Mobimo reports a pleasing first half-year - Seite 3

Solid balance sheet

In early 2022 Mobimo conducted a capital increase by subscription rights to keep it on its growth track and realise development projects. The company raised gross proceeds of roughly CHF 162 million. At 30 June 2022 Mobimo had an equity ratio of 47.8% (prior year: 45.0%). Financial liabilities consist of listed bonds and private placements in the amount of CHF 1,050 million and mortgage- secured bank loans of CHF 627 million.

The average interest rate on financial liabilities in the first half of 2022 was 0.94%, compared with 1.30% in 2021. The average residual maturity of financial liabilities as at the reporting date was 4.7 years and therefore remains within the targeted range. The net loan to value (LTV) was 44.6%. The interest coverage factor stood at 5.8 (31 December 2021: 5.9).

Changes to the Board of Directors and Executive Board

At the Annual General Meeting on 12 April 2022, Mobimo's shareholders voted Stéphane Maye – a recognised expert in major real estate projects, corporate management and sustainable building – onto the Board of Directors. CFO Stefan Hilber left the company in mid-May 2022 for personal reasons. Jörg Brunner, Deputy CFO and long-standing Head of Group Accounting, is heading the finance department on a temporary basis.

Outlook

Mobimo is not so far sensing any particular turbulence in the market, even after the interest rate hike by the Swiss National Bank and before any further monetary interventions. The only discernible degree of hesitation is on the transaction market. In some ways this reminds us of the pause early in 2020, the year of the pandemic. Just as it could two years ago, Mobimo can rely on the fact that the portfolio and the income it generates are extremely resilient. Thanks to the successful capital increase, the equity ratio has also been strengthened. Strict cost planning is always on the agenda, not least as construction costs are on the rise. The company remains very optimistic about the future performance of the portfolio, the projects and Mobimo in general.