Mobimo Holding Ag · SIX:MOBN
Mobimo — H1 2012 Earnings Presentation
35 slides from Mobimo's earnings presentation, Aug 16, 2012
Slide 1: Presentation First Half of 2012
PRESENTATION FIRST HALF OF 2012 Dr. Christoph Caviezel, CEO Manuel Itten, CFO 16 August 2012
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 • The first half-year operating result (EBIT) that exceeds CHF 60 million • Increase of 15% in net income to CHF 39.6 million • Increase in rental income following portfolio adjustments • Acquisition of the first major investment for a third party • Attractive expansion of the project pip
Slide 4: Agenda
AGENDA • Notes on key financial figures Manuel Itten, CFO • First Half of 2012 / Outlook Christoph Caviezel, CEO Presentation Half-Year 2012 4
Slide 5: Key Financial Figures I
KEY FINANCIAL FIGURES I in CHF m. 30.06.2012 31.12.2011 30.06.2011 Profit on sale of trading properties 8.3 22.3 0.5 Net rental income 39.8 76.0 37.1 Net income from revaluation 22.7 1) 41.2 16.6 Profit from sale of invest. properties - 2.5 1.1 Tax expense -8.9 -11.9 -1.3 Profit 39.6 80.5 34.5 1) CH
Slide 6: Key Financial Figures II
KEY FINANCIAL FIGURES II in CHF 30.06.2012 31.12.2011 30.06.2011 EBITDA 61.5 m. 122.4 m. 46.9 m. EBIT 60.8 m. 121.1 m. 46.2 m. Profit 39.6 m. 80.5 m. 34.5 m. Return on equity 6.9 % 8.5 % 7.3 % Presentation Half-Year 2012 6
Slide 7: Break Down of Profit from Revaluation
BREAK DOWN OF PROFIT FROM REVALUATION CHF 10.4 m. CHF 22.7 m. Revaluation gains through development expertise CHF 4.2 m. CHF 8.1 m. Operational added value Operational added value Discount effect Total Properties under construction Development - Marketing Portfolio improvements Portfolio properties
Slide 8: Property Portfolio as at 30 June 2012
PROPERTY PORTFOLIO AS AT 30 JUNE 2012 2,269 in CHF m. 2,171 2,012 1,878 5.20 748 5.08 5.02 4.98 4.98 703 4.90 677 4.76 4.7 1,488 677 595 1,349 1,108 438 989 409 303 374 1,521 1,468 1,283 1,335 Investment properties 1,050 940 Development properties 805 615 Ø discount rate 2005 2006 2007 2008 2009 201
Slide 9: Development of Mobimo NAV 2005 - 2012
DEVELOPMENT OF MOBIMO NAV 2005 - 2012 261 251 CAGR: 6.3% 244 225 216 206 63 72 54 194 184 36 45 27 18 9 190 191 189 175 176 179 180 180 kumulierte CumulativeDividende dividend NAVnach NAV afterOptionen options 2005 2006 2007 2008 2009 2010 2011 HY 2012 Presentation Half-Year 2012 9
Slide 10: Solid Financing
SOLID FINANCING Target 30.06.2012 31.12.2011 30.06.2011 Equity ratio > 40 % 47 % 47 % 43 % Interest coverage factor > 2.0 3.0 3.0 2.3 Net gearing < 150 % 77 % 69 % 102 % Average interest rate 3.1 % 3.0 % 3.0 % Average residual maturity 9.3 years 9.2 years 4.8 years Presentation Half-Year 2012 10
Slide 11: Maturity Profile of Financial Liabilities
MATURITY PROFILE OF FINANCIAL LIABILITIES Ø residual maturity: 9.3 years Ø interest rate: 3.1% Total: CHF 1,035 m. 1) Non-current financial liabilities include the convertible bond with a carrying amount of CHF 165.0 million Presentation (nominal value CHF 168.9 million) maturing on 30 June 2014 in
Slide 12: Change in Yield Spread (Investment Properties)
CHANGE IN YIELD SPREAD (INVESTMENT PROPERTIES) 5.8% 5.5% 5.3% 5.5% 5.4% 5.1% 5.0% 4.9% Net yield Nettorendite 2.2% 2.0% 1.7% 2.0% 2.3% 2.2% 2.0% 1.8% 3.6% 3.5% 3.6% 3.5% 3.1% 3.1% Zinsspread 2.9% 3.0% Yield spread Durchschnittliche Average interest on FK-Verzinsung borrowed capital 2005 2006 2007 20
Slide 13: Share Data
SHARE DATA in CHF 30.06.2012 31.12.2011 30.06.2011 Share capital 180.0 m. 178.9 m. 148.9 m. Market capitalisation 1,360.2 m. 1,283.4 m. 1,117.8 m. (Half-) year-end share price 219.10 208.00 217.70 Distribution 9.00 9.00 9.00 Earnings per share 6.41 15.46 6.72 NAV per share1) 188.69 191.41 188.28 Pre
Slide 14: Share Price Performance over 3.5 Years
SHARE PRICE PERFORMANCE OVER 3.5 YEARS 1) 200.0 Mobimo: +84.4% (total performance incl. CHF 9 distribution p.a.) 180.0 SRE Index: +74.6% 160.0 140.0 SPI: +26.3% 120.0 100.0 80.0 60.0 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 SPI Swiss Real Estate Index Mobimo 1) Dividend-adjusted Prese
Slide 15: Agenda
AGENDA • Notes on key financial figures Manuel Itten, CFO • First Half of 2012 / Outlook Christoph Caviezel, CEO Presentation Half-Year 2012 15
Slide 16: Mobimo's Portfolio as at 30 June 2012
MOBIMO'S PORTFOLIO AS AT 30 JUNE 2012 Presentation Half-Year 2012 16
Slide 17: Investment Properties by Economic Area
INVESTMENT PROPERTIES BY ECONOMIC AREA Presentation Half-Year 2012 17
Slide 18: Target Rental Income by Type of Use
TARGET RENTAL INCOME BY TYPE OF USE 1) Presentation 1) Other use mainly includes: car parks and ancillary uses Half-Year 2012 18
Slide 19: The Five Biggest Tenants
THE FIVE BIGGEST TENANTS Presentation Half-Year 2012 19
Slide 20: Maturity Profile of Rental Contracts
MATURITY PROFILE OF RENTAL CONTRACTS 1) Ø remaining term: 5.4 years Presentation 1) Not including rental contracts of unlimited duration Half-Year 2012 20
Slide 21: Key Figures for Property Portfolio
KEY FIGURES FOR PROPERTY PORTFOLIO 30.06.2012 31.12.2011 30.06.2011 Gross yield on investment properties 5.8% 6.0% 5.9 % Net yield on investment properties 4.9% 5.0% 5.0 % Investment property vacancy rate 4.1% 3.3% 4.4 % • Disposal of properties with higher risk premiums = reduction in gross yield P
Slide 22: Development – A Core Competence at Mobimo
DEVELOPMENT – A CORE COMPETENCE AT MOBIMO Development Properties • Construction of investment properties for own portfolio • Construction and sale of condominiums • Achieving added value on existing properties held Investments for Third Parties • Mobimo also offers development services for third par
Slide 23: Investments for Third Parties: Hochbord Dübendorf
INVESTMENTS FOR THIRD PARTIES „HOCHBORD DÜBENDORF“ Mobimo Area: 11,291 m² properties Investment: approx. CHF 120 m. Type of use: 240 apartments for rent Construction start: from mid-2014 Station Stettbach Presentation Half-Year 2012 23
Slide 24: Projects Completed First and Second Half of 2012
PROJECTS COMPLETED FIRST AND SECOND HALF OF 2012 First half of 2012 Second half of 2012 Adliswil, Wilacker Zürich, Schilf Aarau, Polygon total investment approx. CHF 73 m. total investment approx. CHF 45 m. 75 apartments (condominiums) 11 apartments (condominiums) 4’000 m2 office space for app
Slide 25: Project Pipeline
PROJECT PIPELINE Development and construction of investment properties for own portfolio Under construction: CHF 440 m. In planning: CHF 560 m. 2012 2013 2014 2015 2012 2013 2014 2015 Development, construction and sale of condominiums Under construction: CHF 190 m. In planning: CHF 360 m. 2012 2013
Slide 26: Acquisition First Half of 2012 Badenerstrasse 595, Zurich
ACQUISITION FIRST HALF OF 2012 BADENERSTRASSE 595, ZURICH Presentation Half-Year 2012 26
Slide 27: Construction Start, First Half of 2012
CONSTRUCTION START, FIRST HALF OF 2012 Lausanne, Pépinières Affoltern a. A., Obstgarten Affoltern a. A., Retirement home total investment approx. CHF 116 m. 42 rental apartments 48 retirement apartments Retirement home for 120 people approx. 9’000 m2: conservatory, sales, office, restaurant
Slide 28: Planned Construction Start Second Half of 2012
PLANNED CONSTRUCTION START SECOND HALF OF 2012 Horgen, Meilenwerk Meilen, Feldgüetliweg Zurich, im Brächli total investment approx. CHF 129 m. 31 apartments (condominiums) 1 Vintage car centre with catering and event zone / Design Hotel with 100 rooms Presentation Half-Year 2012 28
Slide 29: Project Pipeline – Investment Properties Under Construction
PROJECT PIPELINE – INVESTMENT PROPERTIES UNDER CONSTRUCTION (APPROX. CHF 440 M.) 2012 2013 2014 2015 Aarau, Polygon 4,200 m2 office Affoltern a. Alb., Obstgartenstrasse retirement home and 120 apartments Affoltern a. Alb., Obfelderstrasse 90 apartments Horgen, Seestrasse 93 Hotel, commercial Lausann
Slide 30: Project Pipeline – Condo Properties Under Construction
PROJECT PIPELINE – CONDO PROPERTIES UNDER CONSTRUCTION (APPROX. CHF 190 M.) 2012 2013 2014 2015 Horgen, Wisental II (Stockerstrasse) 43 condos Zurich, im Schilf (Hinterbergstrasse) 11 condos Zurich, City West Baufeld A 64 condos Zurich, City West Baufeld B 82 condos Dates: start to end of constructi
Slide 31: Project Pipeline – Investment Properties in Planning
PROJECT PIPELINE – INVESTMENT PROPERTIES IN PLANNING (APPROX. CHF 560 M.) 2012 2013 2014 2015 Aarau, Torfeld Baufeld 2* Approx. 150 apartments, offices, commercial Aarau, Torfeld Baufeld 4* Residential Kriens, Mattenhofareal* Business City Lausanne, Côtes-de-Montbenon* 1) Commercial, residential Lau
Slide 32: Project Pipeline – Condo Properties in Planning
PROJECT PIPELINE – CONDO PROPERTIES IN PLANNING (APPROX. CHF 360 M.) 2012 2013 2014 2015 Aarau, Torfeld Baufeld 4 82 condos Herrliberg, Rigiweg Project sale Luzern, Büttenenhalde 23 condos Meilen, Feldgüetli 14 condos Merlischachen, Rebmatt 30 condos St. Moritz, Via Maistra 29 Residential and commer
Slide 33: Outlook: Focal Points of Operations in 2012
OUTLOOK: FOCAL POINTS OF OPERATIONS IN 2012 • Realising our numerous construction projects • Selling condominiums • Expanding our development business • Space marketing • Further optimization of the portfolio Presentation Half-Year 2012 33
Slide 34: Mobimo: Well Equipped for the Future
MOBIMO: WELL EQUIPPED FOR THE FUTURE • Stable earnings High-quality portfolio of excellent locations. Diversified. Low vacancy rate. • Growth and Attractive investment pipeline to secure prime rising income locations • Security High equity ratio and long-term financing • Know-How Competent and commi
Slide 35: Contact Details
CONTACT DETAILS Christoph Caviezel, CEO Tel. 044 397 11 56 [email protected] Manuel Itten, CFO Tel. 044 397 11 44 [email protected] Edwin van der Geest Media and IR [email protected] Presentation Half-Year 2012 35