Sustainable investment

Sustainable investment

Key figures

Financial statement as per 31.12.2018 31.12.2017 31.12.2016
KEY FINANCIAL FIGURES
CHF CHF CHF
Balance sheet total based on DCF valuation of the properties and companies 397 503 794 384 068 157 361 442 796
Unbuilt land 2 539 695 13 043 929 13 043 929
Investment properties 221 754 111 176 987 111 137 437 300
Properties for sale 69 548 400 58 555 113 52 256 219
Properties under construction, work in progress 71 388 650 102 155 531 122 694 584
Income from property rentals 7 774 270 6 773 140 5 247 221
Property expenditure 1 631 317 1 428 006 1 298 333
Property income 6 142 953 5 345 134 3 948 888
Earnings before interest and tax (EBIT) 6 931 388 10 172 143 6 802 159
Earnings for the period before tax (EBT) 5 112 719 8 545 845 5 647 177
Result for the period 4 137 187 6 759 022 4 160 141
Equity capital (excluding proprietary shares) 242 173 274 238 969 433 231 445 778
Market capitalisation 264 581 150 256 557 353 249 753 885
Equity ratio (including proprietary shares) 61,34% 62,54% 64,18%
Return on equity p.a. before tax 2,07% 3,53% 2,42%
Return on equity p.a. (ROE) 1,68% 2,79% 1,79%
KEY NUMBERS PER SHARE
Number of shares Number of shares Number of shares
Issued shares 3 076 525 3 014 775 2 938 281
Shares with voting rights 3 076 525 3 014 775 2 938 281
Shares with dividend rights (excluding proprietary shares) 3 076 525 2 975 232 (*) 2 802 441 (*)
CHF CHF CHF
Profit p.a. per share with dividend entitlement 1.34 2.27 1.48
Dividend (or proposed dividend)/Repayment of capital contribution 1.40 1.70 1.40
Equity capital per share (valued at purchase values based on Swiss GAAP FER) 78.78 79.27 78.77
Equity capital per share based on DCF valuation 86.00 (*") 85.10 85.00
(*) 2016 and 2017 excluding own shares — (**) Trade rate from 28.8.2018

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. bonainvest Holding offers capital providers an advantageous investment opportunity in rental properties based on the bonacasa concept and generating a gross target yield of 4.3%.

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 126 investors, including prestigious pension funds, insurance companies, foundations and some private investors.

Leading shareholders

Investor Anteil
Pensionskasse Coop CPV/CAP 11.94
Migros Pensionskasse 9.46
Fonds interprofessionnel de prévoyance 5.07
Gebäudeversicherung Bern 4.73
Caisse de prévoyance de l'état du Valais CPVAL 3.85
Previva 3.82
Ivo Bracher 3.65
others 57.48

Shares

The issue price of a new registered share is CHF 86.00, 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 86.00
Share with a par value of CHF 10.00
Valoren No. 1107545
ISIN No. CH0011075451

Market capitalisation in CHF million

Aktienwert Ende Gegenwert Kapital
2009 27.01
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

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 11 June 2018 with a value of CHF 5.26 million. The equity ratio is 61,34% (situation on 31.12.2018).

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 2019

9 May Annual General Assembly bonainvest Holding AG
19 June Speech by Ivo Bracher at the 12th Investor Conference on Longevity in Zurich
3 September Participation at the digital day switzerland
31 October / 1 November Participation at the NZZ Real Estate Days
Ongoing Open days and free visits as well as presentations and public appearances at events