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Corporate News

TrustStone: decline in net profit due to extraordinary expenses, good outlook for the coming financial years

28.06.24

TrustStone: decline in net profit due to extraordinary expenses, good outlook for the coming financial years

The unlisted real estate SICAV TrustStone real estate SICAV (“TrustStone”) closed its 2023/24 financial year with a net profit of CHF 804,631, which is down (-31.9%) on the previous year due to extraordinary expenses. A second dividend of CHF 0.60 will be distributed on 30.07.2024. Rental income increased in the financial year. The expected improvement in the economic environment, the completion of the renovation and extension projects and the reduction in vacancies allow an optimistic outlook for the coming financial years.

The market value of the fund’s properties was CHF 115.5 million as at 31 March 2024 (+9.3% compared to 2023). The weighted discount rate averaged 4.10% (compared to 4.07% in the previous year) for the entire portfolio and remained unchanged thanks to a conservative valuation policy.

Rental income now totals CHF 4.3 million compared to CHF 3.7 million (+15.4%) in the previous year. This increase is due to an acquisition during the year (+8.7%), the reduction in the vacancy rate, the impact of the increases in the reference interest rate and the consumer price index on rents (+4.5%) and the full-year receipt of rents from the properties acquired in the previous year 2022/23 (+2.2%).

The costs for maintenance and repairs fell from 10.4% of rental income in 2022/23 to 9.3% in 2023/24, totalling CHF 402,127.

Running costs, which include overheads (caretaker, electricity, heating, water, maintenance contracts and insurance), rose slightly from 8.0% to 10.2%.

On the other hand, extraordinary expenses in connection with the recognition of heating bills for the three previous financial years for the building in Etoy and the creation of provisions for accounts receivable had an impact of CHF 676,967 on the result.

The energy-related renovation work and the increase in floor space were financed with borrowed capital, which increased the debt ratio from CHF 28.6 million to CHF 32.4 million (debt factor of 28.01%). The weighted average cost of debt rose from 1.67% to 1.81% as at the end of March 2024.

As the energy transition is a major challenge for property owners, the SICAV carries out energy monitoring of its properties. From the financial year 2023-24 onwards, the SICAV will publish the environmental indicators used by the property funds. The ongoing energy renovation work for the buildings in Renens/VD and Pully/VD will be completed by the end of the next financial year and will support efforts to reduce CO2 emissions and the heating cost index (HKI).

The completion of the development projects in Muttenz/BL and Renens/VD, scheduled for 2027 and 2026, will significantly increase the SICAV’s rental income and continue the transition of the current portfolio to a predominantly residential property portfolio.

The annual report can be found here (under “Documents”).

Annual General Meeting: Monday, 22 July 2024. Holders of registered shares must register their attendance with the fund management company by 12 July 2024 : secretariat@solutionsandfunds.com

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