Financial Report

Real estate portfolio, Property income, Net income

Real estate portfolio in TCHF

Property income in TCHF

Net income in TCHF

Key financial figures

in TCHF 31.12.2018 31.12.2017
Property income 58’242 55’846
Revaluation of properties 76’439 33’287
Earnings before interest, taxes, depreciation and amortisation (EBITDA) 104’332 73’148
Net income 60’949 57’459
Cash and cash equivalents 34’531 38’920
Shareholders’ equity 784’863 760’484
Equity ratio 49.1% 54.4%
LTV ratio 43.4% 37.0%
Balance sheet total 1’598’935 1’398’069
Cash flow from operating activities incl. sales promotion 40’122 62’578
Employee headcount 62 56
– thereof building maintenance and administration 17 18

Portfolio key figures

in TCHF 31.12.2018 31.12.2017
Real estate portfolio 1’488’191 1’282’662
Yielding portfolio 1’027’868 901’297
Property development portfolio 460’323 381’364
Real estate portfolio (number of real estate properties) 114 111
Number of redevelopment properties 45 44
Investments in real estate 158’773 58’471
Annualised rental income (in CHF million) 60.9 56.1
Vacancy rate for investment properties 12.1% 12.3%
Vacancy rate for investment properties
undergoing repositioning¹
39.7% 36.8%
Vacancy rate for redevelopment properties 13.6% 13.1%
  1. Properties Mandachstrasse 50 – 56 ZH and Sternenfeldpark 14 BL

EPRA key figures

in TCHF 31.12.2018 31.12.2017
Adjusted EPRA Earnings (excl. contribution HIAG Data) 34’176 37’364
EPRA NAV 867’054 833’934
Equity ratio according to EPRA NAV 54.2% 59.7%
EPRA vacancy rate 14.4% 14.5%
Adjusted EPRA vacancy rate
(excl. investment properties undergoing repositioning)¹
12.1% 12.3%
  1. Properties Mandachstrasse 50 – 56 ZH and Sternenfeldpark 14 BL

Key figures per share

in TCHF 31.12.2018 31.12.2017
Earnings per share (EPS) 7.60 7.15
Earnings per share without revaluation of properties
and without contribution HIAG Data
2.70 3.54
Dividends payout¹ 3.90 3.80
Payout ratio² 145% 107%
Cash yield³ 3.35% 3.14%
  1. Proposal to the Annual General Meeting on 11 April 2019 for the financial year 2018: distribution out of reserves from capital contributions and out of amount carried forward from previous year
  2. Dividends per share compared to earnings per share without revaluation of properties
    and without contribution HIAG Data. The calculation of the payout ratio has been changed in 2018 and the calculation 2017 has been restated. The payout ratio calculated based on the net profit without non-cash tax items amounts to 101.9% as per 31 December 2018.
  3. Dividends per share compared to share price at the end of the period