Mobimo Holding AG · SIX:MOBN
Mobimo — FY2014 Earnings Presentation
59 slides from Mobimo's earnings presentation, March 2015
Slide 1: 2014 Results
2014 Results Flon, Lausanne
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: Agenda
Agenda 1. Business year 2014 at a glance 2. Key financial figures 2014 3. Property portfolio & pipeline 4. Outlook & summary 3 Results 2014
Slide 4: Business year 2014 at a glance
1. Business year 2014 at a glance Büttenenhalde, Lucerne 4 Results 2014
Slide 5: Sound business year
1. Business year 2014 at a glance Sound business year ● CHF 100 m rental income threshold exceeded Rental income growth ● Continuous portfolio growth at good locations ● Good regional and user-specific diversification ● Solid basis generated Income from development ● Opportunities for development of
Slide 6: Solid long-term performance
1. Business year 2014 at a glance Solid long-term performance 6 Results 2014
Slide 7: Attractive portfolio
1. Business year 2014 at a glance Attractive portfolio Increase in value from development for own portfolio Total value: CHF 2,470 m (2008: CHF 1,488 m) in CHF m 2008 Share 2014 Share Change Investment properties 1,050 71% 1,908 77% +81.7% Commercial properties 892 60% 1,381 56% +54.8% Residentia
Slide 8: Market environment
1. Business year 2014 at a glance Market environment Office and ● Sideways trend unchanged commercial property market ● Tough competition in the retail business Rental market ● Stable demand Condominium ● Interest rate driven demand in the mid-price segment market ● Low financing costs Investments f
Slide 9: Economic forecast for Switzerland
1. Business year 2014 at a glance Economic forecast for Switzerland 2014 2015 E 2016 E Gross domestic product, real (change in %) 1) 2.0 -0.5 0.0 Consumer prices (change in %) 2) 0.0 +0.2 +0.4 Unemployment rate 3) 3.2 3.0 2.8 1) Source: KOF, ETH Zurich 2) Source: Swiss Federal Statistical Office, De
Slide 10: Key financial figures 2014
2. Key financial figures 2014 Horizon, Lausanne 10 Results 2014
Slide 11: Key income statement figures
2. Key financial figures 2014 Key income statement figures in CHF m 2011 2012 2013 2014 PY restated change Net rental income 76.0 79.8 78.9 87.6 +11.0% Profit on sale of trading properties and services 22.3 21.7 31.6 24.9 -21.2% Net income from revaluation 41.2 36.9 25.2 3.8 -84.9% Profit on s
Slide 12: Selected return ratios
2. Key financial figures 2014 Selected return ratios in % 2011 2012 2013 2014 PY restated change Return on equity incl. revaluation 8.5 6.7 7.1 5.2 -26.8% Return on equity excl. revaluation 5.2 4.3 5.4 5.1 -5.6% Gross yield on investment properties 6.0 5.8 5.7 5.6 -1.8% Net yield on investment
Slide 13: Rental income as an essential revenue pillar
2. Key financial figures 2014 Rental income as an essential revenue pillar ● Increase of 11% compared to the prior year ● Doubling of a rental income since the IPO ● This rise is mainly based on ● new entry of completed properties in our own portfolio ● successful acquisitions 13 Results 2014
Slide 14: Well-filled pipeline insures further growth in rental income
2. Key financial figures 2014 Well-filled pipeline insures further growth in rental income ● Rise rental income expected in the coming years ● Continuing diversification by location and use ● Properties situated in central locations lead to continuous and stable growth in rental income 14 Results 20
Slide 15: Components of net income from revaluation
2. Key financial figures 2014 Components of net income from revaluation ● As expected, the gain from revaluation was lower following the positive effects of the first-time application of IFRS 13 in the prior-year period ● Value gains stemmed mainly from properties under construction and residential
Slide 16: Development of net income from revaluation
2. Key financial figures 2014 Development of net income from revaluation ● Positive value gains stemmed from the development of the company's own portfolio ● Decreasing influence of market-driven revaluation effects 1) Including CHF 13.5 m from the first-time application of IFRS 13 16 Results 2014
Slide 17: Long-term financing at excellent conditions
2. Key financial figures 2014 Long-term financing at excellent conditions ● Successful refinancing by issuing new bonds ● May 2014: CHF 200 m bond with a seven-year term and a coupon of 1.625% ● September 2014: CHF 150 m bond with a ten-year term and a coupon of 1.875% ● CHF 169 m convertible bond s
Slide 18: Residual term of financial liabilities in the long run
2. Key financial figures 2014 Residual term of financial liabilities in the long run 2011 2012 2013 2014 9.2 9.1 7.7 Av. residual maturity 8.6 years years years years 1) Non-current financial liabilities include, in addition to mortgage liabilities, the bond with a carrying amount of CHF 164.3 m (no
Slide 19: Solid equity ratio of 44% as basis for further high-quality growth
2. Key financial figures 2014 Solid equity ratio of 44% as basis for further high-quality growth ● Goal of > 40% achieved ● Target of > 2 clearly exceeded ● Well under the maximum level of ● Still solid equity ratio basis 150% ● Considerable financial headroom 19 Results 2014
Slide 20: Attractive yield spread
2. Key financial figures 2014 Attractive yield spread ● The average interest rate on financial liabilities was reduced further ● Continued use of the attractive interest rate environment to lock in low interest rates for the long term ● Attractive interest rate of 2.0% generated 20 Results 2014
Slide 21: Share data
2. Key financial figures 2014 Share data in CHF 2011 2012 2013 2014 PY restated change Shares issued 6,170,098 6,208,913 6,214,478 6,216,606 0.0% Share capital 178.9 m 180.1 m 180.2 m 180.3 m +0.1% Market capitalisation 1,283.4 m 1,359.1 m 1,156.5 m 1,238.3 m +7.1% Year-end share price 208.00
Slide 22: High distribution maintained
2. Key financial figures 2014 High distribution maintained ● Solid earnings per share of CHF 10.00 ● Diluted earnings per share of CHF 9.82 ● High distribution of CHF 9.50 maintained ● Attractive distribution policy continued 22 Results 2014
Slide 23: Positive share price development
2. Key financial figures 2014 Positive share price development ● The Mobimo share price increased by about 48% over the past 5 years ● Slightly negative development of liquidity 2014 ● The average number of shares traded daily was approx. 8,700 (previous year: 11,100 shares) ● Thereby total turnover
Slide 24: Shareholder structure
2. Key financial figures 2014 Shareholder structure ● Free float as at 30.06.2014: 100% (as per SIX Swiss Exchange definition) ● The following shareholders held 3% or more of the share capital as at 30.06.2014: ● Zuger Pensionskasse, 3.38% ● BlackRock, Inc., 3.00% 24 Results 2014
Slide 25: Selected subjects
2. Key financial figures 2014 Selected subjects Rental income ● Further portfolio growth leads to increasing rental income Result ● Robust result excluding revaluation Financing ● Successful refinancing by issuing further bonds Interest rate ● Negative SNB interest rates development ● IAS 19: Amendm
Slide 26: Property portfolio & pipeline
3. Property portfolio & pipeline Aeschbach-Quartier, Aarau 26 Results 2014
Slide 27: The right strategy for high-quality growth and stable returns
3. Property portfolio & pipeline – abstract The right strategy for high-quality growth and stable returns 27 Results 2014
Slide 28: Overall portfolio
3. Property portfolio & pipeline – abstract Overall portfolio Total value: CHF 2,470 m (2008: CHF 1,488 m) in CHF m 2008 2014 Change Investment properties 1,050 1,908 +81.7% Commercial properties 892 1,381 +54.8% Residential properties 158 527 +233.5% Development 438 562 +29.8% properties
Slide 29: Strengthening of the portfolio by active management and continuous development
3. Property portfolio & pipeline – abstract Strengthening of the portfolio by active management and continuous development 29 Results 2014
Slide 30: Attractive property portfolio focusing on Zurich and Western Switzerland
3. Property portfolio & pipeline – abstract Attractive property portfolio focusing on Zurich and Western Switzerland 30 Results 2014
Slide 31: Well-balanced and stable portfolio mix
3. Property portfolio & pipeline – abstract Well-balanced and stable portfolio mix ● Portfolio mix is optimised on an ongoing basis ● Residential component is gradually being increased through the planning and construction of investment properties for our own property portfolio ● Residential compone
Slide 32: Medium- to long-term maturity profile of rental contracts
3. Property portfolio & pipeline – abstract Medium- to long-term maturity profile of rental contracts 1) 2011 2012 2013 2014 Av. residual maturity 4.2 years 6.2 years 6.5 years 7.4 years 1) Not including rental contracts of unlimited duration 32 Results 2014
Slide 33: Buildings completed in 2014
3. Property portfolio & pipeline – projects Buildings completed in 2014 Amount invested approx. CHF 165 m ● 78 condo residential units (67 sold) ● Nursing home and 48 retirement apartments fully let ● Approx. 7,600 m2 commercial space fully let (music school and catering) 1) 5,160 m2 gross living ar
Slide 34: Well-filled project pipeline
3. Property portfolio & pipeline – projects Well-filled project pipeline Development and construction of investment properties for our own portfolio under construction: CHF 210 m (PY 290 m) in planning: CHF 710 m (PY 780 m) 2015 2016 2017 2018 2015 2016 2017 2018 Development, construction and sale o
Slide 35: Investment properties under construction
3. Property portfolio & pipeline – projects Investment properties under construction Amount invested CHF 210 m 35 Results 2014
Slide 36: Condominiums under construction
3. Property portfolio & pipeline – projects Condominiums under construction Amount invested CHF 160 m 36 Results 2014
Slide 37: Buildings started in 2014
3. Property portfolio & pipeline – projects Buildings started in 2014 Amount invested approx. CHF 150 m ● 116 condo residential units, 3 studios ● 72 rental residential units 1) 10,823 m2 gross living area, 92 condos 2) 6,860 m2 rentable area, 72 rental residential units 3) 3,032 m2 gross living are
Slide 38: Investment properties in planning
3. Property portfolio & pipeline – projects Investment properties in planning Amount invested CHF 710 m 38 Results 2014
Slide 39: Condominiums in planning
3. Property portfolio & pipeline – projects Condominiums in planning Amount invested CHF 180 m 39 Results 2014
Slide 40: Planned building starts in 2015
3. Property portfolio & pipeline – projects Planned building starts in 2015 Amount invested approx. CHF 660 m ● 172 condo residential units ● Office, apartments, retail, commercial, hotel 1) Apartments, office, 5 storage rooms 2) 77 condos, commercial 3) 79 condos 4) Office, apartments, retail, hote
Slide 41: Investments for Third Parties
3. Property portfolio & pipeline – projects Investments for Third Parties ● Office building ● 350 workplaces ● Development: 2014-2015 ● Tenant: 3M 41 Results 2014
Slide 42: Create value through conversion: demand for additional living space will remain intact
3. Property portfolio & pipeline – site development Create value through conversion: Demand for additional living space will remain intact ● 704 development sites with a total area of 5,626 ha ● Potential site area of 48.5 million m2 in repositioning ● Volume of new construction of approx. CHF 200 b
Slide 43: Site development
3. Property portfolio & pipeline – site development Site development Potential amount invested approx. CHF 2 bn 43 Results 2014
Slide 44: Aeschbach-Quartier Aarau "AQA"
3. Property portfolio & pipeline – site development Aeschbach-Quartier Aarau "AQA" SITE AREA 55,000 m2 (incl. park) USE 1,100 workplaces, 92 condos, 180 rentals, retail, catering, commercial INVESTMENT approx. CHF 170 m (excl. GastroSocial) LOCATION Central, next to Aarau main station 2017 2018 2019
Slide 45: Lausanne Rasude (La Poste)
3. Property portfolio & pipeline – site development Lausanne Rasude (La Poste) SITE AREA 19,000 m2 (12,000 m2 Mobimo) USE Office, hotel, apartments (condo/rentals, retail, catering (joint project with SBB) INVESTMENT approx. CHF 200 m LOCATION Lausanne train station 2017 2018 2019 2020 2021 2022 202
Slide 46: Lausanne "Flon Vision 2025"
3. Property portfolio & pipeline – site development Lausanne "Flon Vision 2025" SITE AREA 55,000 m2 USE Further development of the Flon district INVESTMENT approx. CHF 200 m LOCATION Central, in immediate vicinity of the underground station 2017 2018 2019 2020 2021 2022 2023 46 Results 2014
Slide 47: Lucerne Süd Mattenhof
3. Property portfolio & pipeline – site development Lucerne Süd Mattenhof SITE AREA 25,000 m2 USE Office, apartments, hotel, retail, catering, commercial INVESTMENT approx. CHF 260 m LOCATION Directly next to Mattenhof train station and in immediate vicinity of the motorway access road 2017 2018 201
Slide 48: Biel Agglolac
3. Property portfolio & pipeline – site development Biel Agglolac GROSS FLOOR SPACE approx. 110,000 m2 USE Development of a new city district with residential, work, catering, hotel, retail and commercial use INVESTMENT approx. CHF 350 m LOCATION In immediate vicinity of the lake and near the train
Slide 49: Rheinmetall Zurich
3. Property portfolio & pipeline – site development Rheinmetall Zurich SITE AREA 53,000 m2 USE Residential, office, commercial, catering, events INVESTMENT approx. CHF 500 m LOCATION In immediate vicinity of Oerlikon train station 2017 2018 2019 2020 2021 2022 2023 49 Results 2014
Slide 50: Outlook & summary
4. Outlook & summary Sonnental, Dübendorf 50 Results 2014
Slide 51: Focus 2015
4. Outlook & summary Focus 2015 ● Accelerate the expansion of the Investments for Third Parties Strategy business area ● Increase in rental income Operating business ● Reduce in vacancy rates ● Rigid cost control and risk management Property ● Secure realisation of different building projects portfo
Slide 52: Annex
Annex Station 595, Zurich 52 Results 2014
Slide 53: The 15 biggest properties
Annex The 15 biggest properties 1) Address Fair value Use 31.12.14 in TCHF Zurich, Mobimo Tower Hotel 132,190 Hotel Turbinenstrasse 20 Lausanne, Horizon 4-6 Commercial 132,900 Avenue d‘Ouchy 4-6 property Affoltern a. A., Obstgartenstr. Rental and 9/Alte Obstfelderstr. 27/29, 31- 92,530 retirement 35
Slide 54: The 15 biggest properties
Annex The 15 biggest properties 1) Address Fair value Use 31.12.14 in TCHF Zurich, Friesenbergstrasse Commercial 91,310 75/Im Tiergarten 7 property Lausanne, Ilot du Centre 82,180 Rental apartments Rue Beau Séjour 8 Kreuzlingen, Ziil Center Commercial 65,868 Leubernstrasse 3 property Lausanne, Les M
Slide 55: The 15 biggest properties
Annex The 15 biggest properties 1) Address Fair value Use 31.12.14 in TCHF Zurich, Hochhaus Commercial 58,250 Hardturmstrasse 3 property Horgen, Holzbach 56,340 Rental apartments Seestrasse 43-69 Zurich, Secret Garden 52,940 Rental apartments Manessestrasse 190/192 Zurich, Oh!mega 51,870 Rental apar
Slide 56: The 15 biggest properties
Annex The 15 biggest properties 1) Address Fair value Use 31.12.14 in TCHF Zurich, Apollo Commercial 48,890 Stauffacherstrasse 41 property Lausanne, Les Pépinières, Rue Commercial 40,130 des Cotes-de-Montbenon 20-24 property Rental apartments, Lausanne, Rue de Genève 7 31,100 commercial 1) Total fai
Slide 57: The five biggest tenants
Annex The five biggest tenants ● The five biggest tenants generate 21.4% of the rental income 57 Results 2014
Slide 58: Profitable and fast-growing portfolio
Annex Profitable and fast-growing portfolio ● Portfolio of investment properties went up due to acquisitions and developments in the project pipeline ● Targeted development of residential and commercial properties for the company‘s own portfolio ● Quality of the portfolio is being further optimised
Slide 59: Your contact persons
Your contact persons Christoph Caviezel Manuel Itten CEO CFO ● Dr. iur., Attorney at Law ● Business Administration FH ● Chairman of the Executive Board ● Member of the Executive Board ● CEO of the Mobimo Group since October 2008 ● Joined Mobimo in 2004, working as CFO since 2009 ● Direct Manager of