EQS-News : Infracore SA - Company specialized in healthcare infrastructure - Annual Report 2020

EQS Group-News: Infracore SA / Key word(s): Annual Results 
Infracore SA - Company specialized in healthcare infrastructure - Annual Report 2020 
2021-04-21 / 17:40 
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Press release 
Fribourg, 21 April 2021 
Infracore SA - Company specialized in healthcare infrastructure - Annual Report 2020 
Infracore has increased its rental income to CHF 57.2 million and its EBITDA margin to 94.4% 
Infracore achieved a satisfactory result in 2020 with rental income up by 24.2% to CHF 57.2 million (2019: CHF 46.1 
million) following the acquisitions of properties in Geneva and Bern as well as major renovations in Rothrist. In 2020, 
Infracore granted a rent waiver to its main tenant Swiss Medical Network, in the context of the federal ban on elective 
surgery during spring 2020. Rental income after the Covid-19 rent reduction amounted to CHF 48.4 million (2019: CHF 
46.1 million). 
In a stable market environment, revaluation gains amount to CHF 1.7 million (2019: CHF 4.2 million). Efficient 
structures, a lower real estate cost/income ratio and reduced administration costs resulted in an EBITDA (before 
Covid-19 reduction) of CHF 54.0 million (2019: CHF 45.4 million), corresponding to a margin of 94.4% (2019: 98.6%). 
When considering the rent reductions, EBITDA reached CHF 45.2 million and remained stable compared to 2019. Net profit 
amounted to CHF 34.0 million (2019: CHF 31.6 million). Infracore will distribute a slightly higher dividend of CHF 2.75 
per share. 
Change in shareholder structure 
In late 2020, Medical Properties Trust, Inc. (MPT), a New York Stock Exchange-listed company specialized in acquiring 
and managing healthcare facilities, increased its stake in Infracore by acquiring the 30% stake held by Baloise Group. 
Part of the share-capital was converted into non-voting equity shares, in order to maintain the shareholder balance 
between MPT and AEVIS VICTORIA SA (AEVIS). As a result, Infracore is now jointly controlled by its two shareholders. 
High-yielding asset portfolio further enhanced 
Infracore's portfolio was further strengthened in December 2020 with the acquisition of the Privatklinik Belair 
building in Schaffhausen (rental area: 3'303 sqm). Infracore's portfolio now consists of 39 high-quality properties 
(development projects included) on 17 sites, representing a rental surface of 184'199 sqm. As at 31 December 2020, the 
portfolio was valued at CHF 1.1 billion. Over the past twelve months, revaluation gains amounted to CHF 1.7 million 
(2019: CHF 4.2 million). All properties are in very good condition, with no capex backlog. Most of the buildings are 
leased under very long-term indexed leases with a WAULT (weighted average unexpired lease term) of 23.2 years. The 
current vacancy rate of 1.0% is only temporary and due to renovation works in some buildings. 
Strong financial position 
Total assets increased slightly to CHF 1.1 billion, while long-term financial liabilities, mainly mortgages and a CHF 
100 million bond, reached CHF 517.3 million. The terms of the bond were improved (reduction of the interest rate to 
1.3% as of 01.01.2021 and extension of the maturity date to 31.12.2023), which will allow Infracore to reduce its 
financial costs and increase its flexibility. The equity ratio increased to 43.8% (2019: 43.6%) and the loan-to-value 
ratio remained low at 47.0%. Net asset value before deferred taxes amounted to CHF 593.3 million (2019: CHF 589.0 
million). 
Distribution to shareholders 
The Board of Directors proposes a distribution to the shareholders of CHF 31.9 million, or CHF 2.75 per share. 
Outlook 2021 
It is estimated that over CHF 20 billion will have to be invested in the Swiss hospital landscape over the next few 
decades. Infracore will continue to pursue its growth strategy in Switzerland, both in the private and in the public 
sector (through public-private partnerships). With its know-how in hospital renovations and conversions, its financial 
strength and its broad network, Infracore is uniquely positioned. Infracore's rental income is expected to increase 
slightly in 2021 and EBIT excluding revaluations should be in excess of CHF 50 million. 
The Annuel Report 2020 can be downloaded with the following link: 
https://www.infracore.ch/_media/2021/04/ar_2020.pdf 
For more information: Media & Investor Relations: c/o Dynamics Group, Zurich 
Philippe R. Blangey, [e-mail], [phone] 
Infracore SA: [e-mail], [phone] 
About Infracore SA 
Infracore SA is a company dedicated to hospital and health infrastructures. Its real estate portfolio consists of 39 
quality properties (development projects included) situated on 17 prime locations across Switzerland, representing a 
total rental surface of 184'199 sqm. The market value of Infracore's portfolio is estimated at CHF 1.1 billion. 
Infracore is positioning itself as a partner of public or private institutions for real estate investments and intends 
to play a key role in the reshaping of the Swiss hospital landscape. www.infracore.ch 
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End of Media Release 
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Language:     English 
Company:      Infracore SA 
              Rue Georges-Jordil 4 
              1700 Fribourg 
              Switzerland 
Phone:        [phone] 
E-mail:       [e-mail] 
Internet:     www.infracore.ch 
ISIN:         CH0467966740 
EQS News ID:  1187318 
 
End of News   EQS Group News Service 
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1187318 2021-04-21

 
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April 21, 2021 11:41 ET (15:41 GMT)