Swiss Prime Site increases profit by almost 40 percent
Swiss Prime Site AG increased its profit by 39.2 percent to CHF 191 million in the first half of 2015. Operating profit at EBIT level increased by 35.8 percent year-on-year from CHF 221.1 million to CHF 300.2 million after revaluations. Revaluations amounted to CHF 99.7 million, compared with CHF 53.6 million in the prior-year period. Excluding revaluation effects, EBIT rose 19.7 percent from 167.5 million to 200.5 million and profit increased 24.7 percent from 107 million to 133.4 million, Swiss Prime Site said.
The equity ratio reportedly rose from 39.2 to 44.4 percent. As of June 30, 2015, return on equity (ROE) was 8.9 percent and return on invested capital (ROIC) 4.5 percent.
Earnings per share (EPS) increased by 31.6 percent to CHF 2.96 and before revaluation effects by 16.4 percent from CHF 1.77 to CHF 2.06. Net asset value (NAV) before deferred taxes increased from CHF 81.65 to CHF 82.92 and after deferred taxes from CHF 66.52 to CHF 68.56 compared to June 30, 2014.
EBIT in the Real Estate Business Area rises particularly strongly
In the "Real Estate" segment, Swiss Prime Site was able to further increase rental income. Compared to the same period of the previous year, income from the rental of properties increased by 4.2 percent to CHF 220 million. The SkyKey project in Zurich and the Post Office/Majowa headquarters in Berne, which were completed in 2014, had a positive impact, the company said. Meanwhile, the segment's vacancy rate rose from 6.5 to 7.2 percent. Wincasa's income from real estate services increased from CHF 48.7 million to CHF 52.7 million.
Operating income of the Real Estate segment reached CHF 348.5 million (previous year: 260.7 million). Influenced by significantly higher revaluations and income from the sale of development properties, EBIT increased by 45.6 percent from CHF 227.5 million to CHF 331.3 million.
As of June 30, 2015, the portfolio consisted of 188 properties valued at CHF 9.9 billion.
Income from the "Retail and Gastro" segment decreased by 7.3 percent to CHF 65.9 million. According to Swiss Prime Site, sales were adversely affected by the abolition of the minimum exchange rate against the euro at the beginning of 2015 and a general reluctance to spend.
The "Living and Housing in Old Age" segment with the Tertianum Group generated slightly higher earnings of CHF 77.9 million despite the sale of Permed AG, which specializes in outpatient care, in March 2014. The Tertianum Group operates 23 homes in German and Italian-speaking Switzerland and has a large project pipeline. (ah)
