ALTERNATIVE PERFORMANCE MEASURES
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 EFFECT
|
CHF 1,000 |
|
2021 |
2020 |
|
Net profit |
|
200,680 |
113,596 |
|
Income from revaluations |
|
–184,118 |
–79,378 |
|
Deferred income taxes from revaluation |
|
24,741 |
10,865 |
|
Net profit excluding revaluation effect |
|
41,303 |
45,083 |
FUNDS FROM OPERATIONS (FFO)
|
CHF 1,000 |
|
2021 |
2020 |
|
Cash flow from operating activities |
|
44,070 |
50,219 |
|
Cash flow from changes in properties held for sale |
|
–5,250 |
–9,144 |
|
Interest received |
|
322 |
361 |
|
Interest paid |
|
–4,794 |
–4,013 |
|
Funds from operations (FFO) |
|
34,349 |
37,423 |
GROSS LOAN-TO-VALUE (GROSS LTV)
Interest-bearing financial liabilities in relation to total property portfolio value
|
CHF 1,000 |
|
31.12.2021 |
31.12.2020 |
|
Current financial liabilities |
|
393,500 |
240,000 |
|
Non-current financial liabilities |
|
255,000 |
320,000 |
|
Total interest-bearing financial liabilities |
|
648,500 |
560,000 |
|
|
|
|
|
|
Properties held for sale |
|
16,904 |
21,501 |
|
Investment properties |
|
1,718,028 |
1,468,454 |
|
Total property portfolio |
|
1,734,932 |
1,489,955 |
|
|
|
|
|
|
Gross LTV |
|
37.4% |
37.6% |
NET ASSET VALUE (NAV) PER SHARE
|
|
|
31.12.2021 |
31.12.2020 |
|
Equity attributable to the shareholders of Investis Holding SA |
CHF 1000 |
967,118 |
820,818 |
|
Number of shares outstanding |
|
12,743,248 |
12,728,634 |
|
NAV per share (basic/diluted) 1) |
CHF |
75.89 |
64.49 |
NET ASSET VALUE (NAV) PER SHARE EXCLUDING DEFERRED TAXES WITH REGARD TO PROPERTIES
|
|
|
31.12.2021 |
31.12.2020 |
|
Equity attributable to the shareholders of Investis Holding SA |
CHF 1000 |
967,118 |
820,818 |
|
Deferred tax liabilities with regard to properties |
|
163,610 |
136,643 |
|
Net asset value excluding deferred taxes with regard to properties |
|
1,130,728 |
957,461 |
|
Number of shares outstanding |
|
12,743,248 |
12,728,634 |
|
NAV per share excluding deferred taxes with regard to properties (basic/diluted) 1) |
CHF |
88.73 |
75.22 |
DIVIDEND YIELD
|
CHF |
31.12.2021 |
31.12.2020 |
|
Gross dividend 2) |
2.50 |
2.50 |
|
Share price at end of period |
104.50 |
91.40 |
|
Dividend yield 2) |
2.4% |
2.7% |
PAYOUT RATIO
|
|
|
31.12.2021 |
31.12.2020 |
|
Number of registered shares issued |
|
12,800,000 |
12,800,000 |
|
Gross dividend 2) |
CHF |
2.50 |
2.50 |
|
Total intended distribution |
CHF 1,000 |
32,000 |
32,000 |
|
Net profit attributable to Investis Holding SA shareholders |
CHF 1,000 |
200,490 |
113,397 |
|
Payout ratio 2) |
|
16.0% |
28.2% |
1) In 2021, the calculation of the NAV per share was adjusted. NAV is now divided by the number of shares outstanding. Before, it was divided by the number of shares. In order to enhance comparability, prior-year figures have been restated accordingly. With the previous calculation method, the NAV per share would stand at CHF 75.56 (2020: CHF 64.13). NAV per share excluding deferred taxes with regard to properties would stand at CHF 88.34 (2020: CHF 74.80).
2) Intended distribution per share in accordance with the proposal to the Annual General Meeting of 3 May 2022.
LIKE-FOR-LIKE RENTAL GROWTH
|
CHF 1,000 |
2021 |
2020 |
|
Rental income – current period |
60,022 |
57,869 |
|
Rental income – prior period |
–57,869 |
–56,980 |
|
Increase in rental income |
2,153 |
888 |
|
Rental growth |
3.7% |
1.6% |
|
of which due to acquisitions |
6.1% |
3.3% |
|
of which due to disposals |
–3.6% |
–3.3% |
|
of which like-for-like rental growth |
1.3% |
1.6% |