most tangible changes in the property market following the pandemic. But it will not necessarily lead to office space being reduced. Instead, it is likely to be altered and its use changed.
›› You can find the Half-Year Report 2021 on our website. 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:
About Mobimo: With a broadly diversified real estate portfolio that has a total value of approximately CHF 3.4 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. www.mobimo.ch End of ad hoc announcement |
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