Mobimo with solid half-year results
Mobimo recorded a decline in profits in the first half of 2020, but has so far come through the coronavirus crisis well overall.
Despite the challenges, Mobimo has come through the past few months comparatively well, according to the presentation of the half-year results. The real estate company reported an operating result (EBIT) of CHF 65.8 million for the first half of 2020, compared to CHF 55.4 million in the same period of the previous year, or CHF 40.8 million excluding revaluation (previous year: CHF 36.6 million).
Profit including revaluation fell from 43.5 million in the previous year to 41.7 million; excluding revaluation, profit amounted to 21.5 million after 28.5 million in the previous year. Income from revaluation amounted to 25.1 million (previous year: 18.8 million). In contrast to the previous year, the result includes virtually no positive special effect in the area of deferred taxes, according to Mobimo.
Rental income below plan
Due to the coronavirus pandemic, rental income was below plan at 60.1 million (previous year: 60.9 million). Due to support measures for tenants affected by the lockdown, rental income as at June 30, 2020 was 4.4 million below the contractually owed amount.
The vacancy rate in the portfolio rose from 3.8% to 5.5%, in particular because Mattenhof in Kriens was transferred to the investment portfolio at the beginning of 2020. Mobimo is generally confident about the further development of the vacancy rate, as it perceives demand to be largely intact.
The value of the overall portfolio was just under CHF 3.4 billion as at June 30, 2020 (December 31, 2019: CHF 3.3 billion). The average gross return on the investment portfolio is estimated at 4.5%.
More condominium projects in planning and construction
At 2.7 million, income from the development and promotion business remained at the previous year's level (2.4 million). However, the contribution to earnings from development activities for third parties will increase, according to Mobimo, as the development pipeline includes investment properties for third parties worth around 800 million.
A number of projects have recently been launched again in the condominium market, For example, a development with 30 apartments is being built in Meggen on Lake Lucerne. Construction work is due to start in the coming year around the city of Zurich - in Maur, Horgen and Dübendorf - and there are two condominium projects in the city of Zurich and another in Oberägeri (ZG).
The pipeline for the company's own portfolio currently includes three properties under construction and eight properties in planning with a total investment volume of EUR 520 million.
Mobimo is not issuing a specific forecast for 2020 as a whole. "The world in summer 2020 is characterized by the coronavirus crisis and great uncertainty regarding the social and economic future," the company writes. Nevertheless, the company is convinced that the real estate market remains fundamentally interesting for investors. "We are keeping a close eye on further economic developments and, if necessary, will also make individual and targeted adjustments to the portfolio," the real estate company said in its press release. (ah)
