Alternative performance measures
According to SIX Swiss Exchange’s Directive on Financial Reporting regulations, this section includes definitions of performance measures that are not defined under Swiss GAAP FER.
EBITDA BEFORE REVALUATIONS/DISPOSALS
The EBITDA before revaluations/disposals is a subtotal in the income statement and represents the operating profit before revaluations, disposal of properties, disposal of subsidiaries, depreciation and amortisation.
Net profit excluding revaluation effects
|
In CHF 1,000 |
|
2019 |
2018 |
|
Net profit |
|
172,825 |
54,376 |
|
Income from revaluation |
|
–56,577 |
–24,157 |
|
Deferred income taxes from revaluation |
|
–46,713 |
5,357 |
|
Net profit excluding revaluation effect |
|
69,535 |
35,576 |
Funds from operations (FFO)
|
In CHF 1,000 |
|
2019 |
2018 |
|
Cash flow from operating activities |
|
23,858 |
47,666 |
|
Cash flow from changes in properties held for sale |
|
–4,890 |
16,394 |
|
Interest received |
|
379 |
56 |
|
Interest paid |
|
–3,255 |
–2,972 |
|
Funds from operations (FFO) |
|
16,093 |
61,145 |
Gross loan-to-value (Gross LTV)
Interest-bearing financial liabilities in relation to total property portfolio value
|
In CHF 1,000 |
|
31.12.2019 |
31.12.2018 |
|
Current financial liabilities |
|
100,000 |
163,480 |
|
Non-current financial liabilities |
|
560,000 |
386,153 |
|
Total financial liabilities |
|
660,000 |
549,633 |
|
Less non-interest-bearing financial liabilities |
|
- |
–4,001 |
|
Total interest-bearing financial liabilities |
|
660,000 |
545,631 |
|
|
|
|
|
|
Properties held for sale |
|
40,965 |
69,476 |
|
Investment properties |
|
1,396,808 |
1,275,746 |
|
Total property portfolio |
|
1,437,774 |
1,345,221 |
|
|
|
|
|
|
Gross LTV |
|
46% |
41% |
Net asset value (NAV) per share
|
|
|
31.12.2019 |
31.12.2018 |
|
Equity attributable to the shareholders of Investis Holding SA |
in CHF 1,000 |
739,063 |
587,348 |
|
Number of shares |
|
12,800,000 |
12,800,000 |
|
NAV per share (basic/diluted) |
in CHF |
57.74 |
45.89 |
Net asset value (NAV) per share excluding deferred taxes with regard to properties
|
|
|
31.12.2019 |
31.12.2018 |
|
Equity attributable to the shareholders of Investis Holding SA |
in CHF 1,000 |
739,063 |
587,348 |
|
Deferred tax liabilities with regard to properties |
|
126,309 |
175,447 |
|
Net asset value excluding deferred taxes with regard to properties |
|
865,372 |
762,795 |
|
Number of shares |
|
12,800,000 |
12,800,000 |
|
NAV per share excluding deferred taxes with regard to properties (basic/diluted) |
in CHF |
67.61 |
59.59 |
Dividend yield
|
|
|
31.12.2019 |
31.12.2018 |
|
Gross dividend 1) |
CHF |
2.35 |
2.35 |
|
Share price at end of period |
CHF |
81.20 |
61.80 |
|
Dividend yield 1) |
|
2.9% |
3.8% |
Payout Ratio
|
|
|
31.12.2019 |
31.12.2018 |
|
Number of registered shares issued |
|
12,800,000 |
12,800,000 |
|
Gross dividend 1) |
CHF |
2.35 |
2.35 |
|
Total intended distribution |
CHF 1,000 |
30,080 |
30,080 |
|
Net profit attributable to Investis Holding SA shareholders |
CHF 1,000 |
172,726 |
54,331 |
|
Payout ratio 1) |
|
17.4% |
55.4% |
1) Intended distribution per share 2019 in accordance with the proposal to the Annual General Meeting of 28 April 2020.
Like-for-like rental growth
|
In CHF 1,000 |
2019 |
2018 |
2017 |
|
Rental income (Segment Properties – Revenue) |
56,980 |
54,983 |
47,492 |
|
Increase |
1,997 |
7,491 |
|
|
Rental growth |
3.6% |
15.8% |
|
|
of which due to acquisitions |
6.9% |
17.2% |
|
|
of which due to disposals |
–3.6% |
–3.1% |
|
|
of which like-for-like rental growth |
0.4% |
1.7% |
|