Intershop expects "excellent annual results" after AuPark sale
In the 1st half of the year, Intershop generated a return on equity of 9.2 % and slightly increased its income from real estate.
Intershop's net profit decreased from CHF 40.9 million to CHF 36.4 million compared to H1 2021, which the company attributes to lower gains on disposals (CHF 1.5 million after CHF 17.7 million). On the other hand, the contribution of valuation changes to the result increased from CHF 6.2 million to CHF 19.3 million. Here, the occurrence of the legal validity of the building permit for AuPark made itself felt, increasing its market value by CHF 16.6 million. The return on equity amounted to 9.2 % in H1 2022 (H1 2021: 11.6 %).
At the end of the 1st half-year, the portfolio comprised 29 investment properties and 21 development and promotion properties. The value of the properties amounted to approximately CHF 1.5 billion; after deduction of investments, this resulted in an increase in market values of 1.4 % of the portfolio value. As expected, rental income increased by 1.1 % to CHF 37.7 million as a result of rental successes. Excluding changes (like-for-like), income from investment properties increased by 2.9 % and that from development properties by 3.8 %.
Outlook mixed
Intershop expects rental income in the second half of the year to be on a par with the previous year, as the larger real estate properties in Basel and Lausanne, which are currently being expanded and renovated, do not yet promise any increase in income. A significant reduction in vacancies is unlikely against the backdrop of the economic uncertainties. No opportunities have recently arisen on the transaction market. An "excellent annual financial statement is expected, which should enable the attractive dividend policy to be maintained."
The sale of AuPark in Wädenswil, announced a few days ago, to Swiss Life (IB reported) was made after the balance sheet date for the 1st half of the year. (aw)
