Intershop Holding Ag · SIX:ISN
Intershop — H1 2024 Earnings Presentation
26 slides from Intershop's earnings presentation, August 2024
Slide 1: Presentation of the Half-Year Results 2024
Presentation of the Half-Year Results 2024 1
Slide 2: Agenda
Agenda • Highlights 3 • Portfolio 6 • Transactions 9 • Development Projects 12 • Financials 16 • Summary and Outlook 22 2
Slide 3: Overview of the first half of 2024
Highlights | Portfolio | Transactions | Development Projects | Financials | Summary and Outlook Overview of the first half of 2024 12.2 % +3.2 % Return on equity in the first half of Rental income 2024 like-for-like CHF 52.7 million net profit in line with the Increase of 3.8 % in investment previou
Slide 4: Key figures
Highlights | Portfolio | Transactions | Development Projects | Financials | Summary and Outlook Key figures 30/6/2023 30/6/2024 ∆ Net profit CHFm 52.8 52.7 -0.1% Earnings per share4) CHF 5.72 5.72 -0.1% Earnings per share4) CHF 4.51 3.91 -13.4% (excl. changes in fair value of properties) Shareholder
Slide 5: Distribution of CHF 5.50 already covered
Highlights | Portfolio | Transactions | Development Projects | Financials | Summary and Outlook Distribution of CHF 5.501) already covered Break-down of net profit 160 145.5 144.2 140 42.2 48.0 120 100 82.5 80 -0.1% 60 79.9 46.9 52.8 52.7 101.3 40 24.0 27.2 Earnings per share of CHF 5.72 exceed the
Slide 6: Rental income increased despite prior year disposals
Highlights | Portfolio | Transactions | Development Projects | Financials | Summary and Outlook Rental income increased despite prior year disposals Development of rental income +0.9% 41 0.1 40.9 40.6 0.8 Rental income like-for-like 0.8 Investment: +3.8% 40 0.5 Development: +1.9% In CHFm Portfolio:
Slide 7: Approximately 50% of the vacancies stem from three development properties
Highlights | Portfolio | Transactions | Development Projects | Financials | Summary and Outlook Approximately 50% of the vacancies as at the half year stem from three development properties Vacancy rate investment property portfolio Vacancy rate development property portfolio +10.2 30 28.6 25 9.8 20
Slide 8: Average lease term significantly increased during the reporting period
Highlights | Portfolio | Transactions | Development Projects | Financials | Summary and Outlook Average lease term significantly increased during the reporting period Lease contract maturities as a percentage of rental income 25 21.4 20 18.9 19.2 14.0 14.7 15 13.0 13.7 12.0 10 9.5 9.9 9.6 9.5 8.7 7.
Slide 9: Acquisition Brown Boveri Platz 3, Baden
Acquisition Brown Boveri Platz 3, Baden Overview Portfolio: Development Target rent: CHF 1.2m Vacancy rate: 100 % Lettable area: 7,763 m2 Plot area: 5,013 m2 Heating: District heating Closing: 16 April Highlights Signing of the first lease agreement for 5 years covering approximately 33.5% of the ta
Slide 10: After the balance sheet date: Acquisition Sihlbruggstrasse 105a, Baar
After the balance sheet date: Acquisition Sihlbruggstrasse 105a, Baar Overview Portfolio: Investment Target rent: CHF 0.8m Vacancy rate: 11.8 % Lettable area: 5,487 m2 Plot area: 4,336 m2 Heating: District heating Closing: 1 August Highlights Attractive gross yield Carbon-neutral heating Close to th
Slide 11: Disposals of two properties after the balance sheet date
Highlights | Portfolio | Transactions | Development Projects | Financials | Summary and Outlook Disposals of two properties after the balance sheet date Fabrikstrasse 4 – 6, Winterthur Untere Boeningstrasse 27, Interlaken Gross profit: CHF 4.0m Gross profit: CHF 0.8m Plot area: 11,515 m2 Lettable ar
Slide 12: Development projects – Lausanne, Bloom: Sustainable refurbishment
Development projects – Lausanne, Bloom: Sustainable refurbishment Project update In April 2024, the second phase of renovation began; the completion of construction is expected in autumn 2025. Overview CAPEX: CHF 61.7m Award status: 66 % Occupancy 52 % rate: Lettable area: 18,873 m2 Envisaged certif
Slide 13: Development projects – Métiers Vernier: Completion of shell construction
Development projects – Métiers Vernier: Completion of shell construction Project update The shell construction was completed in the first quarter of 2024. Overview CAPEX: CHF 31.9m Target rent: CHF 2.3m Lettable area: Ca. 12,400 m2 Highlights Lease agreements have been concluded for around 30% of th
Slide 14: Development projects – Zurich, Mediacampus: Test planning
Development projects – Zurich, Mediacampus: Test planning Project update For the development property Mediacampus in Zurich, a test planning process is currently underway with the involvement of the Zurich City Council to evaluate the densification potential of the area. The test planning is expecte
Slide 15: Development projects – St. Gallen, Oststrasse: Special use planning
Development projects – St. Gallen, Oststrasse: Special use planning Project update In the second quarter, the draft of the special use plan was submitted to the City of St. Gallen. The public consultation took place from 6 June 2024, to 5 July 2024. The results of the received comments and the feedb
Slide 16: Income statement: Operating result approximately 20% below prior year period
Highlights | Portfolio | Transactions | Development Projects | Financials | Summary and Outlook Income statement: Operating result approximately 20% below the prior year period 30/6/2023 30/6/2024 ∆ Rental income CHFm 40.6 40.9 +0.9% Income from sale of promotional properties CHFm 73.6 0.0 Net gains
Slide 17: Income statement: Net profit in line with prior year
Highlights | Portfolio | Transactions | Development Projects | Financials | Summary and Outlook Income statement: Net profit in line with prior year 30/6/2023 30/6/2024 ∆ Operating result (EBIT) CHFm 66.4 53.8 -18.9% Financial income CHFm 0.2 0.1 -24.4% Financial expense CHFm -2.9 -3.4 +18.0% Tax ex
Slide 18: Tax income due to one-off effects
Highlights | Portfolio | Transactions | Development Projects | Financials | Summary and Outlook Tax income due to one-off effects Reconciliation of tax expense compared to the previous year 10.9 11 10 2.5 9 8 7 6 5 4 8.9 3 2 1 0 -1 -2 3.7 In CHFm -3 1.9 -2.2 -4 -5 H1 2023 Impact of lower Release of
Slide 19: Portfolio has grown significantly by 4.6%
Highlights | Portfolio | Transactions | Development Projects | Financials | Summary and Outlook Portfolio has grown significantly by 4.6%1) Development of portfolio1) Development of CAPEX +4.6% 1.439 100 90.1 90 82.0 1.4 22.4 80 1.375 14.6 70.5 70 40.5 26.3 61.1 In CHFm 60 38.8 16.0 50 20.8 1.3 40 2
Slide 20: Strong equity base with an equity ratio of nearly 60%
Highlights | Portfolio | Transactions | Development Projects | Financials | Summary and Outlook Strong equity base with an equity ratio of nearly 60% 31/12/2023 30/6/2024 Equity ratio 62.0% 59.1% Loan-to-value (LTV) 27.7% 31.9% Financial debt CHFm 381.3 459.0 Development of financial debt and compos
Slide 21: Average interest rate has slightly decreased with a shorter lock-in period
Highlights | Portfolio | Transactions | Development Projects | Financials | Summary and Outlook Average interest rate has slightly decreased with a shorter interest rate lock- in period Maturity profile of financial liabilities 180 3.0 164.1 160 2.5 140 120 2.0 99.9 100 1.5 80 68.0 65.0 62.0 60 1.0
Slide 22: Financial highlights
Highlights | Portfolio | Transactions | Development Projects | Financials | Summary and Outlook Financial highlights 12.2% Return on equity incl. changes 4.8% Net yield of investment +3.8% Like-for-like increase in rental -0.5% Like-for-like change in vacancy in fair value of properties properties i
Slide 23: Outlook for the second half of 2024
Highlights | Portfolio | Transactions | Development Projects | Financials | Summary and Outlook Outlook for the second half of 2024 Increase Reduction in rental income in the second half of vacancies by the end of 2024 of the year (like-for-like) (like-for-like) Pleasing 2024 is expected, with the g
Slide 24: Your contacts at Intershop
Your contacts at Intershop Simon Haus Florian Balschun Chief Executive Officer Chief Financial Officer www.intershop.ch info@intershop.ch +41 44 544 10 00 24
Slide 25: Disclaimer
Disclaimer This Presentation has been prepared and issued by Intershop Holding AG (together with its subsidiaries "Intershop") and is for information purposes only. This Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice. In making an investment deci
Slide 26: BE intershop
BE intershop