Zug Estates : Half-Year Report 2021

2021

Half-Year Report

2

Company profile

The Zug Estates Group conceives,

­develops, markets and manages properties in the Zug region. It focuses on central sites which are suitable for a wide range of uses and allow sustainable development. The real estate portfolio is distributed across two sites in Zug and Risch Rotkreuz, and is broadly diversified by type of use. The total value of the portfolio came to CHF 1.67 billion as at 30 June 2021.

15.4million

Net income excluding revaluation and special effects as at 30 June 2021

Zug Estates Group - Half-Year Report 2021 - Financialreport

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Portfolio by site		Portfolio by use
Based on market value as at 30 June 2021		Based on projected rental income1 as at 30 June 2021
100+50.2% City Center49+k+site8100+k26% Office +2
		Education, leisure,
Suurstoffi site 49.8%		culture 7%	8% Other
	Hotel &
		catering 9%
		Parking 7%	26% Residential
		Retail 17%
Metalli/

1 From point of view of real estate business unit

Value of portfolio

in CHF million

1 750				100%
1 400				80
1 050				60
700				40
350				20
0				0
2017	2018	2019	2020	H1 2021

Operating properties (market value)

Investment properties under construction and undeveloped plots Investment properties

Proportion of residential property (based on projected rental income, right-hand axis)

4	Zug Estates Group - Half-Year Report 2021 - Keyfigures

Selected key figures

Income statement		H1 2021	H1 2020
Property income	TCHF	29 765	28 195	5.6%
Operating revenue1	TCHF	36 140	105 426	-65.7%
Operating expenses	TCHF	13 322	77 115	-82.7%
Operating income before depreciation and revaluation	TCHF	22 818	28 311	-19.4%
Revaluation of investment properties (net)	TCHF	12 269	- 13 612	190.1%
Income from sale of investment properties	TCHF	7 317	0	n/a
Operating income (EBIT)	TCHF	40 639	12 883	215.4%
Net income	TCHF	32 663	8 273	294.8%
Net income excluding revaluation and special effects2	TCHF	15 427	11 900	29.6%
Result from sale of promotional properties after tax3	TCHF	0	8 351	-100.0%
Balance Sheet		30.06.2021	31.12.2020
Total assets	TCHF	1 631 356	1 626 245	0.3%
Interest-bearing debt	TCHF	581 433	591 770	-1.7%
- Interest-bearing debt in % of total assets		35.6%	36.4%
- Average rate of interest of the interest-bearing debt (period)		1.3%	1.3%
- Average maturity of the interest-bearing debt	YEARS	3.9	4.3
Shareholders' equity	TCHF	925 680	915 457	1.1%
- Equity ratio		56.7%	56.3%
Employees		30.06.2021	31.12.2020
Headcount	FTE	116.0	128.1	-9.4%
Share		H1 2021	H1 2020
Closing price	CHF	1 990	2 010	-1.0%
Market capitalization4	TCHF	1 014 900	1 025 100	-1.0%
Earnings per series B registered share5	CHF	64.0	16.2	294.8%
Earnings per series B registered share excl. revaluation and special effects2, 5	CHF	30.2	23.3	29.6%
NAV at market value per series B registered share5, 6	CHF	1 947.9	1 895.9	2.7%
Portfolio		30.06.2021	31.12.2020
Investment properties	TCHF	1 549 987	1 534 432	1.0%
Investment properties under construction	TCHF	10 638	9 794	8.6%
Undeveloped plots	TCHF	2 524	2 524	0.0%
Total real estate portfolio	TCHF	1 563 149	1 546 750	1.1%
Operating properties (market value)7	TCHF	108 110	108 110	0.0%
Total portfolio	TCHF	1 671 259	1 654 860	1.0%
Vacancy rate investment properties8		4.8%	5.0%
Gross return investment properties9		4.0%	4.1%
Weighted average unexpired lease term of rental contracts in portfolio (WAULT)	YEARS	6.5	6.8
Average discount rate (nominal)		3.4%	3.5%

1. Excluding income from revaluation of investment properties and gains on the sale of investment properties
2. Corresponds to net income excluding income from revaluation of investment properties (net), excluding income from the disposal of investment and promotional properties and corresponding deferred taxes (see page 19)
3. Corresponds to the income from the sale of promotional properties, less expenses incurred directly through the sale of promotional properties and corresponding deferred taxes
4. In relation to number of shares outstanding (series A registered shares converted)
5. In relation to number of shares on average outstanding (series A registered shares converted)
6. NAV at market value per share includes properties used for operational purposes at market value and corresponding deferred taxes
7. Operational properties are revaluated on a yearly basis at financial year-end
8. As at the balance sheet date, as a percentage of projected rental income
9. Projected rental income (annualized) as a percentage of the market value on the balance sheet date

Zug Estates Group - Half-Year Report 2021 - Tableof contents

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Table of contents
Report to shareholders	6
Financial report	9
Notes	12
Portfolio	22
Contact details and
upcoming events	25