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    MOBN   CH0011108872

MOBIMO HOLDING AG

(MOBN)
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EQS-Adhoc: Mobimo Holding AG: Pleasing half-year result for Mobimo

07/30/2021 | 01:01am EDT
EQS Group-Ad-hoc: Mobimo Holding AG / Key word(s): Half Year Results 
Mobimo Holding AG: Pleasing half-year result for Mobimo 
30-Jul-2021 / 07:00 CET/CEST 
Release of an ad hoc announcement pursuant to Art. 53 LR 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
Ad hoc press release pursuant to article 53 Listing Rules 
Pleasing half-year result for Mobimo 
>> Net rental income up year on year at CHF 55.9 million (prior year: CHF 52.0 million) due to a less pronounced "Covid 
effect". 
>> Profit from development projects and the sale of trading properties was CHF 54.4 million (prior year: CHF 2.7 
million). 
>> Vacancy rate dropped from 5.5% to 5.0%. 
Lucerne, 30 July 2021 - Mobimo has had a successful first half-year 2021. In the rental business, the "Covid effect" 
was less pronounced than in the previous year, which lifted net rental income to CHF 55.9 million. Development 
activities for third parties contributed a substantial CHF 54.4 million to profit. 
Mobimo is pleased to be able to present a good half-year result for 2021. The substantial contribution to earnings made 
by development business for third parties - a line of business that is volatile by its very nature - played a 
particularly important part in increasing the operating result (EBIT) to CHF 115.4 million (prior year: CHF 65.8 
million), or to CHF 95.5 million (prior year: CHF 40.8 million) excluding revaluation. As a result, profit amounted to 
CHF 83.7 million (prior year: CHF 41.7 million) including revaluation and CHF 67.3 million (prior year: CHF 21.5 
million) excluding revaluation. Net income from revaluation was CHF 19.9 million (prior year: CHF 25.1 million). 
Our commercial properties recorded a largely stable valuation, while in the case of residential properties lower 
discount rates meant higher market valuations. 
Higher rental income and lower vacancy rate 
Net rental income was up year on year at CHF 55.9 million (prior year: CHF 52.0 million). This was attributable to a 
diminished Covid effect: while actual rental income in the first half of 2020 deviated from contractually agreed 
amounts by CHF 4.4 million, in the first six months of the year 2021, the support measures for tenants in the 
restaurant, hotel and retail sectors totalled around CHF 1.0 million. We continue to maintain a dialogue with tenants 
based on trust and remain committed to finding viable solutions. There is now a need for discussion with only a handful 
of customers. 
The vacancy rate in our investment portfolio dropped from 5.5% as at the end of 2020 to 5.0%. Although renting out 
commercial premises is somewhat challenging, our Marketing team succeeded in concluding some major contracts, 
particularly with regard to the Mattenhof district in Kriens. 
The value of the overall Mobimo portfolio as at 30 June 2021 was unchanged at approximately 
CHF 3.4 billion. The average gross yield from investment properties remained at 4.5%. 
Substantial contribution to earnings from development business 
Profit from development projects and the sale of trading properties was CHF 54.4 million, significantly above the 
prior-year figure (CHF 2.7 million). This substantial contribution to earnings made by development work for third 
parties was mostly attributable to the sale of the Cosmos project in Dübendorf. Mobimo turned an investment property 
with potential into a compelling new build project, which was transferred in the first half of the year - complete with 
legally binding building permission - to a real estate fund managed by Credit Suisse Asset Management. This transaction 
is a good example of the successful interplay between active portfolio management and internal development expertise. 
Mobimo's trading properties are also well received: at the condominium development in Meggen (canton of Lucerne) only 
three of the 30 apartments remain unsold a year before the first residents move in. 
Although, a high level of volatility must typically be expected in this area of business, the development pipeline for 
third parties looks promising, and encompasses investment properties worth around CHF 380 million and condominium 
projects to the tune of CHF 590 million. 
Rental income base continually reinforced 
The investment volume in the equally attractive pipeline for the company's own portfolio is CHF 480 million. Planning 
and construction work on future investment properties is proceeding as projected. In the years to come, the completed 
properties will further strengthen Mobimo's rental income base. At present, some of the properties we are building in 
two popular places to live in the city of Zurich are: In Zurich-Manegg (Allmendstrasse), 157 rental apartments are 
going up, while in the Friesenberg district a commercial property in our investment portfolio is being transformed into 
an apartment block (Im Tiergarten). 
In March 2021, a majority of parliamentarians in the cities of Biel/Bienne and Nidau rejected the Agglolac project. We 
were sorry to hear this as we shared the confidence of the cities' executives in the value of this project. However, 
the rejection of Agglolac has no direct effect on Mobimo's profitability and had only a minor impact on the 2021 
half-year result. 
Sustainability Report 2020 
This spring we marked a minor anniversary, but one that is nonetheless important to us, with the publication of our 
tenth Sustainability Report, setting out our performance in terms of environmental, social and corporate governance 
(ESG) criteria. The top priority for us continues to be the reduction of the CO[2] emissions produced by our portfolio 
and, in this connection, the definition and implementation of a reduction path. Our ambition to meet the requirements 
of established certificates such as DGNB, 2000-Watt site and Minergie also remains unchanged. We are proud that 
certified properties already make up just under a third of our portfolio by market value. 
Comfortable financial position 
As at 30 June 2021 Mobimo's equity ratio was a solid 45.0% (31 December 2020: 43.2%). The company's financial 
liabilities consist of listed bonds with a volume of CHF 950 million and mortgage-secured bank loans of CHF 734 
million. In mid-May, Mobimo refinanced a maturing CHF 200 million bond (coupon of 1.625%) on very attractive terms - 
the new fixed-rate CHF 200 million bond comes with a coupon of 0.250% and has a maturity of 5.8 years, which means 
that, compared with the maturing bond, financing costs in the amount of CHF 3.0 million a year can be saved. The 
average 
interest rate for financial liabilities was 1.40% in the first half of 2021, compared with 1.56% in 2020. The average 
residual maturity of financial liabilities as at the reporting date was 5.5 years and was therefore still within the 
targeted range. The net loan to value (LTV) was 45.9%. The interest coverage factor stood at 7.5 (31 December 2020: 
3.9). 
A new force on the Board of Directors 
At the Annual General Meeting on 30 March 2021, Mobimo's shareholders voted Sabrina Contratto - a recognised expert in 
architecture, urban planning and design - onto the Board of Directors. She also now sits on the company's Real Estate 
Committee, along with the other two members, Brian Fischer and Peter Schaub. We are pleased to report that, with her 
election, a gender balance has been achieved on the six-strong Board of Directors. 
As previously announced, our long-standing Board member Bernard Guillelmon did not stand for re-election to the Board 
of Directors at the Annual General Meeting. The company would like to thank the former Chair of the Nomination and 
Compensation Committee for, among other things, a smooth management transition on the Board of Directors and Executive 
Board in 2019. He also played a prudent and successful role in the new appointments to the Executive Board and in 
succession planning for the company at strategic level. The Board of Directors would like to thank him for his huge 
contribution to the company and to wish him all the best for the future. 
Outlook and thank you 
In this second summer marked by the impact of the coronavirus, the Board of Directors and the Executive Board are 
optimistic about the economy recovering its strength - an optimism that many of our commercial tenants share. We have 
detected an air of confidence for the future - slightly tempered in the case of the retail business but very marked in 
the restaurant trade. The position for city hotels is less clear-cut. For example, the Moxy hotel in Lausanne's 
Quartier du Flon has lots of guests from within Switzerland and has a positive view of the future. But the situation is 
a tense one for accommodation with a strong orientation on business travellers. 
Investment pressure from institutional investors is practically unchanged, and they have a high level of risk 
tolerance. At present we see no indications of any damage to the attractiveness of the property market. Demand is high 
for residential property in particular - whether owner-occupied or for rent. For office premises, we expect values to 
be maintained in the medium term. The mainstreaming of working from home, to whatever extent that happens to be, is 
definitely one of the most tangible changes in the property market following the pandemic. But it will not necessarily 
lead to office space being reduced. Instead, it is likely to be altered and its use changed. 
Detailed reporting: 
>> You can find the Half-Year Report 2021 on our website. 
For security reasons, our website www.mobimo.ch is only displayed with Internet Explorer version 11 and Windows 10 or 
higher. Please use the latest versions of alternative browsers such as Google Chrome, Firefox, Edge, Safari or Opera 
for unrestricted viewing of the website. 
>> A telephone conference in German with CEO Daniel Ducrey and CFO Stefan Hilber will take place today at 10.00 a.m. 
(questions in English and French are very welcome). 
Link to the presentation for call participants (no audio signal). 

(MORE TO FOLLOW) Dow Jones Newswires

July 30, 2021 01:00 ET (05:00 GMT)

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Financials
Sales 2021 131 M 142 M 142 M
Net income 2021 111 M 120 M 120 M
Net Debt 2021 1 575 M 1 702 M 1 702 M
P/E ratio 2021 18,9x
Yield 2021 3,14%
Capitalization 2 111 M 2 282 M 2 282 M
EV / Sales 2021 28,1x
EV / Sales 2022 20,2x
Nbr of Employees 162
Free-Float 99,8%
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Mean consensus OUTPERFORM
Number of Analysts 2
Last Close Price 318,00 CHF
Average target price 295,00 CHF
Spread / Average Target -7,23%
EPS Revisions
Managers and Directors
Daniel Ducrey Chief Executive Officer
Stefan Hilber Chief Financial Officer
Peter Schaub Chairman
Brian Fischer Independent Director
Daniel Crausaz Director