Mobimo makes a good 90 million profit
Mobimo generated a corporate profit of CHF 90.3 million in the 2018 financial year. In the previous year, the real estate company had made slightly more profit, namely 91.5 million.
Thanks to the Integration of the portfolio of the real estate company Fadmatt AG and the completion of major construction projects such as Labitzke in Zurich or the Aarau Aeschbachquartier, the portfolio value has risen to just under CHF 3.1 billion and is thus above the three billion mark for the first time, Mobimo reports.
EBIT is reported to be 133.6 million compared to 142.3 million in the previous year. Excluding revaluation, EBIT was 91.7 million (previous year CHF 115.0 million). Revaluation income was 42.0 million compared to 27.3 million in the previous year. More than half of the increase was due to the progress of construction work on the investment properties as planned, Mobimo said.
As the real estate company further reports, rental income increased year-on-year from 111.0 million to 114.1 million. The share of rental income from residential use amounted to 39% on the reporting date (previous year 30%). The vacancy rate decreased within a year from 4.9 to 2.9% (as of December 31, 2018). Rental income growth was reportedly like-for-like at 0.6% in fiscal 2018 (previous year -0.4%). The sale of 15 properties resulted in a gain of 29.0 million (previous year 27.5 million).
Well-filled pipeline
At 6.2 million, income from the development and promotion business in the year under review was significantly below the previous year's figure of 24.7 million. According to Mobimo, the main reasons for this were the project-related volatility of results from development activities for third parties and the lower production of condominiums.
As the pipeline is well filled, the contribution to earnings from developments and sales promotion will increase again in the coming years and also have a positive impact on the rental income base, the real estate company holds out the prospect.
Following the completion of various ongoing construction projects - such as the Mattenhof site development in Kriens and the Moxy Hotel in the Flon district - Mobimo anticipates an increase in target rental income of around 10% by the end of 2019 compared with the end of 2018. Other major urban developments such as Rasude in Lausanne and the conversion of a large property in a good residential location in the Wiedikon district of Zurich are also in the pipeline. In addition, land was secured in an ideal location for logistics services during the reporting year.
Changes in corporate management
Mobimo further announces that the Chairman of the Board of Directors of Mobimo Holding AG, Georges Theiler, will not stand for re-election at the 19th Annual General Meeting on 2 April 2019. He is to be succeeded by Peter Schaub, the current Vice Chairman.
Board member Peter Barandun is retiring from the board after four years, so Wilhelm Hansen will stand for another term, contrary to his original intention. A successor for Hansen is to be sought promptly.
Bernadette Koch, auditor and partner at Ernst & Young AG until mid-2018, and the outgoing CEO, Dr. Christoph Caviezel, will stand for election as new members of the Board of Directors. The operational management of Mobimo will be taken over by the new CEO Daniel Ducrey the day after the General Meeting. (ah)
