Zug Estates Holding AG
Successful first six months for Zug Estates
EQS Group-Ad-hoc: Zug Estates Holding AG / Key word(s): Half Year Results In the first six months of 2016, Zug Estates Group increased its operating income before depreciation and revaluation by 4.5% to CHF 19.4 million. Net income excluding revaluation rose by 5.6% to CHF 12.1 million. In the first half of 2016, Zug Estates posted an operating income before depreciation and revaluation of CHF 19.4 million. This represents a year-on-year increase of 4.5%. At the same time, property income rose by 3.1% to CHF 19.7 million. The fall in sales in the hotel & catering business unit (owing to the absence of catering income from Theater Casino Zug) were in line with expectations; gross operating profit (GOP) rose from 39.4% to 41.7%. The Group’s operating expenses for the first half of the year were down 12.4% year-on-year. The Group invested CHF 30.0 million in the further development of its sites, including in particular the Suurstoffi site. In addition, the book value of the investment properties increased by CHF 14.4 million net as a result of the revaluation (2015: CHF 32.8 million). The continuous development and positioning of the Suurstoffi site as a preferred location for housing and business, and the above-average quality of the locations and properties in the portfolio made a significant contribution to the positive income from revaluation. As part of the streamlining of its portfolio, Zug Estates sold a property in Baar, generating a profit of CHF 0.4 million in the process. As a result of the lower revaluation, EBIT and net income were down on the previous year’s figures at CHF 32.8 million and CHF 24.7 million respectively. Net income excluding revaluation increased by 5.6% to CHF 12.1 million. Decline in vacancy rate As at June 30, 2016 (reference date), the portfolio’s vacancy rate stood at 4.2% (June 30, 2015: 6.4%, December 31, 2015: 5.4%). Development projects on track In the first half of 2016, important progress was made on the development of the Suurstoffi and Zug city center sites:
Outlook for the second half In operating terms, Zug Estates expect income in the real estate business unit to rise overall, despite the disposal of two sizeable properties in 2015. The vacancy rate will be lower at the end of 2016. The carefully planned development of the Suurstoffi site will remain an important priority. In 2016, Zug Estates expect overall investment in the real estate portfolio to total about CHF 75 million. Owing to the absence of revenue from the Theater Casino Zug, income in the hotel & catering segment is expected to be about CHF 2.0 million lower than in the previous year. However, with the focus now on this segment, Zug Estates are projecting a further increase in gross operating profit (GOP). For the year as a whole, the Group expect operating income before depreciation and revaluation to match the previous year’s level. In the second half of 2016, it expect to continue to generate income from the revaluation of investment properties (net), although levels will be down year-on-year. Zug Estates expect to see net income excluding income from revaluation match the previous year’s level. Reporting: We will be holding a webcast in German at 10:30 a.m. CEST. Following the presentation, Tobias Achermann (CEO) and Gabriela Theus (CFO) will be available to answer any questions. Registration is not necessary. Dial in: +41 22 580 59 70 The presentation can be viewed on our website www.zugestates.ch. Upcoming events: For further information, please contact: About Zug Estates Zug Estates Holding AG is listed on the SIX Swiss Exchange, Zurich, (ticker symbol: ZUGN; securities number: 14 805 212). End of ad hoc announcement Additional features: Document: http://n.eqs.com/c/fncls.ssp?u=BGUHJVWMFE Document title: Successful first six months for Zug Estates 2016-08-26 News transmitted by Tensid EQS AG. www.eqs.com |
Language: | English | |
Company: | Zug Estates Holding AG | |
Industriestrasse 12 | ||
6300 Zug | ||
Switzerland | ||
Phone: | +41 41 729 10 10 | |
E-mail: | ir@zugestates.ch | |
Internet: | www.zugestates.ch | |
ISIN: | CH0148052126, CH0148052118 | |
Valor: | A1J0M6 | |
Listed: | Regulated Unofficial Market in Stuttgart; Open Market in Frankfurt ; SIX | |
End of News | EQS Group News Service |