BFW Liegenschaften AG announced earnings results for the fiscal year 2014. For the year, the company reported net rental income for fiscal year 2014 amounted to CHF 16.3 million compared to CHF 19.5 million a year ago and was therefore in line with company expectations. This lower basis and no earnings from the sale of properties are reflected in the 2014 results.

The company achieved a solid EBIT of CHF 14.1 million compared to CHF 22.2 million a year ago. Excluding the fair value reflection of the interest rate swaps and receiver swaptions, which led to a significant negative effect (before taxes) of CHF 7.6 million in 2014 compared to a positive effect of CHF 6.3 million, net earnings including changes in fair value of investment properties and deferred taxes amounted to a level of CHF 9.1 million (2013: CHF 15.1 million). Net asset value per share was CHF 35.92 at balance sheet date.

The change in net rental income is mainly a result of the lower target rental income due to the divestment of four properties during the second half of 2013. The change in EBIT compared to the previous year is a result of the lower rental income and the difference of the proceeds from the sale of properties. Total operating income was CHF 16.3 million compared to CHF 26.059 million a year ago.

Earnings incl. effects from changes in fair value of real estate investments /deferred taxes was CHF 2.833 million compared to CHF 20.288 million a year ago. Earnings excl.

fair value adjustments of interest rate swaps /deferred taxes was CHF 9.100 million compared to CHF 15.081 million a year ago.