Mobimo Holding AG · SIX:MOBN
Mobimo — FY2013 Earnings Presentation
27 slides from Mobimo's earnings presentation, Feb 13, 2014
Slide 1: Presentation Results 2013
PRESENTATION RESULTS 2013 Christoph Caviezel, CEO Manuel Itten, CFO 13 February 2014
Slide 2: Disclaimer
DISCLAIMER The financial data as well as the other information presented herein constitute selected information. The information in this presentation does not constitute an offer or invitation and may not be construed as a recommendation by us to purchase, hold or sell shares of Mobimo Holding AG. T
Slide 3: Highlights
HIGHLIGHTS • Record year for Mobimo • Increase in net profit by approx. 7.5% to CHF 81.6 m. • Profitable and growing portfolio • Increase in the dividend to CHF 9.50 Presentation Results 2013 3
Slide 4: Agenda
AGENDA • Notes on key financial figures Manuel Itten, CFO • Business performance 2013 Christoph Caviezel, CEO • Outlook Christoph Caviezel, CEO Presentation Results 2013 4
Slide 5: A Good Year
A GOOD YEAR in CHF 31.12.2013 31.12.2012 31.12.2011 Net profit 81.6 m. 76.0 m. 80.5 m.1) Earnings per share 13.14 12.33 15.46 Total value of the portfolio 2,372 m. 2,355 m. 2,171 m. Distribution 9.50 2) 9.00 9.00 1) The 2011 results included a one-time positive effect under tax expense totalling CHF
Slide 6: Summary of Key Financial Figures
KEY FINANCIAL FIG URES SUMMARY OF KEY FINANCIAL FIGURES 31.12.2013 31.12.2012 31.12.2011 in CHF m. restated Net rental income 78.9 79.8 76.0 Profit on sale of trading properties 31.6 21.7 22.3 and services Net income from revaluation 25.2 36.9 41.2 Profit on sale of invest. properties 7.1 -0.1 2.5 T
Slide 7: Break Down of Net Income from Revaluation
KEY FINANCIAL FIG URES BREAK DOWN OF NET INCOME FROM REVALUATION CHF 13.5 m. CHF 25.2 m. CHF 7.2 m. CHF 4.5 m. Operativer Operating Mehrwert performance Marktbedingte Market driven impacts, Erstmalige Application IFRS 13 Total Total Vermietung&Anlagen im e.g. discount effect Anpassung Anwendung Bau
Slide 8: Development of Net Rental Income and Vacancy Rate
KEY FINANCIAL FIG URES DEVELOPMENT OF NET RENTAL INCOME AND VACANCY RATE in CHF m. 95 93 91 89 72 66 63 Net rental income Mietertrag Vacancy rate Leerstand 6.40% 6.70% 6.10% 5.10% 3.85% 3.90% 3.30% 2007 2008 2009 2010 2011 2012 2013 Presentation Results 2013 8
Slide 9: Key Figures for Property Portfolio
KEY FINANCIAL FIG URES KEY FIGURES FOR PROPERTY PORTFOLIO 31.12.2013 31.12.2012 31.12.2011 restated Gross yield on investment properties 5.7% 5.8% 6% Net yield on investment properties 4.6% 4.8% 5.0% Investment property vacancy rate 3.9% 3.8% 3.3% Presentation Results 2013 9
Slide 10: Financing
KEY FINANCIAL FIG URES FINANCING Target 31.12.2013 31.12.2012 31.12.2011 restated Equity ratio > 40 % 46% 48% 47% Interest coverage factor > 2,0 3,6 3.0 3.0 Net gearing < 150 % 84% 80% 69% Average interest rate1) 2.7% 3.0% 3.0% Average residual maturity 7.7 years 9.1 years 9.2 years 1) An interest r
Slide 11: Maturity Profile of Financial Liabilities
KEY FINANCIAL FIG URES MATURITY PROFILE OF FINANCIAL LIABILITIES Av. residual maturity: 7.7 years Av. rate of interest: 2.72% Total: CHF 1,241 m. 1) Current financial liabilities include, in addition to mortgage liabilities, the convertible bond with a carrying amount of CHF 167.7 million (nominal v
Slide 12: Share Data
KEY FINANCIAL FIG URES SHARE DATA 31.12.2013 31.12.2012 31.12.2011 in CHF restated Shares issued 6,214,478 6,208,913 6,170,098 Share capital 180.2 m. 180.1 m. 178.9 m. Market capitalisation 1,156.5 m. 1,359.1 m. 1,283.4 m. Year-end share price 186.10 218.90 208.00 Distribution 9.50 9.00 9.00 Payout
Slide 13: Agenda
AGENDA • Notes on key financial figures Manuel Itten, CFO • Business performance 2013 Christoph Caviezel, CEO • Portfolio • Projects • Outlook Christoph Caviezel, CEO Presentation Results 2013 13
Slide 14: Overall Portfolio
BUSINESS PERFO RMAN CE : PO RT F O LIO OVERALL PORTFOLIO Presentation Results 2013 14
Slide 15: Overall Portfolio
BUSINESS PERFO RMAN CE : PO RT F O LIO OVERALL PORTFOLIO + CHF 30 m. Presentation Results 2013 15
Slide 16: Development of Rental Income by Type of Use
BUSINESS PERFO RMAN CE : PO RT F O LIO DEVELOPMENT OF RENTAL INCOME BY TYPE OF USE 10% 20% 30% Wohnen Residential 39% Büro Office 33% Hotel/Gastro Hotels/ catering 27% Detailhandel Retail Gewerbe Commercial 12% 9% Übrigeuse Other Nutzungen 7% 17% 10% 21% 13% 9% 18% 12% 13% 2008 2013 2015 E Presentat
Slide 17: Maturity Profile of Rental Contracts
BUSINESS PERFO RMAN CE : PO RT F O LIO MATURITY PROFILE OF RENTAL CONTRACTS 1) Average remaining term: 6.5 years 1) Not including rental contracts of unlimited duration Presentation Results 2013 17
Slide 18: Buildings Completed in 2013
BUSINESS PERFO RMAN CE : PRO J ECT S BUILDINGS COMPLETED IN 2013 Zurich, City West A+B Zurich, City West C Horgen, Wisental II Affoltern a.A., Obfelderstrasse Lausanne, La Poste Total investment of approx. CHF 330 million • 187 condo residential units (183 sold) • 138 rental residential units Presen
Slide 19: Pipeline
BUSINESS PERFO RMAN CE : PRO J ECT S PIPELINE Development and construction of investment properties for own portfolio Under construction: CHF 290 m. (previous year CHF 440 m.) In planning: CHF 780 m. (previous year CHF 670 m.) 2013 2014 2015 2016 2014 2015 2016 Development, construction and sale of
Slide 20: Building Started in 2013
BUSINESS PERF O MANC E: PRO J ECT S BUILDING STARTED IN 2013 Zurich, Badenerstrasse 595 Regensdorf, Sonnenhof Meilen, Feldgüetliweg Lausanne, Petit Mont-Riond Total investment of approx. CHF 175 million • 100 condo residential units, 21 studios • 185 rental residential units Presentation Results 201
Slide 21: Planned Building Starts in 2014
BUSINESS PERFO RMAN CE : PRO J ECT S PLANNED BUILDING STARTS IN 2014 Lucerne, Büttenenhalde Aarau, Aeschbach-Quartier 2+4 Merlischachen, Burgmatt Zurich, Letzigraben Zurich, Labitzke Areal Kriens, Mattenhof I+II Total investment of approx. CHF 734 million • 232 condo residential units, 493 rental re
Slide 22: Development Rental Income
BUSINESS PERFO RMAN CE : PRO J ECT S DEVELOPMENT RENTAL INCOME in CHF m. 92.8 95.1 90.9 88.8 71.8 63.2 65.6 2007 2008 2009 2010 2011 2012 2013 until (E) 2017 Presentation Results 2013 22
Slide 23: Investments for Third Parties
BUSINESS PERF O RMAN CE : PRO J ECT S INVESTMENTS FOR THIRD PARTIES Dübendorf, Olten, Langenthal, Sonnentalstrasse 10 Aarepark Headquarter 3M • 240 rental residential units • 56 rental residential units • Office building • 600m2 commercial/ retail • 2,000m² office/ retail • 350 workplaces • Developm
Slide 24: Operational Focal Points in 2014
O UT LO O K OPERATIONAL FOCAL POINTS IN 2014 • Bringing various building projects closer to completion • Increase in rental income • Marketing of condominiums • Further building up the business area “Investment for Third Parties” • Further developments in project pipeline • Ongoing quality optimisat
Slide 25: Mobimo: Fit for the Future
O UT LO O K MOBIMO: FIT FOR THE FUTURE • Stable income High-value portfolio of very well-located properties. Well-diversified. Low vacancy rate. • Growth and rising income Attractive investment pipeline at top locations • Security High equity ratio and long-term financing • Expertise A capable and c
Slide 26: Development of NAV
O UT LO O K DEVELOPMENT OF NAV in CHF 281.5 266 CAGR: 6.1% 254 244 81.5 225 72 216 63 206 54 194 36 45 184 27 18 9 Cumulative kumulierte dividend Dividende NAV NAVnach after Optionen options 190 191 194 200 175 176 179 180 180 2005 2006 2007 2008 2009 2010 2011 2012 2013 Presentation Results 2013 26
Slide 27: Contact Details
CONTACT DETAILS Christoph Caviezel, CEO Tel. +41 (0)44 397 11 56 christoph.caviezel@mobimo.ch Manuel Itten, CFO Tel. +41 (0)44 397 11 44 manuel.itten@mobimo.ch ir@mobimo.ch Presentation Results 2013 27