February 14, 2013

Mobimo Holding AG: A good year for all business areas

Mobimo Holding AG  / Key word(s): Final Results

14.02.2013 06:55

Release of an ad hoc announcement pursuant to Art. 53 KR
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P r e s s  r e l e a s e


A good year for all business areas

* Operating result (EBIT) of CHF 117 million - at the same high level as in
the previous year
* Net profit up year-on-year excluding last year's non-recurring tax effect
* Rental income increased according to plan following portfolio adjustments
* Ongoing low vacancy rate of 3.8%
* Acquisition of new sites has filled the project pipeline for years to
come

Lucerne, 14 February 2013 - Mobimo Holding AG enjoyed another good year in
2012. The real estate portfolio grew to a total value of CHF 2,355 million
(prior year: CHF 2,171 million). The Group achieved an operating result
(EBIT) of CHF 117.4 million, almost as high as in the previous year (CHF
121.1 million), while net profit excluding last year's non-recurring tax
effect increased by 2% to CHF 76.3 million (prior year: CHF 75.0 million
after adjustment for the tax effect). Both net rental income from the
growing investment portfolio and trading and revaluation gains contributed
to this pleasing result. The profit before revaluations was CHF 48.6
million (prior year: CHF 49.6 million). This will enable the Board of
Directors to once again propose a distribution of CHF 9 per share to the
Annual General Meeting.

Continued good market conditions in a challenging environment
The Swiss real estate market remained robust in 2012. In the major economic
centres especially, the stable economy, the persistent inflow of
immigrants, the need for more living space and the growing number of small
households are driving the continued demand for high-quality living space.
Despite numerous calls to exercise restraint, demand for condominiums shows
no sign of flagging. The low interest rates are making condominiums too
attractive for many people when compared to apartment rentals. Sales of
condominiums in the highest price ranges have slowed, however, while high
rents are only achievable in the best locations. Market demand for
centrally located office and commercial space remains good. The transaction
prices for purchasing investment properties often do not match Mobimo's
return expectations. Due to our own development activities this does not
affect our growth, but makes it easier to sell investments at good prices.
Building is becoming increasingly expensive, though, but this has more to
do with the obstacles of increasingly stringent regulation and building
restrictions than with rising contractor and materials costs. Mobimo's
locations and products mean it is still well positioned to succeed even in
the face of increasing competition.

Comprehensive construction activity progressing according to plan
Mobimo's building programme has progressed according to plan. Mid-2012 saw
the completion of the 'Polygon' office building for Rockwell Automation in
Aarau. The resulting concentration of space will now allow for the
realisation of the new 'AQA' urban district on the former 'Torfeld Süd'
industrial site. The renovation of the office building on the Post Office
site in Lausanne, which has also already been let, is at an advanced stage.
In Adliswil, 51 of the 57 apartments realised in the 'Wilacker' development
were transferred to their new owners. Three apartment buildings in the same
residential development have also been completed and transferred to an
investor. The condominium apartments of the 'Schilf' project on the
Zürichberg have also been completed and in most cases are now occupied. The
shells of the three residential buildings containing 250 rental and
condominium apartments on the 'Am Pfingstweidpark' site in Zurich West are
practically complete. Construction has started on the multifunction
'Pépinières' building in Lausanne-Flon, which has already been fully let,
and on the mixed development on the OVA site near the station in Affoltern
am Albis. Finally, construction of the new 'Im Pfand' housing development
in Regensdorf, with 141 apartments, began at the end of the year.

Higher income from all areas
Income from the sale of condominiums (trading properties) once again
reached the high figure of CHF 21.7 million (prior year: CHF 22.3 million).
Apartments were sold for a total of CHF 152 million. While demand in the
mid-price segment continues to be as high as ever, the sale of the final
high-price apartments in the Mobimo Tower is proving to be more complex
than planned, despite sustained high interest. Consequently, we have sold
the land we had set aside for the construction of luxury properties in
Erlenbach and are now focusing primarily on developments in the mid-price
segment.

Rental income rose substantially again to CHF 92.8 million (2011: CHF 88.8
million) despite the reduction in the reference interest rate. This is due
in part to the acquisition of new investment properties and also to the
completion of the extensive portfolio adjustments in 2010 and 2011 in
particular, which have substantially raised the quality of the investment
portfolio and rental income. The vacancy rate remains low compared with the
rest of the market at 3.8 %. In the office segment, the focus on newly
built or sustainably renovated mid-price buildings in central locations is
paying off.

The progress made on the construction of existing projects, rental contract
optimisations and the market-related reduction in the discount rate also
contributed towards net income from revaluation of 36.9 million (2011: CHF
41.2 million).

Pipeline filled with attractive new sites 
Mobimo is set to continue on its growth path. Properties intended for the
company's own investment portfolio, with an investment volume of around CHF
440 million, are currently under construction or close to completion. There
are also plans for more projects for the company's own portfolio with an
investment volume of some CHF 670 million. 2012 saw the addition of a
commercial and office building in Zurich Altstetten, which is being
converted into aresidential property with more than 40 lofts and studios.
In Lausanne, the realisation of 81 rental apartments on Rue Voltaire, very
close to the railway station, began at the turn of the year.

Winning a competition to be a development partner for the towns of Nidau
and Biel was a special honour for Mobimo. This project will see 130,000
square metres of the former Expo 2002 site on the shores of Lake Biel
developed into a new and attractive suburb under the name 'AGGLOlac'.

Shortly before the end of the year, Mobimo and Hochtief Development AG
signed a development contract with Rheinmetall Air Defence, which is
searching for a new production location outside the city of Zurich, for its
53,000 m² site in Zurich Oerlikon. The company's withdrawal offers the city
of Zurich a great opportunity to turn this area between the station and the
residential district into a new urban zone. This and other development
projects such as Mattenhof Lucerne Süd, Flon Lausanne and the Post Office
in Lausanne will ensure that Mobimo has a stable and broad-based pipeline
for years to come.

The new 'Investments for Third Parties' business area, active since 1
January 2012, is also performing well. The team has already acquired its
first project, a residential development of around 250 rental apartments in
Dübendorf, and secured a further site in Olten at the beginning of 2013.

Solid financing and a high equity ratio
Mobimo's balance sheet is extremely solid and our business is highly
predictable. The average residual maturity of our financial liabilities is
9.1 years and the average interest rate as at 31 December 2012 is a modest
2.83 %. As at the end of the year our equity amounted to CHF 1,201.0
million, corresponding to a solid equity ratio of 48 %.

Outlook for 2013
The Board of Directors and Executive Board are also optimistic for the
coming financial year. From today's standpoint Mobimo expects continuity,
which means the usual continuation of our company's dynamic performance.

Investment guidelines and Code of Conduct
The Board of Directors has updated Mobimo's investment guidelines, but
there have been no fundamental changes. In particular, the guidelines now
include more specific information on the criteria applicable to real estate
investment decisions, and the monitoring of environmental sustainability
has been added. The investment guidelines come into effect on 1 April 2013
and are available on the company's website at
www.mobimo.ch/en/portrait/anlagerichtlinien.

The Board of Directors has also issued a Code of Conduct for Mobimo, which
is also available on our website at
www.mobimo.ch/en/portrait/verhaltenskodex.

Detailed reporting
You can find the Annual Report 2012 on our website at Investor Relations /
Reporting or on the homepage at www.mobimo.ch.
(Link: http://ir.mobimo.ch/websites/mobimo2011/English/40/reporting.html) 
 
Telephone conference for analysts and media today at 2.00 p.m.
A telephone conference for analysts and the media will be held today at
2.00 p.m. (in English). Dr. Christoph Caviezel (CEO) and Manuel Itten (CFO)
will be presenting the results and will be available to answer questions.
Registration is not required.
Telephone no.: +41 22 592 73 12 / conference ID: 4589880
You can view the associated PowerPoint presentation on the homepage at
www.mobimo.ch.



For enquiries please contact:
Mobimo Holding AG
Dr. Christoph Caviezel, CEO
Manuel Itten, CFO
+41 44 397 11 86
ir@mobimo.ch
www.mobimo.ch


About Mobimo
Mobimo Holding AG was established in Lucerne in 1999 and has been listed on
the SIX Swiss Exchange since 2005. The Mobimo Group has an attractive
portfolio mix of investment properties providing stable income and
development properties offering extensive value enhancement potential.
Investments are targeted mainly in the promising locations of Zurich and
Lausanne/Geneva and in the economic regions of Basel, Lucerne/Zug, Aarau
and St. Gallen. With a property portfolio that has an overall value of over
CHF 2.3 billion, Mobimo is one of the leading real estate companies in
Switzerland. The portfolio contains development properties with an
investment volume of more than CHF 1 billion up to 2015 (as at 31 December
2012).


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