2009 Mid-year report: Significantly improved operating performance
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ The Jelmoli Group improved operating cash flow (EBITDA) significantlyin the first half-year 2009, thanks above all to the full integrationof Tivona. This was attributable in particular to the steep rise inrental income. Investment property revaluation gains were lower thanthe high mid-2008 level. The Tivonaintegration proceeded according to plan. Retail trade turnover at theHouse of Brands maintained a good level despite demanding marketconditions.Group key figures (consolidated, unaudited)* First half-year (in million CHF) 2009 2008 ChangeEBITDA earnings before depreciation, revaluation 75.4 61.8 22.0%and exceptional itemsOperating income EBIT 164.4 161.8 1.6%Financial income -29.5 -17.6 -65.3%Earnings before tax 135.3 144.2 -6.2%Operating income from 113.8 112.3 1.3%continued operationsNet income 118.3 122.6 -3.5%* The consolidated interim financial information have been reviewed(see KPMG report on page 30)After successful implementation of the strategic plan, this interimreport refl ects Jelmoli for the fi rst time purely as a Swiss realestate group focusing on retail trade. The integration of Tivona AG,taken over in full per end of February 2009, is proceeding accordingto plan. The Tivona AG employees have been assimilated by Jelmoli,and the Tivona properties administratively integrated, with promisinginput thereby of real estate project development competence as wellas of high-quality properties. The Athris Holding AG divisions spunoff per end of March 2009 in connection with the new strategyimplementation are included in the accounts as discontinuedoperations.Real estate rental income for the fi rst six months of 2009 rosesignifi cantly by CHF 15.6 million to CHF 96.5 million in total,exceeding the prior year level by 19.3 %. The market value ofinvestment properties was independently reassessed per June 30, 2009,resulting in corporate revaluation gains of CHF 46.5 million (prioryear CHF 106.5 million). However, around 50 % of these revaluationsgains come from an amended accounting standard.Real estate rental income for the fi rst six months of 2009 rosesignifi cantly by CHF 15.6 million to CHF 96.5 million in total,exceeding the prior year level by 19.3 %. The market value ofinvestment properties was independently reassessed per June 30, 2009,resulting in corporate revaluation gains of CHF 46.5 million (prioryear CHF 106.5 million). However, around 50 % of these revaluationsgains come from an amended accounting standard.Net financial costs increased to CHF - 29.5 million (prior year CHF -12.1 million). The rise in net interest charges is mainlyattributable to increased debt in connection with the Tivonaacquisition and to reduction of the very high liquidity maintained inpreparation for the strategic split in spring 2009.Total income rose by 9.9 % to CHF 183.6 million. Despite significantly lower real estate portfolio revaluation gains, the net incomeof continued operations matched the prior level at CHF 113.8 million.This includes CHF 47.4 million pro rata earnings of the associatecompany Tivona. Net asset value of the Jelmoli registered sharetaking account of full market value, i. e. without correction forself-utilized real estate, is CHF 431. Since the strategicrealignment and share unification per end of March 2009, tradingprice of the Jelmoli registered share rose by 20 % to CHF 394 as perJune 30, 2009. On June 23, 2009 Jelmoli paid out a dividend of CHF 10per share, equivalent to a 2.5 % return.Outlook for the yearOn September 24, 2009 the Stücki Shopping Center in Basle will beopened after successful completion of development work. This willfurther enhance rental income in future. A positive outcome for therest of the real estate business is also expected for the second halfof 2009.The retail trade turnover is expected to decline slightly, mainlybecause of ongoing renovations at the Jelmoli House of Brandsdepartment store. We cannot yet estimate how economy developmentswill affect business, in particular during the important festiveseason.On July 29, 2009 Swiss Prime Site AG launched its bid for Jelmolishares within the framework of the public exchange offer. Furtherdetails on this takeover bid are available from Swiss Prime Site AGor on the homepages www.jelmoliholding.ch or www.swiss-prime-site.ch.Jelmoli Holding AGAugust 26, 2009Christopher Chambers, Chairman of the BoardMichael Müller, CEO and Delegate of the BoardReal estate19.3 % rise in rental incomeIn the real estate segment, rental income for the period under reviewrose by 19.3 % to CHF 96.5 million. Rental income fi gures includefor the Tivona properties as of full integration per end of February2009. During the period under review the St. Gall Shopping Arena,opened in March 2008, and Thônex (Geneva) district shopping center,opened in September 2008, contributed full rental incomes for the first time. Adjusted for these expansion effects, the comparable risein rental income over prior year is 1.8 %. Vacant fl oor areasremained at a consistently low level of 3.2 %. As before, 5 % oftotal rental income is attributable to turnover-linked rentals.Real Estate key figures Real Estate Change fr. prior year CHF million 2009 2008 effective comparableRental income total (including own 96.5 80.9 19.3% 1.8%rentals)Rental income external 79.1 64.2 23.3% 1.0%Number of employees 111 102 8.9%EBITDA operating result 80.6 62.5 29.0%Depreciations -0.7 -0.8 12.5%Property revaluation gains 59.7 108.3 -44.9%EBIT earnings after depreciations 139.6 170.0 -17.9%Value appreciation thanks to property development competenceOn September 24, 2009 the Stücki Shopping Center in Basle will beopened after extensive developments costing about CHF 270 million.The 32 000 m2 of sales fl oor area thus created are expected to bringannual turnover totalling around CHF 300 million. The developmentgain on this investment was accounting-wise largely taken intoaccount with the Tivona acquisition per end of February 2009.Reconstruction work currently underway at the Jelmoli House of Brandsdepartment store in Zurich will bring signifi cant qualityappreciation on the property. By enhancing the productivity of salesfl oor areas and brand shops, this successful development willincrease rental income. Development gains of CHF 26 million areincluded in the mid-year accounts accordingly.The higher revaluation gains during the fi rst half of 2008 werelargely attributable to the St. Gall Shopping Arena opening.Greater effi ciency thanks to integrated organizationFor better integration of business and management processes, themanagement team has been expanded. Apart from the CEO, the CFO andthe Secretary General, it now includes the heads of real estate inGerman and French speaking Switzerland, project development,administration, IT, and the Jelmoli House of Brands department storein Zurich. This interdisciplinary management team structure willenhance the effi ciency of Jelmoli investment property administrationand project development.Integration of Tivona proceeding according to planThe employees of Tivona AG, taken over in full per end of February2009, have been assimilated by Jelmoli and signifi cantly strengthenthe project development competence, also in the extended managementteam.The Tivona properties have been integrated in the Jelmoli real estateportfolio both with regard to management and administration. Portfolio key figures CHF million 06/2009 12/2008Investment property (IAS 40, fair value) 4'201.4 3'197.1Number of properties 133 99Vacant fl oor areas 3.2 % 2.6%Real estate income 247.4 182.7Gross earnings 1 6.1% 5.9%Net earnings 2 4.6% 4.6%Discount rate (nominal; average) 3 6.0% 5.8%1 Real estate income / tied capital 42 Net real estate earnings / tied capital3 Average discount rate for real estate portfolio (assumed inflation1.2 %)44 Tied capital = (market value in prior year + 0.5 * net investment -0.5 * net earnings)+ (1 - transaction month / 12) * gross purchase price of property- (1 - transaction month / 12) * market price of property in prioryearOutlook for the yearCompletion and opening of the Stücki Shopping Center in Basle willbring additional rental income during the second half-year. Goodresults in general are expected for 2009 as a whole.Retail TradeRetail Trade stability despite demanding market conditionsRetail Trade segment turnover as a whole declined by 5.1 % to CHF80.8 million. Despite demanding market conditions, turnover at theJelmoli House of Brands store in Zurich remained gratifying stable inthe fi rst half of 2009, with gross turnover of CHF 76.1 million only4.8 % less than the good level of prior year. Liquidation of thehousehold goods department in favor of more attractive sales fl oorareas made a notable contribution to turnover.Over turnover at the Jelmoli House of Brands store in Zurich,including that of external tenants, was likewise about 5 % lower atCHF 153 million than the very high prior-year level.Zurich House of higher-end Brands - thanks to store renovationsThe 2010 renovation project is proceeding according to plan.Structural improvements currently underway in the escalators,light-well and pillar areas, together with new shop buildings andmore attractive corridors, will result in a completely new kind ofshopping experience.This has already led to the acquisition of several new high-endbrands in ladies' and gentlemen's fashion and accessories/ handbags.The redesigned New Wave takeaway has already been opened in its newbasement location. By combining the Gourmet Factory with aninternational array of food providers, a spacious new gourmet worldfor connoisseurs has been created. The attractively restyled Lingerieand Interior Design sales fl oors on the third fl oor will be openedin November 2009. Full opening of the entire rebuild is scheduled forautumn 2010.Turnover and productivity Jelmoli Zurich Change from prior year CHF million 2009 2008 effective comparableTurnover (gross) 76.1 79.9 -4.8% -5.4%Number of employees 470 469Sales floor area in 1 000 m2* 13.9 13.2Entire store (incl. tenants):Turnover (gross) 152.9 161.7Sales floor area (net) entire 25.8 25.1store in 1 000 m2** not including corridorsJelmoli Bonus Card AG: higher operating incomeNet earnings by Jelmoli Bonus Card AG for the fi rst half of 2009rose steeply compared with prior year. Credit card debt lossesremained at the very low level of prior year. Turnover in connectionwith the Swiss Rail half-fare season card / Visa card combinationoffer improved thanks to greater marketing efforts.Outlook for the yearThe infl uence of economy developments on retail trade businessduring the second half of 2009 cannot yet be estimated. 1500 to 3500m2 of sales fl oor area will be closed at the Jelmoli House of Brandsstore until the completion of renovation/ conversion work. The costreduction measures there are already taking effect. Furthermore,preparations are in place for the fi rst Yuletide Market to be heldat the House of Brands - a unique festive Season experience not to bemissed, despite the ongoing renovations.Attached please find the following information- Consolidated income statement (Group and segments)- Consolidated balance sheet (Group and segments)- Consolidated Statement of Changes in Equity- Group Statement of Cashflow- Group Accounting Principles and Notes- Review Report to the Board of Directors- Property Details- Information on the SPS Takeover BIDContact persons for inquiriesMedia: Dr. Daniel Gfeller, Secretary General +41 (0)44 220 42 29, Fax +41 (0)44 220 40 10Analysts: Micheal Müller, President of the Executive Committee Phone +41 (0)44 220 49 13, Fax +41 (0)44 220 40 10 Markus Meier, CFO Phone +41 (0)44 220 47 80, Fax +41 (0)44 220 40 10Internet: www.jelmoliholding.ch / www.huginonline.ch/JELWAP-mobile: wap.huginonline.com (Press Releases Jelmoli)E-mail: info(at)jelmoliholding.chhttp://hugin.info/100248/R/1338091/319140.pdf --- End of Message ---Jelmoli-----------------------------------------
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St. Annagasse 18 Zürich WKN: 851225; ISIN: CH0000668464; Index: SMCI, SPI, SPIEX;Listed: Main Market in SIX Swiss Exchange;
Datum: 31.08.2009 - 07:00 Uhr
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