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We are delighted to report that 2007 proved to be another successful
year for the Jelmoli Group's operations. Record earnings for the year
at CHF 920.8 million were boosted by proceeds from the disposal of
dipl. Ing. Fust AG but underlying performance was most encouraging
and all the other areas of the Group's business markedly improved
their results.
Million CHF 2007¹ 2006¹ Deviation
EBITDA Operating cashflow 142.1 130.5 +8.9%
Real Estate development gains 183.0 77.3 +136.7%
EBIT Operating income after depreciation 316.1 200.1 +58.0%
Financial results -30.8 -51.4 +40.1%
Profit before tax 285.3 148.7 +91.9%
Group profit 920.8 180.0 +411.6%
1 not including Fust Group
Year of Change
2007 was a year of significant developments within the Group. The
disposal of dipl. Ing. Fust AG was achieved against a background of
changes in the Group's strategic approach to its business structure.
The disposal process was concluded at the end of the year and we
believe that the successful outcome to be in the interests of the
employees and management of the business concerned, and for Jelmoli
shareholders.
At the same time as the Group's business review led to the above
disposal, Jelmoli entered into a firm agreement to dispose of its
Swiss property portfolio. Subsequent to the announcement of the
disposal, the buyer pulled out of the agreed purchase despite a
legally-binding contract. As a result, Jelmoli has initiated legal
proceedings and believes that its case has merit and will prevail. We
will keep shareholders informed as proceedings unfold.
Group Financial performance
The Group again reported record earnings on a like-for-like basis for
all its continuing businesses. Overall, the operating result for the
year produced profits of CHF 142.1 million, an increase of 8.9% on
the previous year. Net profits of CHF 920.8 million were driven by
both a strong operational performance and the one-off gain from the
disposal of dipl. Ing. Fust AG.
Retail
Operating results from retail increased by CHF 4.9 million to CHF
26.7 million or 22.5% on a like-for-like basis (excluding dipl. Ing.
Fust AG). After depreciation, the operating result improved by CHF
7.1 million or 95.9%. This was a very good performance driven by a
customer-focussed approach and efficiency improvements.
Jelmoli Zurich
Sales (including tenants) from the above increased by 3.6% to CHF
317.2 million. On a like-for-like basis sales from the segments
operated by Jelmoli increased by 2.8%. These positive sales figures,
particularly in fashion, have led to an increase in the space
dedicated to this segment in Jelmoli's Zurich operation. This year,
the first steps to refurbish more than 8'000 square metres will
begin, marking a major development in the flagship Jelmoli House of
Brands concept. Further initiatives to improve cost efficiencies and
customer service will be implemented, a focus for this year and
beyond.
Jelmoli Bonus Card
The Jelmoli Bonus Card achieved significant additional conversions to
the Visa Bonus Card platform in 2007. More than 85'000 Visa Bonus
cards were issued by the end of the year. Including these, Jelmoli
operates more than 300'000 cards across the retail businesses.
During the year, Jelmoli also issued Visa Advanced cards as an ideal
offer for customers requiring full control over their expenditure.
This pre-paid product is targeted specifically to the young and to
travellers who aim to limit expenditure to a pre-ordained budget.
Real Estate
Income from real estate increased 2.9% on a like-for-like basis or
6.8% unadjusted to CHF 154.6 million. Revaluation and development
gains reached CHF 288.8 million. Successfully concluded projects
included the Petit Cervin (previously known as Hotel Nicoletta); the
renovation of the office building in St. Annagasse and the extension
of Sihlstrasse 24. All these properties are fully-let and progressing
well. In addition, the development sites in Thônex and St. Gall are
on plan in terms of costs and potential lettings. Furthermore, the
shopping centre at La Praille continues to trade successfully.
Turnover increased by 10.3% with more than 3.8 million shoppers
visiting the centre in 2007.
Seiler Group
In November, the Group Holding company acquired a further 40% of the
shares in the Seiler Group, raising its shareholding to 85%. We
believe that its excellent hotel operations and high quality real
estate locations will generate a strong contribution for the Group in
the future.
Dividend
The Board will recommend a dividend of CHF 50.-- per bearer share at
the Annual General Meeting on June 18, 2008.
Contact persons
Media: Dr. Daniel Gfeller, Secretary General
Tel. +41 (0)44 220 42 29 Fax +41 (0)44 220 40 10
Analysts: Harald Pinger, CEO
Tel. +41 (0)44 220 49 13 Fax +41 (0)44 220 40 10
Roland Walder, CFO
Tel. +41 (0)44 220 44 26 Fax +41 (0)44 220 40 10
Internet: www.jelmoliholding.ch / www.huginonline.ch/JEL
WAP mobile: wap.huginonline.com (Press Releases Jelmoli)
E-mail: info@jelmoliholding.ch
Key Figures at a Glance
Million CHF 2007 2006 2005¹ 2004¹ 2003¹
Income statement figures
Gross turnover 257.6 239.6 1'037.7 1'018.6 1'012.6
Rental income (segments) 170.7 144.8 135.7 117.2 112.4
Total Income 419.6 372.1 1'140.9 1'113.2 1'103.7
EBITDA Earnings before 142.1 130.5 203.8 186.8 172.2
depreciation
Revaluation of investment 288.8 105.5 32.3 40.7 80.5
properties (segments)
EBIT Earnings before interest 428.6 234.3 204.3 187.3 197.8
and taxes (segments)
EBIT Earnings before interest 316.1 200.1 191.0 173.2 190.0
and taxes
Group profit 920.8 180.0 51.9 88.7 101.6
EPS (Earnings per share) 1'355 288 83 142 163
in CHF
Balance sheet figures (segments)
Investment properties 3'007.3 2'482.9 2'303.9 2'176.0 2'033.4
Non-current assets 3'427.5 2'986.5 2'721.3 2'611.4 2'493.2
Current assets 962.6 599.9 659.5 605.5 494.3
Total assets 4'390.1 3'586.4 3'380.8 3'216.9 2'987.5
Shareholders' equity 2'624.9 1'399.3 1'204.4 1'146.3 1'034.0
Ratio figures
EBITDA as % of total income 33.9% 35.1% 17.9% 16.8% 15.6%
EBIT as % of total income 75.3% 53.8% 16.7% 15.6% 17.2%
Equity to total assets ratio 59.8% 39.0% 35.6% 35.6% 34.6%
(segments)
ROIC (Return on invested 12.1% 8.7% 8.4% 7.9% 9.0%
capital)
ROE (Return on equity) 52.4% 15.4% 5.5% 10.1% 12.9%
1 including operations of Fust group
Retail Trade (not including Fust group)
Million CHF 2007 2006 Deviation from Deviation from
Prior Year Prior Year
Non adjusted Comparable
Gross turnover 257.6 239.6 +7.5% +2.9%
EBITDA Earnings before 26.7 21.8 +22.5%
depreciation
EBIT Operating income 14.5 7.4 +95.9%
Number of employees¹ 902 820 +9.9%
Sales floor area in 1000m² 33.2 25.0 +32.7%
Number of retail locations² 38 37 +2.7%
Turnover per employee 285.7 292.0 -2.2% -1.3%
in 1000 CHF
Turnover per m² sales floor 7'758 9'572 -19.0% +2.9%
area
in CHF
1 Average for the year (full-time employee basis), Segment, Holding,
incl. part of administration staff
2 Corresponds to number of addresses (not including Fust)
Real Estate
Million CHF 2007 2006 Deviation from Prior Deviation from
Year Prior Year
Nonadjusted Comparable
Total rental income 154.6 144.8 +6.8% +2.9%
External rental 135.5 123.7 +9.5%
income
EBITDA Earnings 115.4 108.7 +6.2%
before
depreciation
EBIT Operating 414.1 226.9 +82.5%
income
Number of 93 102 -8.8%
employees¹
Portfolio value 3'321 2'738 +21.3%
IAS40²
Value appreciation 288.8 105.5 +173.7%
Overall 17.5% 9.9%
performance³
1 Average for the year (full-time employee basis)
2 Per year-end incl. properties under construction and participations
3 Current revenue plus value appreciation
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Jelmoli
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WKN: 851225; ISIN: CH0000668464; Index: SMCI, SPI, SPIEX;
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