Media Release - Swiss Finance & Property Investment AG

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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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