AEVIS VICTORIA SA (AEVS.SW) – Publication of the Annual Report 2023 - Seite 2

MRH Switzerland achieves best result ever
Revenues at MRH Switzerland AG (formerly Victoria Jungfrau AG), the subsidiary of the Group’s hotel operations, increased by 10.3% to CHF 170.5 million (2022: CHF 154.5 million). Organic growth amounted to 6.4%. EBITDAR reached CHF 34.6 million, corresponding to an operating margin of 20.3%. Most hotels, except for the newly acquired Adula in Flims and the L’Oscar in London, contributed to the better operational performance. The destinations of Zermatt and Interlaken per formed particularly well, both in winter and summer.

Real estate portfolios strengthened
Swiss Hotel Properties SA, the consolidated hotel real estate subsidiary, saw the value of its real estate portfolio increase to CHF 857.8 million, mainly due to acquisitions and developments in Zermatt and Interlaken. The NAV (net asset value) amounted to CHF 363.4 million as at 31 December 2023.

Infracore SA, a minority holding (30%) of AEVIS dedicated to healthcare infrastructures, saw the total value of the real estate portfolio rising to CHF 1.29 billion (2022: CHF 1.25 billion), due to new constructions and increased rental space, despite negative value adjustments of CHF 16.8 million on existing properties related to higher interest rates. The NAV amounted to CHF 566.3 million at the end of the reporting period.

AEVIS consolidated results
AEVIS’ consolidated revenue in 2023 amounted to CHF 953.0 million (2022: CHF 1.14 billion), down due to the deconsolidation of Réseau de l’Arc and the absence of M&A transactions affecting the result. On a like-for-like basis, organic growth stood at 1.5%. EBITDAR reaches CHF 119.9 million (2022: CHF 209.6 million), corresponding to a margin of 14.4% (2022: 20.5%). On a like-for-like basis, the operating profit margin reached 14.6%. After depreciation, amortization and financial expenses, a net loss of CHF 41.9 million resulted. The Board of Directors will not propose a distribution to the Annual General Meeting.