immo!nvest – Die Plattform für Standorte und Immobilien

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  • Stagnation characterises the construction industry

    Stagnation characterises the construction industry

    From January to September 2024, the construction industry generated nominal sales of CHF 17.5 billion, an increase of 0.6 per cent compared to the previous year. Adjusted for inflation, however, there was a decline of 0.5 per cent. While civil engineering increased by 2.6 per cent in real terms, building construction recorded a decline of 3.4 per cent.

    Declining incoming orders
    Incoming orders fell by 2.5 per cent in real terms to CHF 17.3 billion. In building construction in particular, rising interest rates, higher construction costs and a shortage of public funds led to a noticeable decline. Only civil engineering was able to achieve an increase in orders in both the public and private sectors.

    Falling order backlog
    The order backlog in the main construction sector shrank by 3.7 per cent to CHF 14.9 billion by the end of September 2024. This corresponds to an order backlog of around 7.7 months. The entire industry is facing a gloomy outlook: While civil engineering is expected to remain stable, residential construction is not expected to grow again until the third quarter of 2025.

    Noticeable decline in employment
    The uncertainties are having an impact on employment. The number of full-time positions in the sector fell by 4.0 per cent to 89,000 employees. Despite the Swiss National Bank’s key interest rate cut from 1.75 to 1.0 per cent in 2024, the effect will be delayed.

    Construction activity in Switzerland is stable, but characterised by stagnation and challenges. Developments in residential construction in particular will be decisive in providing the urgently needed impetus for renewed growth.

  • Property developer reduces profits to strengthen future investments

    Property developer reduces profits to strengthen future investments

    SitEX Properties Holding AG generated gross sales of CHF 10.86 million in the first half of the year, the Schwyz-based property development company announced in a press release. In the same period last year, gross sales totalled 32.70 million Swiss francs. Net profit after tax fell from CHF 7.34 million to CHF 1.51 million in the same period.

    “Over the past ten years, sitEX has been fortunate enough to achieve profitable half-year and annual results without exception,” CEO Beat Kähli is quoted as saying in the press release. However, the company, which specialises in real estate in Switzerland and the USA, is currently “in an investment phase, which is why only small profits could be achieved compared to previous years”. According to Kähli, sitEX currently has a development pipeline totalling more than CHF 5 billion. This “secures the basis for future sustainable profits”, according to the company boss.

    In recent years, sitEX has distributed around CHF 60 million of its profits to shareholders. This year and next, however, the company intends to concentrate on repaying liabilities and investments, explains Christoph Stutz, Chairman of the Board of Directors of sitEX.

  • Holcim posts record high profitability

    Holcim posts record high profitability

    Holcim generated sales of 12.81 billion Swiss francs in the first half of 2024, the globally active Zug-based building materials group announced in a press release. This corresponds to a year-on-year decline of 1.9 percent. In local currencies, growth of 1.6 percent was achieved.

    The recurring operating result at EBIT level increased by 8.1 per cent year-on-year to CHF 2.21 billion. The corresponding margin increased from 15.6 to 17.2 per cent. A record-high margin of 23.2 per cent was even achieved for the second quarter of 2024.

    Group profit before impairments and disposals rose by 7.5 per cent to CHF 1.38 billion. By contrast, net profit fell by 3.4 percent to CHF 1.22 billion. In the half-year under review, Holcim made eleven acquisitions and sold four parts of the Group.

    Holcim can also point to successes in terms of sustainability. For example, CO2 emissions in relation to sales were 7 per cent lower in the reporting period than in the previous year. In addition, Holcim’s low-emission cement ECOPlanet already accounted for 26 percent of Group-wide cement sales. The share of low-emission concrete ECOPact reached 28 percent. At the end of 2023, the share of the two sustainable products was still 19 percent each. “Our leading sustainable construction solutions – from the low-CO2 concrete ECOPact to the energy-efficient Elevate roof systems – make us the partner of choice for major projects, such as in the infrastructure sector or in the construction of data centres,” Holcim CEO Miljan Gutovic is quoted as saying in the press release.

  • Services burden BKW’s result

    Services burden BKW’s result

    According to a press release, BKW achieved the second-best financial year in its history in 2023. With revenue of CHF 4,598 million, the Bern-based energy supplier achieved earnings before interest and taxes of CHF 620 million and a net profit of CHF 488 million. Sales are thus 12 per cent below the record year 2022, but 29 per cent above 2021. The result and profit were similar: net profit in 2023 was 40 per cent below that of 2022 and 76 per cent above that of 2021.

    The result is primarily driven by the Energy business division. According to the annual report, this contributed a total of CHF 535 million to the result with a total operating performance of CHF 2,953 million, a decrease of 24 per cent in output and 40 per cent in profit. Investments in the Energy business division rose from CHF 147 million to CHF 276 million.

    With a total output of CHF 540 million, the grids delivered a result of CHF 147 million, an increase of 5 per cent in output and 0.6 per cent in the result. Investments rose from CHF 113 million in 2022 to CHF 136 million in 2023.

    Sales of services rose by 4 per cent to CHF 1,838 million in 2023. The business division reported a loss of 40 million francs. In the previous year, it had still posted a plus of 53 million francs. The result was burdened by depreciation and impairments totalling 132 million francs. Investments fell from CHF 333 million to CHF 75 million. BKW aims to sustainably increase the profitability of the business area by the end of 2024. It is also examining sales and acquisitions.

  • Sika generates record sales

    Sika generates record sales

    Sika generated record sales of 11.24 billion Swiss francs in the 2023 financial year, the global speciality chemicals company for construction and industry announced in a press release. This corresponds to year-on-year growth of 7.1 per cent. In the press release, Sika emphasises the former construction chemicals business of the BASF Group acquired in the previous year as a growth driver. Due to the successful integration of the MBCC Group, Sika anticipates annual synergy effects totalling 180 to 200 million Swiss francs.

    All regions also contributed to the record sales with double-digit growth rates in local currencies. At 15.2 per cent, sales in local currencies grew most strongly in the Asia/Pacific region. In the EMEA and Americas regions, growth rates of 14.8% and 14.9% respectively were realised. The Global Business segment increased its sales in local currencies by 10.0 per cent. Strong devaluations of almost all currencies against the Swiss franc resulted in a negative currency effect of 7.4 per cent.

    “Sika has once again demonstrated its resilience over the past twelve months,” said Thomas Hasler, CEO, in the press release. “Thanks to our well-functioning business model, high innovative strength and the great commitment of our 33,000 employees worldwide, we have grown strongly and gained market share even in a challenging year.” Sika will communicate the full report for the financial year 2923 on 16 February.

  • WWZ expands district heating business

    WWZ expands district heating business

    The WWZ Group is observing rising demand for district heating and cooling. The corresponding business area increased its sales by 15 per cent year-on-year in the first half of 2023, the Zug-based energy, telecoms and water supplier informs in a statement. In the half year under review, the group was able to connect further properties to its Circulago and Ennetsee energy networks.

    In the future, WWZ plans to further expand this promising business area. A feasibility study for a heating network has already been carried out in Steinhausen, and the group is currently working on a feasibility study with the municipality of Baar. Investments in district heating and district cooling did “temporarily lead to higher operating costs, but the investments will pay off in the medium term with stable cash flows”, writes WWZ.

    In the first half of 2023, the expansion of the district heating and district cooling business also increased the company’s operating costs by almost 4 per cent. The operating result nevertheless increased by 27 per cent to CHF 13.6 million. The background to this is a year-on-year increase of 24 percent to 166.5 million Swiss francs in net revenues from deliveries and services. At 15.7 million Swiss francs, net profit was 8.4 million Swiss francs higher than in the first half of 2022.

  • Holcim acquires German company Cooper Standard

    Holcim acquires German company Cooper Standard

    Holcim has completed the acquisition of Cooper Standard Technical Rubber GmbH in Mannheim, Germany, according to its media release. Its highly durable technical rubber products are used for roofing systems. The company reportedly has an innovative research and development department, a state-of-the-art production facility and an experienced team of 130 employees.

    This acquisition is expected to drive further growth of Holcim’s roofing business across Europe. “By expanding our range of roofing systems, we can play a greater role in providing innovative and sustainable solutions for energy-efficient buildings and contribute to the European Union’s Green Deal,” Jamie Gentoso, Global Head, Solutions & Products, is quoted as saying.

    Holcim sees the German firm’s “innovation-driven approach” as an “excellent complement” to its existing umbrella business. With its strategic location in the Rhine-Neckar region, it complements other recent roofing and insulation acquisitions, he said.

    The business will be expanded under the new name Holcim Technical Solutions & Products GmbH. As part of its “Strategy 2025 – Accelerating Green Growth”, Holcim aims to expand the Solutions & Products business to 30 percent of Group net sales by 2025 “and move into the most attractive segments of construction – from roofing systems to insulation and renovation”.

  • Energiedienst Group grows profitably

    Energiedienst Group grows profitably

    Energiedienst Holding AG generated operating income of CHF 973 million in the first half of 2023. In a year-on-year comparison, this corresponds to growth of around 30 per cent, the Swiss-German public limited company informs in a statement. Positive sales development and increased electricity prices are cited there as the background for the positive development.

    At 81.6 million euros, the operating result at EBIT level was close to the previous year’s figure. In the first half of 2022, the company had recorded a positive valuation effect from the personnel provision in the amount of 48 million euros here. Adjusted for this effect, an increase of 34.3 million euros to 77.3 million euros was realised, writes the Energiedienst Group. The net profit of 68.7 million euros was 16.8 million euros lower than in the previous year. For the year as a whole, the company expects an adjusted EBIT of around 100 million euros.

    All of the Group’s business areas contributed to the increase in turnover and adjusted operating profit. In the Customer-Oriented Energy Solutions segment, the contribution to EBIT was 1.4 million euros higher than in the previous year at 3.4 million. The end customer business of photovoltaics in Switzerland proved to be the main growth driver here.

    In the largest business division, Renewable Generation Infrastructure, the contribution to EBIT increased from CHF 21.4 million to CHF 65.4 million. Here, the Group attributes the good development to an overall improvement in electricity production from hydropower and the increased marketing level of generation.

  • Holcim looks back on an excellent half year

    Holcim looks back on an excellent half year

    Holcim generated sales of CHF 13.07 billion in the first half of 2023, the globally active Zug-based building materials group informed in a statement. This corresponds to a year-on-year decline of 11.0 percent. On an organic basis, growth of 7.4 percent was achieved, Holcim writes.

    Holcim reported a recurring operating result at EBIT level of CHF 2.04 billion for the reporting period. In the same period of the previous year, the figure was CHF 2.17 billion. The organic growth is put at 13.4 percent in the statement. The margin on operating profit increased by 0.8 percentage points year-on-year to 15.6 per cent. In the second quarter of 2023, a margin of 21.1 per cent was realised. Earnings per share increased by 15.3 per cent year-on-year to a record 2.19 Swiss francs. The company describes the first-half results as “outstanding”.

    “We are on track to achieve industry-leading margins in the 2023 financial year,” Jan Jenisch, Holcim’s chairman and CEO, was quoted as saying in the statement. “This confirms Holcim’s strong position in all markets where our leading sustainable construction solutions and brands deliver above-average profitability and growth.”

    In the half year under review, Holcim invested CHF 1.8 billion in 18 acquisitions. In addition, the company continued its expansion in the North American market, the statement said. According to it, Holcim has already been awarded more than 70 infrastructure projects in the US for the period 2023 to 2026.

  • Master Builders’ Association counters shortage of skilled workers

    Master Builders’ Association counters shortage of skilled workers

    The Swiss Association of Master Builders(SBA) expects a growing shortage of skilled workers in the construction industry. It has therefore commissioned a “Study on the Long-Term Development of the Economy and Skilled Workers in the Main Construction Industry” from the Competence Centre for Demographics, the association informs in a press release. According to the study, which was presented at the end of June at the Construction Industry Day in Lugano, the shortage of skilled workers, measured in terms of construction volume, could reach about 16 percent by 2040. This would cause annual turnover losses of up to CHF 800 million and thus endanger jobs in the construction industry.

    In Lugano, however, SBC Central President Gian-Luca Lardi also pointed out possible solutions. “If we increase turnover per capita by 0.5 per cent annually, we can make up for 50 per cent of the shortage of skilled workers,” Lardi is quoted as saying in the press release from his address at the industry’s traditional networking event. According to the association, this increase in productivity should mainly be achieved through digitalisation and innovation. At the same time, Lardi suggested “training more apprentices, keeping skilled workers in the profession longer and ultimately recruiting more lateral entrants”. In this way, the other half of the gap could be closed, according to the Central President.

  • Siemens sales in Switzerland increase significantly

    Siemens sales in Switzerland increase significantly

    The comprehensive digital product and solution portfolio is the main driver for Siemens’ positive business development in Switzerland. “With our technology, we connect the digital world with the real world,” says Matthias Rebellius, who is responsible for Switzerland on the global Siemens Managing Board. “The new digital business platform Xcelerator enables our customers to massively accelerate their digital transformation. Digital solutions are also the key to an efficient energy supply or to making building and industrial infrastructure more sustainable,” explains Rebellius.

    Gerd Scheller, Country CEO of Siemens Switzerland, is satisfied with the course of business and looks to the future: “With the development of modern digital solutions, many job profiles are changing. Here we are focusing on the training and development of our employees and also investing in the next generation.” In the current fiscal year, Siemens has greatly expanded the so-called “Kids Coding Days”. By the end of the year, around 400 children in Switzerland will have completed such an introduction to the world of programming. “The feedback from pupils and parents on the events already held is very positive,” says Gerd Scheller. Another example is the Siemens Excellence Award, in which the best diploma theses from Swiss universities of applied sciences are awarded an attractive prize.” More than 3,500 people took part in the first-ever public voting. As part of its Generation21 education programme, Siemens is also involved in numerous other support projects in Switzerland, especially to promote women in technical professions.

    Siemens is present in all parts of the country and at over 20 locations and has a strong market position in building technology and energy distribution (Smart Infrastructure) in industry (Digital Industries) as well as in the software business for industrial customers (Siemens Digital Industries Software). Siemens also has a leading market position in Switzerland in railway technology (Siemens Mobility). The independent companies Siemens Energy and Siemens Healthineers are present in Switzerland as leading providers of power generation and medical technology respectively.

    The global activities of Siemens Smart Infrastructure (SI) are managed from the headquarters in Zug. Matthias Rebellius is CEO of this global business with over 72,000 employees. The SI headquarters, which employs around 1700 people, will be completed next autumn. In recent years, the company has invested a total of CHF 250 million in the new Siemens campus, which will be operated in a climate-neutral manner.

  • Schindler grows in the first quarter

    Schindler grows in the first quarter

    Schindler generated global sales totaling CHF 2.80 billion in the first quarter of 2023. This corresponds to year-on-year growth of 6.2 percent, the Lucerne-based lift manufacturer said in a statement. At 2.89 billion Swiss francs, however, incoming orders were 8.7 per cent lower than in the first quarter of 2022.

    “Delays at construction sites and the uncertainty on the international capital markets are having an increasingly negative impact on the real estate sector, despite strong demand in the residential construction sector,” Silvio Napoli, Chairman of the Board of Directors and CEO of Schindler, is quoted as saying in the release. “Even in this challenging environment, Schindler achieved sales growth in all regions and product lines.”
    The operating result at EBIT level increased year-on-year from CHF 211 million to CHF 282 million. Adjusted for the sale of the former factory site in Suzhou, net profit of CHF 186 million was 29.2% higher than in the same quarter of the previous year.

    In the same press release, Schindler also announced a change in the Group Executive Committee. The newly appointed Chief Technology Officer Donato Carparelli will replace Karl-Heinz Bauer, who is retiring.

    At the end of March, Schindler also won a lawsuit that had been ongoing for almost ten years. The background to the case is the capital increases at Hyundai Elevator, which were carried out against the wishes of shareholder Schindler. The Supreme Court of the Republic of Korea ruled in favour of Schindler in the liability suit against various members of the Board of Directors of Hyundai Elevator, according to the statement.

  • Sika holds its own in a challenging environment

    Sika holds its own in a challenging environment

    In the first quarter of 2023, construction activity in the regions developed weaker than in the same period of the previous year. The causes are higher inflation, interest rate increases and the war in Ukraine. This is countered in the construction sector by the megatrend of climate change, which has heralded a paradigm shift in the industry. Solutions for lower CO2 emissions and for conserving resources in construction are increasingly in demand. Demand for industrial solutions, especially in the automotive sector, has developed positively. Sika is ideally positioned with its technologies in both markets to offer solutions that reduce customers’ carbon footprint.

    MBCC ACQUISITION ON THE TARGET STREET
    The MBCC acquisition is on the home stretch. In the first quarter of 2023, Sika signed a purchase agreement with private equity firm Cinven for parts of the MBCC admixture business. In 2022 this MBCC admixture business generated sales of approximately CHF 920 million. The acquisition is expected to close in the first half of 2023. The acquisition of MBCC is significantly value-enhancing. Together with MBCC, Sika will further expand its growth platforms. Annual synergies of CHF 160-180 million are expected.

    OUTLOOK FOR 2023
    For the current businessyear Sika is confident that the strategy of sustainable and profit-oriented growth can be successfully continued even in a challenging economic environment. With innovative technologies Sika is the preferred partner of many customers in the construction and industrial sectors. These sectors are strongly influenced by the megatrend of climate change as well as by increasing automation, digitalisation and easy-to-apply products.

    For the business year 2023 Sika expects sales growth in local currencies of 6-8% as well as a disproportionately high increase in EBIT (excluding the impact of the MBCC acquisition).

  • Prices drive revenue growth at dormakaba

    Prices drive revenue growth at dormakaba

    According to a statement from dormakaba, the globally active locking technology group from Glattal generated sales totalling CHF 1.42 billion in the first half of the 2022/23 financial year, which ended on 31 December 2022. This corresponds to year-on-year growth of 5.2 percent. Organic growth is put at 8.0 per cent in the press release. It was mainly generated by price increases, explains dormakaba.

    The adjusted operating result at EBITDA level was 4.6 percent below the previous year’s value at 184.6 million Swiss francs, and the corresponding margin fell from 14.3 to 13.0 percent. Similar losses were recorded in net profit. At 84.9 million francs, it was 15.7 million francs lower than in the same semester last year. The company attributes the decline in profitability to higher operating costs, a change in product mix and low volume growth in sales.

    “Dormakaba has consistently continued on its path of successive improvement,” CEO Jim-Heng Lee is quoted as saying in the statement. “Although this is a good result, there is still much to be done.” Here, dormakaba is putting the focus on improving profitability. “In the second half of the 2022/23 financial year, we will focus on measures to reduce the cost base across the company, increase efficiency and improve our operational performance,” Lee explains.

  • Material prices dampen growth in the construction industry

    Material prices dampen growth in the construction industry

    More is being built in Switzerland again: In the second quarter of 2022, sales in the main construction trades rose by around 6 percent year-on-year to CHF 6.1 billion. Incoming orders meanwhile increased by 12 percent to 6.4 billion Swiss francs. The figures come from the current construction index of Credit Suisse and the Swiss Builders' Association ( SBV ).

    However, according to the report, the growth will be put into perspective by the “sharp price increases” for many building materials and a “significant increase” in energy and transport costs. For example, the prices of probation bars have risen by 87 percent and those of plastic pipes by 19 percent compared to the same quarter of the previous year. Meanwhile, diesel was around 45 percent more expensive in the second quarter of 2022 than a year ago.

    Because sales have risen less than costs, the already low profit margin of 2 to 3 percent has now fallen even further, according to the report. In addition, the SBV expects the Swiss National Bank to raise interest rates further by the end of the year. As a result, sales in the main construction trades are likely to grow more slowly in the medium to long term. In the short term, the report assumes an 8.9 percent increase in sales in the third quarter of 2022 compared to the same quarter in the previous year.

  • Investis grows profitably

    Investis grows profitably

    Investis generated total sales of 216 million francs in the 2021 financial year, the Zurich-based real estate group, which specializes in apartments in the mid-price segment in the Lake Geneva region, announced in a press release. In a year-on-year comparison, this corresponds to growth of 21 percent.

    The operating result at EBITDA level before revaluations increased by 18 percent to CHF 54 million in the same period. Operating profit at EBIT level increased by 73 percent to CHF 235 million. This includes a gain from revaluation effects of CHF 184 million.

    At CHF 235 million, net profit was CHF 99 million higher than in 2020. The real estate portfolio was valued at CHF 1.735 billion at the end of 2021. At the end of 2020, 1.490 billion Swiss francs were reported.

    Stéphane Bonvin, CEO of Investis Group, said he was “very proud of everything that has been achieved since our IPO in 2016”. “All of the targets we set for the IPO were exceeded.” According to Bonvin, both the real estate business and the real estate services business contributed to the good developments.

    For the near future, Investis assumes that demand for apartments in the Lake Geneva region will increase and prices will rise as a result. Here the group intends to further optimize its real estate portfolio in the current year. Digitization is to be promoted in the Real Estate Services division.

  • Holcim achieves record profit

    Holcim achieves record profit

    Holcim was able to grow strongly in the third quarter of the current year, according to a press release . Net sales rose by 12.9 percent to 7.29 billion Swiss francs. Recurring operating profit (EBIT) rose 6.2 percent to 1.53 billion Swiss francs, setting a new record.

    Holcim achieved strong growth in the North America region, for example. There, net sales rose in the third quarter by 27 percent to 2.3 billion francs. In the Middle East and Africa region, net sales rose by 8.5 percent to 653 million Swiss francs. In Latin America it rose by 8.4 percent to 675 million Swiss francs. Net sales in Europe climbed 8.4 percent to 2.15 billion, while those in the Asia-Pacific region rose 4.7 percent to 1.4 billion Swiss francs.

    Holcim assumes that the dynamic growth will continue in all regions. Firestone Building Products, the acquisition closed in late March, has net sales expected to grow double-digit in 2021.

    "The strategic reorganization of our portfolio is gaining momentum, with the divestment of our business in Brazil, the announcement of nine add-on acquisitions so far this year and the expansion of our Firestone GacoFlex range from Mexico to Colombia and Ecuador," said CEO Jan Jenisch in the Quote message.