Presentation Results. Semi-annual. Züblin Group Semi-annual results 2013_2014

Transcription

1 Presentation Semi-annual Results

2 Agenda > Facts > Portfolio overview > Non-strategic portfolio > Renovation projects > Financials > Corporate Governance > Outlook 2

3 Facts 3

4 Facts 2013/2014 Refurbishment work > Investment of CHF 38 million Non-strategic properties (NSP) > Sold 5 properties, therefrom one after the Balance sheet date Sale of 4 strategic properties > Financial leeway for future commitments 4

5 Portfolio Overview 5

6 Portfolio Overview By investment category Office 93% (91%) Retail 5% ( 6%) Logistics 2% ( 3%) Non-strategic portfolio 12% (14%) By country Switzerland 22% (30%) France 47% (41%) Germany 24% (22%) Netherlands 7% ( 7%) Annual rental income CHF 40m (53m) Value of portfolio CHF 849m (1 065m) 6

7 Vacancy % % 13.7% 17.3% 19.6% 17.1% % 10.5% % 0% Switzerland France Germany Netherlands Total 7

8 8 Properties sold Strategic > Switzerland: 2 x Zurich Zollikofen > France: Lyon Non-strategic > Germany: Langenfeld Korschenbroich > Netherlands: Diemen Veendam Total value CHF 242m 8

9 Non-strategic Portfolio 9

10 Sales Performance Non-strategic Portfolio In EUR million Germany Netherlands Total Market value as of Sales Change in market value Market value as of No of properties as of Sales No of properties as of

11 Renovation Projects Status 11

12 Renovation projects in Paris Newtime, Paris > Renovation done 75% > End of works March 2014 > Visits of interested parties increased Imagine > Renovation done 100% > 3 existing tenants and first new tenant > Vacancy 78% Chaganne > Renovation done 80% > End of works March 2014 > 100 % let Europ Assistance 12

13 Renovation projects in Switzerland Morgenstrasse 136, Bern > Renovation done 95% > End of works November 2013 > Visits of interested parties increased > 1 tenant Axa Insurance Industriestrasse 1, Zollikofen > Renovation done 100% > Sold July

14 Financials 14

15 Facts Financials > Eight properties sold with a gain of 10 million > Improvement of equity ratio > Improvement of LTV 15

16 Income Statement In CHF million FHY 13/14 FHY 12/13 Rental income Real Estate expenses Administrative expenses EBITDA (without sale of investment properties) Sale of investment properties strategic Sale of investment properties non strategic Change market value invest. properties strategic Change market value invest. properties non strategic

17 Income Statement In CHF million FHY 13/14 FHY 12/13 Financial expenses and income Derecognition Swaps EBT Taxes Earnings Shareholders of Züblin Immobilien Holding AG Non-controlling interests (minorities)

18 Changes in market values strategic In CHF million CH FR DE Total Positive changes Negative changes Total In % of Country Portfolio 0.5% 0.5% - 0.8% 0.2% 18

19 Changes in market values non-strategic In CHF million DE NL Total Positive changes Negative changes Total In % of Country Portfolio % - 4.2% % 19

20 Income Statement Key Figures In CHF million FHY 13/14 FHY 12/13 Cash flow related operating earnings per share Earnings per share Average interest rate EPRA Net initial yield (strategic portfolio) % 4.4% % 5.5% 20

21 Balance Sheet In CHF million Investment properties Other assets Total assets Equity shareholders Non-controlling interests Total equity Mortgage financing Other liabilities Total liabilities Total equity and liabilities

22 Investment property analysis in CHF million Balance Capex Sales Positive valuation Negative valuation Currency Balance

23 Balance Sheet - Key Figures LTV % % Equity ratio Net asset Value (NAV) 27.8% % 3.59 EPRA Equity EPRA Equity ratio EPRA NAV % %

24 Development of (EPRA) NAV per share In CHF EPRA NAV NAV Earnings of the shareholders Changes in cash flow hedges valuations Other changes (deferred taxes) Share price Discount to share price % % 24

25 Corporate Governance 25

26 Shareholder structure as of Forum & Bruin 19.8% Lamesa Holding SA 16.2% SUVA 8.2% Barron Investments 6.8% Diversified freefloat 49.0% 26

27 Cost reduction program Target > Reduce admin cost from CHF 10 to 7 million Measures > Reduce work load and salary of CEO > Reduce fees of Board of directors > Streamline and adapt organisation to reduced portfolio 27

28 Changes in the Board 1 year prolongation of Chairman > Board of directors remains unchanged > Pierre N. Rossier will prolong for 1 year Introduction of one year limit election > At next AGM > In line with «Minder Initiative» 28

29 Outlook 29

30 Outlook > Renovation 6 months to go > Sale of NSP 6 months to go > Letting Paris /Berne > Cost cutting program impact of CHF 3 million in 2014/

31 Transparency creates trust for a prosperous future. 31