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PSP Swiss Property – Pleasing operating earnings. Confirmation of FY 2017 ebitda guidance



PSP Swiss Property – Pleasing operating earnings. Confirmation of FY 2017 ebitda guidance


Net income (excluding changes in fair value) amounted to CHF 138.2 million. This 4.6% increase compared to the previous year (Q1–Q3 2016: CHF 132.0 million) resulted mainly through the sale of the residential project “Salmenpark II” in Rheinfelden. At the end of September 2017, NAV per share amounted to CHF 84.47 (end of 2016: CHF 84.30). In this regard, it should be considered that on 11 April 2017, a dividend of CHF 3.35 per share was paid out.

Real estate portfolio

At the end of September 2017, the real estate portfolio included 158 office and commercial properties and twelve sites/projects. The carrying value of the total portfolio stood at CHF 6.954 billion (end of 2016: CHF 6.894 billion).

The development projects progressed as planned. Highlights are the lettings on the new construction “Grosspeter Tower” in Basel (70% let) and on the two renovation projects “Hardturmstrasse / Förrlibuckstrasse” in Zurich West (75% let) and “Rue du Marché” in Geneva (70% let). Construction of the “Orion” project in Zurich West will start in 2018. High-quality, flexibly partitionable office areas and attractive surroundings are planned. The investment total will be approximately CHF 130 million.

Vacancy rate

At the end of September 2017, the vacancy rate stood at 8.3% (end of 2016: 9.3%). 0.6 percentage points of these 8.3% were due to ongoing renovations. Another 1.5 percentage points are related to theproperty located at Av. des Morgines 8/10 in Petit-Lancy.

Quarterly results Q1-Q3 2017

During the reporting period, net income (excluding changes in fair value) reached CHF 138.2 million (Q1–Q3 2016: CHF 132.0 million). The increase compared to the previous year’s period resulted mainly from the higher income from condominium sales; this income increased by CHF 6.8 million to CHF 19.9 million (Q1–Q3 2016: CHF 13.1 million). Thereof, the sale of the residential project “Salmenpark II” in Rheinfelden during Q3 2017 accounted for CHF 17.8 million. Rental income decreased by CHF 3.4 million, in particular because of the lease termination by the single tenant at the property Av. des Morgines 8/10 in Petit-Lancy. Earnings per share (excluding changes in fair value) amounted to CHF 3.01 (Q1–Q3 2016: CHF 2.88).

Operating expenses decreased by CHF 1.3 million to CHF 41.8 million (Q1–Q3 2016: CHF 43.1 million). Financial expenses decreased by CHF 1.3 million to CHF 19.0 million (Q1–Q3 2016: CHF 20.3 million).

Net income (including changes in fair value) was CHF 165.1 million (Q1–Q3 2016: CHF 102.8 million). The increase compared to the previous year’s period was mainly caused by the semi-annual revaluation of the properties, which resulted in an overall appreciation of CHF 17.7 million (Q1–Q3 2016: depreciation of CHF 38.4 million), as well as by higher income from condominium/project sales. Furthermore, tax expenses decreased by CHF 2.1 million to CHF 20.6 million (Q1–Q3 2016: CHF 22.7 million). In this regard, it should be considered that the new lower corporate tax rate in the Canton of Vaud was applied in Q3 2017. This resulted in a positive effect (release of deferred taxes) in the amount of CHF 17.0 million. Thereof, CHF 12.9 million are related to revaluations of the property portfolio and do not impact the net result excluding changes in fair value. Earnings per share (including changes in fair value) amounted to CHF 3.60 (Q1–Q3 2016: CHF 2.24).

Strong capital structure

With total equity of CHF 3.893 billion (end of 2016: CHF 3.867 billion) – corresponding to an equity ratio of 53.4% (end of 2016: 54.9%) – the capital base remains strong.

Interest-bearing debt amounted to CHF 2.511 billion, corresponding to 34.5% of total assets (end of 2016: CHF 2.248 billion respectively 31.9%). In order to lengthen the interest fixing period, a bond and the private placement were increased by overall CHF 225 million during the reporting period. In this context, fixed-term deposits were increased by CHF 175 million to CHF 275 million. Excluding these CHF 275 million, interest-bearing debt amounts to CHF 2.236 billion, corresponding to 31.9% of total assets.

At the end of September 2017, the passing average interest rate was 0.99% (end of 2016: 1.28%). The average fixed-interest period was 3.8 years (end of 2016: 4.3 years). No major committed bank loans will be due until 2019. Currently, unused committed credit lines amount to CHF 740 million.

PSP Swiss Property has ratings from two international rating agencies: Senior Unsecured Rating A- (outlook stable) from Fitch and A3 Issuer Rating (outlook stable) from Moody’s.

Market environment and outlook 2017

PSP Swiss Property expects the office and retail property market to remain challenging. One positive aspect is the fact that the office market seems to be stabilising, especially in good locations. Due to the improved economic growth forecasts for 2017 and 2018, the demand for office space might pick up.

The acquisition market for prime objects is expected to remain highly competitive. This is due to the continuing low interest rates and the resulting investment plight of institutional investors.

The focus of PSP Swiss Property remains on the renovation and modernisation of selected properties, the further development of our sites and projects as well as the letting activities.

For FY 2017, ebitda (excluding changes in fair value) of above CHF 240 million, as published mid-year, is confirmed (2016: CHF 241.6 million).

With regard to the vacancies at year-end 2017, a lower rate of below 8.5% is now expected (previously: 8.5%; end of September 2017: 8.3%).

16/11/2017


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