Bonainvest Holding increases annual result by half
Rising interest rates, inflation and the issue of energy shortages have hardly affected Bonainvest Holding AG, according to its own statements. The smart living specialist is increasing its dividend for 2022.
At the Annual General Meeting in May, Bonainvest's management will propose an increase in the dividend from capital contribution reserves from CHF 1.70 to CHF 1.90 per share. Sales of condominiums in 2022 were countercyclical and above expectations, it says. The average vacancy rate in the own portfolio
amounted to less than 2.0%. Key earnings figures increased in 2022: Rental income rose by 3.4% to CHF 11.5 million, operating income (Ebit) made a leap of 57.5% to CHF 17.4 million, and net income posted an almost equally large gain of 55.2% to CHF 13.3 million. Meanwhile, the equity ratio was reduced from 60.25% to 56.3%, while return on equity increased from 3.06% to 4.63%.
Portfolio value rises to over 300 million
As of the end of December 2022, Bonainvest's portfolio comprised 39 properties with 555 apartments and 31 commercial units; the corresponding market value amounted to CHF 308.9 million (PY: CHF 296.9 million). The two properties completed in 2022 are located in Fraubrunnen (BE) with 34 rental apartments and five commercial units and in Rudolfstetten (AG) with 28 rental apartments plus commercial units.
In 2022, the former Bonainvest subsidiary Bonacasa became independent and has since been operating under the name Bonacasa Holding AG. At the beginning of 2024, the first retirement residence in the Bonacasa Living series will be completed in Unterägeri (ZG) under the name "BonaLiving Aegerisee".
Several completions are pending
In the current year, Bonainvest Holding is planning the completion and first occupancy of the rental apartments in Langnau a. Albis (ZH) as well as in Strahmhof and partially in Strahmmatte in Münchenbuchsee (BE). Construction is also due to start on the large-scale project in Ecublens near Lausanne (VD). A total of 143 apartments for students, families and senior citizens will be built there. With the "En Mapraz" project, Bonainvest is also entering the market in western Switzerland.
Moderate valuation losses expected
Valuation adjustments were minimal in 2022 at -0.45% and are expected to remain moderate in the current year as the properties are newly constructed and leased except for a few apartments.
Portfolio to grow to 600 million by 2026
By 2026, with the completion of all projects currently in the pipeline, the entire Bonainvest portfolio is expected to grow to a valuation size of CHF 600 million, with annual rental income corresponding to approximately CHF 21 million. This means an annual distribution yield for shareholders of 3.0% to 3.5% is realistic from 2026 onwards - "provided inflation and interest rates do not rise further," Bonainvest writes. (aw)
