Plazza: Profit rises significantly thanks to revaluation
Plazza AG increased its annual profit from CHF 19.9 million to CHF 33.4 million in the 2015 financial year. According to the company, this was due to the effects of the revaluation of properties after tax amounting to CHF 24.8 million (previous year: CHF 9 million). The profit excluding property revaluation amounted to CHF 8.6 million in 2015, compared to CHF 10.9 million in the previous year.
The operating result before depreciation, amortization and revaluation reached CHF 11.3 million. Plazza AG attributes the decline compared to the previous year (CHF 13.8 million) to special factors such as the expenses for the IPO.
Real estate income fell slightly from CHF 18.8 million to CHF 18.4 million. Letting the commercial space in Zurich is proving to be a challenge, according to Plazza AG. However, negotiations are underway with potential tenants. The company also expects rental income to increase as a result of project developments.
Plazza has no outstanding financial liabilities and the Group has "significant cash and cash equivalents" according to its own information. The equity ratio at the end of the period was 86.3%.
Portfolio value increases thanks to revaluation
The portfolio value rose to CHF 496.8 million in 2015 (previous year: CHF 461.8 million). The pre-tax revaluation gain of CHF 32.5 million (previous year: CHF 12.1 million) included in this figure is attributable in particular to the residential sector and the progress made on major development projects, Plazza reports.
Plazza AG's development projects are progressing according to plan: construction work on the approved "Im Glattgarten" project in Wallisellen (canton of Zurich) with 218 apartments in the mid-price segment and around 1,700 sqm of commercial space began in January 2016. In Regensdorf (canton of Zurich), the municipal assembly approved an amendment to the building and zoning regulations, thereby laying the foundations for the future development of the approximately 17,500 sqm site. In Crissier near Lausanne, the canton of Vaud approved the design plan for the 63,000 sqm development site in February 2016. (ah)
