Mobimo : Half-Year Report 2021

Half-Year Report

2021

Selected key figures for the first half of 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 rental income to CHF 64.9 million. Development activities for third parties contributed a substantial CHF 54.4 million to profit.

Profit	83.7
CHF million
HY|2020: 41.7

Total value of real estate portfolio

CHF million

2,112 687 2,799	2,318 760 3,078	2,600 698 3,298	2,845 509 3,353	3,018 418 3,436
31.12.	31.12.	31.12.	31.12.	30.6.
2017	2018	2019	2020	2021

 Development properties  Investment properties

Profit attributable to the shareholders of MOH including and excluding revaluation

CHF million

							83.7
62.4							67.3
40.1	37.6	24.4	43.6	28.5	41.7	21.5
HY|2017	HY|2018	HY|2019	HY|2020	HY|2021

 Profit attributable to the shareholders of MOH

 Profit attributable to the shareholders of MOH excluding revaluation

Rental and net rental income and vacancy rate

CHF million/%

56.4	48.6	54.7	45.4	60.9	52.2	60.1	52.0	64.9	55.9
						5.5
4.9	5.1					5.0
				4.3
HY|2017	HY|2018	HY|2019	HY|2020	HY|2021

¢¢ Rental income ££ Net rental income Vacancy rate

Earnings per share including and excluding revaluation

CHF
				12.69
10.03				10.19
6.46	6.04	6.61	6.32
	3.92	4.31	3.26
HY|2017	HY|2018	HY|2019	HY|2020	HY|2021

 Earnings per share

 Earnings per share excluding revaluation

Income and profit on development projects and sale of trading properties

CHF million

							118.3
91.2
							54.4
13.3	31.9	3.9	33.5	2.4	25.1	2.7
HY|2017	HY|2018	HY|2019	HY|2020	HY|2021
¢¢ Income
££ Profit

As a result of rounding, the sums and totals of individual positions may be larger or smaller than the sums and totals arrived at by adding the positions together, or larger or smaller than 100%.

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.

Result	Unit		HY 2021		HY 2020		Change in %
Net rental income	CHF million	55.9				52.0			7.4
Profit on development projects and sale of trading properties	CHF million	54.4				2.7			nm
Net income from revaluation	CHF million	19.9				25.1			-20.6
Profit on disposal of investment properties	CHF million	0.0				1.5			-100.0
Operating result (EBIT)	CHF million	115.4				65.8	75.2
Operating result (EBIT) excluding revaluation	CHF million	95.5				40.8			134.2
Profit	CHF million	83.7				41.7			100.7
Profit excluding revaluation	CHF million		67.3				21.5	212.6
Balance sheet	Unit		30.6.2021				31.12.2020	Change in %
Assets	CHF million		3,680.4				3,619.9			1.7
Equity	CHF million	1,657.6				1,564.8			5.9
Equity ratio	%			45.0				43.2			4.2
Return on equity1	%			10.7		6.4	66.0
Return on equity excluding revaluation1	%			8.6				4.6			85.0
Interest-bearing liabilities	CHF million	1,690.7				1,724.9			-2.0
Ø Rate of interest on financial liabilities (for the period)	%			1.40				1.56			-10.4
Ø Residual maturity of financial liabilities	years	5.5				5.0			9.0
Net gearing	%			95.1				101.3			-6.1
Portfolio	Unit		30.6.2021				31.12.2020		Change in %
Overall portfolio2	CHF million	3,435.9				3,353.2			2.5
Investment properties2	CHF million	3,018.0				2,844.6			6.1
Development properties3	CHF million	417.8				508.6			-17.9
Gross yield from investment properties	%			4.5				4.5			0.0
Net yield from investment properties excluding Covid-19 effect4	%			3.5		3.5	0.0
Investment property vacancy rate	%			5.0				5.5			-9.1
Ø Discount rate for revaluation (nominal)	%			3.7				3.7			0.0
Ø Capitalisation rate (real)	%			3.2				3.2			0.0
EPRA	Unit		HY 2021		HY 2020		Change in %
EPRA profit	CHF million	30.5				24.1	26.3
EPRA NAV per share	CHF	297.07		276.37	7.5
EPRA rental increase like for like	%			0.6				0.2	200.0
EPRA vacancy rate	%			5.0				5.5			-9.1
Headcount	Unit		30.6.2021				31.12.2020		Change in %
Headcount (full-time basis)	Number	161.9				159.6			1.4
Of which headcount Mobimo FM Service AG (full-time basis)	Number		39.6				40.6			-2.5
Environment	Unit	2020		2019			Change in %
Energy intensity	kWh/m2		108				152			-28.9
Emissions intensity	kg CO2eq/m2		16				25			-36.0
Share	Unit	HY 2021	HY 2020	Change in %
Shares outstanding5	Number		6,597,879				6,599,117			0.0
Nominal value per share6	CHF	13.40				23.40		-42.7
NAV per share (diluted)	CHF	251.24				237.90			5.6
Earnings per share	CHF	12.69		6.32	100.7
Earnings per share excluding revaluation	CHF	10.19		3.26	212.7
Distribution per share6	CHF		10.00				10.00			0.0
Share price as at 30.6.	CHF		304.00				274.00			10.9

1Due to annualisation, one-off effects in the profit for the period limit the informative value of the reported return on equity.

²  Including owner-occupied properties, excluding owner-occupied tenant improvements and excluding right-of-use assets.

3Excluding right-of-use assets.

4Covid-19 annualised rent waivers are eliminated from net yield excluding Covid-19 effect (see Note 5 on page 18). Taking into account the annualised rent waivers, net yield including Covid-19 effect is 3.4%.

⁵  No. of shares issued 6,601,547 less treasury shares 3,668 = no. of outstanding shares 6,597,879.

⁶  Distribution for the 2020 financial year of CHF 10.00 per share by reducing the nominal value from CHF 13.40 to CHF 3.40 in accordance with the decision of the Annual General Meeting of 30 March 2021 (see Note 11 on page 27).

Contents

Management report

Letter to shareholders	3
Real estate portfolio	6

Financial report

Consolidated interim financial statements	8
Property details	30
Independent auditor's report on the review	43
Report of the independent valuation experts	44
EPRA key performance measures	49

Webguide

Online half-year report	www.mobimo.ch > Investors> Reporting
Management structure	www.mobimo.ch > About us> BoD/EB
Portfolio	www.mobimo.ch > Real estate> Portfolio
Share	www.mobimo.ch > Investors> Share

Our profile

With a broadly diversified real estate portfolio that has a total value of approximately­ CHF 3.4 billion, ­Mobimo Holding AG is one of the leading real estate companies in Switzerland. Its

portfolio comprises­ residential and commercial properties, along with development properties both for the company's own portfolio and for third parties. The properties are in first-class locations­ in ­German-speaking and French-speaking Switzerland.

The buildings are characterised by balanced diversification and diligent management. Mobimo uses its development projects to strengthen its income base and boost the intrinsic value of its portfolio. The company also creates investment opportunities for third parties through its development services.

Mobimo has around 170 employees.

2 Mobimo Half-Year Report 2021

Management report

Letter to shareholders

Letter to shareholders

Peter Schaub, Chairman of the Board of Directors, and Daniel Ducrey, CEO.

HY|2020: 2.7	54.4

Profit on development projects and sale of trading properties

CHF million

Net rental income	55.9
CHF million
HY|2020: 52.0
Profit	83.7
CHF million
HY|2020: 41.7

Dear shareholders

We are pleased to be able to present to you 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 mil- lion), 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%.

Mobimo Half-Year Report 2021

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