Mobimo Holding AG / Final Results
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The issuer is solely responsible for the content of this announcement.
M e d i a R e l e a s e
Mobimo announces a very good result for the 2009 financial year
* Net profit of CHF 62,6 million or CHF 14.09 per share
* Overall portfolio increases to CHF 1,9 billion
* Strategic expansion into French-speaking Switzerland successful
* Return on equity of 8% and solid equity ratio of 48%
* A further distribution of CHF 9.00 per share proposed
Lucerne, 9 March 2010 - 2009 was a successful and eventful year for Mobimo
Holding AG (Mobimo). EBIT was up 26% at CHF 98,5 million (prior year CHF
77,9 million). Before revaluation effects it increased by 29% to CHF 89,1
million (prior year CHF 69,0 million). The company's net profit increased
by 39% to CHF 62,6 million (prior year CHF 45,0 million). The profit figure
includes income of CHF 9,3 million from the revaluation of properties
(prior year CHF 9,0 million) and negative goodwill of CHF 15,6 million. As
a result, earnings per share rose by 36% to CHF 14.09 (prior year CHF
10.37), or by 42% to CHF 12.51 (prior year CHF 8.82) before revaluation
effects. This led to a return on equity of 8,0%, or 7,1% before revaluation
effects. By the end of the 2009 financial year the overall value of the
real estate portfolio had increased by 26% to CHF 1,9 billion (prior year
CHF 1,5 billion).
Mobimo implemented the strategic guidelines that were adjusted in the
previous year and achieved a key objective through the merger with LO
Holding Lausanne-Ouchy SA (LO). This transaction enabled the company to
enter the promising Lausanne/Geneva economic region and significantly
diversify its portfolio, as LO's portfolio, which has a value of CHF 393
million, comprises premium properties in the centre of Lausanne.
Improved results in investment and promotion business despite the
challenging economic environment
Rental income increased by 9% overall to CHF 71,8 million (prior year CHF
65,6 million), while expenses for rented properties remained unchanged at
12%. Of the additional rental income generated, CHF 3,8 million can be
attributed to an inflow from the LO investment portfolio. Net income from
rental activities increased by 9% to CHF 63,1 million (prior year CHF 57,9
million). As part of the measures to optimise the portfolio, six investment
properties were sold at a profit in the period under review, generating
overall proceeds of CHF 40,1 million.
The rental market for office and commercial space suffered as expected as a
result of the difficult economic climate. Although rental income increased
in 2009, the vacancy rate rose slightly to 6,7% (prior year 6,1%). Finding
new tenants for the properties being vacated is likely to remain difficult
in the current financial year.
In the area of promotions, favourable mortgage interest rates and
substantial demand for tangible assets, coupled with the fact that
consumers remained confident, resulted in brisk demand for residential
property. The attractive condominium offering in the Zurich area allowed
Mobimo to derive optimum benefits from this market situation and sell a
total of 160 units, an absolute record for the company. The proceeds
amounted to CHF 182,3 million (prior year CHF 126,8 million), while the
income arising from these sales rose by 13% to CHF 25,2 million (prior year
CHF 22,4 million).
Stable development of property values and one-time effect of the LO
Positive revaluation income of CHF 8,0 million was generated from
properties under construction developed for the company's own portfolio
holdings. The existing portfolio recorded generally stable development in
its value, resulting in positive revaluation income of CHF 1,3 million.
Following the successful tender for 98,9% of LO shares as part of the
public exchange offer to the shareholders of LO Holding Lausanne-Ouchy SA,
the merger between the two companies was completed on 9 November 2009. The
Mobimo shares issued at the time of the merger were measured at the stock
market price as at the acquisition date in accordance with IFRS. The
transaction produced negative goodwill of CHF 15,6 million, which was
recognised directly in profit or loss as a one-time effect of the purchase.
A well stocked project pipeline
The Group is currently working on a number of construction projects with a
total investment volume of CHF 550 million, with around CHF 150 million
being channelled into the construction of attractive apartments for its own
portfolio in premium locations in Zurich and Lausanne. Mobimo also owns
development properties and sites that will generate a total construction
volume of around a further CHF 500 million over the next few years. This
investment potential in attractive locations means the company is only
marginally affected by the current strained situation on the transaction
With an equity ratio of 48%, Mobimo remains solidly financed. The average
interest rate for financial liabilities fell from 3,5% in the prior year to
3,1% in the period under review. The yield spread rose to an attractive
2.3% in 2009 (prior year 2.0%). Mobimo is financed on a long-term basis; as
at the end of the year, the average residual maturity of financial
liabilities was 5.1 years (prior year 5.9 years).
The Board of Directors will propose to the General Meeting of 5 May 2010 a
further distribution in the form of a nominal value repayment of CHF 9.00
per share. Based on Mobimo's share price at year-end this gives a dividend
yield of 5,1%.
The main areas of focus in 2010 will be space marketing, condominium sales,
the integration of LO and the ongoing development of the project pipeline.
Since the expansion of the residential component of the investment
portfolio means a number of properties will now be managed as investment
properties rather than sold as condominiums, sales income from promotions
will fall, but the proportion of regular rental income will continue to
Information and Explaination of the Issuer to this News:
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 focused mainly on promising locations in the business
centres of Zurich, Lucerne/Zug, Basel, St. Gall and Lausanne/Geneva. Mobimo
has an attractive overall portfolio worth CHF 1,9 billion, comprising 112
investment properties with target rental income of some CHF 92 million and
development properties for its own portfolio and for condominium sales with
a current investment volume of CHF 550 million. This makes Mobimo one of
the leading real estate companies in Switzerland. Further information can
be found at www.mobimo.ch.
For enquiries please contact:
Mobimo Holding AG
Dr. Christoph Caviezel, CEO
Manuel Itten, CFO
044 397 11 86
09.03.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
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