Mobimo with "satisfactory" annual result for 2019

Mobimo reports that it can look back on a "satisfactory financial year 2019 overall". The real estate portfolio reached a total value of just under CHF 3.3 billion in the year under review (previous year 3.1 billion). Corporate profit rose from 90.3 to 103.1 million. Profit attributable to shareholders of Mobimo Holding AG amounted to 103.2 million (previous year 90.6 million); excluding revaluation, it increased from 59.2 to 61.7 million. The revaluation gain resulting from own development reportedly amounts to 16.0 million after 23.2 million in the previous year

Rental income increased from CHF 114.1 to 125.0 million (+10%). As the ratio of direct expenses from letting fell compared with the previous year, income from letting rose by 14% to 106.7 million (previous year 94.0 million), according to the company. The vacancy rate increased from 2.9% to 3.8% within the year.

Income from development and promotion business amounted to 3.0 million in the reporting year and was thus significantly below the previous year (6.2 million); Mobimo had already announced this in the fall of 2019. The reason was delays in two projects from development activities for third parties. The pipeline is well filled and therefore more substantial earnings contributions from this area are expected again in the coming years, the company said.

In the year under review, Mobimo acquired three plots of land to build condominiums in the mid-price segment. Construction work on 30 condominiums on a site in Meggen acquired in 2017 is scheduled to start in the first half of 2020. The course will be set this year for a major long-term project: The voters of Biel and Nidau are expected to decide on the key dates for the realization of Agglolac in June 2020.

The Board of Directors will again propose a distribution of CHF 10.00 per share to the Annual General Meeting. (ah)