Züblin Immobilien increases operating result
However, devaluations and higher interest rates led to a fall in profit in the past financial year. The company is apparently planning to buy again in the future.
Züblin increased EBITDA by CHF 51TP3k to CHF 6.3 million and operating profit by CHF 3.61TP3k to CHF 8.6 million in the 2023/24 financial year. According to a statement, the most important factors here were index increases and new lettings. The revaluation of the real estate portfolio by CHF 0.8% led to a correction of CHF 3.4 million, following a revaluation of CHF 1.1 million in the previous year. Financial expenses doubled from CHF 0.8 million to CHF 1.6 million as a result of the interest rate increases.
The profit generated fell from CHF 5.3 million to CHF 1.3 million as a result of the lower revaluation and higher financing costs. "However, successful lettings demonstrate the stability of the portfolio and thus of the company," writes Züblin. For the current financial year, a continued positive development in operating income from rentals is expected due to rental agreements that have already been concluded and will come into force in the second quarter. A ten-year rental agreement already signed for an entire floor in its Bern property and for newly designed space in Egg will help to reduce the vacancy rate from the current 9.3% to below 6%. A dividend of CHF 1.00 per share is to be distributed for the past financial year, which corresponds to a dividend yield of 3.9%. Since the return to dividend payments in 2018, this has been between 3.7% and 4.3%.
"Increased focus on growth"
For the new CEO Philippe Brändle, who will take over from Roland Friederich on September 30 (IB reported)"With the shift away from a seller-driven to a more buyer-driven market, it is now time for Züblin to focus more on growth," says Friedrich. "With a new CEO who has local knowledge and a strong network, Züblin can write a new chapter in the company's history." (aw)
