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Audited Annual Report December 31, 2019

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Audited Annual Report December 31, 2019 Audited annual report December 31, 2019 Residentia, Investment fund under Swiss law in the “real estate funds” category RESIDENTIA AUDITED ANNUAL REPORT AUDITED ANNUAL REPORT RESIDENTIA Residentia FidFund Management SA RESIDENTIA is an investment fund under Swiss law in the „real Board of Directors estate funds“ category within the meaning of the Swiss Federal Act on Jean Berthoud Chairman Collective Investment Schemes of 23 June 2006 (CISA) (hereinafter Olivier Vollenweider Vice Director referred to as the „fund“ or the „real estate fund“). The fund contract Jean-François Abadie Director was drawn up by FidFund Management SA, as Fund Management Yves de Coulon Director Company, with the approval of the custodian bank Cornèr Banca SA. Philippe Bens Director It was submitted to the Swiss Financial Market Supervisory Authority (FINMA), which approved it for the first time on 20 March 2009. Fund Management Company Selda Karaca Managing Director The real estate fund is based on a collective investment agreement Christophe Audousset Deputy Director (the fund contract) under which the fund management company Lionel Bauer Deputy Director (from 02.09.2019) undertakes to provide investors with a stake in the investment fund in proportion to the fund units they acquire, and to manage the fund Investment committee (Without decision-making power) at its own discretion and for its own account in accordance with the Lorenzo Orsi Certified architect (ETH Zurich) and member of the REG A, SIA, OTIA and ASIAT provisions of the law and the fund contract. The custodian bank is a Claudio Genasci Member of the management team, Banca Dello Stato del Cantone Ticino party to the fund contract in consequence of the tasks conferred upon it by law and the fund contract. Investment committee advisor (Without decision-making power) Matteo Pagani Studio Fiduciario Pagani SA, Lugano In accordance with the fund contract, the fund management company is entitled to establish, liquidate or merge unit classes at any time, Valuation experts subject to the consent of the custodian bank and the approval of the Omar Antonelli Certified architect STS OTIA, Lugano supervisory authority. Mirko Fasola ES technician, Lugano Fabio Guerra MRICS, MSc Real Estate CUREM, Arch. Dipl. EPFL Lausanne The real estate fund is not divided into unit classes. Real estate management Assofide SA, Locarno Comafim SA, Lugano Privera SA, Lugano Multiresidenza SA, Muralto Custodian bank Cornèr Banca SA, Lugano FidFund Cornèr Banca SA Auditors KPMG SA - Esplanade de Pont-Rouge 6, 1211 Genève Management SA Via Canova 16 Route de Signy 35 CH-6900 Lugano Promoters Studio Fiduciario Pagani SA CH-1260 Nyon / VD Banca dello Stato del Cantone Ticino Fund management Custodian bank This document is a translation of the French company version. Only the French version is authentic. 2 3 RESIDENTIA AUDITED ANNUAL REPORT AUDITED ANNUAL REPORT RESIDENTIA Residentia is an Manager’s investment fund under report Swiss in the real estate funds category. Total assets Annual net rent CHF 271.8 million + 10% vs 2018 11% increase compared with 2018 Rental income up CHF 950,000 from 9.92 million to 10.87 million NAV up Dividend of CHF 2.68 TER (GAV) down from CHF 116.40 to 22% 25,3% CHF 117.05 increase compared with 2018 From 1.04% to 0.83% Net operating profit up EBIT margin up The fund invests exclusively in: real estate assets located in southern Switzerland (Ticino, Grisons); 55% 27,69% residential properties and mixed-use buildings; From CHF 2.66 million to CHF 4.13 million From 40.19% to 51.32% and to a lesser extent, properties of an exclusively or predominantly commercial nature, including properties used by the manufacturing and hotel industries. The fund’s objective is to preserve the value of its investments and the appropriate distribution of the income earned by them over the long term by creating a stable, 2019 was an extremely positive year for the The year just finished saw rental income actively managed asset portfolio. Residentia Fund, which built on the good increase by nearly 10% compared with the previous year (CHF 10.95 million vs CHF 9.96 million), which, first-half performance in the second half combined with judicious management of the main of the year, with significant improvements cost items (-7% compared with the previous year: in some areas due to the completion of CHF 6.81 million vs CHF 7.30 million), enabled Residentia to post a significantnet profit, an various projects (the Via Besso site) and the increase of over 50% compared with 2018 acquisition of strategic properties. (CHF 4.13 million vs CHF 2.66 million). 4 5 RESIDENTIA AUDITED ANNUAL REPORT AUDITED ANNUAL REPORT RESIDENTIA Manager’s report The increase in rental income is due to two main that is appropriate to changing market conditions. The main activities and projects carried out during Bellinzona, Via Ghiringhelli: in September factors: We trust that this strategy will continue to yield the the year in the portfolio are as follows: we embarked on a new strategic direction for positive results that it has done over the last year. this building. After the previous unfortunate a) the optimisation of the Fund’s debt level through Via Besso, Lugano: the restructuring work on circumstances linked to the plan to raise the the purchase of three new properties (two in late Thanks to this prudent management, the Fund the historic building was successfully completed height of the building, we decided to assign the June and one in November). To date, these have increased its EBIT margin by 27,69%, from within the initial estimated budget (CHF 4.5 million). completion of the works to a new company and generated approximately CHF 440,000 in new 40.19% the previous year to the current 51.32%, as Only some internal finishing work on the first floor undertake a strategic disposal of the property by rent payments, and should bring in around an forecast at the end of the first half of 2019. remains to be done, as the withdrawal by the tenant selling the individual apartments. This strategy additional CHF 715,000 in 2020 when they will we had previously found has forced us to put these involved higher costs for the finishing work needed have been in the portfolio for the entire year. As announced in previous reports, Residentia has rooms on the market again. At full capacity, we for the sale, but we expect a gross profit on also reviewed its remuneration policy. This has led expect a potential gross income of approximately completion of close to 25% (CHF 1.5 million). b) the maintenance of the vacancy level to a to a total saving for investors of more than CHF CHF 600,000 against total expenditure (purchase + significant extent across the entire portfolio. 120,000 and, together with a renegotiation of how restructuring) of approximately CHF 12 million. Below is a brief description of the new properties Even though the macroeconomic situation in the property valuations are carried out, significantly acquired during the year: canton is still not positive, our sales team has reducing the costs incurred (-32%), has generated Mendrisio: the construction work on the new managed to find new tenants for around 80 units, a further sizeable contraction of the TER (based on building intended for students of the new university Rivera: property acquired for CHF 8.15 million giving the Fund a total income of approximately GAV) bringing it to 0.83% (-25.3%). campus is close to completion. The healthcare made up of two separate buildings in the centre of CHF 1.5 million a year. problems that have marked the early part of this Rivera, opposite the railway station and near the As a result of the actions taken, year will inevitably delay completion and the start of Lugano-Bellinzona motorway junction. One of the On the cost front, the extensive investments made the next academic year. We are hopeful that the first combined with the strategy implemented, buildings is commercial and has a Denner Satellite during 2018 have meant that we only needed to leases might start in September. The investment on the ground floor and other offices on the upper Residentia has achieved outstanding make targeted interventions over the last 12 months; budget was increased to CHF 5.2 million as a result floors, whereas the second building is residential with this policy has led to a considerable reduction results, especially in light of the current of certain architectural choices made - such as six apartments distributed across the three floors. of costs linked to the routine maintenance of our uncertainties affecting the local property the Minergie standards, which enable the use of The building currently generates an annual income properties (-17%) and of general portfolio operating market. These results have led to an a greater habitable area, and the division of the of CHF 420,000, but this is expected to increase as a expenses (-25%). This was done even as the increase in the Fund’s NAV from CHF building into 42 shared rooms suitable for student result of the renovation work to be carried out jointly property portfolio increased overall from CHF 242 use, but offering flexibility in the event that the 116.40 to CHF 117.05, an increase in total with Denner over the coming months, which should million in 2018 to the current CHF 271 million. building is reorganised into traditional apartments. produce a return of close to 6%. However, Residentia will continue its strategy of fund assets (CHF 271 vs CHF 242 million) We expect annual rental income of CHF 375,000. continually renovating its properties in line with the and a rise in the dividend distributed of natural rotation of tenants and making targeted more than 20% (CHF 2.68 vs 2.19).
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