PSP SWISS PROPERTY AG Half-year report H1
2023
2
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Contents
04 Key figures
06 H1 2023 report
12 Portfolio summary
17 Financial statements
3
59 Additional information
78 Contacts and important dates
79 Customer care
4 Key figures
Key figures
Key financial figures | Unit | 2022 | Q2 2022 | Q2 2023 | H1 2022 | H1 2023 | +/-1 | ||||||||
Rental income | CHF 1 000 | 316 231 | 78 685 | 82 204 | 157 787 | 163 339 | 3.5% | ||||||||
EPRA like-for-like change | % | 2.2 | 3.2 | 6.0 | 3.2 | 5.0 | |||||||||
Net changes in fair value of | |||||||||||||||
real estate investments | CHF 1 000 | 124 886 | 120 030 | - 90 712 | 131 894 | - 90 712 | |||||||||
Income from property sales | |||||||||||||||
(inventories) | CHF 1 000 | 25 181 | 3 058 | 9 374 | 21 502 | 10 312 | |||||||||
Income from property sales | |||||||||||||||
(investment properties) | CHF 1 000 | - 447 | 0 | 0 | - 447 | 910 | |||||||||
Total other income | CHF 1 000 | 7 669 | 681 | 2 769 | 2 630 | 3 397 | |||||||||
Net income | CHF 1 000 | 329 960 | 149 179 | 19 893 | 227 154 | 76 916 | - 66.1% | ||||||||
Net income excluding gains/losses | |||||||||||||||
on real estate investments2 | CHF 1 000 | 235 714 | 54 793 | 94 240 | 124 478 | 150 522 | 20.9% | ||||||||
Ebitda excluding gains/losses | |||||||||||||||
on real estate investments2 | CHF 1 000 | 293 822 | 68 069 | 80 569 | 155 060 | 150 470 | - 3.0% | ||||||||
Ebitda margin | % | 83.9 | 82.6 | 85.4 | 84.7 | 85.0 | |||||||||
Total assets | CHF 1 000 | 9 483 866 | 9 766 970 | 3.0% | |||||||||||
Shareholders' equity | CHF 1 000 | 5 198 379 | 5 099 851 | - 1.9% | |||||||||||
Equity ratio | % | 54.8 | 52.2 | ||||||||||||
Return on equity | % | 6.5 | 11.9 | 1.5 | 9.0 | 3.0 | |||||||||
Interest-bearing debt | CHF 1 000 | 3 092 389 | 3 516 278 | 13.7% | |||||||||||
Interest-bearing debt | |||||||||||||||
in % of total assets | % | 32.6 | 36.0 | ||||||||||||
Portfolio key figures | |||||||||||||||
Number of investment properties | Number | 162 | 161 | ||||||||||||
Carrying value investment | |||||||||||||||
properties | CHF 1 000 | 8 886 673 | 8 845 033 | - 0.5% | |||||||||||
Implied yield, gross3 | % | 3.5 | 3.6 | 3.7 | 3.6 | 3.7 | |||||||||
Implied yield, net3 | % | 3.1 | 3.1 | 3.3 | 3.1 | 3.3 | |||||||||
Vacancy rate (CHF)3, 4 | % | 3.0 | 3.2 | ||||||||||||
Number of sites and | |||||||||||||||
development properties | Number | 13 | 14 | ||||||||||||
Carrying value sites and | |||||||||||||||
development properties | CHF 1 000 | 534 382 | 756 243 | 41.5% | |||||||||||
Headcount | |||||||||||||||
Employees | Number | 100 | 100 | ||||||||||||
Full-time equivalents | Number | 91 | 90 | ||||||||||||
Per share figures | |||||||||||||||
Earnings per share (EPS)5 | CHF | 7.19 | 3.25 | 0.43 | 4.95 | 1.68 | - 66.1% | ||||||||
EPS excluding gains/losses | |||||||||||||||
on real estate investments2, 5 | CHF | 5.14 | 1.19 | 2.05 | 2.71 | 3.28 | 20.9% | ||||||||
EPRA EPS5 | CHF | 4.66 | 1.14 | 1.90 | 2.30 | 3.11 | 35.3% | ||||||||
Distribution per share | CHF | 3.806 | n.a. | n.a. | n.a. | n.a. | |||||||||
Net asset value per share (NAV)7 | CHF | 113.33 | 111.19 | - 1.9% | |||||||||||
NAV per share before | |||||||||||||||
deduction of deferred taxes7 | CHF | 136.62 | 133.57 | - 2.2% | |||||||||||
EPRA NRV7 | CHF | 139.42 | 136.36 | - 2.2% | |||||||||||
Share price end of period | CHF | 108.50 | 99.90 | - 7.9% | |||||||||||
- Change to previous year's period 1 January to 30 June 2022 or to carrying value as of 31 December 2022 as applicable.
- See definition on page 35, note 11.
- For investment properties.
- Equals the lost rental income in % of the potential rent, as per reporting date.
- Based on average number of outstanding shares.
- For the 2022 business year. Cash payment was made on 13 April 2023.
- Based on number of outstanding shares.
Key figures | 5 |
Real estate portfolio
9.1 | 9.4 | 9.6 | ||
8.6 | ||||
8.0 | ||||
3.5% | 3.0% | 3.8% | 3.0% | 3.2% |
2019 | 2020 | 2021 | 2022 | H1 2023 |
Portfolio value in CHF billion
Vacancy rate in %
Ebitda | ||||
271.1 | 278.8 | 293.8 | ||
84.7% | 85.0% | |||
83.4% | 83.0% | 83.9% | 155.1 | 150.5 |
2020 | 2021 | 2022 | H1 2022 | H1 2023 |
Ebitda excl. gains/losses on
real estate investments in CHF million Ebitda margin in %
Shareholders' equity
4.5 | 4.6 | 5.0 | 5.2 | 5.1 |
10.5% | 6.5% | 12.4% | 6.5% | 3.0% |
2019 | 2020 | 2021 | 2022 | H1 2023 |
Shareholders' equity in CHF billion Return on equity in %
Net income components
373.9
76.3 | 94.2 | |||
215.8 | 221.1 | 235.7 | 102.7 | |
124.5 | 150.5 | |||
-73.6 | ||||
2020 | 2021 | 2022 | H1 2022 | H1 2023 |
Net income excl. gains/losses on real estate investments in CHF million
Contribution gains/losses on
real estate investments in CHF million
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Disclaimer
PSP Swiss Property AG published this content on 18 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2023 04:34:05 UTC.
