Financial report Group business performance
Group business performance Mobimo’s profit increased by 44.3% year on year in the 2021 financial year. Net rental income was up 7.1% year on year at CHF 112.5 million (prior year: CHF 105.1 million), due in part to lower rent waivers granted in connection with the coronavirus crisis. Profit on development projects and sale of trading properties was significantly higher than in the previous year at CHF 58.5 million (prior year: CHF 36.8 million). Net income from revaluation of CHF 53.3 million had a positive impact on the result. Financial performance › Net rental income was up year on year at CHF 112.5 million (prior year: CHF 105.1 million) thanks to successful letting activity and a less pronounced impact from the coronavirus crisis. › The vacancy rate was reduced to 4.8% as at 31 December 2021 (prior year: 5.5%) and is therefore within the target range. › Profit on development projects and sale of trading properties was pleasingly high in the year under review at CHF 58.5 million, significantly exceeding the prior-year figure of CHF 36.8 million. The main reasons for the improvement were the sale of the Cosmos project in Dübendorf in the first half of 2021 and the Grace condominium project in Meggen, where all but one of the apartments had been sold as at 31 December 2021. › Net income from revaluation was CHF 53.3 million in the year under review (prior year: CHF 34.3 million) and was driven primarily by the ongoing yield compression for residential properties. Net income of CHF 8.3 million from the revaluation of developments for Mobimo’s own portfolio is primarily attributable to the progress made with the Zurich, Manegg and Zurich, Tiergarten projects. The profit attributable to the shareholders of Mobimo in the 2021 financial year was CHF 139.4 million (prior year: CHF 96.6 million). E xcluding revaluation, the profit was CHF 96.3 million (prior year: CHF 69.7 million). The company recorded EBIT of CHF 194.7 million (prior year: CHF 145.8 million), or CHF 141.3 million excluding revaluation (prior year: CHF 111.5 million). This resulted in earnings per share of CHF 21.13 (prior year: CHF 14.64), or CHF 14.60 excluding revaluation (prior year: CHF 10.56).
increase of 7.9% in rental income, from CHF 122.5 million to CHF 132.2 million. The direct cost/income ratio for rented properties was slightly higher year on year at 14.9% (prior year: 14.3%). As a result, net rental income rose by 7.1% year on year to CHF 112.5 million (prior year: CHF 105.1 million). The vacancy rate was further reduced in the year under review, in part through the successful letting of commercial premises. As at 31 December 2021, the vacancy rate was 4.8% (prior year: 5.5%). The change in like-for-like rental income was 1.6% (prior year: –0.0%) in the 2021 financial year and was also attributable to the successful letting of commercial premises. Mobimo achieved a slightly lower net yield of 3.4% (excluding Covid-19 effect) with its investment properties as at 31 December 2021 (prior year: 3.5%). This was in line with market trends. The following investment properties under construction were transferred to the investment portfolio during the financial year: › Zurich, Friesenbergstrasse 75, › Lausanne, Avenue Edouard Dapples 9/13/15/15a. The annualised target rental income from these additions is CHF 5.6 million.
Key financial performance figures Unit
2021
2020
Change in %
Net rental income
CHF million
112.5
105.1
7.1
Profit on development projects and sale of trading properties
CHF million
58.5
36.8
59.0
Net income from revaluation
CHF million
53.3
34.3
55.7
Profit on sale of investment properties
CHF million
0.0
1.6
–100.0
Operating result (EBIT)
CHF million
194.7
145.8
33.6
Operating result (EBIT) excluding revaluation
CHF million
141.3
111.5
26.7
Financial result
CHF million
–25.0
–28.4
–12.1
Tax expense
CHF million
–32.0
–21.6
48.5
Profit
CHF million
139.4
96.6
44.3
Profit excluding revaluation
CHF million
96.3
69.7
38.2
Rental business and transaction market
In addition to successful letting activity, the reduction in the size of the support package provided to tenants affected by the measures imposed by the Swiss authorities to combat coronavirus (CHF 1.0 million compared with CHF 6.5 million in the previous year) led to an
The “Definition of Alternative Performance Measures” document, available at www.mobimo.ch > Investors > Investor services > Glossary, includes definitions of performance measures that are not defined under IFRS, EPRA, SIA (Swiss Society of Engineers and Architects) standard D 0213, Corporate Governance Best Practice Recommendations or other standards.
Mobimo Annual Report 2021
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