Mobimo records good annual results in 2018 Freitag, 08. Februar 2019 - 07:01

Mobimo Holding AG / Key word(s): Annual Results
Mobimo records good annual results in 2018

08-Feb-2019 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

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Mobimo records good annual results in 2018

›› Mobimo posted profit of CHF 90.3 million, which is on a par with 2017
(CHF 91.5 million).
›› At CHF 114.1 million, rental income was up year-on-year (prior year: CHF
111.0 million).
›› The vacancy rate as at 31 December 2018 was a low 2.9% (prior year:
4.9%).
›› At CHF 42.0 million, net income from revaluation significantly exceeded
the prior year's figure (CHF 27.3 million) and was driven predominantly by
operations.
›› The active portfoliomanagement led to a profit on disposals of CHF 29.0
million (prior year: CHF 27.5 million).

Lucerne, 8 February 2019 - Mobimo recorded strong results in 2018 thanks to
stable rental income, net income from revaluation of which more than half
can be attributed to operations, and successful sales of investment
properties. The portfolio vacancy rate stands at a low 2.9%.

For the first time in its history, the value of Mobimo's portfolio broke
through the CHF 3.0 billion mark (actually just under CHF 3.1 billion)
thanks to the successful integration of the Immobiliengesellschaft Fadmatt
AG portfolio and the completion of major construction projects such as the
Labitzke site in Zurich and the Aeschbachquartier in Aarau. EBIT came to CHF
133.6 million (prior year: CHF 142.3 million), or CHF 91.7 million excluding
revaluation (prior year: CHF 115.0 million). Profit was CHF 90.3 million
(prior year: CHF 91.5 million). The profit attributable to the shareholders
of Mobimo Holding AG was CHF 90.6 million including revaluation and CHF 59.2
million excluding revaluation (prior year: CHF 91.7 million and CHF 71.9
million respectively). This includes a one-off effect in personnel expenses
of CHF 2.3 million from the valuation of the new pension plans according to
IAS 19. More than half of the net income from revaluation of CHF 42.0
million (prior year: CHF 27.3 million) can be attributed to the on-track
construction of investment properties. On the strength of the overall solid
results, the Board of Directors is once again proposing a distribution of
CHF 10.00 per share to the Annual General Meeting.

Attractive transaction market enables further portfolio optimisation
With demand for investment properties remaining high in the transaction
market, Mobimo continued to exploit targeted opportunities for portfolio
optimisation in 2018 in line with its business model. The company sold 15
properties, generating a profit of CHF 29.0 million (prior year: CHF 27.5
million).

Low vacancy rate
The extensive new additions to the portfolio offset the successful sales,
with rental income rising year on-year from CHF 111.0 million to CHF 114.1
million. There was a further improvement in the overall quality of the
existing portfolio. These additions increased the share of rental income
from residential usage as at 31 December 2018 to 39% (prior year: 30%).
Thanks to an excellent performance by the marketing team, the vacancy rate
was a low 2.9% (prior year: 4.9%). The cost/income ratio arising from direct
expenses for rented properties was 18% (prior year: 15%). The temporary
increase was due in particular to preparatory work relating to developments
in the existing portfolio. Like-for-like growth of 0.6% (prior year: -0.4%)
was recorded in rental income in the 2018 financial year.

Lower profit from development projects and sale of trading properties
Profit from development projects and sale of trading properties was CHF 6.2
million in the year under review, significantly lower than the prior-year
figure (CHF 24.7 million). This result mainly reflects the project-related
volatility of income from development activities for third parties and the
lower output of condominiums. Given the wellstocked pipeline, the
contribution of developments and sales of trading properties to income will
become more substantial again over the next few years.

Full pipeline and diversification
The full pipeline will also have a positive impact on the rental income
base: following the completion of various ongoing construction projects such
as the Mattenhof site development in Kriens and the Moxy Hotel in the Flon
district, Mobimo expects target rental income to increase by around 10% by
the end of 2019 compared with the end of 2018. The portfolio will also be
continuously strengthened in the medium and long-term through the addition
of properties developed by the company. These include major urban
developments such as Rasude in Lausanne and the conversion of a large
property in a good residential location in the Wiedikon district of the city
of Zurich. In the year under review, Mobimo secured land in an ideal
location for logistics services, diversifying its portfolio with the
addition of a promising type of usage.

Comfortable financial position
As at the end of the 2018 financial year, total assets had increased by a
further 5.3% (prior year: 5.4%) to CHF 3,365.2 million. This was mainly
attributable to growth in the real estate portfolio. With an equity ratio of
45.0% as at 31 December 2018 (prior year: 43.8%), Mobimo continues to have a
solid capital base. Financial liabilities currently consist of listed bonds
and mortgage-secured bank loans. As at the reporting date of 31 December
2018, the average interest rate had again fallen and stood at 1.90% (prior
year: 2.06%). The average residual maturity of financial liabilities as at
the reporting date was still within the target range at 6.1 years (prior
year: 6.5 years). The long-term financing and solid capital base form an
excellent foundation for the company's further qualitative growth and for
investment in the projects in the pipeline.

Changes in the Board of Directors and new CEO
As was communicated at last year's Annual General Meeting, the Chairman of
the Board of Directors of Mobimo Holding AG, Georges Theiler, will not stand
for re-election at the 19th Annual General Meeting on 2 April 2019. Peter
Schaub, the current Vice Chairman, is to be proposed to the shareholders as
his successor. Peter Barandun is stepping down from the Board of Directors
after four years due to other professional priorities. In view of the
decision of his fellow board member, Wilhelm Hansen has changed his original
intention and will now be standing for a further term of office. The Board
of Directors would like to thank Peter Barandun for his successful
endeavours and the tremendous commitment he has shown, particularly within
the Real Estate Committee. The Board would also like to thank Wilhelm Hansen
for his willingness to once again take responsibility for the company. The
Nomination and Compensation Committee will shortly start looking for a
successor to Wilhelm Hansen. Bernadette Koch, auditor and until mid-2018
partner at Ernst & Young AG, and the outgoing CEO, Dr. Christoph Caviezel,
will stand for election as new members of the Board of Directors. The Board
of Directors is confident that these appointments will maintain a good
balance between continuity and renewal in the board. As previously
announced, the new CEO, Daniel Ducrey, will assume the operational
management of Mobimo Holding AG on the day after the Annual General Meeting.

Outlook
Mobimo continues to operate in a market with attractive longterm prospects.
The economic outlook is positive, and interest rates remain at a
persistently low level. For all market participants, from renters of
apartments and office space to buyers of condominiums and institutional
investors, two factors are key to demand: a good location and a reasonable
price. The Board of Directors and Executive Board are confident that Mobimo
will continue to operate successfully on a healthy revenue base in the
future thanks to its high-quality portfolio, hugely promising pipeline and
many years of experience.


Detailed reporting: You can find the Annual Report 2018 on
https://www.mobimo.ch/en

A media and analysts' conference will take place today at 10.00 a.m.
Christoph Caviezel (CEO) and Manuel Itten (CFO) will present the 2018
results.

The webcast of the conference is also available on our website at:
https://webcasts.eqs.com/mobimo20190208de

A telephone conference in English for analysts and media representatives
will take
place today at 2.00 p.m.: Following the presentation of the 2018 financial
results, Christoph Caviezel (CEO) and Manuel Itten (CFO) will be available
to answer any questions. Registration is not necessary.

Dial-in data: +41 44 580 72 06 | Conference ID: 8530016

The corresponding presentation can be viewed by clicking the following link:
https://webcasts.eqs.com/mobimo20190208en/no-audio

If you have any questions, please contact:
Mobimo Holding AG
Dr. Christoph Caviezel, CEO
Manuel Itten, CFO
+41 44 397 11 86
ir@mobimo.ch
www.mobimo.ch


About Mobimo:
Mobimo Holding AG was established in Lucerne in 1999 and has been listed on
the SIX Swiss Exchange since 2005. With a real estate portfolio with a total
value of more than CHF 3.0 billion, the Group is one of the leading real
estate companies in Switzerland. The portfolio comprises investment and
development properties in first-class locations in German-speaking
Switzerland and French-speaking Switzerland. Mobimo generates stable rental
income with its residential and commercial properties, while its development
expertise and full pipeline allows it to create value enhancement potential
in its own portfolio and for third parties. The investment volume of
development properties for its own portfolio totals around CHF 0.9 billion.
Mobimo has a stable business model, pursues a sustainable strategy and
provides its shareholders with an attractive return.


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