Changes in the management of Admicasa
At Admicasa Holding, there are personnel changes on the Board of Directors and in the Executive Board, including Serge Aerne stepping down as CEO.
As announced by Admicasa Holding upon publication of its annual results for 2019, Serge Aerne will step down from all functions in the company as of the date of the Annual General Meeting on May 13, 2020. He is CEO of Admicasa Holding and Chairman of the Board of Directors of all subsidiaries. The background to this is that the major shareholder SJA Holding, a family holding company founded by Aerne, wants to give corporate governance a more pronounced weighting, Admicasa says.
Aerne had held the positions again since November 2019, after he had been suspended for seven months in the meantime due to allegations of fraud surrounding the Phoenix pension fund. The Schwyz District Court acquitted him of the charges in September 2019. Nevertheless, the uncertainty in the market has not yet been completely dispelled and is hindering the business development of the Admicasa Group, the company says.
Furthermore, Adrian Diener, Chief Financial Officer (CFO) and member of the Executive Board, will leave the company at the end of June 2020. He is to be succeeded by Christoph Bruhin. Bruhin (born 1983) was Managing Director and member of the Executive Board of the general contractor BaseBau AG and the real estate company Raif Immo AG in Wollerau from 2016 to 2019. The two companies are part of the Raif Group. Earlier stations in his professional career were Schwyzer Kantonalbank, UBS, Allianz Suisse and Glarner Kantonalbank.
As of May 14, 2020, the Executive Board of Admicasa Holding will thus consist of the Chief Investment Officer Urs Rüdin, the Chief Operating Officer Johann Candrian and the CFO Adrian Diener or, as of July 1, Christoph Bruhin. The Chief Executive Officer will be Beat Langenbach as Delegate of the Board of Directors; he will also sit on the Boards of Directors of the subsidiaries.
There will also be changes on the Board of Directors: Board members Prof. Dr. Dr. Christian Wunderlin and Dr. Wolfgang Maute are no longer available for re-election. In future, the Board will consist of Markus Alder, who will also be proposed as Chairman of the Board, Beat Langenbach as a member and delegate of the Board of Directors, and Daniel Nipkow.
Mixed business year 2019
Admicasa Holding closes the 2019 financial year with an operating result EBIT of CHF 0.27 million (2018: 1.36 million) and a net result, taking into account lower tax expenses, of -0.18 million (2018: 0.86 million). In this context, the second half of the year had been significantly stronger than the first half. The operating result (EBIT) reached 0.57 million (H1 2019: -0.27 million) and the net result was 0.28 million (H1 2019: -0.55 million).
At the level of the individual financial statements of Admicasa Holding, an operating result (EBIT) of 1.6 million (2018: 0.3 million) and a net result of 1.4 million (2018: 0.3 million) resulted primarily from the revaluation gain on the sale of Admicasa Invest. The development project in Waltenschwil (AG) is continued in the subsidiary Admicasa Totalunternehmung. Since January 2019, two apartment buildings and ten single-family homes have been under construction there, with a total investment volume of around 24 million.
The Board of Directors proposes to the Annual General Meeting a total distribution of CHF 0.20 per registered share. (ah)
