PSP SWISS PROPERTY AG
For the business year 2020, the Board of Directors proposes an increase in the ordinary dividend payment to CHF 3.65
per share (previous year: CHF 3.50). In relation to net income excluding gains/losses on real estate investments, this
corresponds to a payout ratio of 77.6%; in relation to the 2020 year-end share price of CHF 118.30, it corresponds to a
yield of 3.1%.
Except for Mr. Nathan Hetz, all members of the Board of Directors and the Compensation Committee as well as Mr. Luciano
Gabriel as Chairman of the Board of Directors stand for re-election. The Audit Committee and the Compensation Committee
shall consist of the three current members: Peter Forstmoser, Adrian Dudle, and Josef Stadler; Peter Forstmoser is
again foreseen as Chairman of both committees. The Nomination Committee shall also consist of the current three
members, Josef Stadler (Chairman), Corinne Denzler and Adrian Dudle.
Furthermore, the Board of Directors proposes the re-election of Ernst & Young AG, Zurich, as statutory auditors for the
business year 2021.
Market environment and outlook 2021
An outlook on the Swiss economy remains difficult, especially due to the measures enacted by the authorities in
mid-January 2021 and the uncertainties about the future development of the corona crisis. These imponderables might
weigh on the economy well into the current business year. It is just as difficult to predict the impact on the property
sector. We assume that demand for office space will continue to be strongest in well-located and easily accessible
locations, while marketing and letting in peripheral locations will remain difficult. The non-food retail rental market
is likely to remain very difficult for some time to come.
Our focus remains unchanged: we modernise selected properties, develop our projects and concentrate on our letting
activities. We will only consider acquisitions if they allow for added value in the long term. In financing, we will
continue to pursue our proven conservative approach. And, as in the past, we will consider tapping the capital market
if required.
For the 2021 business year, we expect a slightly higher ebitda excluding gains/losses on real estate investments of
around CHF 275 million (2020: CHF 271.1 million). With regard to the vacancies, we expect a rate of around 4.5% at
year-end 2021 (end of 2020: 3.0%). The forecasts with regard to ebitda and vacancies are conditional on the future
development of the corona crisis. They are based on the assumption of an imminent easing of the current partial
lockdown and a relatively swift normalisation of the general economic environment.
Key figures
Key financial figures Unit 2019 2020 +/-^1
Rental income CHF 1 000 290 460 296 274 2.0%
EPRA like-for-like change % 1.2 -0.2^2
Net changes fair value real estate investments CHF 1 000 244 176 101 578
Income property sales (inventories) CHF 1 000 12 835 16 115
Income property sales (investment properties) CHF 1 000 14 961 0
Total other income CHF 1 000 7 957 12 571
Net income CHF 1 000 453 425 292 091 -35.6%
Net income excl. real estate gains^3 CHF 1 000 215 214 215 795 0.3%
Ebitda excl. real estate gains CHF 1 000 256 145 271 058 5.8%
Ebitda margin % 82.0 83.4
Total assets CHF 1 000 8 036 244 8 665 045 7.8%
Shareholders' equity CHF 1 000 4 450 220 4 579 165 2.9%
Equity ratio % 55.4 52.8
Return on equity % 10.5 6.5
Interest-bearing debt CHF 1 000 2 596 136 3 057 204 17.8%
Interest-bearing debt in % of total assets % 32.3 35.3
Portfolio key figures
Number of investment properties Number 162 160
Carrying value investment properties CHF 1 000 7 259 441 7 681 998 5.8%
Implied yield, gross % 4.0 3.8
Implied yield, net % 3.4 3.3
Vacancy rate end of period (CHF) % 3.5 3.0
Number of sites/development properties Number 12 16
Carrying value sites/development properties CHF 1 000 722 223 895 091 23.9%
Headcount
Employees/FTE People 94/89 96/89
Per share figures
Earnings per share (EPS)^4 CHF 9.89 6.37 -35.6%
EPS excl. real estate gains^4 CHF 4.69 4.70 0.3%
EPRA EPS CHF 3.94 4.32 9.7%
Distribution per share CHF 3.60 3.65^5 1.4%
Net asset value per share (NAV)^6 CHF 97.02 99.83 2.9%
NAV per share before deferred taxes^6 CHF 115.82 119.57 3.2%
EPRA NRV CHF 119.20 123.19 3.3%
Share price end of period CHF 133.60 118.30 -11.5%
1 Change to 2019 or carrying value as of 31 December 2019 as applicable.
2 EPRA like-for-like growth excluding Covid-19 impact is +1.5%.
3 'Net income excluding gains/losses on real estate investments' corresponds to the net income excluding
net changes in fair value of the real estate investments, net income on sales of investment properties
and all of the related taxes. Income from the sale of properties which were developed by the Company
itself is, however, included in the 'net income excluding gains/losses on real estate investments'.
4 Based on average number of outstanding shares.
5 Proposal to the AGM on 31 March 2021 for the business year 2020: dividend payment.
6 Based on number of outstanding shares. ----------------------------------------------------------------------------------------------------------------------- End of ad hoc announcement -----------------------------------------------------------------------------------------------------------------------
Language: English
Company: PSP Swiss Property AG
Kolinplatz 2
6300 Zug
Switzerland
Phone: +41417280404
Fax: +41417280409
E-mail: info@psp.info
Internet: www.psp.info
ISIN: CH0018294154
Valor: 1829415
Listed: SIX Swiss Exchange
EQS News ID: 1170292
End of Announcement EQS Group News Service
=------------ 1170292 23-Feb-2021 CET/CEST
(END) Dow Jones Newswires
February 23, 2021 01:10 ET (06:10 GMT)
