Mar 8, 2016 - 4.05% is the attractive dividend yield, based on the share price on 31 December 2015. .... Today 8 March 2
Media Release for immediate release 8 March 2016
The Financial Year 2015 • Substantial 24.8% increase of net profits excluding revaluation effects to CHF 12.6 Mio. or CHF 5.05 per share • Marked increase by 13.2% of operating income before revaluation to CHF 21.7 Mio. • Portfolio increase by 9.0% to CHF 447.3 Mio. through acquisitions in Zurich • Board of directors proposes an CHF 0.20 increased distribution of CHF 3.40 per share Again Swiss Finance & Property Investment AG can look back on a very successful financial year 2015. Net income excluding revaluation effects rose by 24.8% to CHF 12.6 million, and operating income before revaluations by 13.2% to CHF 21.7 million. Per 31 December 2015 equity per listed share (NAV) amounted to CHF 85.82, the EPRA NAV to CHF 108.56. The Board proposes a CHF 0.20 higher distribution of CHF 3.40 per listed share. 4.05% is the attractive dividend yield, based on the share price on 31 December 2015. The payout ratio amounts to 67.3% of net profit excluding valuation effects. The financial result 2015 Swiss Finance & Property Investment AG (SIX Swiss Exchange: SFPN) ended the 2015 fiscal year with a significant increase in profits. Net income excluding revaluation effects rose from CHF 10.1 million to CHF 12.6 million. Earnings before interest and taxes (EBIT) for the financial year 2015 amounted to CHF 31.0 million (PY CHF 16.5 million) and net profit amounted to CHF 22.7 million (PY CHF 10.5 million). The increase in EBIT and the net profit has been favored by revaluation and sales success. Earnings per share excluding revaluation effects amounted to CHF 5.05 (PY CHF 4.05), while equity per listed share (NAV) at 31 December 2015 amounted to CHF 85.82 (PY CHF 80.30), and the EPRA NAV amounted to CHF 108.56 (PY CHF 94.27).
Swiss Finance & Property Investment AG · Seefeldstrasse 275 · P.O. Box 7444 · CH-8008 Zürich Phone +41 (0)43 344 61 31 · Fax +41 (0)43 344 61 30 · www.sfpi.com · CHE-261.764.843 MWST
Real estate portfolio Through the acquisition of four properties in Basel and revaluation effects the portfolio value has risen by CHF 36.95 million (+ 9.0%) to a total of CHF 447.31 million by December 31, 2015. In the second half of 2015 two adjacent lots of developed land could be secured at the Elsässerstrasse 1 and 3 in Basel by notarised purchase contracts with a temporary right of withdrawal. From May to July three properties were successfully sold in Bern and one in Yverdon. Furthermore, by 30 October 2015, the property in Liestal was sold as well. All divestments were carried out above the current market value. With these transactions, the strategic focus on good locations in Zurich and Basel was further consolidated. The vacancy rate per 31 December 2015 was reduced to 7.28% (PY 9.35%) due to sustained efforts by the asset manager.
Ongoing Projects Work at Steinenvorstadt 67 in Basel is in full swing and completion is scheduled for the second quarter 2016. Already before the start of the construction significant leases were signed with two 2
anchor tenants. On the 537 m area Elsässerstrasse 1 and 3 in Basel, 23 condos are planned with a total investment volume of around CHF 13 million. The planning application is scheduled for spring 2016 and completion by 2019. As of 31 December 2015 a renowned financial services provider signed a lease agreement for 1’184 m2 at Klausstrasse 4 in Zurich. This will be shown in the semi-annual report 2016. This contract reduces the vacancy of this commercial property by more than half. The overall vacancy rate for Swiss Finance & Property Investment AG will thus fall from 7.3% to 5.7%. The marketing for the remaining surfaces runs intensively, aiming for full occupancy in the 1st half of 2016.
The Residenza Parco d'Oro project in Ascona with 13 condominiums is progressing as planned. Due to the good demand we are confident towards the sale of the remaining five apartments.
Sound Financial Structure The company is solidly financed with an equity ratio of 42.47%, and a return on equity of 10.95% (PY 5.11%). Moreover, the very good financing structure contributed to the good overall result. The average interest rate of the net financial result amounted to 0.97% (PY 1.43%), the average maturity to 7.52 years (PY 9.57 years). Outlook 2016 The Swiss Finance & Property Investment AG is well aware of the challenging environment. Given the low interest rates, institutional demand for investment properties will continue to be high. Thus there will be a continued seller's market for well-developed locations. This is counteracted by a strategy of rounding and a consistent expansion of existing potentials. Based on a careful assessment of opportunities and risks, the company expects 2016 a net profit which should be broadly in line with the previous year. This should include the continuation of the attractive and stable dividend policy. Media Release 9 February 2016
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Proposals to the General Meeting of April 12, 2016 The Board of Directors proposes a withholding tax-exempt repayment of nominal capital by a proportional reduction of par value by 9.81%. This reduces the nominal value of the existing registered shares par value of CHF 34.65 by CHF 3.40 to CHF 31.25 on par value, and the nominal value of the existing registered shares par value of CHF 6.93 by CHF 0.68 to CHF 6.25 on par value. Hence for the shares listed at the SIX Swiss Exchange of nominal CHF 34.65 this results in a dividend yield of 4.05% based on the share price as of 31 December 31 2015. Contacts:
Thomas Prajer, CEO
Stephan Ehrsam, CFO
Swiss Finance & Property Investment AG
Swiss Finance & Property Investment AG
Seefeldstrasse 275
Seefeldstrasse 275
CH-8008 Zürich
CH-8008 Zürich
Tel. +41 43 344 62 96
Tel. +41 43 344 61 36
[email protected]
[email protected]
The Annual Report 2015 and the related presentations can be found at: http://www.sfpi.ch/en/investors/reporting http://www.sfpi.ch/en/investors/presentations
Press and Analyst Conference: Today 8 March 2016, 10:00 Hotel Park Hyatt Zurich Agenda
Ordinary general assembly
12 April 2016
Media Release 9 February 2016
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Income Statement
Unit
1 Jan to 31 Dec 2015
1 Jan to 31 Dec 2014 19 196
Total operating income before revaluation
CHF 1 000
31 694
Profit from revaluation
CHF 1 000
15 393
3 082
Operating result (EBIT)
CHF 1 000
31 046
16 451
EBIT margin
%
83.62
73.84
Net profit including valuation results 1 / deferred taxes
CHF 1 000
22 682
10 551
Net profit excluding valuation results 2 / deferred taxes
CHF 1 000
12 600
10 111
Balance
31 Dec 2015
31 Dec 2014
Total assets
CHF 1 000
504 057
459 124
Equity capital
CHF 1 000
214 074
200 304
Equity ratio
%
42.47
43.63
CHF 1 000
228 479
207 371
Interest-bearing debt in % of total assets
%
45.33
45.17
Leverage
%
57.53
56.37
Debt ration per property 3
%
51.08
50.53
Return on equity including valuation results (annualised) 4
%
10.95
5.11
Return on equity, valuation results excluded (annualised) 5
%
6.08
4.90
Interest-bearing debt
Portfolio Data
31 Dec 2015
Number of properties
31 Dec 2014
Number
40
41
CHF 1 000
447 313
410 361
Gross return 6
%
4.82
4.98
Portfolio valuation's weighted real discount rate
%
3.61
3.89
Portfolio valuation's weighted nominal discount rate
%
4.61
4.93
Vacancy rate at the end of the period
%
7.28
9.35
Vacancy rate of existing properties at end of period
%
7.28
9.35
Vacancy rate attributable to development at end of period
%
–
%
13.00
10.56
%
0.97
1.43
Years
7.52
9.57
Total property portfolio
Current vacancies in the reporting period Average interest rate Average fixed interest
Key Figures per Share
31 Dec 2015
–
31 Dec 2014
CHF
17.16
16.06
Net Asset Value (NAV) per share of CHF 34.65 / CHF 37.85
CHF
85.82
80.30
Net Asset Value (NAV) per share of CHF 6.93 / CHF 7.57 before deferred taxes
CHF
18.86
17.27
Net Asset Value (NAV) per share of CHF 34.65 / CHF 37.85 before deferred taxes
CHF
94.29
86.33
CHF
84.00
83.00
%
– 2.12
3.36
1 Jan to 31 Dec 2015
1 Jan to 31 Dec 2014
Net asset value (NAV) per share of CHF 6.93 / CHF 7.57
Share price
Premium (+) and discount (–) on NAV
Earnings per share (EPS) of CHF 6.93 / CHF 7.57 nominal including revaluation 1
CHF
1.82
0.85
Earnings per share (EPS) of CHF 34.65 / CHF 37.85 nominal including revaluation 1
CHF
9.09
4.23
2
CHF
1.01
0.81
CHF
5.05
4.05
Earnings per share (EPS) of CHF 6.93 / CHF 7.57 nominal excluding revaluation
Earnings per share (EPS) of CHF 34.65 / CHF 37.85 nominal excluding revaluation
2
1
Net profit including revaluation effects on properties and derivative financial instruments
2
Net profit excluding revaluation effects on properties and derivative financial instruments and other deferred tax positions
3
Interest bearing debt in relation to properties including developments dedicated to be sold
4
Profit in relation to average equity
5
Net profit excluding revaluation effects on properties and derivative financial instruments and other deferred tax positions in relation to average equity
6
Gross profit yield equals targeted rental income as a percentage of market value (fair value)
Media Release 9 February 2016
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Swiss Finance & Property Investment AG Swiss Finance & Property Investment AG (SFPI) is a Swiss real estate company that is headquartered in Zurich. It is active in the development and management of an existing real estate portfolio and in the acquisition of property. Within the scope of its operations, Swiss Finance & Property Investment AG invests in commercial and residential property with potential for development. The company is especially looking for investment property that can be effectively optimised through cost management, repositioning, further development, restructuring of tenant relationships and other measures. Swiss Finance & Property Investment AG has been listed at the SIX Swiss Exchange since 17 April 2012: Symbol: SFPN, Valor: 003281613, ISIN: CH0032816131. Further information and the annual report 2014: www.sfpi.ch. Disclaimer This press release is not being issued in the United States of America and should not be distributed to U.S. persons or publications with a general circulation in the United States. This press release does not constitute an offer or invitation to subscribe for, exchange or purchase any securities. In addition, the securities of Swiss Finance & Property Investment AG have not been and will not be registered under the United States securities act of 1933, as amended (the “Securities Act”), or any State securities laws and may not be offered, sold or delivered within the United States or to U.S. persons absent registration under or an applicable Exemption from the registration requirements of the United States securities laws. This news release may contain forward-looking statements, such as expectations, plans, intentions or strategies regarding the future. Such statements are subject to uncertainties and risks. The reader is cautioned to be aware that such statements may deviate from actual future events. All forward-looking statements in this press release are based on data available to Swiss Finance & Property Investment AG at the time of publication of this media release. The company assumes no obligation to update forward-looking statements in this press release at a later date to reflect new information, future events or otherwise update.
Media Release 9 February 2016
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