Half-Year Report
2023
EPIC Suisse | Half-Year Report 2023 | EPIC at a Glance
EPIC at a Glance
EPIC Suisse AG is a Swiss real estate company with a high-quality property portfolio mainly located in Switzerland's major economic hubs, specifically the Lake Geneva Region and the Zurich Economic Area. The company has a strong track record in sourcing, acquiring, (re)developing and actively managing commercial properties in Switzerland. EPIC has been listed on SIX Swiss Exchange since May 2022.
2
Our portfolio as at 30 June 2023
Market value of the portfolio | Portfolio by use |
Based on market value |
CHF
43% Offices
1.5 billion 38% Retail
14 % Logistics / industrial 5% Developments
EPIC Suisse | Half-Year Report 2023 | EPIC at a Glance
Portfolio by region
Based on market value
36%
Zurich Economic Area
50%
14%
Lake Geneva Region | Other locations1 |
3
25 | 324'575m2 |
Properties | Rentable area of investment properties in operation |
8.1years | 4.6% |
WAULT | Net rental income yield of investment |
properties in operation (annualised) |
1 Other locations refer to the properties in Glarus, St. Gallen and Roggwil.
EPIC Suisse | Half-Year Report 2023 | EPIC at a Glance
Key Figures
Result | Unit | H1 2023 | H1 2022 | |
Rental income from real estate properties | CHF ('000) | 32'872 | 30'661 | |
Net operating income (NOI)1 | CHF ('000) | 30'738 | 28'271 | |
Net gain (loss) from revaluation of properties | CHF ('000) | (5'885) | 5'278 | |
EBITDA (incl. revaluation on properties) | CHF ('000) | 20'654 | 24'411 | |
EBITDA (excl. revaluation on properties) | CHF ('000) | 26'539 | 19'133 | |
Earnings before interest and tax (EBIT) | CHF ('000) | 20'558 | 24'315 | |
Profit (incl. revaluation effects) | CHF ('000) | 11'230 | 38'724 | |
Profit (excl. revaluation effects)2 | CHF ('000) | 20'856 | 13'546 | |
Net rental income yield properties in operation (annualised) | % | 4.6% | 4.2% | |
Balance sheet | Unit | 30 Jun 2023 | 31 Dec 2022 | |
Total assets | CHF ('000) | 1'572'084 | 1'563'201 | |
Equity (NAV) | CHF ('000) | 798'616 | 818'412 | |
Equity ratio | % | 50.8% | 52.4% | |
Return on equity (incl. revaluation effects)3 (annualised for H1 2023) | % | 2.8% | 8.1% | |
Return on equity (excl. revaluation effects)4 (annualised for H1 2023) | % | 5.2% | 4.7% | |
Mortgage-secured bank loans | CHF ('000) | 617'547 | 595'966 | |
Weighted average interest rate on mortgage-secured bank loans | % | 1.3% | 1.0% | |
4 | ||||
Weighted average residual maturity of mortgage-secured bank loans | Years | 5.1 | 4.1 | |
Net loan to value (LTV) ratio5 | % | 39.7% | 38.3% | |
Portfolio | Unit | 30 Jun 2023 | 31 Dec 2022 | |
Total portfolio | CHF ('000) | 1'514'744 | 1'501'882 | |
Investment properties in operation | CHF ('000) | 1'441'689 | 1'447'761 | |
Investment properties under development/construction | CHF ('000) | 73'055 | 54'121 | |
Reported vacancy rate (properties in operation) | % | 4.4% | 5.8% | |
Adjusted vacancy rate (properties in operation)6 | % | 2.8% | 3.3% | |
WAULT (weighted average unexpired lease term) | Years | 8.1 | 8.2 | |
Information per share | Unit | 30 Jun 2023 | 31 Dec 2022 | |
Number of outstanding shares as at period end | # ('000) | 10'330 | 10'330 | |
Net asset value ("NAV") per share | CHF | 77.31 | 79.23 | |
Share price on SIX Swiss Exchange | CHF | 62.00 | 63.50 | |
H1 2023 | H1 2022 | |||
Weighted average number of outstanding shares | # ('000) | 10'330 | 8'052 | |
Earnings per share (incl. revaluation effects) | CHF | 1.09 | 4.81 | |
Earnings per share (excl. revaluation effects) | CHF | 2.02 | 1.68 | |
- Rental income from real estate properties plus other income less direct expenses related to properties
- Profit after tax before other comprehensive income excluding revaluation of properties and derivatives and related deferred taxes as well as any related foreign exchange effects
- Profit after tax before other comprehensive income divided by the average IFRS NAV. The average IFRS NAV corresponds to ½ of the sum of the IFRS NAV at the beginning and at the end of the reporting period
- Profit after tax before other comprehensive income excluding revaluation of properties and derivatives and related deferred taxes as well as any rela- ted foreign exchange effects divided by the average IFRS NAV. The average IFRS NAV corresponds to ½ of the sum of the IFRS NAV at the beginning and at the end of the reporting period
- Ratio of net debt to the market value of total real estate properties including the right-of-use of the land
- Reported vacancy rate adjusted for absorption and strategic vacancy in certain properties in operation (i.e. Zänti Volketswil, Biopôle Serine)
For alternative performance measures' descriptions, please refer to page 50
EPIC Suisse | Half-Year Report 2023 | Table of Contents
Table of Contents
Letter to Shareholders | 6 | |
Report on the Half-Year Results | 8 | |
Consolidated Interim Financial Statements | 10 | |
Notes to the Consolidated Interim Financial Statements | 15 | |
Independent Valuer's Report | 44 | |
Alternative Performance Measures | 50 | |
Investor Relations Information | 52 | |
Imprint/Disclaimer | 53 | 5 |
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EPIC Suisse AG published this content on 21 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 August 2023 04:54:08 UTC.