Edmond de Rothschild Real Estate SICAV - Swiss Class A · SIX:ERRES
Edmond de Rothschild Real Estate SICAV - Swiss Class A — Edmond de Rothschild Real Estate SICAV — H1 2018 Earnings Presentation
20 slides from Edmond de Rothschild Real Estate SICAV - Swiss Class A's earnings presentation, September 2018
Slide 1: 2018 Semi-Annual Report
2018 SEMI-ANNUAL REPORT OROX ASSET MANAGEMENT SA www.edr-realestatesicav.ch
Slide 2: Semi-Annual Results
\ A SEMI-ANNUAL RESULTS
Slide 3: Key figures September 2018
Sept. 2018 Sept. 2017 67 buildings Net assets: 868 Mio CHF 853 Mio CHF CHF 61 Mio Real estate assets: 1’263 Mio CHF 1’127 Mio CHF Rental income NAV/share: 113.64 111.65 Premium at 30.09.18: 15.57% 22.61% 2’110 apartments Debt ratio: 30.69% 26.79% EBIT Margin: 69.93% 71.06% Historical TER 0.9% Rent l
Slide 4: Revenue comparison to 30.09.2018
From From 01.04.2018 01.04.2017 to 30.09.2018 to 30.09.2017 CHF CHF Change % change Revenue Rental income 28'797'936.60 26'765'871.79 2'032'064.81 8% Other rental income 58'672.50 147'951.52 -89'279.02 -60% Interest income -37'153.66 -33'798.76 -3'354.90 10% Interim interest 133'465.35 513'142.82 -3
Slide 5: Expenses, maintenance and net profit
From 01.04.2018 From 01.04.2017 to 30.09.2018 to 30.09.2017 % of CHF % of revenus CHF Change % change revenus Expenses Maintenance and repairs : Maintenance and repairs 1'855'053 6.3% 859'438 2.8% 995'616 116% Relative increase compared to Mortgage interest 2'604'237 8.9% 2'627'939 8.5% -23'703 -1
Slide 6: Variation of unrealized capital gain
Total variation of unrealized capital gain of 2’375’477.59 CHF Increase of the market value of the building Agora is not counted in this evolution since the sale took place in novembre 2018 EDMOND DE ROTHSCHILD 6
Slide 7: Key Portfolio Data
\ A KEY PORTFOLIO DATA
Slide 8: Debt maturity and counterparties
12.3% 10.3% 11.1% 10.6% 10.3% 10.2% 9.0% 8.8% 8.0% Maturity 7.1% 4.31 years 2.3% Av. interest rate 0.0% 1.37% 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 > 2028 31.03.16 31.03.17 31.03.18 30.09.2018 Counterparties Debt outstanding CHF 267 Mio CHF 337 Mio CHF 354 Mio CHF 388 Mio 10 Weighte
Slide 9: Sectoral and geographical distribution
SECTORAL DISTRIBUTION GEOGRAPHICAL DISTRIBUTION Residential 55% Geneva 38% Mixed 19% Vaud 24% Commercial 26% Fribourg 15% Zurich 6% Neuchâtel 4% Basel 4% Aargau 3% Others 6% EDMOND DE ROTHSCHILD 9
Slide 10: Theoretical rental income increase on proforma basis
140'000 120'000 100'000 80'000 60'000 40'000 20'000 Increase of theoritical rental income of 60 - KCHF on a proforma -20'000 basis -40'000 -60'000 -80'000 EDMOND DE ROTHSCHILD 10
Slide 11: Vacancy rate evolution and top vacant spaces
Vacancy rate evolution Top 5 vacant spaces at 30.09.2018 5.00% 500'000 60.00% 4.81% 450'000 400'000 50.00% 4.50% 350'000 40.00% 4.30% 300'000 Vacant space 4.00% 250'000 30.00% in CHF 3.88% 3.82% 3.84% 3.81% 200'000 3.79% 20.00% 150'000 3.50% 100'000 Portfolio's 3.39% 3.37% 10.00% 50'000 average - 0.
Slide 12: Sale of Agora
\ A SALE OF AGORA
Slide 13: Agora sale rationale and process
Developed and built by Orox Completed in 2012 Concentrated risk with larger tenant in portfolio No more value potential Potential of high capital gain with good market trend Competitive biding process 2 round process 65 potential buyers 35 NDA signed 9 non binding offers Non-au
Slide 14: Agora main tenants
Main tenants Tenants Tenancy schedule % Lease expiration Alcon 2'340'000 3.8% 31.03.2025 Agora largest single building of the portfolio Secur'Archiv 2'160'000 3.5% 31.12.2036 CHUV 1'700'000 2.8% 31.01.2031 Coop 1'500'000 2.5% multi Alcon 1st tenant of the portfolio Zara 1'160'000 1.9% 30.11.2024
Slide 15: Romont and Les Vergers developments
Romont – Romont - FR Construction of 5’090 sqm and 123 indoor parking spaces Completion date June 2019 Retail area fully let by Migros Lease duration of 25 years Gross income 1’237’220 CHF Gross yield 4.52% / net yield 4.25% Les Vergers – Meyrin - GE Construction of 4 Minergie building
Slide 16: Promenade des Artisans, Meyrin
Promenade des Artisans – Meyrin – GE Intergenerational building consisting of 66 rent-controlled apartments and 1,300 m2 of commercial space on the ground floor. Concept developed with the City of Meyrin. Minergie certified. Building delivered on time State of Geneva signed a 15 year lease on
Slide 17: Conclusion
\ A CONCLUSION
Slide 18: Conclusion: dividend and reserves
Confirmation of dividend distribution above CHF 3,4 per share Rental income of Agora will not be compensated immediately on Q1 2019 Meyrin – Vergers and Romont – Migros are under construction and will only deliver full income potential from 2020 Focus on several commercial and retail spaces (Mont s/
Slide 19: Contacts
Pierre JACQUOT Alban Plançon Head Real Estate EdR (Suisse) Portfolio Manager CEO Orox Asset Management OROX Asset Management jacquot@oroxcapital.com plancon@oroxcapital.com Tel: +41 22 436 32 40 Tel: +41 22 560 67 13 19
Slide 20: Legal information on the SICAV
Edmond de Rothschild Real Estate SICAV (the "SICAV"), Geneva is an externally managed société The main investment objective of each subfund shall be to preserve the substance of capital d’investissement à capital variable incorporated in Switzerland in the "real estate" category, as invested long te
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