SE Swiss Estates closes 2016 with a loss

According to SE Swiss Estates AG, the annual result after taxes was -1.74 million CHF, and the operating result came to 2.22 million. Total assets reached 168.39 million, investment properties 161.78 million. According to the preliminary figures, mortgage liabilities amount to 107.2 million and shareholders' equity is 43.64 million. The equity ratio is thus 25.9 percent.

In the 2015 financial year, SE Swiss Estates AG had still reported a pre-tax result of around 2.6 million; after taxes, the real estate company achieved a profit of 2.3 million.

However, the figures for the 2016 financial year have not yet included any revaluation gains, SE Swiss Estates reports. This is because when the preliminary figures were published, the market value appraisals as of December 31, 2016 were not yet available. According to the statement, the positive operating result (2.22 million) was burdened by unexpected provisions and value adjustments. In addition, rental losses were incurred due to conversion and remodeling projects, which, however, should be compensated by the added value of the properties after completion of the remodeling work, SE Swiss Estates added.

The Company intends to acquire further residential properties in the urban areas of Switzerland also in the financial year 2017. Residential properties with at least 20 rental units or more are to be acquired on an opportunistic basis ("undermanaged assets" or "assets with repositioning potential"), in particular with a view to transformations from commercial to residential use. Acquired income properties are to be held and further developed on a long-term basis.