HIAG Immobilien Holding AG Martin Durchschlag, CEO. Investora September 2017

Transcription

1 Immobilien Holding AG Martin Durchschlag, CEO Investora September 207,

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. Overview Portfolio and Strategy 3. Recent developments 4. Financial overview 5. Market and Outlook 6. Financial Calendar 7. Appendix 3

4 Highlights Collected property income raised by 5.0% to CHFm 27.4 Increase in net income by 2.2% to CHFm 24.4 Strong EPRA NAV of 58.8% Asset sales in Biberist of CHFm 6.5 net Increase of the duration to 4.0 years after the successful third bond issuance of CHFm 50 in May 207 Growth of portfolio to CHFm 248 WALT increase to 5.5 years Data is progressing successfully 4

5 Agenda. Highlights 2. Overview Portfolio and Strategy 3. Recent developments 4. Financial overview 5. Market and Outlook 6. Financial Calendar 7. Appendix 5

6 Long-term site development in Switzerland Long-term landlord CHF 54 Mio. property income Basel Office Lucerne 8 Office 4 4 Zurich St Gallen 3 40 Sites with 2.6 Mio. m 2 land Neuchâtel Bern Davos 2 Office Lausanne 50 Redevelopment projects with investment volume of approx. CHFbn 2 Geneva Sion Bellinzona Diversified portfolio of CHFbn.25 Acquisitions since IPO on 6 May 204 6

7 Site development vs. project development Immobilien 7

8 Access to enterprise cloud: a location criteria Basel Office 2 6 Office St Gallen 3 2 Zurich 8 3 Neuchâtel Lucerne 3 Bern Davos Office Lausanne 2 Geneva Sion Bellinzona 8

9 buidling on a strong ecosystem to develop IaaS business case 9

10 with a dedicated partner approach as market multiplier to serve end customers. Customers and prospects 0

11 A stable and attractive mix of uses Office.4% Building land 0.7% Others 3.5% Industry, Commercial 30.0% Retail 3.5% Industry, Commercial and Distribution, Logistics 40.6% Distribution, Logistics 0.6% Based on GAV as of Residential / Commercial 4.8% Residential 5.5% Residential 20.3%

12 a strong, stable and diversified tenant base Top 0 tenants (Group) based on annualised property income Tenants and credit rating (Moody s, S&P) Share of annualised rental income: Cumulative share of annualised rental income: ABB Group, industry (A2/A) Doka Schweiz, industry Sieber Transport, logistics Kuratle, logistics OTTO s, retail HPE, IT (Baa2/BBB) Athleticum Sportmarkets, retail HPI Inc, IT (Baa/BBB+) Planzer Transport, logistics BRUGG Rohrsystem, industry Residential households* 4.3% 4.2% 3.9% 3.6% 3.2% 2.8% 2.8% 2.7% 2.7% 2.6% 6.6% 4.3% 8.5% 2.4% 6.0% 9.2% 22.0% 24.8% 27.5% 30.2% 32.8% 49.4% Tenant base as of * Includes residential/commercial properties 2

13 with a weighted average lease term of 5.5 years looking forward * Letting to residential tenants and in redevelopment segment. 36.0% 23.0% 6.0% 6.0% 5.0% 6.0% 6.0%.0% Perpetual* Expiry profile based on property income as of

14 and top 60 tenants staying in premises for close to 20 years. 4

15 5 Aathal Dornach Windisch Wädenswil

16 Lancy Biberist Dietikon Meyrin 6

17 Other Long term Upcoming (next 3-years) Under construction Robust project pipeline upcoming projects with expected investment of CHFm Commercial Residential 4 Effective area to be developed: m² Expected investment volume: CHFm 40 Commercial 3 Residential, Commercial Commercial 4 Residential, Commercial, Office 5 Residential, Commercial m² CHFm Residential, Commercial 7 Residential, Commercial 7 Residential, Commercial 2 Commercial 3 Commercial Commercial 6 Commercial, Residential m² Total area of m² to be developed with an expected investment volume of CHFbn.8 49 projects m² CHFbn.8* 3 * Timelines based on currently expetced project timelines. The investment volume is subject to assumptions and future developments 7

18 Agenda. Highlights 2. Overview Portfolio and Strategy 3. Recent developments 4. Financial overview 5. Market and Outlook 6. Financial Calendar 7. Appendix 8

19 Biberist «Papieri» Creating space for new uses Development Sale of Paper Machine No. 9 and finishing machines in April 207 with dismantling process expected to end in mid 208 Verwaltungsgebäude as operations center for Data ready for use Data Center Walzenhalle construction expected to start in Q 208 9

20 Cham «On your marks», get set, ready! Under construction / in preparation Building permission for center of excellence OYM (On your marks) for high performance athletics obtained and groundbreaking took place on 28 August 207 Preliminary design study and general building permit application for approx. 300 rental units to be completed until Q

21 Frauenfeld «Walzmühle» A new village is unfolding Under construction Three building permits granted, comprising 8 Lofts, 3 apartments (all rental units) and m 2 of office and commercial area Groundbreaking took place on 4 July 207 First construction phase of 8 Lofts and 0 condominiums until Q 209 2

22 Meyrin «The Hive» Under construction / development Official inauguration of new building «Hive 2» on 0 October 207 as the headquarter of HP Inc. and HPE Permission for refurbishment of «Hive» expected for October 207 «Hive» 0-year rental contract for floor space signed with HPE (40% of total space) 22

23 Meyrin «Uhlmann-Eyraud Site» New acquisition at attractive location Yielding m 2 with a usable area of around m 2, effective since 3 July 207 Located directly opposite from the Meyrin train station, which will be further enhanced Annualised property income at CHFm 0.7, occupancy rate 95% 23

24 Agenda. Highlights 2. Overview Portfolio and Strategy 3. Recent developments 4. Key financials 5. Market and Outlook 6. Financial Calendar 7. Appendix 24

25 Continuous growth in property income Property income (in CHFm) in CHFm Property Income Revaluation of properties Revaluation of promotion

26 Solid capital structure in CHFm GAV Cash & cash equivalents Gross financial debt Thereof bonds Equity ratio Swiss GAAP FER 53.5% 54.7% Equity ratio EPRA 58.8% 59.8% LTV ratio 36.8% 36.2% Interest coverage ratio* 8.4x 7.4x Duration (in years)** Average interest rate 0.96%.% Fixed interest rate over year*** 84.0% 59.6% * EBITDA before revaluation of properties / net financial result ** Weighted average duration *** Excl. building credit and short term bank debt 26

27 slightly lower real discount rate 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00%.00% 7.00% 7.00% 7.00% 7.00% 6.30% 6.30% 4.88% 4.78% 4.73% 4.44% 4.44% 4.42% 4.00% 3.90% 2.50% 2.50% 2.25% 2.00% Lowest discount rate Weighted average discount rate Highest discount rate Promotion projects discounted at 2.0%, «promotion» effect will disappear after units are sold Reduction in yielding portfolio: 7 bps mainly related to the residential use (-0 bps) 202* 203** 204** 205** 206** 207** * except land and building rights incl. power plant ** except land, building rights and power plant Weighted average real discount rate yielding portfolio** 4.48% 4.55% Weighted average real discount rate redevelopment portfolio** 4.5% 4.4% Weighted average real discount rate total portfolio** 4.42% 4.44% 27

28 Agenda. Update on strategy 2. Portfolio structure 3. Recent developments 4. Financial overview 5. Market and Outlook 6. Financial Calendar 7. Appendix 28

29 Market Interest rate environment not expected to change fundamentally Relatively high real estate yields still attracting additional capital inflow in area acquisition Residential production staying above current absorption is leading to sustainable vacancy rates Shifts in business strategies result in a more dynamic environment in retail and commercial real estate Cyber security and business continuity concerns are speeding up cloud migration strategies 29

30 Outlook Confirmation of the expected property income increase at around 4% Capital recycling expected to be around CHFm 40+ Break-even Data based on annualised revenues and expenses expected by end of 208 continues to evaluate opportunities but will not compromise on yield expectations Dividend pay-out policy of 4% of NAV 30

31 Agenda. Highlights 2. Overview Portfolio and Strategy 3. Recent developments 4. Financial overview 5. Market and Outlook 6. Financial Calendar 7. Appendix 3

32 Financial calendar 9 March 208 Publication of 207 year-end results 9 April 208 Annual General Meeting September 208 Publication of 208 half-year results investor.relations@hiag.com 32

33 Agenda. Highlights 2. Overview Portfolio and Strategy 3. Recent developments 4. Financial overview 5. Market and Outlook 6. Financial Calendar 7. Appendix 33

34 Shareholder structure as of Other 6.4% Other Switzerland 25.3% Free float 34.9% SFAG Holding AG 49.8% Management 3.2% Salome Grisard Varnholt 3.5% Andrea Grisard 4.8% Dr. Felix Grisard 7.0% Anchor shareholders 65.% Major shareholders SFAG Holding AG* 49.8% Dr. Felix Grisard 7.0% Andrea Grisard 4.8% Anchor shareholders: 65.% Salome Grisard Varnholt 3.5% Management 3.2% Other Switzerland 25.3% Other 6.4% Free Float: 34.9% Total 00.0% * Owned by Salome Grisard Varnholt, Dr. Felix Grisard and Andrea Grisard 34

35 Portfolio key figures in CHFm Portfolio Yielding Portfolio Redevelopment Portfolio Annualised property income Number of properties 3 2 Number of redevelopment properties Number of projects Vacancy rate 5.% 5.3% 35

36 Yielding Portfolio Overview Description s Yielding Portfolio includes the properties for which currently no redevelopment is planned and which are intended to generate a stable and predictable income s Yielding Portfolio includes 63 properties located on 25 sites accounting for a GAV of CHFm 80, 65% of total GAV The annualised rental income of the Yielding Portfolio amounted to CHFm 43.9 as of 30 June 207 Top 5 yielding sites (in CHFm) Dietikon Kleindöttingen Klingnau Niederhasli Windisch Value % of total Yielding Portfolio Net yield 5.% 4.8% 4.9% 6.% 4.7% Rental income by main use Office 4% Others 6% Residential 8% Lettable area in m² ' Logistics 9% Annualised rental income 207: CHFm 43.9 Industrial 23% Annualised property rent in CHFm Retail 20% Occupancy rate 95.7% 72.0% 79.% 80.3% 80.7% 36

37 Yielding Portfolio Highlights Kleindöttigen Lettable area: 64,74 m² Occupancy rate: 7.7% Value: CHFm 89.2 Annualised property rent: CHFm 3.9 ABB rents 9 multifunctional production halls Attractive tenant mix with high-tech and production / logistics tenants Good public transportation with regional trains running every 5 min to Baden / Zurich from Döttingen Extensive renovation over the past seven years (c. 5,000 m² of new space, including Newport I + II, Rote Hallen) Usage plans allow for 40,000 m² of industrial space to be converted to residential or office space Dietikon Lettable area: 38,097 m² Occupancy rate: 95.6% Value: CHFm 27.0 Annualised property rent: CHFm 6.5 Well established and sought after retail location close to Zurich Very good visibility from the neighboring motorway Pre-determined layout plan and hence long-term certainty for retail use Selected tenants: Selected tenants: 37 37

38 Redevelopment Portfolio Overview Portfolio segmentation Marketing Under construction Mid-term Long-term Selected redevelopment sites With partial use of existing substance: Expected main redevelopment steps On-going On-going 3-5 years 5-0 years (in CHFm) Biberist Meyrin* Brugg Bremgarten Neuchâtel GAV (CHFm) m² to be redeveloped - rd rd rd Number of properties Number of projects Value Net site area (m²) ' Annualised property rent (CHFm) Annualised intermediary rental income (CHFm) Net yield 2.9% - 7.9% 4.2% 5.2% Rental income by main use Others 7% Without use of existing substance: (in CHFm) Cham Dornach Wetzikon (Schönau) Lancy Hausen / St. Lupfigen Maurice Value Residential & Res. Mix. 9% Office 6% Logistics 7% Annualised rental income 207: CHFm 9.9 Industrial 7% Net site area (m²) 32' ' CHF / m² Annualised property rent (CHFm) Net yield - 2.7% 0.8% 2.5% - 8.6% * Hive 38

39 Redevelopment Portfolio Highlights Cham Net site area: m² Value: CHFm 48.7 Private hockey athlete campus for EVZ (OYM) strengthens attractiveness of site Approx. 300 residential units and m² commercial surface planned Located in close proximity to the planned Cham bypass Reachable in five minutes from the A4 motorway Meyrin Net site area: m² Value: CHFm 37.4 First project: new Headquarter (8 264 m²) for HPE and HP with long term rental contracts, delivered in Q2 207 Second project: upcoming modernisation of historical building, 40% of the building let to HPE with long term rental contract, delivery planned in Q2 209 Recognized industrial zone for high tech (400 m to CERN) Well connected: Close to A motorway, 900 m to next train station and 4km to Geneva airport Located in the PAV area: 230ha former industrial area located in the city centre to be redeveloped into an urban quarter over the next decades 39

40 Portfolio split by region as of Other 8.4% Baselland 6.8% Aargau 28.3% Solothurn 8.9% Zug 0.3% Geneva 0.5% Zurich 26.8% GAV as of

41 Balance sheet as of in CHFm CHFm % Properties Properties held for sale GAV % LTV Ratio 36.8% 36.2% Swiss GAAP FER NAV Swiss GAAP FER NAV per share* Capital contribution reserves Equity ratio 53.5% 54.7% Return on Equity 6.8% 6.6% EPRA NAV EPRA NAV per share* * Number of shares as of and as of

42 Income statement as of in CHFm CHFm % Property income % Revaluations of properties % Total operating income without revaluations % Total operating expenses % EBITDA % Adj. EBITDA* % EBT % EBT without revaluations % Net income % EPRA Earnings % Funds from operations incl. capital recycling % * EBITDA - revaluation of properties + revaluation promotion 42