Investor Relations
HALF-YEAR RESULTS 2024
Pleasing results for first of half 2024 thanks to almost fully let portfolio
Zug Estates recorded a pleasing increase in net income in the first half of 2024. Demand for attractive, well-connected rental space remains intact given Zug’s dynamic growth as a place to live and work, coupled with limited supply. Together with the large number of rental successes seen in the previous year, this led to a significantly lower vacancy rate and an increase in property income.
The changed interest rate situation following the two cuts in key interest rates by the Swiss National Bank had a favourable impact on the financing environment in the first half of 2024; this led to a better-than-expected financial result and had a positive effect on real estate values.
Net income increased by a substantial CHF 26.3 million year on year, from CHF 1.9 million to CHF 28.2 million; this was attributable to a positive revaluation result compared with the first half of 2023. After adjustment for revaluation and special effects, net income showed a slight increase of CHF 0.1 million or 0.4%, from CHF 18.0 million to CHF 18.1 million.
KEY FIGURES
All figures as at 30 June 2024
Net income
28.2
Mio.
CHF
Net income excluding revaluation and special effects
18.1
Mio
CHF
Property income
33.8
Mio.
CHF
Vacancy rate investment properties
0.7
%
Equity ratio
54.9
%
Portfolio market value
1.84
Mrd.
CHF
AGENDA
20.02.2025
Publication of Annual Report and Sustainability Report 2024
10.04.2025
20.08.2025
Publication of Half-Year Report 2025
AD HOC ANNOUNCEMENTS
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Geographic focus
Attractive business location
Highly suitable for inclusion in a portfolio
Stable shareholder structure
Solid value
Growth without dilution
Broad diversification
Greenest security among listed real estate companies
Key Share Data
Zug Estates Holding AG has two categories of shares. Series A registered shares ( security number: 14 805 211) are not listed, series B registered shares have been listed in the regulatory standard for real estate companies of SIX Swiss Exchange in Zurich since July 2, 2012 ( security number: 14 805 212, ticker symbol: ZUGN).
Key Share Data
| Exchange | Switzerland (SIX) |
| Currency | CHF |
| Type | Series B registered shares |
| Securities number | 14 805 212 |
| ISIN number | CH 014 805 212 6 |
| Symbol | SWX ZUGN |
Fundamental data
| Issued series B registered shares | 460 340 |
Other categories of share in the share capital
| 496 600 series A registered shares of type A with a par value of CHF 2.50 each (not listed) |
Shareholders structure
Significant shareholders
As at 31 December 2023, the following shareholders owned more than 3% of total voting rights:
| Series A registered shares | Series B registered shares | Votes as at 31.12.2023 | Votes as at 31.12.2022 | |
|---|---|---|---|---|
| Buhofer Group¹ | 409 576 | 50 034 | 47.4% | |
| Heinz M. Buhofer | 26 010 | 53 770 | 8.3% | |
| Johannes Stöckli | 56 800 | 3 866 | 6.3% | |
| Werner O. Weber, indirectly held through Wemaco Invest AG | 0 | 60 392 | 6.3% | |
| Basellandschaftliche Pensionskasse | 0 | 29 671 | n/a |
1 The Group comprises Elisabeth Buhofer, Annelies Häcki Buhofer, Martin Buhofer und Julia Häcki, if acting in mutual agreement. Some shares are indirectly held through Homia Holding AG.
Series B registered shares by category of shareholders (as at 31 December 2023)
| Number of registered shareholders | Registered shareholderers in % | Number of registered shares | Registered shares in % | |
|---|---|---|---|---|
| Natural persons | 1 460 | 85.3 | 207 448 | 48.2 |
| Pension funds | 67 | 3.9 | 68 945 | 16.0 |
| Funds | 47 | 2.7 | 93 633 | 21.7 |
| Foundations | 18 | 1.1 | 4 769 | 1.1 |
| Insurers | 8 | 0.5 | 4 565 | 1.0 |
| Banks | 11 | 0.6 | 1 558 | 0.4 |
| Other leagel entities | 101 | 5.9 | 49 752 | 11.6 |
Dividend policy
In line with the announced gradual increase in the dividend up to a maximum of two-thirds of net operating income, the board of directors will propose to the general meeting of shareholders (9 April 2024) that the dividend be increased by 7.3%, from CHF 4.10 to CHF 4.40 per series A registered share and from CHF 41.00 to CHF 44.00 per series B registered share.
The board of directors has decided to amend the dividend strategy in favour of a more open formulation. Zug Estates continues to endeavour to ensure a positive dividend trend. The distribution should ensure a solid, long-term financing structure in the future too and not amount to more than 90% of operating profit.
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Cash distribution per series B registered share* | CHF 41.00 | CHF 37.50 | CHF 34.00 | CHF 31.00 | |
| Special dividend promotional profit from Aglaya per series B registered share* | CHF 10.00 | CHF 13.00 |
* Payable in the following year, proposed by the board of directors
Tax value
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|
| Series B registered share | CHF 1 770 | CHF 1 980 | CHF 2 030 | CHF 2 330 | CHF 1 675 |
The tax value of Zug Estates Holding AG's registered shares can also be called up on the corresponding website of the tax administration of the Canton of Zug (local values - shares 2023).
Bond
Disclaimer
The information included on the website may only be provided to residents of Switzerland for legal reasons. Thank you for your understanding.
I am a resident of Switzerland:
The information included on this website does not constitute an offer or an invitation or recommendation to hold, purchase or sell shares or other securities in Zug Estates Holding Ltd.; it is also not a confirmation of a transaction or an invitation to enter into a transaction. The website and the information published there may not be used or published in any jurisdiction (in particular not in the USA, EEA, UK, Japan, Canada or Australia) where it violates applicable law or provisions.
Fixed-interest bonds
| Valor symbol | ZEH24 | ZEH22 | ZEH19 |
| Listing | SIX Swiss Exchange | SIX Swiss Exchange | SIX Swiss Exchange |
| Green Bond | Yes | Yes | Yes |
| Security number | 137 744 380 | 114 872 819 | 494 734 426 |
| ISIN | CH1377443804 | CH1147828194 | CH0494734426 |
| Payment date | 30 Sep 2024 | 17 Feb 2022 | 2 Oct 2019 |
| Volume | CHF 100 million | CHF 100 million | CHF 100 million |
| Repayment | 16 Sep 2031 | 17 Apr 2029 | 2 Oct 2025 |
| Interest rate | 1.65% p. a. payable annually on September 16th | 0.75% p. a. payable annually on April 17th | 0.1% p. a. payable annually on October 2nd |
| Dokumente: |
Green Bond Prospekt
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Green Bond Prospekt
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Green Bond Prospekt
|
Green Finance Framework and Reporting
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Green Finance
To meet the growing demand for sustainable financing, Zug Estates has decided to convert its existing Green Bond Framework into a Green Finance Framework. This enables Zug Estates to raise or refinance not only green bonds, but also other types of green financial instruments that are explicitly used to support sustainable projects.
RESEARCH
Equity Research
Credit Research
Your contact
Mirko Käppeli
CFO
+41 41 729 10 10
ir@zugestates.ch
Zug Estates Holding AG
Baarerstrasse 18
CH-6300 Zug