Swiss Prime Site Ag · SIX:SPSN
Swiss Prime Site — H1 2019 Earnings Presentation
32 slides from Swiss Prime Site's earnings presentation, Aug 8, 2019
Slide 1: Results First Half-Year 2019
RESULTS FIRST HALF-YEAR 2019 ZURICH, 8 AUGUST 2019
Slide 2: Welcome, Highlights, Key figures, Outlook
1 Welcome 2 Highlights 1st half-year 2019 and update project pipeline 3 Key figures 1st half-year 2019 4 Outlook 2019+ Zurich | 8 August 2019 2019 – Results 1st half-year 2
Slide 3: Welcome: 1st half-year 2019 with good results
Welcome 1st half-year 2019 with good results Operating income Growth to CHF 607.7 million (+3.8%) Up to CHF 356.5 million (+134.6%) Profit → whereof CHF 158.1 million due to release of deferred tax liabilities Property portfolio Increase to CHF 11.5 billion (+6.0%) Revaluations CHF 85.2 million (+14
Slide 4: We offer perspectives
WE OFFER PERSPECTIVES
Slide 5: Welcome, Highlights, Key figures, Outlook
1 Welcome 2 Highlights 1st half-year 2019 and update project pipeline 3 Key figures 1st half-year 2019 4 Outlook 2019+ Zurich | 8 August 2019 2019 – Results 1st half-year 5
Slide 6: Operating income increased – above-average growth in EBIT
Highlights 1st half-year 2019 Operating income increased – above-average growth in EBIT PROPERTY PORTFOLIO OPERATING INCOME in CHF m +6.0% in CHF m 11 468 10 819 11 468 608 585 +3.8% 608 HY 2018 HY 2019 HY 2018 HY 2019 RENTAL INCOME EBIT in CHF m in CHF m +22.8% -0.7% 239 241 239 286 233 286 HY 2018
Slide 7: Earnings increase leads to NAV growth of 5.2%
Highlights 1st half-year 2019 Earnings increase leads to NAV growth of 5.2% PROFIT EQUITY RATIO in CHF m +134.6% in % +240 bp * 357 152 357 43.6 41.2 43.6 HY 2018 HY 2019 HY 2018 HY 2019 EARNINGS PER SHARE (EPS) NET ASSET VALUE +5.2% in CHF excl. revaluations and deferred taxes in CHF after deferred
Slide 8: Revaluation gains significantly above previous year
Highlights 1st half-year 2019 Revaluation gains significantly above previous year Property portfolio in CHF m HY 2018 HY 2019 Vacancy rate in % (group) Total 10 819.1 11 467.8 8 6.8 6.6 7.4 6.7 6.4 6.4 6.1 7 6.1 5.5 of which projects | developments 483.8 789.9 5.4 5.2 6 5.0 4.7 4.8 4.7 Properties (n
Slide 9: Successful letting and transaction activities
Highlights 1st half-year 2019 Successful letting and transaction activities Core business real estate ▪ New/renewed leases: Total around 61 000 m2 or 4% of entire portfolio (incl. reduction in vacancies), e.g. Stücki Park, Basel: Lonza (8 000 m2 in new building); YOND, Zurich: ~80% let; Schönburg, B
Slide 10: Properties under construction (1|4)
Update project pipeline Properties under construction (1|4) Values in CHF Pipeline: CHF 2 billion Under construction: CHF ~800 million In development: CHF ~800 million Reserves: CHF ~400 million Zurich | 8 August 2019 2019 – Results 1st half-year 10
Slide 11: Properties under construction (2|4)
Update project pipeline Properties under construction (2|4) YOND Schönburg West-Log Zurich Bern Zurich Zurich | 8 August 2019 2019 – Results 1st half-year 11
Slide 12: Properties under construction (3|4)
Update project pipeline Properties under construction (3|4) D C B E A Espace Tourbillon JED I Stücki Park I Plan-les-Ouates Schlieren Basel Zurich | 8 August 2019 2019 – Results 1st half-year 12
Slide 13: Properties under construction (4|4)
Update project pipeline Properties under construction (4|4) Tertianum Tertianum Etzelblick Monthey Richterswil Zurich | 8 August 2019 2019 – Results 1st half-year 13
Slide 14: Projects in planning (1|2)
Update project pipeline Projects in planning (1|2) Values in CHF Pipeline: CHF 2 billion Under construction: CHF ~800 million In development: CHF ~800 million Reserves: CHF ~400 million Zurich | 8 August 2019 2019 – Results 1st half-year 14
Slide 15: Projects in planning (2|2)
Update project pipeline Projects in planning (2|2) Projects Tertianum Tertianum Alto Pont-Rouge JED II Stücki Park II Maag site VMA Pré-Bois Paradiso Olten Lancy Schlieren Basel Zurich Meyrin architectural district plan Design plan publication competition procedure Building application submitted sub
Slide 16: Pleasing results for the Services segment
Highlights 1st half-year 2019 Pleasing results for the Services segment ▪ Assets under management increase by 4.1% to CHF 70 billion ▪ Expansion of mixed-use site management in Western Switzerland & gain of Altenrhein site ▪ Split of property management as of July 2019 into «Operation» and «Developm
Slide 17: Services segment: focus on Tertianum
Highlights 1st half-year 2019 Services segment: focus on Tertianum ▪ Expansion of the network to 78 locations throughout Switzerland Highlights HY 2019 ▪ Opening of Tertianum «Rebgarten» in Liestal in October 2019 on course ▪ Full-year 2019 on track: sales CHF >500 million and EBIT CHF >30 million G
Slide 18: We create living spaces
WE CREATE LIVING SPACES
Slide 19: Welcome, Highlights, Key figures, Outlook
1 Welcome 2 Highlights 1st half-year 2019 and update project pipeline 3 Key figures 1st half-year 2019 4 Outlook 2019+ Zurich | 8 August 2019 2019 – Results 1st half-year 19
Slide 20: Stable development of rental income
Key figures 1st half-year 2019 Stable development of rental income Change in net rental income in CHF m Difference Facts in leased ▪ Growth from commissioning completed properties Completion (Al*) 240.9 of projects 0.7 239.3 Purchases 0.7 projects (including Riantbosson Centre, -6.4 Meyrin) and acqu
Slide 21: Operating income and EBIT – growth in both segments
Key figures 1st half-year 2019 Operating income and EBIT – growth in both segments Operating income by segment EBIT by segment in CHF m in CHF m Facts HY 2018 HY 2019 ▪ Increase in EBIT in core Real Estate Real Estate 217.0 263.5 business due to revaluation gains Services 15.9 22.6 ▪ Increase in EBI
Slide 22: Profit positively influenced by tax effect
Key figures 1st half-year 2019 Profit positively influenced by tax effect Swiss Prime Site Group income statement in CHF m Facts HY 2018 HY 2019 ▪ Recurring income from real estate Operating income 585.3 607.7 developments and profit from the sale of a Revaluation of investment properties 35.0 85.2
Slide 23: Property portfolio expanded to CHF 11.5 billion
Key figures 1st half-year 2019 Property portfolio expanded to CHF 11.5 billion Property portfolio development (fair value) Purchases in CHF m Conversion & modernisation 17.3 11 467.8 Facts projects ▪ Expansion of the real estate portfolio to 192 properties (+2 compared to end 2018) Other 174.2 ▪ Inv
Slide 24: Solid capitalisation
Key figures 1st half-year 2019 Solid capitalisation Shareholders’ equity development in CHF m Misc. Facts Profit 0.7 5 213.3 5 145.1 -0.4 ▪ NAV increase to CHF 68.64 per share Compensation of goodwill from (+1.3% compared to the end of 2018), i.e. acquisitions from -288.6 356.5 group total return (i
Slide 25: Capital market financing further expanded
Key figures 1st half-year 2019 Capital market financing further expanded Financing structure Financial liabilities in CHF m Facts 5 076.4 5 345.5 16.6 4.0 HY 2018 HY 2019 ▪ Stable interest rate of 1.4% with a maturity 17.1 4.6 of 4.3 years 543.2 Ø interest rate (in %) 1.4 1.4 542.4 Ø maturity (in ye
Slide 26: We shape the future
WE SHAPE THE FUTURE
Slide 27: Welcome, Highlights, Key figures, Outlook
1 Welcome 2 Highlights 1st half-year 2019 and update project pipeline 3 Key figures 1st half-year 2019 4 Outlook 2019+ Zurich | 8 August 2019 2019 – Results 1st half-year 27
Slide 28: Confirmation of all targets
Outlook 2019+ Confirmation of all targets Expected rental income from development pipeline* Vacancy rate 2019E Values in CHF m Active vacancy management with an expected vacancy rate of ≤ 5% Total CHF 83 million 19.7 Earnings contribution of Services segment 2019E 15.2 Targeted further growth of Ser
Slide 29: Swiss Prime Site
Slide 30: Analyst and investor contact
Analyst and investor contact Media contact Markus Waeber Mladen Tomic Investor Relations Media Relations Head Investor Relations Head Corporate Communications Business: +41 58 317 17 64 Business: +41 58 317 17 42 Mobile: +41 79 566 63 34 Mobile: +41 79 571 10 56 markus.waeber@sps.swiss mladen.tomic@
Slide 31: Disclaimer
Disclaimer Details published in this presentation are for information purposes only and should not form the basis for any investment decisions or recommendations to purchase Swiss Prime Site AG securities. The content of this presentation was diligently researched and compiled. However, Swiss Prime
Slide 32: Swiss Prime Site