Half Year 2024 PSP Swiss Property AG Earnings Call Transcript
Key Points
- PSP Swiss Property AG (XSWX:PSPN) delivered an EBITDA of CHF152.3 million, slightly up from the previous period.
- Rental income increased by 7.9% to CHF176.2 million.
- The company confirmed its CHF300 million EBITDA guidance for the year.
- Property sales gains on investment properties amounted to CHF11.3 million, with an average gain of 16% above book value.
- The company maintained a strong capital base with an equity ratio of 53.4% and a loan-to-value ratio of 35.3%.
- Net income without valuation gain decreased due to a significant one-off deferred tax release in the previous year.
- Net financial expenses increased to CHF16.6 million, with an average cost of debt around 1%.
- The vacancy rate stood at 4%, with significant vacancies in certain properties.
- The market for property sales was not very deep, with only two to three potential bidders for each asset.
- The company faces challenges in the Basel market, with subdued demand and potential difficulties in letting properties.
Ladies and gentlemen, welcome to the PSP Swiss Property First Half 2024 Results Conference Call. I am George, the Chorus Call operator. (Operator Instructions) The conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Mr. Giacomo Balzarini, CEO of PSP. Please go ahead, sir.
Good morning to everybody, and welcome to our half year results release. We released the half year report and the presentations this morning, so I will not refer perhaps to the market update, and we'll leave that to the Q&A, and I will do, if it's okay, a quick rundown through the key figures of our half year results, and as always, have a bit more room and time for the Q&A.
So if you may go to slide 8, you see that we delivered an EBITDA of CHF152.3 million, slightly up. And with that, we also confirmed our CHF300 million EBITDA
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