HIAG Immobilien Holding AG Business Year March 2018

Transcription

1 Immobilien Holding AG Business Year March 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 Year-End Major developments 4. Market and outlook 5. Financial calendar 3

4 Highlights Collected property income raised by 6.5% to CHFm 55.8 Increase in annualised property income by 3.6% WALT increase to 7.9 years after successful rental agreement renewals and new signings Growth of portfolio to CHFm 283 Weighted average maturity of liabilities increased to 3.6 years after the successful third bond issuance of CHFm 50 in May 207 Successful Launch Event Data as of March 5 Increase of dividend by 5.6% to CHF 3.8 4

5 Office Office Office Geneva Lucerne Bern Basel St Gallen Davos Bellinzona Sion Lausanne Neuchâtel Zurich Acquisitions in proximity to existing sites

6 Data launch event

7 Data Key Elements of Cloud Success END TO END SLA HYBRID CLOUD SUPPORT Multi Cloud 4.0 COMPLIANT END TO END SECURITY PRIVATE CLOUD CONNECTIVITY 7

8 Data Network Centric Multi Cloud 4.0 AZURE DIRECT CUSTOMER SITE PRIVATE CONNECT O365 DIRECT ON PREMISE / LEGACY INTEGRATION MULTI CLOUD 4.0 END TO END PRIVACY READY FOR EDGE COMPUTING GDPR COMPLIANT REALTIME CAPABLE (IOT / MEDIA /..) INTERNET 8

9 Data A 00% indirect partner model National- & Global-Customers ISV CSP MSP SaaS.. Data CIS 4.0 9

10 Data Our Mission We want to empower infrastructure for cloud native business models. We bring the cloud to within the companies walls, as if it was in the basement. We help transform the CSPs customers existing environment into a true end to end cloud experience. 0

11 Data Cloud Business Services - Roadmap VM Backup as a Service & VEEAM Backup SaaS Shielded VM s GPU supported VM Container World Microsoft Elastic SQL DB PaaS Cloud Service Orchestrator Enhanced Partner Service Catalog to support PaaS/SaaS Q2/208 Q3/208 Q4/208

12 Stable and attractive mix of uses with only little exposure to office markets Building land 9.7% Others 5.2% Industry, Commercial 30.0% Office.7% Industry, Commercial and Distribution, Logistics 40.3% Retail 3.0% Distribution, Logistics 0.3% Based on GAV as of Residential / Commercial 4.8% Residential 20.3% Residential 5.5% 2

13 A strong, stable and diversified tenant base Top 0 tenants (Group) based on annualised property income as of Tenants and credit rating (Moody s, S&P) Share of annualised rental income: Cumulative share of annualised rental income: Doka Schweiz AG, industry 4.3% 4.3% ABB Group, industry (A2/A) Sieber Transport AG, logistics OTTO s AG, retail Jeld-Wen Schweiz, industry BRUGG Rohrsysteme, industry Athleticum Sportmarkets AG, retail Planzer Transport AG, logistics Hewlett Packard Enterprise (HPE), IT HP International (HP), IT Residential households* 4.3% 4.0% 3.3% 3.0% 2.9% 2.8% 2.8% 2.8% 2.7% 7.2% 8.6% 2.6% 5.9% 8.9% 2.8% 24.6% 27.4% 30.2% 32.9% 50.% * includes residential/commercial properties 3

14 Increase in weighted average lease term to 7.9 years Expiry profile Letting to residential tenants and in redevelopment segment 38.0% 25.0% 3.0% Incl. Stadler, BRUGG Rohrsysteme, Dachser, HPE, HP Inc., Media Markt, Jeld-Wen 5.0% 5.0% 7.0% 4.0% 3.0% Perpetual* Expiry profile based on property income as of

15 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 46 Commercial Commercial 2 Commercial 2 Residential, Commercial Residential m² CHFm 39 Residential & Commercial 6 Residential, 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 5

16 Agenda. Highlights 2. Financial Results Year-End Major developments 4. Market and outlook 5. Financial calendar 6

17 Income statement as of in CHFm CHFm % Property income % Revaluations of properties Total operating income without revaluations % Total operating expenses % EBITDA % EBT % EBT without revaluations % Net income % EPRA Earnings % Cash Flow from operating activities incl. sales promotion

18 Increase of annualised property income by CHFm 2.0 (+3.6%) in CHFm CHFm % Target annualised property income % Actual annualised property income % Actual property income % Like-for-Like increase in annualised property income by CHFm.3 (2.4%) 8

19 Further decrease of vacancy rate to 4.3% in % Yielding properties 2.3%.7% Yielding properties undergoing repositioning* 36.8% 32.5% Redevelopment properties 3.% 5.2% Total Portfolio 4.3% 5.3% The property Lorzenparkstrasse 2-6 ZG has been newly classified as a yielding property in the reporting period (2.0% as of , 32.7% as of ) Like for like vacancy rate (without acquisiton of Meyrin site) Yielding Portfolio: 2.4% Total Portfolio: 4.4% * Mandachstrasse (Niederhasli), Sternenfeldpark 4 (Birsfelden) as of

20 Revaluation of properties above expectations. in CHFm Revaluations of properties Thereof revaluation promotion Thereof adjustment costs for environmental risks Positive contributions: Cham, Kleindöttingen, Meyrin, St. Margrethen and Wetzikon Negative contributions: Baar and Menziken 20

21 with a slightly lower 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% 4.33% 4.00% 3.90% 2.50% 2.50% 2.25% 2.00% Lowest discount rate Weighted avg. discount rate Highest discount rate Decrease in yielding portfolio driven by new rental agreements and rental agreement renewals Promotion projects discounted at 2.0%, «promotion» effect will disappear after units are sold 202* 203** 204** 205** 206** 207** Weighted average real discount rate yielding portfolio** 4.3% 4.55% Weighted average real discount rate redevelopment portfolio** 4.4% 4.4% Weighted average real discount rate total portfolio** 4.33% 4.44% * except land and building rights incl. power plant ** except land, building rights and power plant 2

22 Increase in operating expenses due to segment IaaS and one time effects in CHFm CHFm % Personnel expenses Maintenance and repairs Insurance and fees Energy costs and building maintenance Rent and leases Other expenses Total operating expenses % from which segment IaaS from which external services related to asset sales Total operating expenses excl. segment IaaS & asset sales % 22

23 Real estate operating expenses impacted by one time effects in CHFm CHFm % Personnel expenses % Maintenance and repairs % Insurance and fees % Energy costs and building maintenance % Rent and leases % Other expenses % Total operating expenses % from which external services related to asset sales Total operating expenses excl. external services related to asset sales % 23

24 Key financial figures per share in CHF Earnings per share Earnings per share without revaluation Earnings per share without revaluation, non cash taxes and segment IaaS EPRA Earnings per share Time-weighted average number of shares Swiss GAAP FER NAV per share EPRA NAV per share Number of outstanding shares Planned dividend payout (cash distribution out of capital contribution)* Payout ratio in %** 82% 77% Cash yield in %*** 3.% 3.4% * Proposition to the annual General Meeting on 9 April 208 for the business year 207: cash distribution out of capital contribution reserves ** Distribution per share in relation to earnings without revaluation, non cash taxes and segment IaaS *** Distribution per share in relation to share price at end of period 24

25 Balance sheet as of 3 December 207 in CHFm CHFm % Properties Properties held for sale GAV % LTV Ratio 37.6% 36.2% Swiss GAAP FER NAV Swiss GAAP FER NAV per share* Capital contribution reserves Equity ratio 54.4% 54.7% Return on Equity 7.9% 6.6% EPRA NAV EPRA NAV per share* * Number of outstanding shares as of and as of

26 Further increase in the financing duration in CHFm Bank financing Bonds (CS rating: Low BBB stable / Vontobel rating: BBB stable) Leasing financing Total Bonds represent 69% of financing structure (42% as of ) New leasing financing related to Data equipment Current LTV ratio of 37.6% (36.2% as of ) Target LTV ratio unchanged of below 50% Increase of the duration (from 3. years to 3.6 years) Interest coverage ratio of 8.3x (7.4x as of ) Average cost of debt of.0% (.% as of ) Bond of CHFm 50 with a coupon of 0.8% and a maturity of 5 years issued in May 207. The proceeds where primarily used for the repayment of bank financing. 26

27 Steady increase of NAV, dividend and share price since IPO

28 Agenda. Highlights 2. Financial results Year-End Major developments 4. Market and outlook 5. Financial calendar 28

29 Frauenfeld «Walzmühle» Building new villages Under construction First construction phase started in July 207, comprising 8 loft houses and 0 loft apartments as well as m 2 office and commercial space ( Total expected investment volume of first stage amounting to roughly CHFm 25 29

30 Niederhasli Strengthening the Swiss Industry Under redevelopment Long term lease agreement with Doka Schweiz for a new development giving space for development of about 300 apartments around railway station Office building of m 2 and commercial halls of m 2 to be developed Planning zone repealed, building permit granted, start of construction in

31 St. Margrethen Focusing on long-term collaborations Under redevelopment Building lease for about m 2 signed by Stadler Rail in April 207 with contractual period until 2080 Groundbreaking ceremony scheduled for 24 April 208 3

32 Dietikon Retailing at good locations will remain Yielding / under redevelopment 0-year extension of rental agreement with Media Markt for m 2 5-year rental agreement signed with an international renowned retail company for a total space of m 2 to become the largest tenant in s portfolio 32

33 Biberist «Papieri» Setting the stage for new opportunities Yielding/under construction/under redevelopment Dismantling of PM 9 to be completed in summer 208 Sale agreements for PM 6 and PM 8 signed, dismantling finished by early 209 Data operational headquarter and testing DC operational, construction for dark-site-dc Walzenhalle planned to start in

34 Meyrin «The Hive» Creating clusters Completion / Under refurbishment In Q2 207, new building for HPE/HP Inc. completed below budget and delivered ahead of schedule Refurbishment of Hive initiated and new rental agreement signed with Regus Ongoing negotiations about Hive 3 and planning of a cooking school / restaurant 34

35 Brunegg Identifiying valuable locations New acquisition Sale-lease back transaction with Sulser Logistik AG comprising an area of total m 2 Land reserve of m 2 adding to existing logistic space and high-rack warehouse to be developed in

36 Agenda. Highlights 2. Financial results Year-End Major developments 4. Market and outlook 5. Financial calendar 36

37 Market Positive economic outlook supporting long term investment decisions Interest rate environment not expected to change fundamentally. Expectations on possible increase still have no impact on transaction prices Initiatives to increase productivity in construction processes by means of new technology start to show first effects Open ecosystems to speed up transformation to cloud solutions 37

38 Outlook Property income expected to increase slightly about % is continuously evaluating opportunities but not willing to dilute portfolio yield Revenue contribution of Data for 208 to increase sharply following the launch of Network Centric Multicloud 4.0 Data EBITDA contribution to approach breakeven in 208 Unchanged dividend payout policy of 4% of NAV 38

39 Agenda. Highlights 2. Financial results Year-End Major developments 4. Market and outlook 5. Financial calendar 39

40 Financial calendar 9 April 208 Annual General Meeting in Windisch 3 September 208 Publication half-year results 208 investor.relations@hiag.com 40

41 Appendix 4

42 Portfolio key figures in CHFm Portfolio Yielding Portfolio Redevelopment Portfolio Annualised property income Number of properties 2 Number of redevelopment properties Number of projects Vacancy rate 4.3% 5.3% 42

43 Portfolio split by type of use and region Office.7% Building land 9.7% Other 3.4% Industry, commercial 30.2% Solothurn 8.7% Baselland 6.7% Other 8.4% Aargau 27.3% Retail 3.0% Residential and commercial 5.2% Residential 4.7% Distribution, Logistics 0.3% Geneva 2.5% Zug 9.3% Zurich 26.5% GAV as of

44 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 68 properties located on 26 sites accounting for a GAV of CHFm 90, 70% of total GAV The annualised rental income of the Yielding Portfolio amounted to CHFm 47. as of 3 December 207 Rental income by main use Top 5 yielding sites (in CHFm) Dietikon Kleindöttingen Klingnau Niederhasli Meyrin Value % of total Yielding Portfolio Net yield 5.% 4.2% 4.9% 5.6% 4.5% Office 3% Others 6% Residential 8% Lettable area in m² 38'097 64'74 45'844 3' Logistics 8% Annualised rental income 207: CHFm 47. Industrial 26% Annualised property rent in CHFm Retail 9% Occupancy rate 95.3% 64.6% 80.0% 79.9% 99.0% 44

45 Redevelopment Portfolio Overview Portfolio segmentation Selected redevelopment sites Marketing Under construction Mid-term Long-term With partial use of existing substance: (in CHFm) Biberist Brugg Neuchâtel Expected main redevelopment steps On-going On-going 3-5 years 5-0 years Value m² to be redeveloped - c c c Number of properties Net site area (m²) Annualised property rent Number of projects Net yield 2.5% 7.5% 4.8% Without use of existing substance: Rental income by main use (in CHFm) Cham Dornach Wetzikon (Schönau) Lancy Hausen- Lupfig Meyrin Logistics 6% Others 5% Value Residential & Res. Mix. 9% Net site area (m²) ' Office 7% Annualised rental income 207: CHFm 8.4 Industrial 73% CHF / m² Annualised property rent (CHFm) Net yield - 2.7% 0.8% 3.3%

46 Condominium sales Project Spinnerei III, Windisch The Cloud, Baar Feinspinnerei, Windisch Status Marketing Marketing Marketing Targeted completion of construction Completed Completed Completed # of condominiums % of units sold as of % 9% 72% % of units sold and signed reservations as of % 93% 79% % of units sold as of % 93% 76% % of units sold and signed reservations as of % 94% 79% 46

47 Continuous portfolio growth (28) (5) '224 '242 ' NAV GAV Sale Acquisitions Investments Revaluation NAV GAV Sale Acquisitions Investments Revaluation NAV GAV in CHFm NAV defined as shareholders equity per Swiss GAAP FER 47

48 Solid credit metrics and capital structure in CHFm GAV Cash & cash equivalents Gross financial debt Thereof bonds EBITDA before revaluation of properties Net financial result LTV ratio 37.6% 36.2% Interest coverage ratio* 8.3x 7.4x Duration (in years)** Average interest rate.0%.% Fixed interest rate over year*** 82% 65% * EBITDA before revaluation of properties / net financial result ** Weighted average duration *** Excl. building credit and short term bank debt 48

49 Cash flow in CHFm Cash Flow from operating activities incl. sales promotion Cash Flow from Investments Cash Flow from Financing

50 EPRA key financial figures in CHFm except figures per share in CHF EPRA Earnings EPRA Earnings per share (CHF) Average number of shares EPRA NAV EPRA NNAV EPRA NAV per share (CHF) Number of outstanding shares (diluted) EPRA vacancy rate (yielding portfolio) 4.3% 5.3% Adjusted EPRA vacancy rate (yielding portfolio excl. properties in repositioning) 2.3%.7% 50

51 Reconciliation Swiss GAAP FER - EPRA in CHFm Swiss GAAP FER NAV Effect Incentive Plan / Treasury shares Deferred Tax Liabilities EPRA NAV Swiss GAAP FER Earnings Revaluation of properties Deferred Tax / Tax losses carry forward Other EPRA Earnings

52 Strong NAV growth in CHFm NAV defined as shareholders equity as per Swiss GAAP FER 52

53 207 Share price performance Share price in CHF 207 High 28.0 Low 04.4 End of period 20.9 Market capitalisation in CHFm 207 End of period Issued shares 207 End of period

54 Shareholder structure as of Other 6.4% Other Switzerland 25.4% Free float 34.7% SFAG Holding AG 49.8% Management 3.6% Salome Grisard Varnholt 3.5% Andrea Grisard 4.8% Dr. Felix Grisard 7.2% Major shareholders SFAG Holding AG* 49.8% Dr. Felix Grisard 7.2% Andrea Grisard 4.8% Salome Grisard Varnholt 3.5% Management 3.6% Other Switzerland 24.4% Other 6.7% Total 00.0% * Owned by Salome Grisard Varnholt, Dr. Felix Grisard and Andrea Grisard Anchor shareholders 65.3% Anchor shareholders: 65.3% Free Float: 34.7% 54