News Detail


Intershop reports stable income and positive result in a challenging environment.

The Intershop Group closed the financial year 2015 very satisfactorily: 

  • Net profits came to CHF 56.2 million or CHF 28.11 per share.
  • Equity rose slightly to CHF 558 million as of 31/12/2015, corresponding to CHF 279 per share. This represents an equity ratio of 40%.
  • The return on equity was 10.4%.
  • With its investment portfolio Intershop generated a gross return of 6.5% and a net return of 5.7%.
  • The vacancy rate at its investment properties went down to 10.6%.
  • At the Annual General Meeting the Board of Directors again propose to distribute a dividend of CHF 20.00 per share.

With this result the group again achieved the above-average return on equity that it had been aiming for. In addition to the ongoing rental business, this was due to the success of the completion and sale of the freehold apartment project «eden5» in Zurich. In the past financial year Intershop concentrated primarily on developing its own portfolio. There were no other significant sales or acquisitions.

On the reporting date the portfolio comprised 60 properties, including development and promotional properties, and unbuilt land. Rental income in the reporting period was composed unchanged of the following types of use: 48% office and education, 32% trade and logistics, 7% retail and food and 13% residential and parking.

At the end of the reporting period the value of the real estate portfolio came to CHF 1.246 million and includes a write-up on investment and development properties of CHF 2.6 million or 0.2%.

Despite the sales in 2014, property income was up slightly year on year at CHF 83.9 million. Income from investment properties owned by the company throughout the reporting year increased by 1%. This is particularly gratifying given the challenging rental environment in the market for commercial space and cost pressure on Swiss companies due to the appreciation of the Swiss franc.

The success of letting activities is also reflected in a slight decline in the vacancy rate to 10.6%.

The sale of properties resulted in a pre-tax profit of CHF 12.5 million.

Property expenses fell slightly to CHF 9.1 million, whereas the net return of the yield portfolio went up to 5.7%, once again an above-average figure.

The average interest rate on interest-bearing debt came to 2.43% as of the reporting date, with an average fixed-interest term of 5.6 years. Borrowing was further diversified by the issue of an eight-year bond for CHF 100 million at 1.125%, taking advantage of the favourable market environment. The proceeds are to be used to repay the mortgage loans of CHF 85 million that fall due in 2016. As a result, and due to the effect of negative interest rates on interest rate derivatives, there was a significant increase in interest expenses, which was more than offset by financial income from short-term investments, however.

The equity ratio fell to almost 40% at the end of the reporting year as a result of higher borrowing.

The Board of Directors will again propose a dividend of CHF 20.00 per registered share at the Annual General Meeting, which represents a total distribution of CHF 40 million. Based on the share price on the reporting date this corresponds to a dividend yield of 5%. The total share performance, made up of the share price increase and the dividend payment, came to 18.7%, clearly outperforming the index SXI Swiss Real Estate Shares TR.

Investments abroad

The earnings contribution of Corestate Capital Holding S.A., which is mainly active in Germany, came to slightly more than CHF 1 million, a significant decline on the previous year, mainly due to the exchange rate loss it includes of CHF 1.6 million.


The challenges for Intershop will continue to persist in the current financial year. Commercial tenants are still under great cost pressure, which may lead them to reduce their rental area or even give up locations entirely. As a result the rental environment for commercial space remains challenging and in the residential market there are increasing signs that demand is slowing. Under these circumstances the vacancy rate for the yield properties is expected to go up slightly.

The negative interest rate environment is also expected to continue and will have an adverse impact on the Group's interest expenses. It will be offset by the repayment of mortgages in spring this year, which should lead to an overall reduction in financing expenses compared with 2015.

Intershop will make use of attractive opportunities to realise the value it has added by means of sales. If the transaction market for "challenging properties" becomes more liquid, any acquisition opportunities that arise will be seized.

Altogether Intershop is confident of again generating its long-term average return on equity of at least eight per cent in 2016.

Key Figures Intershop-Group


Cyrill Schneuwly

Company portrait

Intershop is a real estate company listed on the SIX Swiss Exchange and primarily active in Switzerland, which invests principally in commercial properties. As of 31/12/2015 its portfolio comprised 60 properties with a lettable area of 582,000 m2 and a market value of over one billion Swiss francs. Intershop invests mainly in the Zurich area, around Lac Leman and along the main traffic arteries. Its portfolio combines high yields with security, thanks to diversification by geography and type of use, with considerable potential for value appreciation in the properties with development potential.


31/03/2016Annual General Meeting 2016
25/08/2016Publication of half-year report 2016

Weitere Informationen zu Intershop finden Sie auf der Homepage.


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