Warteck Invest with profit decline due to valuation effects
In order to finance further growth, the Basel-based real estate company is planning a capital increase, provided the market conditions are right.
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Warteck Invest significantly expanded its portfolio in the 2023 financial year and generated a consolidated profit of CHF 19.5 million (excluding revaluations), which represents an increase of CHF 9.4% compared to the previous year. The real estate company writes this in an ad hoc release. Including revaluations, consolidated profit amounted to CHF 16.0 million, which is CHF 26.4% below the previous year's figure of CHF 21.8 million.
Over the course of the year, Warteck Invest acquired eleven properties with a total market value of CHF 102.0 million and invested CHF 25.4 million in projects and portfolios. This led to an increase in the value of the real estate portfolio by 13.9% to over CHF 1 billion. Warteck Invest acquired a public limited company with four properties and a large amount of cash and cash equivalents in a share deal, which were invested in a further six acquisitions. The real estate company also acquired a newly renovated residential property in Villigen (AG). Warteck Invest has a project pipeline of around CHF 240 million for the next five to seven years.
Vacancy rate falls to record low
Target rental income rose by CHF 8.4% to CHF 40.3 million, partly due to the acquisitions and the completion of the new Syd building in Basel. The vacancy rate fell from 2.0% to 1.3%, a "long-term low", as Warteck Invest explains. Rental income improved by CHF 10.5% to CHF 34.6 million.
Due to the negative revaluation result of CHF -3.7 million or 0.4%, EBIT amounted to CHF 26.6 million, down by CHF 14.4% on the previous year's figure of CHF 31.1 million. Excluding the revaluation effect, this results in an increase of CHF 16.11TP3k to CHF 30.3 million.
Financial expenses rose by 38.7% to CHF 8.3 million due to the higher loan portfolio and increased interest on borrowed capital. The Group result for 2023 corresponds to earnings per share of CHF 64.70, or CHF 78.60 excluding revaluation effects. This means that the dividend, which should amount to CHF 70/share as in the previous year, was earned operationally (excluding revaluation).
Capital increase planned
In order to finance further growth, Warteck Invest is planning a capital increase within the existing capital band of up to 61,875 new shares, "subject to constructive market conditions", according to the company. The net proceeds are to be invested primarily in the project pipeline, but acquisitions of investment properties are also planned. (ah)