In This Article:
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Revenue Growth: 1.5% increase, reaching CHF117 million.
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Net Profit: CHF139 million, excluding revaluation effects.
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NAV per Share: CHF107.92.
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Equity: Increased to CHF1,236 million by end of June 2024.
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LTV Ratio: Low at 19%.
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Equity Ratio: 72%.
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Portfolio Value: CHF1.6 billion.
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Like-for-Like Rental Growth: 1.8%, with residential properties at 2%.
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Vacancy Rate: Exceptionally low at 1%.
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Revaluation Gain: CHF4.5 million.
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EBIT Margin: 9.8% before the sale of the real estate services segment.
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Gross Rental Income: CHF62 million at the end of June.
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Interest Expense: CHF3.3 million for the first six months.
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Tax Rate: 2.9% due to mostly tax-free gain on sale.
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Financial Debt: CHF300 million at the end of June.
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Bond Issuance: CHF100 million bond with a 1.45% coupon.
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Target Acquisition: Additional CHF150 million worth of properties by end of 2024.
Release Date: September 02, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Investis Holding SA successfully executed a strategy to sell part of its portfolio in 2022, generating CHF10 million in revenue and reducing debt.
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The company acquired properties worth CHF289 million by August 2024, generating CHF17.1 million, and plans to acquire an additional CHF150 million worth of properties by the end of 2024.
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Investis Holding SA maintained a low loan-to-value (LTV) ratio of 19% and an equity ratio of 72%, indicating a strong capital structure.
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The vacancy rate for their properties remains exceptionally low at 1%, demonstrating high demand.
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The sale of the real estate services division for over CHF240 million to PHM was strategically beneficial, doubling the value of invested capital over the years.
Negative Points
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Interest expenses tripled compared to the previous year due to the repayment of a low-interest bond, increasing financial costs.
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The average discount rate for properties increased slightly by 2 basis points, reflecting current market conditions.
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The company faces challenges in the market with rising interest rates and economic pressures from neighboring countries.
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Despite a strong market position, the company acknowledges potential risks in acquiring properties with a riskier profile.
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The financial outlook includes a future tax rate increase to around 15%, up from the current 2.9% due to tax-free gains on sales.
Q & A Highlights
Q: Can you explain the details of your recent property acquisitions and their financial implications? A: Rene Haesler, CFO, clarified that five acquisitions were concluded by the end of June for CHF78 million. Additional transactions were completed in July and August for CHF159 million. These acquisitions were part of a strategic plan to enhance the portfolio, with a focus on residential properties, although some opportunistic commercial purchases were made.