Senior residence records drop in profits
The operator of senior residences and care facilities Senioresidenz made less profit in fiscal 2022 than in the previous year due to revaluation losses.
The real estate portfolio of Senioresidenz AG increased in value in the financial year 2022. The value increased to CHF 228.4 million at the end of 2022, up from CHF 213.9 million at the end of 2021. This is according to the preliminary, unaudited results for the 2022 financial year, which the real estate company published on January 27, 2023. The reason for the plus was the acquisition of the new construction project "Croix Blanche" in Aigle in the first half of the year, the company said. The project comprises 26 apartments, including 13 sheltered apartments for people with impairments or age-related limitations. The investment activities in the "Leuenegg" new construction project in Oberdiessbach also had a value-enhancing effect.
Rental income increased by 13.2% to CHF 10.9 million in the reporting year (previous year: CHF 9.6 million).
Revaluation loss of 2.4 million
However, Senioresidenz recorded a loss in the market valuation of the property portfolio: The bottom line is a loss from revaluation of CHF 2.4 million, compared with a small profit of CHF 0.2 million in 2021. According to Senioresidenz, the revaluation effect is directly related to the investment needs of the rehabilitation and hospital properties in Leukerbad and Richterswil, respectively.
Including the revaluation loss, the real estate company expects a profit before interest and taxes (EBIT) of CHF 4.6 million (previous year: CHF 5.9 million). Profit including revaluation is expected to come in at CHF 3.1 million, compared with CHF 4.3 million in the previous year. However, profit excluding revaluation gains climbed by almost a quarter (24%) from 4.1 to 5.0 million CHF.
Senioresidenz also reports that the new construction projects in Aigle, Oberdiessbach and Bad Zurzach are proceeding according to plan. Completions are expected from the second half of the year or from autumn 2023. The annual target rental income of the three properties together amounts to CHF 1.6 million after graduations.
Senior Residence releases 2022 annual report and more details on annual results Feb. 24. (ah)
