ALTERNATIVE PERFORMANCE MEASURES
In accordance with 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 |
|
30.06.2022 |
31.12.2021 |
30.06.2021 |
|
Net profit |
|
125,768 |
200,680 |
132,427 |
|
Income from revaluations |
|
–64,129 |
–184,118 |
–131,156 |
|
Deferred income taxes from revaluation |
|
8,820 |
24,741 |
18,359 |
|
Net profit excluding revaluation effect |
|
70,459 |
41,303 |
19,630 |
FUNDS FROM OPERATIONS (FFO)
|
CHF 1,000 |
|
30.06.2022 |
31.12.2021 |
30.06.2021 |
|
Cash flow from operating activities |
|
12,468 |
44,070 |
10,749 |
|
Cash flow from changes in properties held for sale |
|
–781 |
–5,250 |
–1,994 |
|
Interest received |
|
78 |
322 |
9 |
|
Interest paid |
|
–524 |
–4,794 |
–1,643 |
|
Funds from operations (FFO) |
|
11,241 |
34,349 |
7,121 |
GROSS LOAN-TO-VALUE (GROSS LTV)
Interest-bearing financial liabilities in relation to total property portfolio value
|
CHF 1,000 |
|
30.06.2022 |
31.12.2021 |
30.06.2021 |
|
Current financial liabilities |
|
236,000 |
393,500 |
215,000 |
|
Non-current financial liabilities |
|
255,000 |
255,000 |
435,000 |
|
Total interest-bearing financial liabilities |
|
491,000 |
648,500 |
650,000 |
|
|
|
|
|
|
|
Properties held for sale |
|
16,287 |
16,904 |
19,608 |
|
Investment properties |
|
1,534,608 |
1,718,028 |
1,648,354 |
|
Total property portfolio |
|
1,550,894 |
1,734,932 |
1,667,962 |
|
|
|
|
|
|
|
Gross LTV |
|
31.7% |
37.4% |
39.0% |
NET ASSET VALUE (NAV) PER SHARE
|
|
|
30.06.2022 |
31.12.2021 |
30.06.2021 |
|
Equity attributable to the shareholders of Investis Holding SA |
CHF 1,000 |
1,045,730 |
967,118 |
898,934 |
|
Number of shares outstanding |
|
12,760,665 |
12,743,248 |
12,747,098 |
|
NAV per share (basic/diluted) 1) |
CHF |
81.95 |
75.89 |
70.52 |
NET ASSET VALUE (NAV) PER SHARE EXCLUDING DEFERRED TAXES WITH REGARD TO PROPERTIES
|
|
|
30.06.2022 |
31.12.2021 |
30.06.2021 |
|
Equity attributable to the shareholders of Investis Holding SA |
CHF 1,000 |
1,045,730 |
967,118 |
898,934 |
|
Deferred tax liabilities with regard to properties |
|
145,920 |
163,610 |
157,124 |
|
Net asset value excluding deferred taxes with regard to properties |
|
1,191,651 |
1,130,728 |
1,056,059 |
|
Number of shares outstanding |
|
12,760,665 |
12,743,248 |
12,747,098 |
|
NAV per share excluding deferred taxes with regard to properties (basic/diluted) 1) |
CHF |
93.38 |
88.73 |
82.85 |
LIKE-FOR-LIKE RENTAL GROWTH (PROPERTIES)
|
CHF 1,000 |
|
30.06.2022 |
31.12.2021 |
30.06.2021 |
|
Rental income – current period |
|
30,588 |
60,022 |
29,173 |
|
Rental income – prior period |
|
–29,173 |
–57,869 |
–29,041 |
|
Increase in rental income |
|
1,415 |
2,153 |
132 |
|
Rental growth |
|
4.8% |
3.7% |
0.5% |
|
of which due to acquisitions |
|
4.0% |
6.1% |
4.0% |
|
of which due to disposals |
|
–1.6% |
–3.6% |
–5.1% |
|
of which like-for-like rental growth |
|
2.5% |
1.3% |
1.6% |
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 81.7 (2021: CHF 75.56; 1st half 2021: CHF 70.23). NAV per share excluding deferred taxes with regard to properties would stand at CHF 93.1 (2021: CHF 88.34; 1st half 2021: CHF 82.50).