Segment information
Income statement

Segment information 
Income statement

					1.4.2011 – 31.3.2012							1.4.2010 – 31.3.2011
in CHF thousand	Switzerland	France	Germany	Netherlands	Holding 1	Consolidation 2	Total	Switzerland	France	Germany	Netherlands	Holding 1	Consolidation 2	Total
Rental income	15 778	21 878	23 251	12 271	0	0	73 178	17 481	31 300	26 307	16 072	0	0	91 160
Intercompany	0	0	0	0	2 420	–2 420	0	0	0	0	0	4 453	–4 453	0
Total operating income	15 778	21 878	23 251	12 271	2 420	–2 420	73 178	17 481	31 300	26 307	16 072	4 453	–4 453	91 160
Real estate expense	–1 191	–2 136	–2 818	–2 640	0	1 349	–7 436	–2 636	–1 043	–3 030	–2 856	0	2 421	–7 144
Maintenance and repairs	–204	–232	–1 022	–673	0	0	–2 131	–339	–277	–1 241	–1 233	0	0	–3 090
Net operating income	14 383	19 510	19 411	8 958	2 420	–1 071	63 611	14 506	29 980	22 036	11 983	4 453	–2 032	80 926
Administrative expense	3	–3 331	–1 806	–818	–5 034	1 071	–9 915	–519	–3 598	–2 345	–904	–5 648	2 032	–10 982
Result from the sale of inv. prop.	–50	0	0	–2 757	0	0	–2 807	3 876	0	–9	0	0	0	3 867
Pos. change in market value inv. prop.	24 488	5 104	3 961	38	0	0	33 591	18 164	7 322	4 319	4 052	0	0	33 857
Neg. change in market value inv. prop.	–9 203	–5 720	–7 615	–13 639	0	0	–36 177	–11 426	–4 158	–22 278	–13 039	0	0	–50 901
Net change in market value	15 285	–616	–3 654	–13 601	0	0	–2 586	6 738	3 164	–17 959	–8 987	0	0	–17 044
Earnings before interest and taxes (EBIT)	29 621	15 563	13 951	–8 218	–2 614	0	48 303	24 601	29 546	1 723	2 092	–1 195	0	56 767
Net financial expenses	–6 903	–12 599	–12 988	–3 320	–2 834	0	–38 644	–9 124	–14 441	–18 311	–6 244	1 320	0	–46 800
Earnings before taxes	22 718	2 964	963	–11 538	–5 448	0	9 659	15 477	15 105	–16 588	–4 152	125	0	9 967
Income taxes	–4 137	0	–792	0	–10	0	–4 939	–5 622	0	3 177	0	–245	0	–2 690
Earnings	18 581	2 964	171	–11 538	–5 458	0	4 720	9 855	15 105	–13 411	–4 152	–120	0	7 277
of which non-controlling interests	0	1 416	0	0	0	0	1 416	0	8 083	0	0	0	0	8 083
Non-cash effects in EBIT	15 285	–717	–3 479	–12 215	56	0	–1 070	6 738	3 130	–18 147	–8 960	–67	0	–17 306

¹The segment “Holding” is comprised of Züblin Immobilien Holding AG, Züblin Immobilien Management AG and Züblin Immobilière Belgium SA.

²Consolidation of Intercompany Management Fees and Property Management Fees in the income statement as well as intercompany loans and current accounts in the balance sheet.

Segment information
Balance sheet

Segment information
Balance sheet

					31.3.2012							31.3.2011
in CHF thousand	Switzerland	France	Germany	Netherlands	Holding 1	Consolidation 2	Total	Switzerland	France	Germany	Netherlands	Holding 1	Consolidation 2	Total
Investment properties	304 200	382 730	264 464	121 498	0	0	1 072 892	337 560	405 067	352 040	167 140	0	0	1 261 807
Investment properties held for sale	66 160	0	66 368	723	0	0	133 251	0	0	8 454	11 770	0	0	20 223
Furnishing	0	282	158	12	99	0	551	0	157	176	15	105	0	453
Other assets	18 538	44 460	13 050	8 217	131 656	–135 892	80 029	42 139	48 034	10 582	11 557	92 462	–110 471	94 304
Total assets	388 898	427 472	344 040	130 450	131 755	–135 892	1 286 723	379 699	453 258	371 252	190 482	92 567	–110 471	1 376 787
Mortgages	153 073	272 609	190 631	70 828	0	0	687 141	194 120	295 059	262 062	112 039	0	0	863 280
Mortgages held for sale	40 247	0	46 542	0	0	0	86 789	0	0	6 828	12 095	0	0	18 922
Other liabilities	84 914	49 389	49 207	46 685	80 063	–135 892	174 366	75 780	38 233	37 268	37 937	39 157	–110 471	117 905
Total liabilities	278 234	321 998	286 380	117 513	80 063	–135 892	948 296	269 900	333 292	306 158	162 071	39 157	–110 471	1 000 107

¹The segment “Holding” is comprised of Züblin Immobilien Holding AG, Züblin Immobilien Management AG and Züblin Immobilière Belgium SA.

²Consolidation of Intercompany Management Fees and Property Management Fees in the income statement as well as intercompany loans and current accounts in the balance sheet.