ZÜBLIN IMMOBILIEN HOLDING AG Press Release
Zurich, 9 November 2017
Züblin Immobilien Holding AG - Semi-annual report 2017/18 - Net Comprehensive Income of CHF 5.5 million
Züblin Immobilien Holding AG (Züblin) generated rental income of CHF 4.0 million in the first six months of the 2017/18 financial year, 1.3% more than compared to the previous year period. Operating result increased by 2.6% to CHF 3.8 million. Successful letting activities and a stable market environment resulted in positive valuation effects of CHF 1.2 million which, combined with further cost reductions, led to an EBIT of CHF 3.0 million. Overall, the net comprehensive income amounted to CHF 5.5 million and increased equity from CHF 122.2 million as of 31 March 2017 to CHF 127.7 million.
Net comprehensive income for the period under review provides a more accurate picture of Züblin's performance. In contrast, the reported net loss of CHF 30.4 million can be disregarded, because it resulted from reclassifications of reserves on cash flow hedges and reserves of discontinued operations in Germany in accordance with IFRS. These reserves were to be removed from equity and had to be recycled through the income statement. Net comprehensive income or adjusted net profit of CHF 5.5 million are free from these effects.
Following the successful sale of the German portfolio in Summer of 2017 and the closing of the new credit facility in Switzerland in September 2017, the company is now well positioned to carefully assess new investment opportunities and to invest further to expand the current portfolio with a market value of CHF 199.7 million. The new credit facility allows portfolio expansion up to a loan-to-value (LTV) ratio of 60% (currently 33%). As of September 30, 2017, the equity ratio was 61.4%.
In the reporting period, the vacancy rate of the Swiss real estate improved by 0.5 percentage points to 10.1%; excluding the persistently high vacancy in the Arco West property in Berne, the occupancy rate would be at 99.0%. All other Swiss properties are in good or very good locations, are well maintained and have a solid tenant base.
Full semi-annual report
The full semi-annual report is available on our website at the following link:
http://reports.zueblin.ch
Analyst/Press conference today at 10:30 (CET)
Züblin Immobilien Holding AG will hold a press/analysts call at 10:30 CET today. The presentation can also be viewed on our website.
Further information
Dr. Iosif Bakaleynik, CEO
Züblin Immobilien Holding AG, Klausstrasse 4, CHF-8008 Zürich
Tel. +41 44 206 29 39, iosif.bakaleynik@zueblin.ch
Further information is also available at www.zueblin.ch
Key figures as of 30 September 2017
in million CHF | 1st Half Year 2017/18 | 1st Half Year 2016/17 | Change |
ending 30.9.2017 | ending 30.9.2016 (Balance sheet figures as of 31.3.2017) | in % | |
Income statement | |||
Rental income | 4.0 | 4.0 | 0.0% |
Change in market value of investment properties | 1.2 | 3.5 | -66.5% |
EBITDA | 1.8 | 1.5 | 17.1% |
Earnings | -30.4 | 8.7 | -447.8% |
- from continuing operations | -0.8 | 3.1 | -124.8% |
- from discontinuing operations | -29.6 | 5.6 | -632.3% |
EPRA Return on equity in % | -22.1 | 5.8 | -27.9% |
Balance sheet | |||
Investment properties | 199.7 | 198.5 | 0.6% |
Equity | 127.7 | 122.2 | 4.5% |
Equity Ratio in % | 61.4 | 31.8 | 29.6% |
EPRA Equity | 137.2 | 150.6 | -8.9% |
EPRA Equity ratio in % | 66.0 | 39.2 | 26.8% |
Mortgages | 65.7 | 108.2 | -39.3% |
Loan to Value in % | 32.9 | 54.5 | -21.6% |
Key figures per share in CHF | |||
Earnings of shareholders | -9.15 | 2.63 | -447.9% |
- from continuing operations | -0.23 | 0.92 | -124.9% |
- from discontinuing operations | -8.92 | 1.71 | -623.0% |
NAV per share | 38.48 | 36.82 | 4.5% |
EPRA NAV per share | 41.36 | 45.39 | -8.9% |
Share price | 26.40 | 21.95 | 20.3% |
Portfolio | |||
Annual rental income | 8.2 | 8.1 | 1.3% |
EPRA Net Initial Yield (NIY) in % | 3.8 | 3.7 | 0.1% |
Average interest rate in % | 1.1 | 0.9 | 0.2% |
Vacancy rate monetary in % | 10.1 | 10.6 | -0.5% |
| Provider | Channel | Contact | ||
|---|---|---|---|---|
|
Tensid EQS Ltd., Switzerland www.tensid.ch |
newsbox.ch www.newsbox.ch |
Provider/Channel related enquiries marco@tensid.ch +41 41 763 00 50 |
