JELMOLI HOLDING AG 
By Corporate news announcement processed and transmitted by Hugin AS.
The issuer is solely responsible for the content of this
announcement.
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During 2008, Jelmoli successfully progressed from operating as a
conglomerate to becoming a focussed real estate company. This
restructuring was completed per March 30, 2009 when the newly created
Athris Holding AG shares were distributed. Moreover, all business
units closed the year with gratifying results again, significantly
exceeding prior year turnover and operating income.
+-------------------------------------------------------------------+
| Million CHF | 2008 | 2007 | Deviation |
|--------------------------------------+--------+-------+-----------|
| EBITDA operating cash flow before | | | |
| depreciations, revaluations and | 178.7 | 140.5 | +27.2% |
| extraordinary items | | | |
|--------------------------------------+--------+-------+-----------|
| Real estate development earnings | 112.9 | 183.0 | -38.3% |
|--------------------------------------+--------+-------+-----------|
| EBIT Operating income | 208.0 | 312.3 | -33.4% |
|--------------------------------------+--------+-------+-----------|
| Financial results | -108.4 | -30.8 | n.m. |
|--------------------------------------+--------+-------+-----------|
| Result before tax | 99.6 | 281.5 | -64.6% |
|--------------------------------------+--------+-------+-----------|
| Proceeds from the sale | - | | |
| of discontinued operation | | 640.6 | |
|--------------------------------------+--------+-------+-----------|
| Net income | 48.8 | 916.5 | n.m. |
| thereof Jelmoli | 47.2 | 917.4 | n.m. |
| shareholders | | | |
+-------------------------------------------------------------------+
Momentous change for Jelmoli
We are pleased to report on what has been a momentous year for
Jelmoli. The Group successfully progressed from operating as a
conglomerate to becoming a real estate company focussing on retail
trade - core skills that we have always possessed. Furthermore, the
Jelmoli "House of Brands" store in Zurich celebrated its 175th
anniversary in 2008.
To conclude the process, from the announcement of the strategic
review at the end of the first quarter 2008 to successful execution
and completion at the end of first quarter 2009, was a significant
achievement. The ability to conclude this in such a tight timescale
is due, in no small part, to our outstanding staff who have continued
to operate the businesses very successfully. Our sincere thanks go to
all a co-workers for their enormous efforts, and who have
demonstrated much valued support, throughout this challenging period.
We are also pleased that, against this backdrop, management was able
to successfully conclude the outstanding litigations with Delek and
Tivona. The uncertainty surrounding these two separate claims was a
distraction for shareholders and management alike.
The acquisition of the outstanding interest in Tivona gives Jelmoli a
significant new capability and we are delighted to welcome our
colleagues at Tivona into the Jelmoli family. We are convinced that
further significant value can be achieved through the inclusion of
100 percent of Tivona within Jelmoli.
We have strengthened our senior management team and are pleased to
have successfully appointed key personnel to strategic roles. At the
beginning of July 2008 Michael Müller assumed the position as
delegate of the Board of Directors and CEO of Jelmoli Holding Ltd. In
addition Hanspeter Grüninger has become the Chief Executive Officer
of the department store and Markus Meier has assumed the position of
Chief Financial Officer. Both are making significant contributions in
their new roles and we warmly welcome them to the senior team.
Financial result: operating income up by 27.2%
Once again, all Jelmoli Group core businesses recorded exceptional
growth and record results on a comparable basis. Operating cash flow
(EBITDA) reached CHF178.7 million, 27.2 % higher than the prior year
level. Operating income (EBIT: CHF 208.0 million) and net profit (CHF
48.8 million) were significantly impacted by several extraordinary
effects, particularly in connection with acquisition of the
outstanding Tivona shares - which will however be counteracted by a
significantly positive extraordinary effect during the first
half-year 2009 (after completion of the transaction). Also by an
extraordinary charge in connection with reassessment of the
engagement in Russia and by costs involved in the Athris Holding AG
split.
Real Estate: substantially higher rental income
Overall rental income increased by 13.1 % in 2008 to CHF 172.3
million. This marked rise is primarily attributable to the new St.
Gall Shopping Arena and Thônex shopping center openings, and to the
full-year utilization of two properties in Zurich. With vacant floor
areas very low at only 2.6%, net earnings reached 4.6% of tied
capital. In view of the very uncertain economic outlook, no large
development projects are planned for the time being. Acquisition of
the outstanding interest in Tivona during the first half of 2009
expands the Jelmoli real estate portfolio by 32 properties with a
total market value of CHF 860 million. Among these is the Stücki
Shopping Center, a very promising development project involving about
CHF 280 million investment volume, due for completion in autumn 2009
and with rentals largely finalized. The market value of investment
properties as determined by the independent real estate assessment
expert was CHF 3.2 billion per December 31, 2008 (not including
Tivona), 13.1% higher than in prior year. Our 99 properties are
generally of outstandingly high quality and in first-class locations.
"House of Brands" department store: higher turnover despite tougher
market conditions
Despite a more difficult market environment, overall turnover at the
House of Brands rose by 3.6 percent to CHF 324.8 million. One reason
for this gratifying increase is that according to a recent survey of
Zurich department stores, Jelmoli is by far the most frequented.
Turnover development among the international brands remains above
average. Jelmoli Zurich is well on the way to classification as
Switzerland's leading Premium Department Store. In this connection
the fashion, lingerie and accessories offering will be markedly
expanded again with international brands on additional sales floor
areas. These extensions, totalling around 15 000 m2, will be
accompanied until 2010 by interior design restyling, improved access
routing, and more attractive goods presentation concepts.
Athris Holding AG
During the year under review all assets not belonging to the core
business of retail real estate, and those of a more speculative
nature, were integrated into Athris Holding AG. These included Seiler
Hotels, Molino, Beach Mountain and Fundgrube (in liquidation),
together with the real estate company participations in Russia
(Hypercenter Investment SA) and Algeria (Sociéte des Centres
Commerciaux d'Algérie). All divisions developed positively during the
year under review, except for the participation in Russia. Due to the
economic crisis in Russia with associated downgrading of future
prospects and market value of real estate projects, most of which not
yet realized or not under construction, the Athris investment in
Russia (unlisted participation and loan) had to be devalued by about
CHF 48 million per 31.12.2008. Per March 30, 2009 Athris Holding AG
shares were distributed to the Jelmoli Holding Ltd shareholders and
separately listed on the Swiss stock exchange SIX.
Jelmoli Bonus Card
Turnover for the year exceeded CHF 600 million, and as per end of
2008, almost 350 000 Bonus Cards and Visa Bonus Cards were in
circulation. An important milestone in 2008 was the founding of a
partnership with Swiss Rail (SBB) for launching a half-fare card that
is also a free-of-charge Visa credit card. During 2008 Jelmoli Bonus
Card AG continued to focus on expanding in the Swiss credit card
market and activating existing cardholders by means of targeted
marketing campaigns.
Financing
Along with this structural progress made during the year, another
milestone achieved was the renegotiation of the company's credit
facilities against the backdrop of the most complicated credit market
in living memory. We believe that this was only possible in these
very difficult times due to the quality of the underlying business
and our model for the future. Moreover the Jelmoli Holding Ltd
loan-to-value (LTV) ratio of ~46% after the full consolidation of
Tivona is significantly more conservative than that of many
competitors on the Swiss market.
Dividends
Per March 27, 2009 the shares of Athris Holding AG were distributed
to Jelmoli shareholders by way of a dividend in kind to the amount of
about CHF 1 billion. Additionally, the Jelmoli Board of Directors
will recommend the Annual General Meeting 2009 to approve a cash
dividend of CHF 10 per share.
Contacts
Media: Dr. Daniel Gfeller, Secretary General
Tel. +41 (0)44 220 42 29 Fax +41 (0)44 220 40 10
Analysts: Michael Mueller, Delegate of the Board of Directors /
CEO
Tel. +41 (0)44 220 49 13 Fax +41 (0)44 220 40 10
Markus Meier, CFO
Tel. +41 (0)44 220 47 80 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
Link to the www.jelmoliholding.ch/en/investors/reports.asp
annual report:
Key Figures at a Glance
+-------------------------------------------------------------------+
| Million CHF | 2008 | 2007 | 2006 | 20051 | 20041 |
|---------------------+---------+---------+---------+-------+-------|
| Income statement | | | | | |
| figures | | | | | |
|---------------------+---------+---------+---------+-------+-------|
| Rental income | 177.6 | 153.3 | 144.8 | 135.7 | 117.2 |
| (segments) | | | | | |
|---------------------+---------+---------+---------+-------+-------|
| Gross sales | 301.7 | 257.6 | 239.6 | 1 | 1 |
| | | | | 037.7 | 018.6 |
|---------------------+---------+---------+---------+-------+-------|
| Total Income | 502.9 | 419.6 | 372.1 | 1 | 1 |
| | | | | 140.9 | 113.2 |
|---------------------+---------+---------+---------+-------+-------|
| EBITDA | 178.7 | 140.5 | 130.5 | 203.8 | 186.8 |
|---------------------+---------+---------+---------+-------+-------|
| Revaluation of | | | | | |
| investment | 114.2 | 288.8 | 105.5 | 32.3 | 40.7 |
| properties | | | | | |
| (segments) | | | | | |
|---------------------+---------+---------+---------+-------+-------|
| EBIT earnings | | | | | |
| before interest | 232.3 | 442.1 | 234.3 | 204.3 | 187.3 |
| and taxes | | | | | |
| (segments) | | | | | |
|---------------------+---------+---------+---------+-------+-------|
| EBIT earnings | | | | | |
| before interest | 208.0 | 312.3 | 200.1 | 191.0 | 173.2 |
| and taxes | | | | | |
|---------------------+---------+---------+---------+-------+-------|
| Profit from the | | | | | |
| sale of | | 640.6 | | | |
| discontinued | | | | | |
| operations | | | | | |
|---------------------+---------+---------+---------+-------+-------|
| Group profit | 48.8 | 916.5 | 179.3 | 52.5 | 89.0 |
|---------------------+---------+---------+---------+-------+-------|
| EPS (Earnings per | | | | | |
| share) | 67 | 1 350 | 288 | 83 | 142 |
| in CHF | | | | | |
|---------------------+---------+---------+---------+-------+-------|
| | | | | | |
|---------------------+---------+---------+---------+-------+-------|
| Balance sheet | | | | | |
| figures (segments) | | | | | |
|---------------------+---------+---------+---------+-------+-------|
| Investment property | 3 238.4 | 2 866.4 | 2 482.9 | 2 | 2 |
| | | | | 303.9 | 176.0 |
|---------------------+---------+---------+---------+-------+-------|
| Non-current assets | 3 608.8 | 3 152.9 | 2 706.7 | 2 | 2 |
| | | | | 476.4 | 343.6 |
|---------------------+---------+---------+---------+-------+-------|
| Current assets | 1 139.5 | 962.6 | 599.9 | 659.5 | 605.5 |
|---------------------+---------+---------+---------+-------+-------|
| | 4 748.3 | 4 115.5 | 3 306.6 | 3 | 2 |
| Balance sheet total | | | | 135.9 | 949.1 |
|---------------------+---------+---------+---------+-------+-------|
| | 2 638.4 | 2 600.0 | 1 399.3 | 1 | 1 |
| Equity | | | | 204.4 | 148.1 |
|---------------------+---------+---------+---------+-------+-------|
| | | | | | |
|---------------------+---------+---------+---------+-------+-------|
| Ratio figures | | | | | |
|---------------------+---------+---------+---------+-------+-------|
| EBITDA as % of | 35.5% | 33.5% | 35.1% | 17.9% | 16.8% |
| total income | | | | | |
|---------------------+---------+---------+---------+-------+-------|
| EBIT as % of total | 41.4% | 74.4% | 53.8% | 16.7% | 15.6% |
| income | | | | | |
|---------------------+---------+---------+---------+-------+-------|
| Equity to total | | | | | |
| assets ratio | 55.6% | 59.5% | 39.0% | 35.6% | 35.6% |
| (segments) | | | | | |
|---------------------+---------+---------+---------+-------+-------|
| ROIC (Return on | | | | | |
| invested | 7.3% | 11.2% | 8.7% | 8.4% | 7.9% |
| capital) | | | | | |
|---------------------+---------+---------+---------+-------+-------|
| ROE (Return on | 2.0% | 52.4% | 15.4% | 5.5% | 10.1% |
| equity) | | | | | |
+-------------------------------------------------------------------+
1including operations of Fust group
Jelmoli
+-------------------------------------------------------------------+
| Million CHF | 2008 | 2007 | Deviation | Deviation |
| | | | from | from Prior |
| | | | Prior | Year |
| | | | Year | Comparable |
| | | | Non | |
| | | | adjusted | |
|--------------------------+-------+-------+-----------+------------|
| Rental income segment | | | | |
| Real estate | 172.3 | 152.4 | 13.1% | |
|--------------------------+-------+-------+-----------+------------|
| Gross turnover segment | | | | |
| Retail trade | 180.3 | 177.7 | 1.5% | 1.5% |
|--------------------------+-------+-------+-----------+------------|
| EBITDA earnings before | | | | |
| interest, taxes, | | | | |
| depreciation and | | | | |
| amortisation | 177.6 | 149.2 | 19.0% | |
|--------------------------+-------+-------+-----------+------------|
| of which | | | | |
| Corporate | -3.2 | -9.0 | -64.4% | |
|--------------------------+-------+-------+-----------+------------|
| | | | | |
| Real estate | 136.0 | 120.5 | 12.9% | |
|--------------------------+-------+-------+-----------+------------|
| | | | | |
| Retail trade | 27.1 | 19.9 | 36.2% | |
|--------------------------+-------+-------+-----------+------------|
| EBIT operating income | | | | |
| after depreciation | 216.1 | 425.9 | -49.3% | |
|--------------------------+-------+-------+-----------+------------|
| | 3 | 3 | | |
| Portfolio value | 201.1 | 017.3 | 6.1% | |
|--------------------------+-------+-------+-----------+------------|
| | 1 | 2 | | |
| Equity | 614.9 | 374.3 | -32.0% | |
|--------------------------+-------+-------+-----------+------------|
| Number of employees1 | 579 | 571 | 1.4% | |
|--------------------------+-------+-------+-----------+------------|
| | | | | |
| Real estate | 101 | 93 | 8.6% | |
|--------------------------+-------+-------+-----------+------------|
| | | | | |
| Retail trade | 478 | 478 | 0.0% | |
+-------------------------------------------------------------------+
1 Average for the year (full-time employee basis), Segment incl. part
of administration staff
Athris
+-------------------------------------------------------------------+
| Million CHF | 2008 | 2007 | Deviation | Deviation |
| | | | from Prior | from Prior |
| | | | Year | Year |
| | | | Nonadjusted | Comparable |
|------------------------+-------+-------+-------------+------------|
| Total rental income | 5.3 | 0.9 | 488.9% | |
|------------------------+-------+-------+-------------+------------|
| External rental income | 121.4 | 79.9 | 51.9% | 2.2% |
|------------------------+-------+-------+-------------+------------|
| EBITDA earnings before | | | | |
| interest, taxes, | 20.1 | 9.1 | 120.9% | |
| depreciation and | | | | |
| amortisation | | | | |
|------------------------+-------+-------+-------------+------------|
| EBIT operating income | 16.2 | 16.2 | 0.0% | |
| after depreciation | | | | |
|------------------------+-------+-------+-------------+------------|
| Equity | 1 | 225.7 | 353.5% | |
| | 023.5 | | | |
|------------------------+-------+-------+-------------+------------|
| Number of employees1 | 659 | 423 | 55.8% | |
+-------------------------------------------------------------------+
1 Average for the year (full-time employee basis)
--- End of Message ---
Jelmoli
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Jelmoli über
WAP:
wap.huginonline.com
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St. Annagasse 18 Zürich
WKN: 851225; ISIN: CH0000668464; Index: SMCI, SPI, SPIEX;
Listed:
Main Market in SIX Swiss Exchange;
http://hugin.info/100248/R/1308952/302060.pdf
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