Warteck Invest achieves record profit
Warteck Invest generated a consolidated profit of CHF 34.1 million in the 2019 financial year. According to the company, this is the highest profit in its history.
According to Warteck Invest, the record result was positively influenced by the revaluation of properties in the amount of CHF 14.4 million and the release of provisions for deferred taxes in the amount of CHF 7.9 million as a result of the tax reforms in some cantons and at federal level. Excluding these effects, consolidated profit amounted to 15.6 million, which is 5.1% more than in the previous year. Earnings per share increased from CHF 94.36 to CHF 151.28.
The market value of the real estate portfolio rose byTP3k 3.31 million toTP808.2 million as a result of investments and revaluations. According to the company, target rental income rose byTP3k 4.41 million to 37.1 million (previous year: 35.5 million). Rental income increased byTP3k 1.81 million to 29.5 million (previous year: 29.0 million). EBIT increased by around a third to 39.4 million (previous year: 29.7 million). According to Warteck Invest, the largest cost item was financial expenses. According to the information provided, these fell by 5.4% to 6.4 million (previous year: 6.8 million).
At 4.8%, the gross yield on investment properties was slightly below the previous year's figure of 4.9%. The net yield fell from 4.0% to 3.8%. Warteck Invest holds properties in eleven cantons, with Basel (46% of the portfolio's market value) and Zurich (32%) being the geographical focal points.
Vacancy rate falls to 5%
As a result of acquisitions and the completion of new construction and refurbishment projects in the previous year, target rental income rose by EUR 4.41 thousand to EUR 37.1 million in the reporting period, according to Warteck Invest (previous year: EUR 35.5 million). The vacancy rate fell from 6.0% to 5.0%. According to the real estate company, 1.0 percentage point of the vacancy rate is attributable to two commercial properties; 1.2 percentage points can be explained by a longer absorption of apartments in a new building. In the meantime, further progress has been made in letting these properties.
Warteck Invest expects to receive planning permission for the Syd residential and commercial building on Irène-Zurkinden-Platz in Basel in the second quarter of 2020. The property will have a gross floor area of around 10,000 square meters, with office and retail space planned on five floors and 43 apartments on the upper floors. The investment costs are expected to be 45 million. After completion, which is scheduled for mid-2022, Warteck Invest expects to generate annual rental income of 1.9 million.
In Muttenz (BL), the real estate company is planning a residential and commercial building with a gross floor area of 12,000 square meters; appeals against the government's decision on the district plan are still pending. Warteck Invest has renovated properties in Basel, Rorschach (SG), Gossau (SG) and Landquart (GR). Planning has also begun for the comprehensive refurbishment of a residential development in Aarburg (AG). Overall, Warteck Invest has a project pipeline with a total volume of around 230 million for the next five years. (ah)
