HIAG Immobilien Holding AG Half-Year September 2018

Transcription

1 Immobilien Holding AG Half-Year September 208,

2 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 Immobilien Holding AG. This information or any copy thereof may not be sent or taken to or distributed in any jurisdiction in which such transmission or distribution is unlawful. This document may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements. 2

3 Agenda. Highlights 2. Financial results half-year Major developments 4. Market and outlook 5. Financial calendar 3

4 Highlights Increase in annualised property income by.% to CHFm 56.8 as of 30 June 208 Acquisitions increasing lease and long term development pipeline Net revaluation of CHFm 26.7 reflecting signed contracts and progress in development WALT of 7.0 years increasing Earnings per share of CHF 4.4 Portfolio grown to CHFm Partner contracts signed with Data 4

5 Office Office Office Geneva Lucerne Bern Basel St Gallen Davos Bellinzona Sion Lausanne Neuchâtel Zurich Acquisitions in line with strategy

6 Data Network Centric Multi Cloud 4.0 Cloud 4.0 Virtual Networking 2.0 Swiss Azure Stack Swiss S3 Object Store Health Platform Real-Time Media Platform Secure & Private Swiss Cloud Connect Secure & Private Global Cloud Connect 6

7 Data Health SWICA BENECURA launched 7

8 Data Health Unterengadin pioneering health tourism 8

9 Data Media Post production of «The Taste» on Sat 9

10 Data Finance Vertical Finance well advanced Data CTO and CMO to coach participating teams 0

11 Data esports Biberist as esports Hub in Switzerland

12 Data Industry AI design supported 3D printing 2

13 Data Further GENNEX 3

14 Stable and attractive mix of uses Acquisitions to grow industry & logistics Building land 0.2% Others 5.2% Industry, Commercial 29.3% Office.4% Industry, Commercial and Distribution, Logistics 4.6% Retail 2.7% Distribution, Logistics 2.3% Residential / Commercial 5.4% Residential 3.5% Residential 8.9% Based on GAV as of

15 A strong, stable and diversified tenant base Top 0 tenants (Group) based on annualised property income as of Tenants (groups) Share of annualised rental income: Cumulative share of annualised rental income: Doka Schweiz AG, industry Sieber Transport AG, logistics OTTO s AG, retail Sulser Logistics Solutions AG, logistics Jeld-Wen Schweiz, industry HP International (HP), IT Hewlett Packard Enterprise (HPE), IT athleticum Sportmarkets AG, retail Brugg Rohrsystem AG, industry Lekkerland Schweiz AG, logistics 4.2% 3.9% 3.2% 3.% 3.0% 2.8% 2.8% 2.8% 2.7% 2.7% 4.2% 8.%.3% 4.4% 7.4% 20.3% 23.0% 25.8% 28.5% 3.2% Residential* 7.8% 49.0% * includes residential/commercial mixed properties 5

16 Comfortable weighted average lease term of 7.0 years Expiry profile residential tenants and in redevelopment segment 37.0% 29.0% of which LIPO 2.2% to be replaced by XXXLutz 3.0% 6.0% 0.0% 7.0% 4.0% 4.0% Perpetual* Expiry profile based on property income as of

17 Other Long term Upcoming (next 3-years) Under construction Robust project pipeline upcoming projects with expected investment of CHFm Commercial 2 Residential Effective area to be developed: m² Expected investment volume: CHFm 54 Commercial 2 Commercial 2 Residential, Commercial Residential Residential & Commercial Residential, Residential & Commercial m² CHFm 67 5 Commercial 3 Residential, Commercial 5 Residential, Commercial 4 Residential, Commercial 5 Commercial 5 Residential, Commercial 3 Residential, Commercial 6 Commercial, Residential m² Total area of m² to be developed with an expected investment volume of CHFbn.7 48 projects m² CHFbn.7* Timelines based on currently expected project timelines. Investment volume subject to assumptions on future developments 7

18 Agenda. Highlights 2. Financial results half-year Major developments 4. Market and outlook 5. Financial calendar 8

19 Income statement as of in CHFm HY 208 HY 207 CHFm % Property income % Revaluations of properties Other Income Total operating income % Total operating expenses % EBITDA % EBT % EBT Immobilien % EBT Immobilien without revaluations of properties % EBT Data Net income % EPRA Earnings % 9

20 Increase of annualised property income Acquisitions over compensating ABB leave in CHFm CHFm % Target annualised property income % Actual annualised property income % Actual property income % (.4) Acquisition Rent & Occupancy Tenant Departures Acquisition in Pratteln adding CHFm 2. annualised property income as of September

21 Vacancy rate rising to 6.% after ABB leave in % Yielding properties 4.3% 2.3% Yielding properties undergoing repositioning* 36.9% 36.8% Redevelopment properties 4.4% 3.% Total Portfolio 6.% 4.3% Vacancy rate expected to decrease by end of 208 * Mandachstrasse (Niederhasli), Sternenfeldpark 4 (Birsfelden) 2

22 Revaluation of properties driven by new contracts and progress in development in CHFm HY 208 HY 207 Revaluations of properties Thereof revaluation promotion Thereof adjustment costs for environmental risks Positive contributions: Cham, Meyrin, Dietikon and Windisch Negative contributions: Niederhasli 22

23 Increase in operating expenses due to Data in CHFm HY 208 HY 207 CHFm % Personnel expenses Maintenance and repairs Insurance and fees Energy costs Rent and leases Other expenses Total operating expenses % from which Data from which external services related to asset sales Total operating expenses excl. segment IaaS & asset sales % 23

24 Key financial figures per share in CHF HY 208 HY 207 Earnings per share EPRA Earnings per share Time-weighted average number of shares in CHF Swiss GAAP FER NAV per share EPRA NAV per share Number of outstanding shares

25 Balance sheet as of 30 June 208 in CHFm CHFm % Properties Properties held for sale GAV % LTV Ratio 42.0% 37.6% Swiss GAAP FER NAV Swiss GAAP FER NAV per share* Capital contribution reserves Equity ratio 5.8% 54.4% Return on Equity 8.8% 7.9% EPRA NAV EPRA NAV per share* * Number of outstanding shares as of and as of

26 Solid financing structure in CHFm Bank financing Bonds (CS rating: Low BBB stable / Vontobel rating: BBB stable) Leasing financing Total Leasing related to Data equipment Current LTV ratio of 42.0% (37.6% as of ) Duration of 2.9 years (3. years as of ) Interest coverage ratio of 6.4x (8.3x as of ) Average cost of debt of 0.9% (0.9% as of HY 207) 26

27 Agenda. Highlights 2. Financial results half-year Major developments 4. Market and outlook 5. Financial calendar 27

28 Pratteln improves presence in Basel Area New acquisition Sale & leaseback transaction with 5 years lease term Rohner AG Pratteln among top three tenants Site comprising m 2 in close proximity to railway station 28

29 Meyrin Restaurant Luigia forming new center Under construction / Under refurbishment Rental agreement signed with Regus for the building under refurbishement Restaurant concept and training pavilion Luigia in the centre of the site to open in Q 2020 to attract visitors from neighbourhood and CERN 29

30 Windisch New lifecycle for the recruitment centre Refurbishment starting Long term lease (25 years) with Faro Foundation and transformation of army recruitment centre into hostel starting operations in summer 209 Communication agency WPS to lease 000 m 2 in «Businesspark Kunzwerk» 30

31 Cham Increase of residential units Under construction / In preparation Construction of the athletes campus OYM (On your marks) well advanced Affordable housing accepted for commercial use Permit for the app. 370 apartments to be filed by end of 208 3

32 St. Margrethen Stadler Rail investing CHFm 86 Under construction Groundbreaking ceremony an 4 July 208 Building lease for about m 2 until 2080 effective as of August

33 Market and outlook Favourable economic conditions expected to persist Acquisitions improving property income and overall portfolio metrics Delay of onboarding and increased scope impacting Data 208 results but sales backlog developing accordingly Data initiatives start impacting positioning of sites Unchanged dividend payout policy at 4% of NAV 33

34 Agenda. Highlights 2. Financial results half-year Major developments 4. Market and outlook 5. Financial calendar 34

35 Financial calendar 8 March 209 Publication year-end results 208 April 209 Annual general meeting 2 September 209 Publication half-year results 209 investor.relations@hiag.com 35