Investment Foundation - Annual Report 2014

Transcription

Annual Report
2014
Helvetia Investment Foundation.
Your Swiss Investment Foundation.
1/44 | Annual Report 2014 – Helvetia Investment Foundation
Table of contents and imprint.
4Global continuation of expansionary
monetary policy
6
Swiss Shares index-linked with
financial statements
8
Global Shares index-linked with
10
Swiss Bonds index-linked with
12
Global Bonds index-linked with
14
LOB-Mix with financial statements
16
LOB-Mix Plus 25 with financial statements
18
LOB-Mix Plus 30 with financial statements
20
Swiss Real Estate with financial statements
23
Financial statements for capital stock
24
Appendix to financial statements
34
Official valuation certificate of
the valuation expert
40
Auditor’s report
The annual report and the quarterly reports of Helvetia Investment
Foundation are available in German, French and (electronically only)
also in Italian and English. If the English version diverges from the
original German version, the German version is binding.
If required, these documents can also be downloaded from the internet
at www.helvetia-anlagestiftung.ch/en (under: Information/Brochures
and downloads).
For further information and orders please contact the publisher of
this document.
Copyright © 2015
Helvetia Investment Foundation, Basel
Helvetia Investment Foundation is a company of
Helvetia Insurance.
Global continuation of expansionary monetary policy.
On balance, pleasing results were achieved in 2014 with
financial investments. Despite the very low returns, yields
from investments in bonds were even in the double-digit
figures in some cases. This trend, which was largely unexpected at the start of the year, is due to the continued
expansionary monetary policy in most of the developed
industrialised nations. Even in the USA the monetary policy was more expansionary than had been generally
anticipated, although the Fed stopped its monthly bond
purchases completely towards the end of the year. The
disappointing global economic trend, especially in the
Eurozone and in Japan, as well as the further fall in inflation worldwide are the main reasons for this expansionary monetary policy and the virtually universal increase in
bond prices. The huge collapse in oil prices reinforced this
trend, leading to a further decrease in the already very
low inflation rates. The ECB and the SNB responded to
this at the end of the year by further relaxing their already
highly expansionary monetary policy. Subsequently,
yields for shorter maturities slipped into negative territory
and yields for longer maturities fell to new record lows.
On the equity markets, performance was also pleasing
overall. Nevertheless, the differences in yield development were considerable based on the respective local currencies. While double-digit gains were generated with
shares on the Swiss stock market (+11.63%) and on Wall
Street (+12.69% = MSCI total net return in local currency),
price development in the UK was disappointing with a
small plus of 0.50%. In the emerging markets the differences were even greater (China +51.46% Shanghai
Composite Index and India +24.37% MSCI India – both
in local currency). By contrast, price development in Russia
was disappointing, with a minus of 8.88% (MSCI Russia
local currency). This was the result of the sanctions imposed on Russia because of the Ukraine conflict and the
huge collapse in the price of oil.
The price development of shares was particularly volatile
in 2014 and was subject to strong fluctuations. The conflict in Ukraine had a detrimental effect, combined with
disappointing earnings statements by some joint-stock
companies, especially in the Eurozone. The further relaxation of monetary policy and the promised purchase of
bonds by the ECB counteracted these negative developments, leading to a further rise in share prices overall,
even in the Eurozone.
Substantial movements in currencies were posted in the
year under review, unlike in previous years. The most important was the appreciation of the US dollar against
the currencies of the large industrialised countries. At the
beginning of the year it was initially the Japanese yen,
which depreciated substantially against the US dollar as a
result of the massive easing of monetary policy by the Japanese central bank. In the second half of 2014 the euro –
and thus the Swiss franc in a more diluted form – started
to lose ground against the greenback. The euro and the
Swiss franc lost 13.3% and 11.4% respectively against
the US dollar in 2014. This was triggered by the expected
easing of the ECB’s monetary policy through the purchase
of bonds and the simultaneous further reduction in bond
purchases by the Fed. The increasing divergence in the
monetary policy of these two central banks reflects the differing strengths of the respective economies. On the one
hand, the USA appears to have finally overcome the consequences of the financial crisis; on the other hand, the
European Union is still suffering to a large degree.
At the end of the year, the SNB was forced to intervene
once again to defend the minimum rate of 1.20 francs per
euro. To avert speculative attacks, the SNB reduced central bank interest rates to negative levels. Despite the at
times massive interventions by the central bank throughout the year, the Swiss franc gained just under 2% against
the euro in 2014.
In the year under review 2014, Helvetia Investment
Foundation again closed the financial year with very positive results. The real estate portfolio was extended considerably. Investments in property and projects amounted to
CHF 91.8 million in 2014. In total, the investment volume
of Helvetia Investment Foundation increased by a further
32% in the year under review (CHF 584 million). Our investment groups also managed to achieve very good to
good results in 2014 based on the KGAST Performance
Comparison. Fourteen leading positions in the top three
were achieved by five out of eight investment groups of
Helvetia Investment Foundation in the KGAST comparison
over different periods.
General investors’ meeting on 28.04.2014
The general investors’ meeting approved the Annual Report
2013 and discharged the responsible executive bodies.
Thanks
My thanks to all investors who continued to place their
considerable trust in us in 2014. I would also like to thank
the Board of Foundation and the members of the Securities
and Real Estate Investment Commissions for their valuable
co-operation in the relevant executive bodies. The successful further development of Helvetia Investment Foundation
is also a product of the commitment of all employees, and
I would like to thank all those involved.
Donald Desax
Chairman Board of Foundation
Swiss Shares index-linked.
Economic downturn in the Eurozone and the weak euro
have a negative effect.
The Swiss equity market generated a yield of 13.0% in
2014, which was higher than the performance achieved
by Global Shares (MSCI All Country Index TR Net local
currency) of 9.3%. Compared with the prior year, which
recorded an unusually high increase in value of 24.6%,
the price development was rather disappointing. This was
due to an unsatisfactory economic trend in the Eurozone,
which is the key Swiss export market with a share of 55%.
The weakness of the euro compared to the Swiss franc,
which was kept above the minimum rate of 1.20 thanks
only to interventions by the SNB, left its mark on corpor
ate balance sheets. The appreciation of the US dollar in
the second half of the year only partially compensated for
this. This was also reflected in the earnings statements of
Swiss companies, which only partly lived up to expect
ations in 2014. Compared with the Eurozone and the UK,
the results on the Swiss equity market were very good, as
both equity markets fell sharply against the Swiss equity
market with yields of 4.3% and 0.5% respectively.
Portfolio structure
31.12.2014
31.12.2013
Health
36.4%
33.4%
Consumables
25.5%
25.5%
Financial services
18.6%
19.2%
Industrial companies
12.2%
12.9%
Primary products
4.2%
4.4%
Other
3.1%
4.6%
Performance
2014
2013
Swiss Shares index-linked
12.2%
24.0%
Benchmark1
13.0%
24.6%
1
Swiss Performance Index.
Price development since launch
650
SPI
550
450
350
250
150
50
09/1993
09/1996
09/1999
09/2002
09/2005
09/2008
09/2011
09/2014
31.12.2014
Balance sheet
31.12.2013
in CHF
049.91
183.47
635.61
868.99
in CHF
Bank deposits
Swiss shares
Other Assets
Total fund Assets
172
80 894
177
81 243
21
88 635
136
88 793
124.64
904.59
950.47
979.70
./. liabilities
Net fund Assets
–98 769.54
–90 555.63
81 145 099.45
88 703 424.07
Adjustment to net fund Assets
Net fund Assets at beginning of the year under review
./. distribution to owners of entitlements
Issuance of entitlements
Redemption of entitlements
Total profit
Net fund Assets at the end of the year under review
88
–2
3
–18
10
81
703
870
404
130
038
145
Income statement
Income from bank deposits
Income from shares
Other income
Purchase of current income upon issuance of entitlements
Total income
424.07
651.40
706.60
600.30
220.48
099.45
71
–2
3
–2
17
88
764
180
884
070
304
703
669.45
190.85
384.11
234.75
796.11
424.07
2014
2013
in CHF
in CHF
2 715
61
76
2 853
–
405.00
270.90
564.95
240.85
2 493
8
77
2 580
0.69
851.99
625.55
750.37
228.60
Interest due
Asset management expense
Other administrative expense
Credit to current income for redemption of entitlements
Total expenses
Net income
–118
–277
–415
–811
2 041
–49.87
642.18
962.05
257.30
911.40
329.45
–86
–275
–26
–388
2 191
–
883.37
850.05
258.16
991.58
237.02
Realised capital profits
Realised result
6 778 623.46
756 167.92
8 819 952.91
2 947 404.94
Unrealised capital profits
Total profit
1 218 267.57
14 357 391.17
10 038 220.48
17 304 796.11
Appropriation of profit (decided by Board of Foundation)
Net income for financial year
Possible capital profits for distribution
Correction in previous year
Profit available for distribution
Capital profits scheduled for distribution to investors
Net income scheduled for distribution to investors
(Total distribution: 65 001.6215 entitlements at CHF 135.00)
Balance carried forward to new account
in CHF
2 041 329.45
6 778 623.46
12 127.96
8 832 080.87
–6 734 167.99
–2 041 050.92
56 861.96
Number of entitlements in circulation
As at the beginning of the year under review
Entitlements issued
Entitlements redeemed
As at the end of the year under review
Capital value per entitlement
+ accrued income of entitlement
Book value per entitlement
Units
77
2
–15
65
250.3479
944.3598
193.0862
001.6215
Units
75
3
–1
77
483.7552
743.1647
976.5720
250.3479
in CHF
in CHF
1 216.95
31.41
1 248.36
1 120.08
28.18
1 148.26
Global Shares index-linked.
Uneven development with significant fluctuations.
In 2014, double-digit investment results were achieved with
international investments in shares. The MSCI All Country
Index in local currency achieved an annual yield of just
under 9.3%, whereas our customised benchmark achieved
12.5%. Even better global price development was prevented by the weakness of equity markets such as the UK,
Brazil and Russia, but index heavyweights such as the
USA, China and India achieved very high price increases.
Share prices were subject to substantial fluctuations on the
global equity markets. Following price growth in the first
and second quarter, there was a huge price collapse towards the end of the third quarter. Economic pessimism
and, above all, deflationary worries owing to the collapse
in the price of crude oil were the cause. However, prices
recovered again strongly at the end of the year, as the
central banks introduced countermeasures and investors
used the drop in prices to build up their equity positions.
Moreover, the markets were given additional impetus from
increasing indications that the ECB would start a bond
purchasing programme (quantitative easing).
In the USA, Germany, Switzerland, China, etc. the indexes
even hit new historic highs. However, such results in share
indexes were still a remote prospect in the year under
review in Europe’s problem countries.
Country structure
31.12.2014 31.12.2013
USA
36.2%
35.0%
EMU
24.1%
25.5%
United Kingdom
14.8%
15.3%
Emerging markets
11.8%
11.4%
Japan
10.0%
9.8%
Pacific
3.0%
2.8%
Cash and cash equivalents
0.1%
0.2%
2014
2013
Performance
Global Shares index-linked
12.2%
19.5%
Benchmark1
12.5%
20.1%
1
Customised benchmark from MSCI country indexes pursuant to information
on page 27.
350
300
250
Customised benchmark
MSCI World;
since 30.06.2008
MSCI AC ex
Switzerland
200
150
100
50
0
09/1993
09/1996
09/1999
09/2002
09/2005
09/2008
09/2011
09/2014
31.12.2014
Balance sheet
31.12.2013
in CHF
in CHF
Bank deposits
Global shares
Total fund Assets
67 468.56
51 803 455.56
51 870 924.12
130 392.66
57 973 778.61
58 104 171.27
./. liabilities
Net fund Assets
–72 171.93
–62 283.64
51 798 752.19
58 041 887.63
58 041 887.63
–
490 615.40
–11 962 800.85
5 229 050.01
51 798 752.19
49 275 667.08
–
577 976.25
–1 340 858.60
9 529 102.90
58 041 887.63
2014
2013
Total profit
Income statement
Income from shares
Other income
Total income
Interest due
Total expenses
Net income
in CHF
1 442 669.55
57 986.60
60 384.60
1 561 040.75
in CHF
1 373
4
63
1 440
557.89
123.25
314.40
995.54
–432.87
–128 378.08
–177 053.65
–1 474 844.45
–1 780 709.05
–219 668.30
–169.36
–92 120.14
–179 383.15
–148 194.55
–419 867.20
1 021 128.34
1 265 458.80
–664 378.66
356 749.68
Realised capital profits/losses (–)
Realised result
1 045 790.50
Total profit
4 183 259.51
9 172 353.22
5 229 050.01
9 529 102.90
The total profit of the financial year is carried forward to a new account.
Entitlements issued
Units
Units
48 972.9849
460.4563
–10 478.2700
38 955.1712
49 689.1850
615.8711
–1 332.0712
48 972.9849
in CHF
in CHF
1 179.21
150.49
1 329.70
1 060.99
124.19
1 185.18
Swiss Bonds index-linked.
Investor focus is on long maturities.
In contrast to the prior year, an impressive investment result was achieved on the Swiss bond market in 2014, des
pite the very low yields at the start of the year. The SBI
AAA-BBB Domestic index gained 8.2%. Whereas in the
prior year the best investment results had been achieved
with corporate Swiss franc bonds, in 2014 the highest
price gains (more than 25%) were with very long matur
ities (30 to 50 years), which were only issued in significant numbers by the Confederation. As the returns for sixyear maturities had fallen to below zero by the end of the
year, investors were forced to switch to longer and longer
maturities to secure a positive yield to maturity.
Particularly at the end of 2014, the SNB was again
forced to make massive interventions on the foreign exchange market to defend the EUR/CHF level of 1.20. The
central bank’s interest rates were also reduced to – 0.25%
to maintain the minimum rate. This further relaxation of
the already very expansionary monetary policy by the
SNB and the extremely low inflation led to a further slide
in yields.
Issuer structure
31.12.2014 31.12.2013
Corporate bonds (financials)
34.4%
38.4%
Confederation
32.6%
32.1%
Corporate bonds (non-financials)
24.4%
21.6%
8.6%
7.9%
2014
2013
Cantons, municipalities
Performance
Swiss Bonds index-linked
7.7%
–2.5%
Benchmark1
8.2%
–2.6%
1
Swiss Bond Index Domestic AAA-BBB.
190
Swiss Bond Index Domestic AAA-BBB
170
150
130
110
90
01/2001
01/2003
01/2005
01/2007
01/2009
01/2011
01/2013
31.12.2014
Balance sheet
31.12.2013
in CHF
721.03
326.89
527.39
133.25
in CHF
Bank deposits
Swiss bonds
Other Assets
Total fund Assets
–4
52 860
234
53 090
–21
56 355
212
56 546
623.60
016.65
691.00
084.05
./. liabilities
Net fund Assets
–43 393.22
–42 837.57
53 046 740.03
56 503 246.48
56 503 246.48
–1 370 653.10
3 839 847.35
–9 999 344.00
4 073 643.30
53 046 740.03
51 410
–1 965
8 545
–226
–1 261
56 503
Total profit/loss (–)
2014
Income statement
620.78
468.75
968.39
333.90
540.04
246.48
2013
in CHF
in CHF
Income from bonds
Other income
Total income
1 468 617.78
17 113.60
31 134.95
1 516 866.33
1 439
8
99
1 547
Interest due
Total expenses
Net income
–417.11
–89 019.48
–121 073.55
–162 063.95
–372 574.09
1 144 292.24
–802.19
–72 942.14
–116 888.45
–3 276.65
–193 909.43
1 353 855.70
Realised result
176 430.73
–3 896.79
1 320 722.97
1 349 958.91
Unrealised capital profits/losses (–)
2 752 920.33
4 073 643.30
–2 611 498.95
–1 261 540.04
Balance carried forward from prior year
Entitlements issued
276.47
796.55
692.11
765.13
in CHF
1 144
176
9
1 330
–138
292.24
430.73
640.68
363.65
504.10
–1 155 478.86
36 380.69
Units
Units
53 711.1108
3 627.4135
–9 413.2293
47 925.2950
45 900.6939
8 026.2402
–215.8233
53 711.1108
in CHF
in CHF
1 082.74
24.12
1 106.86
1 026.77
25.21
1 051.98
Global Bonds index-linked.
New historic yield lows due to declining inflation.
An impressive investment result was also achieved on
the international bond markets in 2014, as the yields
for bonds moved down again due to declining inflation
worldwide and reached historically unprecedented lows.
The slump in crude oil prices from the middle of the year
accelerated the trend towards lower bond yields even
more, as a number of central banks continued to relax
their monetary policy or, like the US Fed, delayed increasing interest rates. In Germany, France, Denmark and other
countries, the yields of shorter-term bonds slipped into
negative territory, a development that had until recently
been considered out of the question. While in Germany
the annual performance was just into double-digit figures
at 10.4%, Italian and Spanish government bonds even
managed yields of 14.8% and 16.6% respectively. The
risk premium of these government debtors over Germany
was reduced, as the break-up of the Eurozone was considered increasingly unlikely following the measures taken
by the ECB. For US government bonds and Japanese government bonds the annual performance was below aver
age with an increase of 6.2% and 4.3% respectively. US
monetary policy became somewhat more restrictive over
the course of the year, and in Japan the already very
low bond yields prevented a better performance. Thanks
to the special composition of our benchmark, with a low
weighting of US and Japanese and a higher weighting
of Eurozone government bonds, the investment result was
more satisfactory than in the case of the standard index.
Currency structure
31.12.2014 31.12.2013
EUR
51.8%
52.8%
USD
25.5%
24.7%
GBP
9.3%
9.0%
JPY
4.9%
4.9%
Other
8.5%
8.6%
Performance
2014
2013
Global Bonds index-linked
13.1%
–2.8%
Benchmark1
13.3%
–1.8%
1
Customised benchmark from JP Morgan Government Bond sub-indices
with fixed weighting pursuant to information on page 28.
150
140
130
120
110
100
90
80
01/2001
01/2003
01/2005
01/2007
01/2009
01/2011
01/2013
31.12.2014
Balance sheet
31.12.2013
in CHF
in CHF
Bank deposits
Global bonds
Total fund Assets
18 460.55
25 068 649.92
25 087 110.47
60 632.69
27 660 176.62
27 720 809.31
./. liabilities
Net fund Assets
–24 805.02
–21 773.63
25 062 305.45
27 699 035.68
27 699 035.68
–
283 321.65
–4 932 033.95
2 011 982.07
25 062 305.45
26 807 358.16
–
4 811 558.65
–3 212 909.20
–706 971.93
27 699 035.68
2014
2013
Income statement
Income from bonds
Other income
Total income
in CHF
in CHF
1 038 567.68
12 199.75
79 852.75
1 130 620.18
1 098
20
1 078
2 196
043.57
520.00
047.25
610.82
Interest due
Total expenses
Net income
–845.36
–61 326.18
–57 365.20
–1 433 322.50
–1 552 859.24
–422 239.06
–1
–73
–62
–836
–973
1 222
447.79
130.95
650.85
755.15
984.74
626.08
Realised capital losses (–)
Realised result
–1 193 220.81
–1 615 459.87
–791 564.72
431 061.36
3 627 441.94
–1 138 033.29
–706 971.93
2 011 982.07
Entitlements issued
Units
33 689.1301
422.6782
–7 159.7610
26 952.0473
Units
31
6
–4
33
690.8893
868.5059
870.2651
689.1301
in CHF
in CHF
721.67
208.22
929.89
643.09
179.11
822.20
LOB-Mix.
Well diversified.
The LOB-Mix investment group, targeting a strategic equity
share of 30% (15% Swiss Shares index-linked and 15%
Global Shares index-linked), ended the 2014 financial
year positively with very pleasing performance of 9.5%.
The LOB-Mix investment group underperformed the customised benchmark by 80 basis points in the year under
review, which can be partially explained by cost components.
The table above shows the asset allocation as at
31.12.2014. The share of Swiss Shares index-linked
on the balance sheet date was 14.8% and the share of
Global Shares index-linked was 15.3%, so the equity exposure on the balance sheet date was only just under
0.1 percentage points higher than the strategic target of
30%. By contrast, the bond exposure was 0.1 percentage
points below the target. With a share of 59.8%, Swiss
Bonds index-linked was therefore slightly underweight. At
10.1%, the share of Global Bonds index-linked was min
imally overweight versus the strategic weight.
Portfolio structure
31.12.2014 31.12.2013
59.8%
59.0%
15.3%
15.4%
14.8%
16.0%
10.1%
9.6%
2014
2013
Performance
LOB-Mix
Benchmark1
1
300
LOB-Mix
Pictet 93
250
200
150
100
50
0
09/1993
09/1996
09/1999
09/2002
09/2005
4.5%
4.6%
Customised benchmark pursuant to information on page 29.
350
9.5%
10.3%
09/2008
09/2011
09/2014
31.12.2014
Balance sheet
31.12.2013
in CHF
3
3
13
2
640.59
160.81
703.78
407.43
806.90
719.51
in CHF
Proportions of Swiss Shares index-linked
Proportions of Global Shares index-linked
Proportions of Swiss Bonds index-linked
Proportions of Global Bonds index-linked
Other Assets
Total fund Assets
261
358
168
217
2
22 008
3
3
12
2
423
305
623
054
370.46
651.51
721.73
590.47
–
21 407 334.17
./. liabilities
Net fund Assets
–2 662.05
–20 411.95
22 006 057.46
21 386 922.22
21 386 922.22
–741 363.35
2 274 873.99
–2 930 573.75
2 016 198.35
22 006 057.46
19 238
–584
2 866
–1 040
907
21 386
Total profit
2014
Income statement
525.46
880.95
381.27
455.15
351.59
922.22
2013
in CHF
in CHF
Income from share Assets
112 126.40
96 463.051
Income from bond Assets
Other income
Total income
318 310.05
12 967.65
19 336.11
462 740.21
462 800.151
10 193.30
22 310.39
591 766.89
Total expenses
Net income
–4
–34
–50
–89
373
Realised result
289 473.87
188 233.17
662 660.68
715 793.70
Total profit
Entitlements issued
1
Corrected, as mixed up in the prior year.
–4
–33
–26
–64
527
838.60
105.85
261.91
206.36
560.53
1 353 537.67
191 557.89
2 016 198.35
907 351.59
838.25
334.65
380.50
553.40
186.81
in CHF
373
289
19
681
–291
186.81
473.87
087.98
748.66
361.18
–373 111.45
17 276.03
Units
20 741.9690
2 202.2532
–2 808.6878
20 135.5344
Units
18
2
–1
20
976.9794
819.9782
054.9886
741.9690
in CHF
in CHF
1 074.36
18.54
1 092.90
1 005.66
25.43
1 031.09
LOB-Mix Plus 25.
Widely diversified with higher equity price risk.
The Assets are strategically allocated to different asset
classes: Swiss Bonds index-linked 25%, Global Bonds
index-linked 20%, real estate 20%, Swiss Shares indexlinked 20%, Global Shares index-linked 5%, hedge funds
10%. The bandwidth for securities, real estate and hedge
funds is ±20%.
Portfolio structure
31.12.2014 31.12.2013
31.12.2014. At 26.7%, the share component was only
1.7 percentage points above the strategic target of 25.0%
on the balance sheet date, whereas bonds were slightly
underweight at 44.5% relative to the benchmark (45%).
In addition, the proportion of real estate at 19.3% was
0.7 percentage points below the strategic value of 20%
on the balance sheet date.
25.0%
22.0%
21.6%
23.8%
19.5%
19.0%
Real estate
19.3%
19.3%
Hedge funds
9.4%
9.9%
5.1%
5.1%
0.1%
0.9%
2014
2013
Performance
LOB-Mix Plus 25
10.6%
3.7%
Benchmark1
11.1%
4.6%
1
130
LOB-Mix Plus 25
120
110
100
90
80
01/2008
01/2009
01/2010
01/2011
01/2012
01/2013
01/2014
31.12.2014
Balance sheet
31.12.2013
in CHF
012.02
474.62
527.54
720.05
153.86
880.50
843.78
784.50
396.87
in CHF
Bank deposits
Proportions of real estate
Proportions of hedge funds
Other Assets
Total fund Assets
1
212
50
245
191
189
91
1
984
8
211
45
194
169
171
88
1
890
075.42
994.91
037.79
965.88
022.61
031.50
122.89
833.35
084.35
./. liabilities
Net fund Assets
–1 801.19
–1 360.84
982 595.68
888 723.51
888 723.51
–
–
–
93 872.17
982 595.68
857 420.79
–
–
–
31 302.72
888 723.51
2014
2013
in CHF
in CHF
Total profit
Income statement
Income from real estate
Total income
3.60
7 015.35
4 633.10
5 098.80
16 750.55
5
7
5
17
–1.56
215.40
320.40
253.00
787.24
Total expenses
Net income
–634.25
–2 020.45
–
–2 654.70
14 095.85
–648.25
–1 896.55
–
–2 544.80
15 242.44
Realised result
2 238.70
–
16 334.55
15 242.44
Total profit
77 537.62
16 060.28
93 872.17
31 302.72
Entitlements issued
Units
Units
829.9582
–
–
829.9582
829.9582
–
–
829.9582
in CHF
in CHF
1 088.41
95.50
1 183.91
992.29
78.52
1 070.81
LOB-Mix Plus 30.
Broadly diversified with medium equity price risk.
The Assets of the LOB-Mix Plus 30 investment group are
strategically allocated to different asset classes: Swiss
Bonds index-linked 29%, Global Bonds index-linked 5%,
real estate 24%, Swiss Shares index-linked 21%, Global
Shares index-linked 9%, hedge funds 8% and commod
ities 4%. The bandwidth for securities, real estate, hedge
funds and commodities is ±20%.
Portfolio structure
31.12.2014 31.12.2013
31.12.2014. The share of Swiss Shares index-linked on
the balance sheet date was 20.9% and the share of
Global Shares index-linked was 9.1%, so that the equity
exposure on the balance sheet date was exactly the same
as the strategic target of 30%. The bond exposure of
34.2% was only slightly above the strategic weight of
34.0%. At 29.0%, the Swiss Bonds index-linked asset
class was the same as the strategic weight. On the other
hand, Global Bonds index-linked at 5.2% were marginally
higher than the strategic value on the balance sheet date.
29.0%
28.4%
Real estate
24.3%
21.3%
20.9%
21.5%
9.1%
9.6%
Hedge funds
6.2%
9.2%
5.2%
5.3%
Commodities
3.7%
4.3%
1.6%
0.4%
2014
2013
Performance
LOB-Mix Plus 30
Benchmark1
1
LOB-Mix Plus 30
110
100
90
01/2013
07/2013
01/2014
1.2%
3.8%
120
9.5%
10.4%
07/2014
31.12.2014
31.12.2013
Balance sheet
Bank deposits
Advance payments, not yet invested
Proportions of real estate
Proportions of hedge funds
Proportions of commodities
Other Assets
Total fund Assets
./. liabilities
Net fund Assets
in CHF
in CHF
130
1 747
761
2 427
435
2 032
521
310
11
8 377
–10
8 367
44.99
000.00
384.30
013.64
537.47
068.38
766.00
771.93
287.79
740.60
615.10
564.90
050.20
14 583.25
–
744 401.14
334 115.98
989 086.73
183 713.32
737 262.00
317 604.59
147 836.90
8 737.00
3 477 340.91
–5 495.50
3 471 845.41
Total profit
3 471 845.41
–65 105.30
4 342 152.23
–
618 157.86
8 367 050.20
–
–
756.95
871.00
959.46
845.41
2014 (01.01. – 31.12.)
3 986
–537
22
3 471
2013 (09.01. – 31.12.)
Income statement
Income from real estate
Other income
Total income
in CHF
in CHF
7.14
31 968.15
33 054.35
33 544.50
26 840.00
87 953.07
213 367.21
22
40
24
17
4
109
13.65
616.15
415.65
962.80
041.30
148.55
198.10
Total expenses
Net income
–18 160.15
–24 316.85
–
–42 477.00
170 890.21
–14
–10
–12
–36
72
371.44
120.35
129.00
620.79
577.31
Realised result
Total profit
–
170 890.21
447 267.65
618 157.86
–21
51
–28
22
260.35
316.96
357.50
959.46
Entitlements issued
in CHF
170 890.21
–
3 269.06
174 159.27
–
–168 444.18
5 715.09
Units
Units
3 431.9944
4 224.5592
–
7 656.5536
–
3 983.8098
–551.8154
3 431.9944
in CHF
in CHF
1 067.28
25.52
1 092.80
990.46
21.15
1 011.61
Swiss Real Estate.
Long-term stable yields, low volatility.
The portfolio of the Swiss Real Estate investment group
was substantially expanded in 2014 via purchases of real
estate and projects in the scope of CHF 91.8 million. Thus
it was possible to increase the diversification across the
different cantons in the year under review.
As of 31.12.2014 the investment group held real estate
worth CHF 250.0 million. Like in the prior year, the majority of the investments in the year under review were in favour of the residential sector. The proportion of residential
properties increased to 79.5% compared with the commercial/office component of 20.5%. Strategically the target is a commercial/office share of 33.3%, but in the current real estate market phase in which risks on the office
property market are closely monitored, it was deliberately
underweighted.
Diversification by canton1
31.12.2014 31.12.2013
1
Aargau
29.5%
39.9%
Schwyz
22.5%
12.9%
Basel
13.4%
12.1%
Zurich
11.3%
9.7%
Geneva
7.2%
10.9%
Jura
3.9%
5.8%
Solothurn
3.1%
4.5%
St. Gallen
2.4%
4.2%
Thurgau
2.4%
–
Zug
2.2%
–
Bern
2.1%
–
For projects the expected investment costs were used.
The performance of the Swiss Real Estate investment group
remained stable at 3.8% despite the enlarged portfolio.
In the medium term, after the portfolio expansion phase
is concluded, the investment group will aim for a perform
ance that closely tracks the KGAST Immo-Index.
Diversification by use2
31.12.2014 31.12.2013
2
Residential
79.5%
69.7%
Commercial/office
20.5%
30.3%
2014
2013
For projects the expected investment costs were used.
Performance
Swiss Real Estate
3.8%
3.8%
Benchmark3
5.1%
5.7%
3
KGAST Immo-Index.
31.12.2014
Balance sheet
31.12.2013
in CHF
in CHF
Bank deposits
Accounts receivables
Advance payment for finished buildings
Buildings in progress
Finished buildings
Prepayments and accrued income
Total fund Assets
122 020 398.26
217 614.99
–
17 586 243.25
232 110 000.00
1 541 292.14
373 475 548.64
2 520 374.25
248 739.48
21 854 837.00
–
185 820 000.00
1 215 529.64
211 659 480.37
./. other liabilities
./. accrued liabilities and deferred income
./. provision for deferred property gains taxes
Net fund Assets
–1
–1
–1
369
–788
–1 269
–362
209 238
089
724
018
643
014.53
987.65
120.00
426.46
420.65
857.15
296.67
905.90
Total profit
209 238 905.90
–
138 158 323.30
–1 485 126.70
23 731 323.96
369 643 426.46
132 276 018.27
–
67 311 301.45
–
9 651 586.18
209 238 905.90
2014
2013
Income statement
in CHF
Target rental income
Shortfall from unoccupied premises
Collection losses from claims for rents and ancillary costs
Net rental income
12 253
–493
–19
11 739
282.45
601.20
840.00
841.25
Maintenance
Repairs
Upkeep of real estate
–532 274.42
–821 999.55
–1 354 273.97
527.25
174.45
559.95
792.85
–273 156.52
–414 290.00
–687 446.52
Non-offsettable heating and operating costs
Insurance
Property management fees
Letting and advertising costs
Taxes and dues
Other operating income/expenses (–)
Operating expenses
Operating income of real estate
–139
–155
–525
–30
–107
29
–929
9 456
Interest receivable
Fees for the issuance/redemption of shares
Other income
27 856.08
3 781 924.95
3 809 781.03
20 683.32
1 750 624.80
1 771 308.12
–199 812.00
–199 812.00
–233 114.00
–233 114.00
Ground rent
Financing expenditure
Management fee
Appraisal expense
Auditing expense
Project development costs
Portfolio management
Other administrative expenses
Marketing and advertising expenses
Administrative expense
–630
–163
–17
–13
–160
–130
–41
–1 156
741.22
971.20
348.80
297.55
310.80
586.05
083.52
483.76
in CHF
8 774
–314
–4
8 455
182.05
331.35
280.00
284.00
630.55
269.40
771.95
749.30
–24
–127
–348
–10
–66
–5
–584
7 184
–409
–196
–16
–11
–68
–91
–170
–964
559.66
743.35
607.35
679.40
933.55
508.40
031.71
314.62
960.90
978.55
000.00
340.00
241.95
063.44
975.10
559.94
2014
2013
in CHF
in CHF
Payment of current income for the redemption of entitlements
Income from changes of entitlements
13 471 337.50
–144 533.95
13 326 803.55
2 713 698.60
–
2 713 698.60
Net income of the financial year
25 236 507.04
10 471 647.40
Realised result
215 771.60
25 452 278.64
10 471 647.40
Unrealised capital losses (–)
Change in deferred taxes
Unrealised result (–)
Total result
The total result of the financial year is carried forward to a new account.
No profit distributions are made during the development phase.
840
–1 905
–655
–1 720
23 731
1 620
–2 077
–362
–820
9 651
Entitlements issued
198
140
–1
337
516.70
648.05
823.33
954.68
323.96
–
000.00
764.55
296.67
061.22
586.18
Units
Units
097.8262
482.4508
510.0658
070.2112
130 000.0000
68 097.8262
–
198 097.8262
in CHF
in CHF
979.50
117.14
1 096.64
984.31
71.93
1 056.24
Financial statements for Helvetia Investment Foundation.
Assets of the Foundation.
Balance sheet
in CHF
31.12.2014
31.12.2013
6 722.27
1 407 934.26
38.95
371 250.64
378 011.86
77.15
292 682.90
1 700 694.31
343 063.60
1 665 480.25
28 200.00
200.00
28 400.00
27 000.00
1 200.00
28 200.00
7 014.06
–465.80
6 548.26
378 011.86
6 952.96
61.10
7 014.06
1 700 694.31
2014
2013
111.25
–178.05
–399.00
–465.80
220.45
–159.35
–
61.10
UBS SA
Other Assets
Federal Tax Administration, Berne
Other Assets
Assets
Long-term liabilities
Other liabilities
Capital stock
Capital as at 01.01.
Donations of co-founders
Capital as at 31.12.
Retained earnings
As at 01.01.
Loss (–)/profit
As at 31.12.
Liabilities
Operative account
in CHF
Bank interest
Bank charges
Other expenses
Loss (–)/profit
Explanatory notes to financial statements.
1
General information and organisation
1.1
Legal form and objectives
Patria Investment Foundation was incorporated on
23.08.1993 in Basel. Since 2007, Patria Investment
Foundation has been called Helvetia Investment Foundation.
The foundation has its registered office in Basel.
Helvetia Investment Foundation is a foundation within the
meaning of Art. 80 et seq. of the Swiss Civil Code. The
objective of the investment foundation is the joint investment and management of the pension Assets that have
been entrusted to it by the investors. Investors can be taxexempted employee benefit institutions that are domiciled
in Switzerland.
1.2
Deeds and regulations
Articles of incorporation and regulations were adopted
on the occasion of the investors’ meeting on 25.04.2013
and came into force by decision of the OAK BV of
19.06.2013. Organisation rules of 25.01.2013, effect
ive from 01.01.2013. Investment guidelines, adopted
on the occasion of the Board of Foundation meeting of
18.11.2013, were adopted by the Investment Commission
and approved by the Board of Foundation.
1.3
Quality assurance guidelines
Helvetia Investment Foundation is a member of the
Conference of Managers of Investment Foundations (in
short KGAST) and is therefore obliged to comply with its
quality assurance guidelines.
1.4
Corporate governance
Helvetia Investment Foundation operates a transparent
management practice within the meaning of the principles
of corporate governance. The articles of incorporation, the
regulations and the investment guidelines of the foundation
are available in German, French, Italian and English, all in
electronic and printed form. The foundation publishes an
annual report and four quarterly reports. The investment
groups are valued on a weekly basis; the prices are published on the websites www.helvetia-anlagestiftung.ch/en
and www.kgast.ch. The Swiss Real Estate investment
group is excluded from the weekly valuation. Valuation
of this investment group is carried out quarterly, whereby
each item of real estate in the portfolio is subjected to an
annual revaluation.
1.5
Organisation
The foundation’s executive bodies are the investors’ meeting, the Board of Foundation and the auditors.
1.5.1 Investors’ meeting
The investors’ meeting deals with all the areas relevant to
the foundation, namely the organisation of the foundation,
investment activities and investors’ rights. In particu‑
lar, it approves applications to the supervisory authority
for amendments to the articles of incorporation and the
regulations, elects members of the Board of Foundation
and the auditors, approves the annual reports of the Board
of Foundation and the financial statements, accepts the
auditor’s report and discharges the executive bodies.
1.5.2 Board of Foundation
The Board of Foundation is the highest executive management body of the foundation. As part of the purpose of the
foundation it has total competence, insofar as this is not
granted to the investors’ meeting by law or by the articles
of incorporation. It represents the foundation externally. It
determines the persons with signatory authority and the
type of signatory authority. It delegates specific functions
– in particular the management and investment activity –
to natural persons or legal entities. It passes the investment
guidelines, the organisation rules and other regulations. It
approves all the important conventions and amendments
thereto. It elects the valuation experts and the custodian
bank. Pursuant to Art. 11 of the articles of incorporation
and the regulations, as well as pursuant to Art. 8 (2) of
the Ordinance for Investment Foundations, a maximum of
one third of the members should be entrusted with management or asset management. Currently three out of the
six members of the Board of Foundation are entrusted with
management or asset management. At the end of 2013
the Board of Foundation elected a portfolio manager for
Swiss real estate. However, the definitive agreement did
not come about and so the company trimag TreuhandImmobilien AG carried out the tasks of portfolio manager
on an interim basis from 01.05.2014. On 18 November
2014 a new portfolio manager was elected by the Board
of Foundation, who will take up his duties from July 2015.
A status in compliance with the regulations and the ordinance will therefore be restored from July 2015. To avoid
possible conflicts of interest, members of the Board of
Foundation have stepped down accordingly.
1.5.3 Auditors
The auditors, BDO Ltd, Zurich, examine the activities of
the Board of Foundation and of its representatives with
regard to their legality and conformity with the requirements of the supervisory authority and the provisions of
the articles of incorporation, all the regulations and the investment guidelines; in addition, within this meaning they
examine the accounting and financial statements of the
foundation and report to the investors’ meeting.
1.5.4 Supervisory authority
The foundation is subject to the supervision of the Swiss
Federal Commission for Occupational Pension Plans
(OAK BV).
1.6
Executive bodies and appointed officers
1.6.1 Board of Foundation
Donald Desax1, President
Helvetia Group Foundation for Employee Pensions,
Member of the Executive Management Switzerland
and Head Market Area Company Pensions of
Helvetia Insurance
Jürg Rieder1
Pension Fund of Helvetia Insurance, Portfolio Manager
Securities Management Switzerland of Helvetia
Insurance
Walter Heidelberger1
Pension Fund of Lienhard Office Group Managing,
Director of the Pension Fund of Lienhard Office Group
Thomas Hofmann1
Hofinvest Consulting GmbH,
Asset Manager and Business Consultant
Dr Brigitte Guggisberg
WWZ Forum, University of Basel Managing Director
Tony Ronchi
trimag Treuhand-Immobilien AG, Chairman of the
Board of Directors, Certified Real Estate Agent,
MAS Real Estate Mgt
1.6.2 Management of Helvetia Investment
Foundation
Dr Dunja Schwander1
CEO
Marco Ipser,
Deputy CEO
1
Member of the Securities Investment Commission.
1.6.3 Real Estate Investment Commission
Urs Rüdin, President
Notenstein Privatbank AG,
Business Development Institutional Clients
Kurt Ernst Baumann
Helvetia Insurance,
Head Real Estate Portfolio Management
Bernhard Gysin
Construction and Traffic Department of the Canton of
Basel City, Urban Planning and Architecture/Building
Department, Schools Director
1.6.4 Auditors
BDO AG, Zurich
1.6.5 Asset management (investment vehicles
shares and bonds)
Banque Cantonale de Genève, Geneva
1.6.6 Real estate management
Privera Ltd, Gümligen
1.6.7 Portfolio management real estate
trimag Treuhand-Immobilien AG, Basel (ad interim)
1.6.8 Valuation experts for direct real estate
investments
Jones Lang LaSalle Ltd, Zurich
1.6.9 Custodian banks
State Street Bank GmbH, Munich, Zurich Branch
Credit Suisse, Basel
Bank J. Safra Sarasin AG, Basel
RBC Dexia Investor Services Bank S.A.,
Esch-sur-Alzette, Zurich Branch
1.6.10 Accounting
Complementa Investment-Controlling Ltd, St. Gallen
1.6.11 Compliance Office
Helvetia Insurance, Basel
2
Number of investors
As at 01.01.
Additions
Departures
As at 31.12.
2014
2013
139
10
–4
145
140
1
–2
139
3.2.4 Direct real estate investments
Direct real estate investments are subjected to a revaluation
by the valuation expert once a year. The valuation is
carried out using the discounted cash flow method (DCF
method). Provisions are made for deferred property gains
taxes. Buildings in progress are generally recognised at
acquisition cost.
4
3
Significant accounting policies and
valuation methods
3.1
Statement of compliance with
Swiss GAAP FER 26
Bookkeeping and accounting are carried out in accordance with Art. 38 et seq. of the Ordinance for Investment
Foundations (ASV). The financial statements conform
mutatis mutandis in presentation and valuation with the
specialist recommendations on accountancy practice as
set out in Swiss GAAP FER 26 and provide a true and
fair view of the Assets, financial position and results of
operations.
3.2
Significant accounting policies and
valuation methods
3.2.1 Valuation methods
The valuation of the securities and the proportion in investment funds and investment foundations is carried out at
the market value on the balance sheet date for all the subfunds. Foreign currency investments are always valued according to the “WM/Reuters Exchange Rate London
Closing 4 p.m.” rates.
3.2.2 Cash and cash equivalents,
accounts receivables, liabilities
The valuation of the cash and cash equivalents, accounts
receivables and liabilities is carried out at par value for
all sub-funds.
3.2.3 Hedge funds
The valuation of the units in the hedge funds is essentially
carried out based on the most recently published rate at
the time of preparation of the financial statements.
Investments
4.1
Organisation of investment activities,
investment rules and regulations
The foundation capital comprises the eight sub-funds Swiss
Shares index-linked, Global Shares index-linked, Swiss
Bonds index-linked, Global Bonds index-linked, LOBMix, LOB-Mix Plus 25, LOB-Mix Plus 30 and Swiss Real
Estate as well as the capital stock. The investment of the
funds is carried out in individual sub-funds in compliance
with the investment guidelines approved by the Board of
Foundation. The LOB-Mix Plus 15 sub-fund was liquidated
by resolution of the Board of Foundation of 05.09.2013.
The Compliance Office checks compliance with these provisions on a regular basis and draws up a report for management.
The sub-funds Swiss Shares index-linked, Global Shares
index-linked, Swiss Bonds index-linked and Global Bonds
index-linked are managed on an index-linked basis. The
investment policy aims at copying the benchmark indices
as closely as possible, ergo at passively reflecting a customised benchmark.
4.2
Presentation of investments for
the individual sub-funds
4.2.1 Overall total fund assets1
in CHF
As at 31.12.
1
2014
2013
588 065 479
441 689 532
Without double counting due to the fund-of-funds concept
in the mixed assets.
4.2.2 Swiss Shares index-linked
◾ Benchmark: Swiss Performance Index (SPI)
◾ Yield and volatility:
in %
Yield
Volatility
2014
12.2
6.9
Last 3 years p.a.
17.7
8.2
Last 5 years p.a.
9.0
9.9
Last 10 years p.a.
7.2
13.1
Other key risk indicators can be found on the website
www.helvetia-anlagestiftung.ch/en.
◾ Tracking error: max. 1.2% over 1 year
◾ Five largest positions:
Security
number
1200526
3886335
1203204
2489948
1222171
Total
Security
Novartis AG
Nestlé SA
Roche Holding AG GS
UBS AG
ABB Ltd
Value in CHF
15
14
12
3
3
48
107
976
060
608
103
857
Value in %
of net
fund Assets
998
781
751
554
733
817
18.62
18.46
14.86
4.45
3.82
60.21
Pursuant to Art. 54a OOB2, investments in holdings shall not exceed 5% per
company based on total Assets. The first three investments listed above exceed
this limit. As the strategy is based on a standard index, namely the Swiss
Performance Index (SPI), the debtor and company limits of Art. 54 and 54a
OOB2 may be exceeded pursuant to Art. 26 (3) ASV (Ordinance on Investment
Foundations).
◾ Composition of the asset management expenses:
in CHF
Asset management
Custodian
Transaction costs, index costs
Total
2014
71
14
32
118
626.55
484.69
530.94
642.18
2013
67
13
6
86
053.35
436.81
393.21
883.37
◾ Composition of the other administrative expenses:
in CHF
Administrative commission
of Helvetia Insurance
Retrocessions
Accounting
Auditing, supervision,
Board of Foundation, KGAST
Total
in %
Yield
Volatility
2014
12.2
5.2
Last 3 years p.a.
14.8
7.6
Last 5 years p.a.
6.2
11.9
Last 10 years p.a.
3.3
16.3
Security
number
2308849
908440
411161
808963
524773
Total
Security
iShares MSCI Emerging
Markets ETF
Apple Computer Inc.
HSBC Holdings Plc
Exxon Mobil Corp
Total SA
Value in CHF
Value in %
of net
fund Assets
6 094 483
11.77
658
566
424
395
8 139
1.27
1.09
0.82
0.76
15.71
075
854
039
653
104
2014
2013
186 329.80
183 602.25
1 700.25
64 913.70
1 842.55
65 594.65
25 018.30
24 810.60
277 962.05
275 850.05
4.2.3 Global Shares index-linked
◾ Customised benchmark: weighting of relevant country
indices of MSCI (Morgan Stanley Capital International)
in the five most important international share markets
and emerging markets with the following allocation:
– 35.0% USA
– 25.0% EMU
– 15.0% United Kingdom
– 10.0% Japan
– 3.0% Pacific
– 12.0% Emerging Markets
◾ Deviations from the target weighting in a bandwidth
of ±15% are tolerated when implementing the investment policy.
◾ Tracking error: max. 1.2% over 1 year.
in CHF
Asset management
Custodian
Transaction costs
Total
2014
63
23
41
128
095.24
870.68
412.16
378.08
2013
57
22
12
92
406.40
116.78
596.96
120.14
in CHF
Retrocessions
Accounting
Total
2014
2013
118 686.95
118 796.30
1 044.90
41 446.75
1 808.10
42 522.75
15 875.05
16 256.00
177 053.65
179 383.15
in CHF
Asset management
Custodian
Transaction costs
Total
in %
Yield
Volatility
2014
7.7
2.2
Last 3 years p.a.
2.5
2.6
Last 5 years p.a.
3.4
2.7
Last 10 years p.a.
3.0
2.9
Five largest positions:
Security
number
868037
843556
644842
1845425
1580323
Total
Security
4.00% Switzerland
98–08.04.2028
4.00% Switzerland
98–11.02.2023
4.25% Switzerland
97–05.06.2017
3.00% Schweiz
04–12.05.2019
3.50% Switzerland
03–08.04.2033
Value in CHF
Value in %
of net
fund Assets
2 960 822
5.58
1 979 073
3.73
1 761 267
3.32
1 677 795
3.16
1 215 578
2.29
9 594 535
18.09
46
11
31
89
440.15
296.98
282.35
019.48
2013
43
11
18
72
201.60
118.89
621.65
942.14
in CHF
4.2.4 Swiss Bonds index-linked
Benchmark: Swiss Bond Index SBI Domestic AAA-BBB
Tracking error: max. 0.5% over 1 year
Yield and volatility:
2014
Retrocessions
Accounting
Total
2014
2013
60 811.75
58 028.30
1 569.15
42 310.80
1 565.55
41 467.85
16 381.85
15 826.75
121 073.55
116 888.45
4.2.5 Global Bonds index-linked
◾ Customised benchmark: weighting of sub-indices of JP
Morgan Government Bond with following allocation:
– 52.4% EMU aggregate
– 25.0% USA traded
– 9.0% United Kingdom traded
– 5.0% Japan traded
– 2.5% Canada traded
– 2.5% Australia traded
– 1.8% Sweden traded
– 1.8% Denmark traded
◾ Non-investment-grade bonds are not permitted even if
they are included in the benchmark.
◾ Pursuant to Art. 54 OOB2 no more than 10% of the
total Assets may be invested in accounts receivable
from a single debtor. Investments in Italian government
bonds (12.19%), French government bonds (12.19%)
and US Treasury Notes (25.27%) exceed the 10%
limit. As the strategy is based on a standard index,
the debtor and company limits of Art. 54 and 54a
OOB2 may be exceeded pursuant to Art. 26 (3) ASV
(Ordinance on Investment Foundations).
◾ Tracking error: max. 0.5% over 1 year
in %
Yield
Volatility
2014
13.1
3.0
Last 3 years p.a.
5.0
4.9
Last 5 years p.a.
2.2
8.1
Last 10 years p.a.
2.2
7.7
4.2.6 LOB-Mix
◾ The sub-fund LOB-Mix is an OOB2-compliant investment group with the following allocation:
– 60.0% Swiss Bonds index-linked
– 10.0% Global Bonds index-linked
– 15.0% Swiss Shares index-linked
– 15.0% Global Shares index-linked
◾ Deviations from the target weighting in a bandwidth
of ±20% are tolerated when implementing the investment policy. The investments are managed on the basis
of a fund-of-fund concept. The units are purchased via
transfers-in in the index-linked share and bond Assets of
Helvetia Investment Foundation.
◾ The LPP indices 93 from Pictet serves as the benchmark
index.
◾ The asset management expenses consist solely of trans
action costs. In concrete terms, they are payments to
the other investment groups for the purchase or sale of
units.
Security
Value in CHF
Value in %
of net
fund Assets
1869989
Vanguard Investment
Series Japan Govt Bond
Index -I- JPY
1 253 067
5.00
973619
5.25% Italy
98–01.11.2029
1 014 076
4.05
10604940
4.25% Italy
09–01.03.2020
885 059
3.53
in %
4458093
4.00% US Treasury Bond
08–15.08.2018
828 108
3.30
5.00% UK Treasury Stock
01–07.03.2025
817 241
3.26
4 797 549
19.14
Security
number
1303305
Total
Yield
Volatility
2014
9.5
1.8
Last 3 years p.a.
6.8
2.9
Last 5 years p.a.
4.7
3.1
Last 10 years p.a.
4.0
4.5
in CHF
2014
2013
in CHF
Asset management
Custodian
Transaction costs
Total
22
11
27
61
595.70
399.88
330.60
326.18
23
13
36
73
600.75
182.90
347.30
130.95
in CHF
Retrocessions
Accounting
Total
2014
2013
29 197.60
31 709.40
–
20 379.45
397.55
22 695.90
7 788.15
7 848.00
57 365.20
62 650.85
Retrocessions
Accounting
Total
2014
2013
11 051.60
17 553.40
11 542.50
16 540.30
5 729.65
5 023.05
34 334.65
33 105.85
4.2.7 LOB-Mix Plus 25
◾ Customised benchmark: the sub-fund LOB-Mix Plus 25
is an OOB2-compliant investment group with the following allocations:
– 20.0% real estate
– 10.0% hedge funds
◾ Deviations from the target weighting in a bandwidth of
±20% are tolerated when implementing the investment
policy. The investments are managed on the basis of a
fund-of-fund concept. Share and bond units are invested
in the index-linked share and bond Assets of Helvetia
Investment Foundation, the real estate units in Swisscanto (CH) Real Estate Fund Ifca and the units in hedge
funds in the CHF Hedge Fund of Zurich Investment
Foundation.
◾ The definitive net asset values as at 03.11.2014 were
used for the valuation of the hedge funds in these financial statements. This corresponds to the latest available
definitive net asset values as at the statement date.
in %
Yield
Volatility
2014
10.6
1.8
Last 3 years p.a.
7.4
3.3
Last 5 years p.a.
4.9
3.4
Last 10 years p.a.
n/a
n/a
in CHF
2014
4.2.8 LOB-Mix Plus 30
◾ Customised benchmark: the sub-fund LOB-Mix Plus 30
is an OOB2-compliant investment group with the following allocations:
– 24.0% real estate
– 8.0% hedge funds
– 4.0% commodities
◾ Deviations from the target weighting in a bandwidth of
±20% are tolerated when implementing the investment
policy. The investments are managed on the basis of a
fund-of-fund concept. Share and bond units are invested
in the index-linked share and bond Assets of Helvetia
Investment Foundation, the real estate units in Swisscanto
(CH) Real Estate Fund Ifca, the units in hedge funds in
the CHF Hedge Fund of Zurich Investment Foundation
and commodities units in iShares Dow Jones UBS
Commodity Swap Diversified Commodity Swap ETF DE.
◾ The definitive net asset values as at 03.11.2014 were
used for the valuation of the hedge funds in these financial statements. This corresponds to the latest available
definitive net asset values as at the statement date.
in %
Yield
Volatility
2014
9.5
1.9
Last 3 years p.a.
n/a
n/a
Last 5 years p.a.
n/a
n/a
Last 10 years p.a.
n/a
n/a
2013
in CHF
Retrocessions
Accounting
Total
602.30
581.95
439.85
716.45
411.00
682.70
261.85
220.90
2 020.45
1 896.55
Asset management
Custodian
Transaction costs
Total
2014
2013
–
2 071.55
16 058.61
18 160.15
–
1 211.40
13 160.04
14 371.44
in CHF
Retrocessions
Accounting
Total
◾ The real estate portfolio is composed as follows:
2014
2013
5 077.70
2 797.50
12 185.75
5 027.40
3 589.05
2 843.55
2 026.00
890.25
24 316.85
10 120.35
4.2.9 Swiss Real Estate
◾ The investment group invests two thirds of its funds in
residential property and one third in commercially used
real estate. The investments are widely diversified according to property, type and location, making due allowance for an adequate risk distribution. Both active
new building activity and investments in existing real
estate are used to achieve the investment objective. The
investment objective is to achieve at least the net yield
of the benchmark (KGAST Immo-Index).
◾ No distributions will be carried out during the portfolio
establishment phase.
◾ During the portfolio expansion phase the maximum
limits may be exceeded in justified exceptional cases.
Currently the commercial usage amounts to around
20.5% of the portfolio (existing real estate at market
values, projects at expected investment costs).
◾ Within the scope of the first issue, an initial tranche
of CHF 130 million was issued on 24.09.2012 and
a second tranche of CHF 70 million on 19.04.2013.
The 2013 reopening for CHF 150 million was con
cluded on 22 November 2013. The first capital call for
CHF 51 million was on 28.01.2014 and the second
for CHF 99 million on 28.11.2014. Leaflets were prod
uced in connection with the first issue and the capital
increase.
◾ Additions 2014: Wettingen (Lägernstrasse), Hombrechtikon (Im Zentrum), Muri (Luzernerstrasse), Langenthal
(Grubenstrasse), Basel (Amerbachstrasse), Unterägeri
(Neuschellstrasse).
◾ Disposals 2014: St. Gallen (Tellstrasse).
Real estate
Operating
result
609 722
40 700 000
2 359 944
868 888
457 495
613 957
23 090 000
10 900 000
9 570 000
1 051 816
432 859
405 023
611 151
22 580 000
986 809
042 682
6 500 000
324 083
720 584
14 940 000
544 528
593 892
8 480 000
264 338
951 500
10 760 000
330 098
125 019
745 604
17 680 000
11 140 000
726 704
299 327
251 976
8 790 000
343 182
717 528
5 600 000
250 913
089 108
7 890 000
376 553
058 550
7 740 000
224 214
610 994
13 960 000
269 073
023 811
5 820 000
180 425
066 425
5 970 000
45 569
158 886
232 110 000
9 415 457
Purchase value
Carrying
amount
Planned investment costs
5 049 466
5 049 466
6 727 355
12 536 777
12 536 777
37 713 342
17 586 243
17 586 243
44 440 697
Purchase value
Carrying
amount
Operating
result
252 745 129
249 696 243
9 415 457
in CHF
Finished buildings
Baden-Dättwil,
42
Täfernstrasse
Basel, Im Davidsboden
22
Brugg, Stäblihof
10
Einsiedeln, Gerbe
9
Fislisbach,
21
Mellingerstrasse
St. Gallen, Poststrasse
7
Wilen b. Wollerau,
13
Kapellhof
Biberist,
8
Fritz-Käser-Strasse
Delémont,
10
Rue du Haut-Forneau
Zurich, Karstlernstrasse
18
Geneva, Rue Dancet
11
Geneva, Rue de la
9
Navigation
Wettingen,
5
Lägernstrasse
Hombrechtikon,
8
Im Zentrum
Muri, Luzernerstrasse
8
Basel,
14
Amerbachstrasse
Langenthal,
6
Grubenstrasse
Unterägeri,
6
Neuschellstrasse
Total finished
235
buildings
Buildings in
progress
Amriswil,
«Connect» project
Reichenburg,
«Dolce» project
Total buildings
in progress
Total finished build
ings and buildings
in progress
Market value on
31.12.2014
Purchase value
4.3
◾ Key figures of the investment group pursuant to the
KGAST recommendation1:
in %
2014
2013
Rental income loss rate
Borrowing ratio
Operating profit margin
(EBIT margin)2
Operating expense ratio (TERISA
(total investment group Assets))
Operating expense ratio (TERISA
(net investment group Assets))
Return on equity (ROE)
Payout yield
Payout ratio
Return on investment
Net return on finished buildings
Debt ratio
Return on invested capital (ROIC)
4.19
–
3.58
–
76.35
78.10
0.60
0.643
0.61
0.643
6.42
–
–
3.82
4.57
1.03
3.74
4.61
–
–
3.81
4.72
1.14
3.86
1
Cf. specialised information no. 1 “Key figures of real estate funds (investment groups) in investment foundations” of the Conference of Managers of
Investment Foundations (KGAST) of 23.08.2013.
2
When calculating the EBIT margin, the one-off and extraordinary items “fees
for the issue/redemption of shares” (CHF 3,781,924.95 – cf. operative account) as well as “project development expenses” (CHF 13,284.00 – cf.
operative account) were not taken into account.
3
When calculating the operating expense ratio, the non-recurring “marketing
and advertising expenses” were not taken into account.
◾ The advertising costs in the prior year included the
costs for the issue of the Real Estate investment group:
in CHF
2014
2013
7 457.25
34 314.70
41 771.95
168 494.95
2 480.15
170 975.10
Current (open) derivative financial
instruments
The use of derivative financial instruments is permitted
in all investment groups pursuant to the provisions of the
OOB2 and supervisory practice.
Since 31.12.2013, the sub-funds Swiss Shares indexlinked, Global Shares index-linked, Swiss Bonds indexlinked and Global Bonds index-linked have not held any
derivative positions as in the prior year. The mixed instruments LOB-Mix, LOB-Mix Plus 25 and LOB-Mix Plus 30
exclusively hold units in the sub-funds Swiss Shares indexlinked, Global Shares index-linked, Swiss Bonds indexlinked and Global Bonds index-linked, as well as units in
real estate funds, hedge funds and commodity ETFs, as
part of the fund-of-funds concept.
4.4
Market value and counterparties
in securities lending
During the year under review and on the balance sheet
date none of the sub-funds had lent securities.
4.5
Fees and compensation
In accordance with the management agreement, effect
ive from 01.01.2013, Helvetia Insurance charges the following administration fees for management, infrastructure
and financial accounting:
◾ 0.2% of the net asset value of Swiss Shares index-linked
and Global Shares index-linked
◾ 0.1% of the net asset value of Swiss Bonds index-linked
and Global Bonds index-linked
◾ 0.2% of the market value of the real estate and alternative investments
4.6
Advertising costs
Retrocessions
Total
Retrocessions
4.6.1 Investment foundation as recipient
of refunds
The question of retrocessions is governed in the contract
with the Banque Cantonale de Genève, which is mandated with the asset management. In principle, it may
not accept any retrocessions, perquisites or other benefits
from third parties for business that was concluded as part
of the mandate.
Helvetia Investment Foundation invests exclusively in dir
ect investments for its securities (shares and bonds), with
the exception of the iShares MSCI Emerging Markets and
Vanguard Investment Series Japan Govt Bond as well as
iShares Diversified Commodity Swap ETF DE The Banque
Cantonale de Genève has confirmed that it has not received or paid any marketing fees (retrocessions, fund
sales commissions), reimbursements, kickbacks or similar payments for the Helvetia Investment Foundation mandates.
Equally, Credit Suisse and the Zurich Investment Foundation
have confirmed that they have not received or paid any
marketing fees (retrocessions, fund sales commissions),
reimbursements, kickbacks or similar payments for the
transactions with real estate units and hedge funds.
4.6.2 Investment foundation as provider
of refunds
In the year under review no refunds were made to investors (namely the repayment of fees).
4.6.3 Investment foundation as provider of
sales and management compensation
In the year under review the individual sub-funds paid the
following sales and management compensation to third
parties. This was approved by the Board of Foundation
and is based on written contractual terms:
Sub-funds in CHF
LOB-Mix
LOB-Mix Plus 25
LOB-Mix Plus 30
Swiss Real Estate
Total
2014
2013
1 700
1 045
1 569
–
11 052
440
12 186
34 315
62 307
1 843
1 808
1 566
398
11 542
411
3 589
2 480
23 637
5
Supervisory authority requirements
The Superintendence Commission for the Occupational
Benefit Scheme (OAK BV) confirmed that the reporting
was faultless with the letter of 23.09.2014. There are currently no special conditions.
6
Further information regarding
the financial situation
6.1
Key figures pursuant to the
recommendation of the supervisory
authority
Sub-funds in %
2014
TER1
2013
TER1
2014
PTR2
2013
PTR2
LOB-Mix
LOB-Mix Plus 25
LOB-Mix Plus 30
Swiss Real Estate
Average for all sub-funds
0.42
0.56
0.32
0.34
0.52
1.27
0.97
0.61
0.54
0.43
0.56
0.32
0.35
0.53
0.86
0.93
0.64
0.53
7
27
20
30
1
9
1
–
16
12
14
16
34
3
3
12
–
15
1
The commissions and costs (incl. VAT) incurred in the management of the
investment groups are published with the key figure TER (Total Expense Ratio).
The sum of the commissions and costs (incl. VAT) due which will be debited to
the fund Assets is given as a percentage of the average net fund Assets. The
calculation was made on the basis of specialised information no. 2
“Guidelines for the Calculation and Publication of the ’operating expense
ratio TER KGAST’ for KGAST members” of the Conference of Managers of
Investment Foundations (KGAST) of 28.08.2012.
2
The PTR (Portfolio Turnover Ratio) is a key figure in determining the cost relevance of transactions in the Assets of an investment group. If the PTR equals
100%, the portfolio has been turned over once in the reporting period. The
closer the key figure is to zero, the more direct the connection is between
issue and redemption of investment funds (shares in investment funds) on
transactions that have been executed.
6.2
Legal proceedings in course
There are no legal proceedings in course.
6.3
Events subsequent to the
balance sheet date
Following the decision by the Swiss National Bank (SNB)
to abandon the minimum rate, the EURO/CHF rate fell
sharply on 15.01.2015 and the value was well below
the level as at 31.12.2014 when the financial statements
were prepared (21.01.2015). As the cause of the collapse of the EUR/CHF rate occurred after the balance
sheet date, this event will not be included in the financial
statements for 2014 in accordance with the statutory accounting policies.
Official valuation certificate of the valuation expert.
Source: Jones Lang LaSalle Ltd, Zurich
Jones Lang LaSalle AG
Prime Tower Hardstrasse 201 8005 Zürich Schweiz
tel +41 44 215 75 00 fax +41 44 215 75 01
www.jll.ch
An den Stiftungsrat der
Helvetia Anlagestiftung, Basel
Zürich, 31. Januar 2015
Marktwert der Anlageliegenschaften der Helvetia Anlagestiftung
per 31. Dezember 2014
1 Auftrag
Die Anlageliegenschaften der Helvetia Anlagestiftung wurden im Auftrag der Eigentümerin zum Zweck
ihrer Rechnungslegung von der Jones Lang LaSalle AG per 31. Dezember 2014 zum Marktwert bewertet.
Dabei handelte es sich um insgesamt 18 Anlageliegenschaften.
2 Bewertungsstandard
Die Jones Lang LaSalle AG bestätigt, dass die Bewertungen im Rahmen der national und international
gebräuchlichen Standards und Richtlinien, insbesondere in Übereinstimmung mit den International Valuation Standards (IVS, RICS/Red Book) sowie den Swiss Valuation Standards (SVS) durchgeführt wurden.
3 Rechnungslegungsstandard
Gemäss den Anweisungen der Helvetia Anlagestiftung erfüllt die Bewertungsvorgehensweise die Anforderungen gemäss dem Bewertungsstandard Swiss GAAP FER.
4 Definition Marktwert
Als Marktwert gilt der geschätzte Betrag, zu dem eine Immobilie in einem funktionierenden Immobilienmarkt zum Bewertungsstichtag zwischen einem verkaufsbereiten Verkäufer und einem kaufbereiten Erwerber nach angemessenem Vermarktungszeitraum in einer Transaktion im gewöhnlichen Geschäftsverkehr verkauft werden könnte, wobei jede Partei mit Sachkenntnis, Umsicht und ohne Zwang handelt.
Transaktionskosten, üblicherweise bestehend aus Maklerprovisionen, Transaktionssteuern sowie Grundbuch- und Notarkosten, bleiben bei der Bestimmung des Marktwertes unberücksichtigt. Der Marktwert
wird nicht um die beim Erwerber bei einem Verkauf anfallenden Transaktionskosten korrigiert. Dies entspricht der Schweizer Bewertungspraxis.
5 Bewertungsmethode
Die Jones Lang LaSalle AG bewertete die Bestandesliegenschaften der Helvetia Anlagestiftung mit der
Discounted-Cashflow Methode (DCF-Methode). Dabei wird das Ertragspotenzial einer Liegenschaft auf
der Basis zukünftiger Einnahmen und Ausgaben ermittelt. Die resultierenden Zahlungsströme entsprechen den aktuellen sowie prognostizierten Netto-Cashflows nach Abzug aller nicht auf den Mieter umlagefähigen Kosten (vor Steuern und Fremdkapitalkosten). Die jährlichen Zahlungsströme werden auf den
Bewertungsstichtag diskontiert. Der dazu verwendete Zinssatz orientiert sich an der Verzinsung langfristiger, risikofreier Anlagen, wie beispielsweise einer 10-jährigen Bundesobligation und einem spezifischen
ANHANG
1 Bewertungsmodell und -annahmen
1.1. Bewertungsmodell
Das DCF-Modell von Jones Lang LaSalle AG entspricht einem Zwei-Phasen Modell und ermittelt den
Marktwert der Liegenschaften auf der Basis zukünftiger Cashflows. Basierend auf einer Prognose der
zukünftigen Einnahmen und Ausgaben werden über einen Detail-Betrachtungszeitraum von zehn Jahren
die potenziellen jährlichen Sollmieteinnahmen ermittelt und um die nicht auf die Mieter übertragbaren
Kosten reduziert. Die resultierenden Zahlungsströme entsprechen somit den prognostizierten NettoCashflows nach Abzug aller nicht auf den Mieter umlagefähigen Kosten, jedoch vor Finanzierung und
Steuern. Am Ende des Detail-Betrachtungszeitraumes wird auf der Grundlage einer ewigen Rente aus
dem Exit-Cashflow sowie unter Berücksichtigung der zukünftigen eigentümerlastigen Instandsetzungsmassnahmen ein Residualwert (Exitwert) ermittelt. Der Marktwert ergibt sich als Summe der auf den Bewertungszeitpunkt diskontierten Netto-Cashflows über den Detail-Betrachtungszeitraum und dem diskontierten Residualwert.
1.2. Diskontierungs- und Kapitalisierungszinssätze
Der für die Wertermittlung verwendete Diskontierungszinssatz orientiert sich an der Verzinsung langfristiger, risikofreier Anlagen, wie beispielsweise einer 10-jährigen Bundesobligation und einem spezifischen
Risikozuschlag, welcher nebst Nutzung, Lage und Grösse des Objektes auch die aktuelle Situation auf
dem Transaktionsmarkt berücksichtigt. Dieser Risikozuschlag berücksichtigt somit das Marktrisiko und die
damit verbundene höhere Illiquidität einer Immobilie gegenüber einer Bundesobligation. Der Renditeunterschied (Spread) zwischen einer Bundesanleihe und einer Immobilieninvestition wird von Jones Lang
LaSalle AG regelmässig anhand von Immobilientransaktionen verifiziert.
Die nominellen Diskontierungs- und Kapitalisierungszinssätze werden objektspezifisch nach Makro- und
Mikrolage sowie nach Immobiliensegmenten differenziert. In der Regel werden für den Diskontierungszinssatz und den Kapitalisierungszinssatz des Restwertes dieselben Werte angenommen. Dies ist eine
vereinfachende Annahme, die weder den Anspruch hat eine mögliche zukünftige Teuerung (tieferer „Netto“-Kapitalisierungssatz) noch die mit dem Bauwerk verbundenen zunehmenden Risiken und Prognoseunsicherheiten (höherer Kapitalisierungssatz) zu berücksichtigen. Weist ein Objekt allerdings eine eingeschränkte Drittverwendungsfähigkeit oder andere, nicht unmittelbar quantifizierbare Risiken auf, wird
diesem Umstand durch eine Erhöhung des Kapitalisierungszinssatzes Rechnung getragen. Während die
Diskontierung der Zahlungsströme der Jahre 1 bis 10 jeweils per Mitte Jahr erfolgt („mittschüssig“), wird
der Exitwert per Ende Exitjahr („nachschüssig“) diskontiert. Damit wird der effektive Anfall der Zahlungsströme möglichst realitätsnah modelliert.
Der durchschnittliche kapitalgewichtete Diskontierungszinssatz per 31. Dezember 2014 für die Bestandesliegenschaften der Helvetia Anlagestiftung beträgt 4.5% (Spannbreite: 4.1% bis 5.0%), der durchschnittliche kapitalgewichtete Kapitalisierungszinssatz 4.5% (Spannbreite: 4.1% bis 5.0%).
1.3. Mietzinseinnahmen
Basis der Bewertungen sind die Mietzinseinnahmen zum Stichtag vom 1. Januar 2015. Ausgehend von
den aktuellen Vertragsmieten werden die jährlichen Sollmieteinnahmen prognostiziert. Dies geschieht
durch die mietvertraglich vereinbarte oder mietgesetzlich zulässige Indexierung der Vertragsmieten und
im Fall von auslaufenden (Geschäfts-)Mietverträgen durch Ansetzen von aus heutiger Sicht als nachhaltig
beurteilten Marktmieten. Die Marktmieten basieren auf den Mietpreisdatenbanken und dem Immobilien
Research von Jones Lang LaSalle AG. Bei mieterseitigen Verlängerungsoptionen kommt in der Regel der
tiefere Mietzins zwischen Markt- und Vertragsmiete zur Anwendung. Im Fall von unbefristeten Wohnungsmietverträgen werden bei deutlicher Abweichung der Vertragsmieten vom Marktniveau ebenfalls
nachhaltige Marktmieten angesetzt.
1.4. Indexierung
Mieten für Büro- und Gewerbeflächen werden üblicherweise an den Landesindex der Konsumentenpreise
(LIK) gekoppelt, während Mietverträge für Wohnräume an die Veränderung des von der Nationalbank
quartalsweise errechneten Referenzzinssatzes geknüpft sind, zusätzlich aber auch noch einen Teuerungsanteil beinhalten. Basierend auf den Prognosen der einschlägigen Konjunkturforschungsstellen
(KOF, BAK, SECO) für die Entwicklung des LIK und der Hypothekarzinsen werden von der Jones Lang
LaSalle AG regelmässig Annahmen für die zukünftige Indexierung der Vertragsmieten getroffen, wobei für
alle Bewertungen, die zum selben Bewertungsstichtag erstellt werden, jeweils die gleichen Annahmen
verwendet werden.
Bei den Bewertungen per Bewertungsstichtag ging die Jones Lang LaSalle AG in den ersten 10 Jahren
sowohl bei den Geschäfts- wie auch den Wohnungsmieten von einer jährlichen Steigerung von 1.00%
aus. In den Bewertungen werden dabei für jede Mieteinheit die vertraglich vereinbarten prozentualen
Ansätze berücksichtigt. Bei fehlenden Angaben werden die zukünftigen Mieteinnahmen zu 100% an die
angenommenen Wachstumsraten gekoppelt. Die gleichen Wachstumsraten werden in der Regel auch für
die zukünftige Entwicklung der aus heutiger Sicht als nachhaltig beurteilten Marktmieten verwendet.
1.5. Leerstand
Für ablaufende Mietverträge von Verkaufs- und Büroflächen wird ein objekt- und segmentspezifischer
Leerstand angesetzt. Diese Absorptionszeit (Leerstand in Monaten nach Vertragsende) wird spezifisch für
jedes Objekt festgelegt und liegt in der Regel zwischen drei und neun Monaten. In speziellen Fällen werden auch längere oder kürzere Wiedervermietungsszenarien angenommen. Das allgemeine Leerstandrisiko wird über einen strukturellen Leerstand berücksichtigt, der ebenfalls objektspezifisch angesetzt wird.
Bei den Wohnliegenschaften werden in der Regel keine spezifischen Leerstände angesetzt, da die Mietverträge üblicherweise nicht befristet sind. Die normale Mieterfluktuation wird mit Hilfe eines strukturellen
Leerstandes berücksichtigt, der objektspezifisch angesetzt wird.
1.6. Bewirtschaftungskosten
Die zugrunde gelegten Bewirtschaftungskosten basieren grundsätzlich auf den jeweiligen Liegenschaftsabrechnungen. Die nicht umlagefähigen Kosten betreffen Betriebs- und Unterhaltskosten, die in der Regel
aufgrund der vertraglichen Bedingungen nicht auf den Mieter umgewälzt werden können oder Bewirtschaftungskosten, die infolge Leerstandes vom Hauseigentümer zu tragen sind. Anhand der Analyse der
historischen Zahlen und Benchmarks von Jones Lang LaSalle werden die zukünftigen Bewirtschaftungskosten modelliert.
1.7. Instandsetzungskosten
Neben den Mietzinseinnahmen kommt den zukünftigen Instandsetzungskosten eine grosse Bedeutung
zu. Die während dem DCF-Betrachtungszeitraum von 10 Jahren berücksichtigten Investitionen basieren
auf Schätzungen der Jones Lang LaSalle AG für die während den Besichtigungen festgestellten Mängel.
Die zur Ermittlung des Exitwertes langfristig erforderlichen Instandsetzungsmassnahmen („Capex“) werden objektspezifisch unter der Annahme berechnet, dass je nach Bauweise und Nutzung der Liegenschaft
bestimmte Anteile der Bauwerkssubstanz eine begrenzte Lebensdauer aufweisen und folglich über die
Gesamtlebensdauer zyklisch erneuert werden müssen. Der im Exitjahr in einen (Instandsetzungs-)Fonds
umgerechnete Betrag berücksichtigt ausschliesslich Kosten zur Substanzerhaltung, welche das der Bewertung zugrunde liegende Vertrags- und Marktzinsniveau langfristig sichern.
2 Analyse der Wertveränderung
Der Gesamtwert der Anlageliegenschaften hat sich gegenüber dem Vorjahr um CHF 46.29 Mio. oder
24.9% erhöht. Die Wertveränderung des Gesamtportfolios gegenüber dem Marktwert vom 31. Dezember
2013 begründet sich hauptsächlich durch einen positiven Saldo aus Portfoliozugängen und -abgängen
von CHF 45.63 Mio. Die innere Wertveränderung, welche durch Veränderungen in den Zahlungsströmen
und Änderungen der Diskontierungs- und Kapitalisierungszinssätze zustande kommt, führte zu einer
Wertzunahme von CHF 0.66 Mio.
Auditor’s report.
Source: BDO Ltd, Zurich
Tel. 044 444 35 55
Fax 044 444 35 35
www.bdo.ch
BDO AG
Fabrikstrasse 50
8031 Zürich
BERICHT DER REVISIONSSTELLE
An die Anlegerversammlung der Helvetia Anlagestiftung, Basel
Bericht der Revisionsstelle zur Jahresrechnung
Als Revisionsstelle haben wir die beiliegende Jahresrechnung der Helvetia Anlagestiftung, bestehend
aus Vermögens- und Erfolgsrechnungen des Anlagevermögens, Bilanz und Erfolgsrechnung des
Stammvermögens und Anhang (Seiten 7, 9, 11, 13, 15, 17, 19, 21-33 des Jahresberichtes), für das
am 31. Dezember 2014 abgeschlossene Geschäftsjahr geprüft.
Verantwortung des Stiftungsrates
Der Stiftungsrat ist für die Aufstellung der Jahresrechnung in Übereinstimmung mit den gesetzlichen
Vorschriften, dem Statut und den Reglementen verantwortlich. Diese Verantwortung beinhaltet die
Ausgestaltung, Implementierung und Aufrechterhaltung einer internen Kontrolle mit Bezug auf die
Aufstellung einer Jahresrechnung, die frei von wesentlichen falschen Angaben als Folge von Verstössen oder Irrtümern ist. Darüber hinaus ist der Stiftungsrat für die Auswahl und die Anwendung sachgemässer Rechnungslegungsmethoden sowie die Vornahme angemessener Schätzungen verantwortlich.
Verantwortung der Revisionsstelle
Unsere Verantwortung ist es, aufgrund unserer Prüfung ein Prüfungsurteil über die Jahresrechnung
abzugeben. Wir haben unsere Prüfung in Übereinstimmung mit dem schweizerischen Gesetz und den
Schweizer Prüfungsstandards vorgenommen. Nach diesen Standards haben wir die Prüfung so zu planen und durchzuführen, dass wir hinreichende Sicherheit gewinnen, ob die Jahresrechnung frei von
wesentlichen falschen Angaben ist.
Eine Prüfung beinhaltet die Durchführung von Prüfungshandlungen zur Erlangung von Prüfungsnachweisen für die in der Jahresrechnung enthaltenen Wertansätze und sonstigen Angaben. Die Auswahl
der Prüfungshandlungen liegt im pflichtgemässen Ermessen des Prüfers. Dies schliesst eine Beurteilung der Risiken wesentlicher falscher Angaben in der Jahresrechnung als Folge von Verstössen oder
Irrtümern ein. Bei der Beurteilung dieser Risiken berücksichtigt der Prüfer die interne Kontrolle, soweit diese für die Aufstellung der Jahresrechnung von Bedeutung ist, um die den Umständen entsprechenden Prüfungshandlungen festzulegen, nicht aber um ein Prüfungsurteil über die Wirksamkeit der internen Kontrolle abzugeben. Die Prüfung umfasst zudem die Beurteilung der Angemessenheit der angewandten Rechnungslegungsmethoden, der Plausibilität der vorgenommenen Schätzungen sowie eine Würdigung der Gesamtdarstellung der Jahresrechnung. Wir sind der Auffassung, dass
die von uns erlangten Prüfungsnachweise eine ausreichende und angemessene Grundlage für unser
Prüfungsurteil bilden.
Prüfungsurteil
Nach unserer Beurteilung entspricht die Jahresrechnung für das am 31. Dezember 2014 abgeschlossene Geschäftsjahr dem schweizerischen Gesetz, dem Statut und den Reglementen.
Tel. 044 444 35 55
Fax 044 444 35 35
www.bdo.ch
BDO AG
Fabrikstrasse 50
8031 Zürich
Berichterstattung aufgrund weiterer gesetzlicher und anderer Vorschriften
Wir bestätigen, dass wir die gesetzlichen Anforderungen an die Zulassung (Art. 9 ASV) und die Unabhängigkeit (Art. 34 BVV 2) erfüllen und keine mit unserer Unabhängigkeit nicht vereinbaren Sachverhalte vorliegen.
Wir haben die weiteren in Art. 10 ASV und Art. 35 BVV 2 vorgeschriebenen Prüfungen vorgenommen.
Der Stiftungsrat ist für die Erfüllung der gesetzlichen Aufgaben und die Umsetzung der statutarischen und reglementarischen Bestimmungen zur Organisation, zur Geschäftsführung und zur Vermögensanlage verantwortlich, soweit diese Aufgaben nicht von der Anlegerversammlung wahrgenommen werden.
Wir haben geprüft, ob
-
die Organisation und die Geschäftsführung den gesetzlichen, statutarischen und reglementarischen Bestimmungen entsprechen und ob eine der Grösse und Komplexität angemessene interne
Kontrolle existiert;
-
die Vermögensanlage den gesetzlichen, statutarischen und reglementarischen Bestimmungen
entspricht;
-
die Vorkehren zur Sicherstellung der Loyalität in der Vermögensverwaltung getroffen wurden
und die Einhaltung der Loyalitätspflichten sowie die Offenlegung der Interessenverbindungen
durch das oberste Organ hinreichend kontrolliert wird;
-
die vom Gesetz verlangten Angaben und Meldungen an die Aufsichtsbehörde gemacht wurden;
-
in den offen gelegten Rechtsgeschäften mit Nahestehenden die Interessen der Anlagestiftung
gewahrt sind.
Wir bestätigen, dass die diesbezüglichen anwendbaren gesetzlichen, statutarischen und reglementarischen Vorschriften einschliesslich der Anlagerichtlinien eingehalten sind.
Wir empfehlen, die vorliegende Jahresrechnung zu genehmigen.
Zürich, 20. Februar 2015
BDO AG
Peter Stalder
Helene Lüscher
Zugelassener Revisionsexperte
Zugelassene Revisionsexpertin
12-8585 04.15
Helvetia Investment Foundation
St. Alban-Anlage 26, 4002 Basel
T 058 280 1000 (24 h), F 058 280 2940
www.helvetia-anlagestiftung.ch/en
Member of KGAST
Your Swiss Investment Foundation.

Investment Foundation - Annual Report 2014

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