Investis Group
Annual Report 2023
5-YEAR REVIEW
|
OPERATING RESULTS |
|
|
|
|
|
|
CHF 1,000 |
2023 |
2022 |
2021 |
2020 |
2019 |
|
Investis Group |
|
|
|
|
|
|
Revenue |
231,530 |
227,548 |
215,997 |
178,689 |
187,509 |
|
EBITDA before revaluations/disposals 1) |
50,062 |
53,524 |
53,673 |
45,523 |
46,665 |
|
EBIT |
–1,487 |
180,399 |
235,081 |
136,216 |
127,159 |
|
Net result |
–5,402 |
151,825 |
200,680 |
113,596 |
172,825 |
|
Net profit excluding revaluation effect 1) |
35,548 |
93,751 |
41,303 |
45,083 |
69,535 |
|
Funds from operations (FFO) 1) |
40,612 |
51,780 |
34,349 |
37,423 |
16,093 |
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|
|
|
|
|
|
|
Properties |
|
|
|
|
|
|
Revenue |
53,077 |
57,790 |
60,022 |
57,869 |
56,980 |
|
EBITDA before revaluations/disposals 1) |
33,691 |
36,802 |
39,978 |
37,226 |
37,768 |
|
EBIT |
–13,868 |
167,342 |
225,117 |
130,593 |
102,549 |
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Real Estate Services |
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|
|
|
|
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Revenue |
181,696 |
173,512 |
159,850 |
124,605 |
135,967 |
|
of which property management |
33% |
35% |
38% |
48% |
51% |
|
of which facility services |
67% |
65% |
62% |
52% |
48% |
|
EBIT |
17,914 |
18,367 |
14,895 |
10,763 |
11,489 |
|
EBIT margin |
9.9% |
10.6% |
9.3% |
8.6% |
8.4% |
|
|
|
|
|
|
|
|
Rents under management (CHF billion) |
1.53 |
1.58 |
1.51 |
1.42 |
1.41 |
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FINANCIAL POSITION |
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|
CHF 1,000 |
31.12.2023 |
31.12.2022 |
31.12.2021 |
31.12.2020 |
31.12.2019 |
|
Total assets |
1,613,696 |
1,597,358 |
1,820,537 |
1,555,986 |
1,565,564 |
|
Cash and cash equivalents |
3,916 |
3,742 |
4,805 |
14,654 |
65,830 |
|
Residential investment properties |
1,361,482 |
1,383,135 |
1,605,772 |
1,365,595 |
1,260,330 |
|
Commercial investment properties |
147,012 |
108,170 |
111,993 |
75,153 |
127,713 |
|
Investment properties under construction |
263 |
263 |
263 |
27,706 |
8,765 |
|
Properties held for sale |
9,269 |
16,354 |
16,904 |
21,501 |
40,965 |
|
Total property portfolio |
1,518,026 |
1,507,923 |
1,734,932 |
1,489,955 |
1,437,774 |
|
Interest-bearing financial liabilities |
397,000 |
319,000 |
648,500 |
560,000 |
660,000 |
|
Gross LTV 1) |
26.2% |
21.2% |
37.4% |
37.6% |
45.9% |
|
Deferred tax liabilities |
140,839 |
142,636 |
164,634 |
137,752 |
127,197 |
|
Shareholdersʼ equity |
1,033,349 |
1,069,675 |
967,978 |
821,952 |
739,981 |
|
Equity ratio |
64.0% |
67.0% |
53.2% |
52.8% |
47.3% |
|
PROPERTIES KEY FIGURES |
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31.12.2023 |
31.12.2022 |
31.12.2021 |
31.12.2020 |
31.12.2019 |
|
Total buildings |
152 |
149 |
171 |
167 |
170 |
|
Total residential units |
2,477 |
2,445 |
3,073 |
3,006 |
3,049 |
|
Average discount rate (real) |
2.97% |
2.74% |
2.84% |
3.15% |
3.43% |
|
Like-for-like rental growth 1) |
3.1% |
1.0% |
1.3% |
1.6% |
0.4% |
|
Gross rental income (CHF million) |
57.9 |
53.9 |
64.2 |
58.6 |
61.2 |
|
Net rental income (CHF million) |
57.4 |
53.2 |
62.8 |
56.8 |
59.2 |
|
Vacancy rate |
0.9% |
1.3% |
2.2% |
3.0% |
3.2% |
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NUMBER OF EMPLOYEES |
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|
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|
|
|
31.12.2023 |
31.12.2022 |
31.12.2021 |
31.12.2020 |
31.12.2019 |
|
Headcount at end of period |
2,305 |
2,334 |
2,299 |
1,321 |
1,229 |
|
FTE (full-time equivalent, average over the period) |
1,600 |
1,526 |
1,440 |
1,034 |
1,081 |
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DATA PER SHARE |
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CHF |
31.12.2023 |
31.12.2022 |
31.12.2021 |
31.12.2020 |
31.12.2019 |
|
Share capital |
1,280,000 |
1,280,000 |
1,280,000 |
1,280,000 |
1,280,000 |
|
Number of registered shares issued |
12,800,000 |
12,800,000 |
12,800,000 |
12,800,000 |
12,800,000 |
|
Nominal value per share |
0.10 |
0.10 |
0.10 |
0.10 |
0.10 |
|
NAV per share 1) |
81.03 |
83.96 |
75.89 |
64.49 |
58.12 |
|
NAV per share excluding deferred taxes with regard to properties 1) |
92.00 |
95.07 |
88.73 |
75.22 |
68.06 |
|
Earnings per share (basic/diluted) |
–0.42 |
11.90 |
15.74 |
8.91 |
13.59 |
|
Gross dividend 2) |
2.50 |
2.50 |
2.50 |
2.50 |
2.35 |
|
Dividend yield 1, 2) |
2.6% |
2.5% |
2.4% |
2.7% |
2.9% |
|
Payout ratio 1, 2) |
n/a |
21.1% |
16.0% |
28.2% |
17.4% |
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Share price – annual high |
101.50 |
115.00 |
109.00 |
91.60 |
81.60 |
|
Share price – annual low |
89.60 |
84.80 |
86.00 |
70.20 |
60.20 |
|
Share price at end of period |
97.60 |
101.50 |
104.50 |
91.40 |
81.20 |
|
Average number of shares traded per day |
3,115 |
3,131 |
2,981 |
2,488 |
4,497 |
|
Market capitalisation at end of period (CHF million) |
1,249 |
1,299 |
1,338 |
1,170 |
1,039 |
1) The section “Alternative Performance Measures” includes definitions of performance measures that are not defined under Swiss GAAP FER.
2) Intended distribution per share in accordance with the proposal to the Annual General Meeting.