Epic Suisse: Profit falls significantly in H1
At Epic Suisse, too, valuation losses in the first half of the year caused profits to shrink. However, the portfolio is growing slightly due to completed projects.
Epic Suisse AG increased its rental income by CHF 7.2% to CHF 32.9 million in the first half of the year. The increase was due to index-linked rent increases, a reduction in the vacancy rate from 6.5 to 4.4% and the expiry of rent-free arrangements, according to the statement.
The value of the real estate portfolio rose by 0.9% to CHF 1.5 billion. Here, completed projects more than compensated for a valuation loss of CHF 5.9 million as a result of higher discount rates. The weighted discount rate increased by 5 basis points to 3.36%.
Including valuations, EBITDA fell from CHF 24.4 million to CHF 20.7 million. The financial result amounted to CHF -7.9 million in H1, compared to CHF +19.1 million in the same period of the previous year. These figures were also influenced by a valuation loss on hedging instruments, which had a negative impact of CHF 4.5 million in this period, while interest rate swaps had boosted the previous year's result.
Adjusted profit increases
Including valuation, profit fell from CHF 38.7 million to CHF 11.2 million. Adjusted for valuation and IPO effects, however, the result rose by CHF 7.4% to CHF 20.9 million. The company is forecasting an increase in rental income of between 4 and 6% for the year as a whole. (aw)
