Infracore SA: Company specialized in healthcare infrastructure in Switzerland
Infracore SA / Key word(s): Annual Accounts
Infracore SA: Company specialized in healthcare infrastructure in Switzerland – Annual Report 2021
04/25/2022 / 17:40
press release
Fribourg, April 25, 2022
Infracore SA: Company specialized in healthcare infrastructure in Switzerland – Annual Report 2021
Infracore increased its sales to CHF 65.3 million (2020: CHF 50.1 million) and its net result to CHF 43.4 million (2020: CHF 33.9 million)
Infracore achieved strong results in 2021 and increased its sales to CHF 65.3 million (2020: CHF 50.1 million). Rental income increased by 21.7% to CHF 58.9 million (2020: CHF 48.4 million), mainly due to the absence of rent reductions. Efficient organization and lower administration costs enabled the company to achieve an EBITDA of CHF 58.8 million (2020: CHF 45.2 million), which corresponds to a margin of 90.0%. With a net profit of CHF 43.5 million (2020: CHF 34.0 million), Infracore is paying out an increased dividend of CHF 3.15 per share/non-voting equity security. Revaluation gains in 2021 amounted to CHF 6.5 million (2020: CHF 1.7 million) after the completion of the construction and renovation project of Privatklinik Villa im Park (Rothrist) and several properties on the premises of Privatklinik Bethanien (Zurich) were developed.
Further strengthening of the portfolio
Infracore’s portfolio consists of 40 properties and development projects at 17 locations with a rental area of 188,109 m² and over 30,000 m² of development space. As of December 31, 2021, the portfolio was valued at CHF 1.2 billion, resulting in a revaluation gain of CHF 6.5 million (2020: CHF 1.7 million). Most buildings are held on long-term indexed leases with a weighted average unexpired lease term of 22.38 years (WAULT). The current vacancy rate of 1.3% is related to renovation works in some buildings.
Strong financial position
Total assets increased slightly to CHF 1.3 billion, while long-term debt, mainly mortgages and a CHF 100 million bond issue, reached CHF 592.9 million. The conditions of the bond were improved on January 1, 2021 (interest rate reduced to 1.3% and term extended until December 31, 2023). The equity ratio remained solid at 40.4% (2020: 43.8%) and the loan-to-value ratio remained low at 47.2%. The net asset value before deferred taxes was CHF 609.0 million (2020: CHF 593.3 million).
Distribution to Shareholders
The Board of Directors proposes a distribution to shareholders of CHF 36.5 million or CHF 3.15 per share. Infracore SA is a jointly controlled subsidiary of the US REIT Medical Properties Trust, Inc. (MPW) and the Swiss investment company AEVIS VICTORIA SA (AEVS.SW).
Outlook 2022
Infracore will continue its growth strategy in Switzerland in both the private and public sectors (through public-private partnerships). The development potential of the existing portfolio, combined with strategic acquisitions or partnerships, will strengthen Infracore’s unique position in the market. Infracore’s rental income is expected to increase slightly in 2022 and EBIT excluding revaluations is expected to be above CHF 50 million.
The Annual Report 2021 can be downloaded from the following link:
https://www.infracore.ch/_media/2022/04/ar_2021_vf.pdf
For further information: Media & Investor Relations: c/o Dynamics Group, Zurich
Philippe R. Blangey, [email protected], +41 79 785 46 32
Infracore SA: [email protected], +41 79 635 04 10
About Infracore SA
Infracore SA is a company dedicated to hospital and healthcare infrastructure. The real estate portfolio consists of 40 high-quality properties (including development projects) in 17 prime locations throughout Switzerland with a total lettable area of 188,109 m². The market value of Infracore’s portfolio is estimated at CHF 1.2 billion. Infracore positions itself as a partner of public and private institutions for real estate investments and wants to play a key role in the redesign of the Swiss hospital landscape. www.infracore.ch.
About Medical Properties Trust, Inc.
Medical Properties Trust, Inc. is a self-advising real estate investment trust formed in 2003 to acquire and develop net leased hospital facilities. Since its founding in Birmingham, Alabama, the company has grown to become one of the world’s largest hospital owners with approximately 450 facilities and more than 46,000 licensed beds in the United States, Western Europe, South America and Australia. MPT’s financing model facilitates acquisitions and recapitalizations, allowing hospital operators to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other operational investments. www.medicalpropertiestrust.com.
About AEVIS VICTORIA SA
AEVIS VICTORIA SA invests in healthcare, hospitality & lifestyle and infrastructure. AEVIS’ main holdings are Swiss Medical Network SA (90%, direct and indirect), the only private Swiss hospital network present in the country’s three main language regions, Victoria-Jungfrau AG, a luxury hotel group that manages ten luxury hotels in Switzerland and abroad, Infracore SA (30%, direct and indirect), a real estate company dedicated to healthcare infrastructure, Swiss Hotel Properties SA, a hospitality real estate division, and NESCENS SA, a brand dedicated to aging better . AEVIS is listed in the Swiss Reporting Standard of the SIX Swiss Exchange (AEVS.SW). www.aevis.com.
End of media release