Züblin generated solid earnings in financial year 2011/2012 in spite of a still challenging economic environment and the expected decline in rental income. In spite of the reductionin revenues Züblin was able to generate consolidated earnings of CHF 4.7 million (previous year CHF 7.3 million) thanks to furthercost cuts of 8%. This was particularly pleasing since Züblin achieved a profit of CHF 3.3 million for the shareholders, compared with a loss of CHF 0.8 million in 2010/2011.
The total value of the portfolio fell by CHF 76 million from CHF 1 282 million to CHF 1 206 million. Seven properties were sold during the reporting year, four in the Netherlands and three in Germany. The annual rental income as of 31 March 2012 was CHF 63.5 million. The vacancy rate remained stable at 11.4% during the financial year. This figure does not include the properties currently being renovated.
Züblin is engaged in an open exchange of information with its tenants about the consumption patterns of the properties. This form of transparency is a prerequisite for identifying ways of improving energy consumption and jointly taking steps to increase energy efficiency.
As of 31 March 2012 the net asset value per share was CHF 4.78 compared with CHF 5.27 a year ago. The main factors behind the negative change were the depreciation of the euro and the negative valuation of derivative financial instruments. The EPRA Equity ratio was 32%, up 1 percentage point on the previous year.