Sustainable investment

Sustainable investment

Key figures

Financial statement as per 31.12.2019 31.12.2018 31.12.2017
KEY FINANCIAL FIGURES
CHF CHF CHF
Balance sheet total after DCF valuation of the properties and companies 416 134 434 397 503 794 384 068 157
Unbuilt land 526 137 2 539 695 13 043 929
Investment properties 253 591 111 221 754 111 176 987 111
Properties for sale 55 174 630 69 548 400 58 555 113
Properties under construction, work in progress 75 879 199 71 388 650 102 155 531
Income from property rentals 9 082 910 7 774 270 6 773 140
Property expenditure 1 752 778 1 631 317 1 428 006
Property income 7 330 132 6 142 953 5 345 134
Operation result before interest and tax (EBIT) 11 678 983 6 931 388 10 172 143
Result for the period before taxes (EBT) 9 646 057 5 112 719 8 545 845
Result for the period 6 906 228 4 137 187 6 759 022
Equity capital (excluding proprietary shares) 246 967 308 242 173 274 238 969 433
Market capitalisation 264 581 150 264 581 150 256 557 353
Equity ratio (including proprietary shares) 58,49% 61,34% 62,54%
Return on equity p.a. before tax 3,94% 2,07% 3,53%
Return on equity p.a. (ROE) 2,82% 1,68% 2,79%
KEY NUMBERS PER SHARE
Number of shares Number of shares Number of shares
Issued shares 3 076 525 3 076 525 3 014 775
Shares with voting rights 3 076 525 3 076 525 3 014 775
Shares with dividend rights (including proprietary shares) 3 076 525 3 076 525 2 975 232 (1)
CHF CHF CHF
Profit p.a. per share with dividend entitlement 2.25 1.34 2.27
Dividend (or proposed dividend)/Repayment of capital contribution per share in CHF 1.50 1.40 1.70
Equity capital per share (valued at purchase values based on Swiss GAAP FER) 80.28 78.72 79.27
Equity capital per share based on DCF valuation 86.00 86.00 (2) 85.10
Share price as of 1.4.2020 86.75 (3)
(1) 2017 excluding own shares — (2) Trade rate from 28.8.2018 — (3) Share price after annual accounts and proposal of the Board of Directors to the General Meeting for distribution of profit

Investment strategy

At carefully chosen sites, bonainvest Holding invests responsibly for the long-term  in properties that are developed and built in compliance with the bonacasa concept. The portfolio is geographically diversified, with no economic region accounting for more than 40% of the total volume. bonainvest Holding offers capital providers an advantageous investment opportunity in rental properties based on the bonacasa concept and generating a gross target yield (2024) of 3.75%.

bonacasa invests in Smart Living solutions to further extend its market leadership for networked living in properties built by bonainvest and the housing stock of its business clients.

Shareholding structure

The shareholding structure comprises 140 investors, including prestigious pension funds, insurance companies, foundations and some private investors.

Leading shareholders as at 02.07.2020

Investor Anteil
CPV/CAP Pensionskasse Coop 11.58
Migros Pensionskasse 11.07
Gebäudeversicherung Bern 5.13
Fonds interprofessionnel de Prévoyance 5.11
Caisse de Prévoyance de l'Etat du Valais CPVAL 3.73
Previva 3.71
Ivo Bracher 3.57
Others 56.10

Shares

The issue price of a new registered share is CHF 86.75, based on the net asset value calculated by Ernst & Young AG (EY) in August 2018. bonainvest Holding pays the Federal issue stamp duty of 1%.

Key data

Current trading value CHF 86.75
Share with a par value of CHF 10.00
Valoren No. 1107545
ISIN No. CH0011075451

Market capitalisation in CHF million

Aktienwert Ende Gegenwert Kapital
2010 36.78
2011 55.20
2012 112.17
2013 151.37
2014 189.19
2015 215.27
2016 249.75
2017 256.56
2018 264.58
2019 264.58
2020 275.00

Equity ratio

The return on equity capital is between 2 and 2.5% during the development and construction phase of major property projects. After completion, it will be in the order of 3%. Thanks to its clear strategy, cautious approach to risk-taking, robust financing and high earning power, bonainvest is well placed to achieve ongoing corporate value growth.

Capital increases

bonainvest Holding makes regular capital increases to finance growth. The last capital increase was implemented on 2 July 2020 with a value of CHF 8.1 million. The equity ratio is 58,5% (situation on 31.12.2019).

Dividend policy

bonainvest Holding’s dividend policy and the amount of future dividends depend on a number of factors, including income, the financial situation, need for liquidity, the group’s general business prospects, legal obligations in relation to the distribution of dividends and other factors. Taking all these factors into account, bonainvest Holding aims to achieve a stable dividend distribution. Dividends are paid out tax-free from the reserves from capital contributions.

Calendar 2020/2021

16 September 2020 Lecture at 7. Vorsorgeforum Interlaken
22 October 2020 Swiss Public Real Estate Forum
5/6 November 2020 NZZ Real Estate Days
20/21 January 2021 Participation in IMMO’21
3 September 2021 dialog@age Symposium at the Careum Auditorium in Zurich
Ongoing Open days and free visits as well as presentations and public appearances at events