EPRA
Performance Measures
The EPRA (European Public Real Estate Association) has developed Best Practice Recommendations for Reporting, Accounting and Corporate Governance in the listed real estate sector in recent years. The aim is to ensure consistency and transparency throughout the real estate sector. Züblin is a member of EPRA and is reporting the EPRA Performance Measures for the second time. Züblin is also disclosing a number of other company-specific figures.
A.1 EPRA Earnings per share
| in CHF thousand | 1.4.2011 to 31.3.2012 | 1.4.2010 to 31.3.2011 |
|---|---|---|
| Earnings of shareholders of Züblin Immobilien Holding AG | 3 304 | –806 |
| Adjustments: | ||
| Changes in market value of investment properties | 2 586 | 17 044 |
| Result from the sale of investment properties | 2 807 | –3 867 |
| Current tax on result from the sale of investment properties 1 | 0 | 850 |
| Changes in fair value derivative financial instruments recorded in income statement | –474 | 687 |
| Deferred taxes in respect of EPRA Earnings adjustments 2 | 8 243 | 7 062 |
| Non-controlling interests in respect of the above | –330 | 1 693 |
| EPRA Earnings of shareholders | 16 136 | 22 663 |
| Average number of outstanding shares | 59 165 446 | 59 111 806 |
| EPRA Earnings per share | 0.27 | 0.38 |
1Calculated with the reference tax rate for Switzeland of 21.17% (previous year 22.00%) and for Germany of 31.11% (previous year 31.11%).
2Changes in fair value derivative financial instruments recorded in income statement.
A.2 Cash flow-related operating earnings
| in CHF thousand | 1.4.2011 to 31.3.2012 | 1.4.2010 to 31.3.2011 |
|---|---|---|
| EPRA Earnings | 16 136 | 22 663 |
| Adjustments: | ||
| Current tax on result from the sale of investment properties 1 | 0 | –850 |
| Deferred taxes in respect of EPRA Earnings adjustments 2 | –8 243 | –7 062 |
| Income taxes | 4 939 | 2 690 |
| Cash flow related Income taxes | 0 | –1 011 |
| Depreciation | 219 | 150 |
| Amortized closing fees (mortgages) | 418 | 995 |
| Interest 2.0% Mandatory Convertible Securities Züblin France | 618 | 617 |
| Currency translation adjustments | –1 774 | –1 954 |
| Realized currency differences | 2 569 | 945 |
| Non-controlling interests in respect of the above adjustments | –239 | –515 |
| Cash flow related operating earnings of shareholders | 14 643 | 16 668 |
| Average number of outstanding shares | 59 165 446 | 59 111 806 |
| Cash flow related operating earnings per share | 0.25 | 0.28 |
| Cash flow related operating earnings of non-controlling interests | 1 984 | 6 752 |
| Cash flow related operating earnings | 16 628 | 23 420 |
1Calculated with the reference tax rate for Switzeland of 21.17% (previous year 22.00%) and for Germany of 31.11% (previous year 31.11%).
2Changes in fair value derivative financial instruments recorded in income statement.
B. EPRA Equity and EPRA Equity ratio
| in CHF thousand | 31.3.2012 | 31.3.2011 |
|---|---|---|
| Number of issued shares | 59 724 486 | 59 724 486 |
| Number of treasury shares | –749 877 | –457 595 |
| Number of outstanding shares at balance sheet date | 58 974 609 | 59 266 891 |
| Equity of shareholders | 281 987 | 312 487 |
| Equity per share | 4.78 | 5.27 |
| Equity of shareholders | 281 987 | 312 487 |
| Adjustments: | ||
| Fair Value of derivative financial instruments 1 | 43 461 | 24 031 |
| Deferred taxes (net) 2 | 17 212 | 15 377 |
| EPRA Net Asset Value (NAV) of shareholders | 342 660 | 351 895 |
| EPRA NAV per share | 5.81 | 5.94 |
| EPRA Net Asset Value (NAV) of shareholders | 342 660 | 351 895 |
| Adjustments: | ||
| Non-controlling interests | 56 440 | 64 194 |
| Fair value of derivative financial instruments from non-controlling interests 1 | 10 627 | 6 797 |
| EPRA Equity | 409 727 | 422 886 |
| Total Assets | 1 286 723 | 1 376 787 |
| EPRA Equity ratio | 31.8% | 30.7% |
1The total of these two amounts agrees with the total of the short-term and long-term derivative financial instruments.
2This amount includes all deferred taxes and agrees with the net amount of the deferred tax assets and deferred tax liabilities as stated in the consolidated balance sheet.
C. EPRA Triple Net Asset Value (NNNAV)
| in CHF thousand | 31.3.2012 | 31.3.2011 |
|---|---|---|
| EPRA Net Asset Value (NAV) of shareholders | 342 660 | 351 895 |
| Adjustments: | ||
| Fair value of derivative financial instruments | –43 461 | –24 031 |
| Deferred taxes (net) | –17 212 | –15 377 |
| Deviation to fair value of mortgages | –29 629 | –24 313 |
| EPRA NNNAV | 252 358 | 288 174 |
| Number of outstanding shares at balance sheet date | 58 974 609 | 59 266 891 |
| EPRA NNNAV per share | 4.28 | 4.86 |
D. EPRA Net Yield Disclosure
| in CHF thousand | 31.3.2012 | 31.3.2011 |
|---|---|---|
| Investment properties | 1 206 143 | 1 282 030 |
| Adjustments: | ||
| Renovation projects | –211 700 | –21 806 |
| Investment properties held for sale | –133 251 | –20 223 |
| Investment properties available for lease | 861 192 | 1 240 001 |
| Adjustments: | ||
| Transaction costs in case of sale | 32 418 | 48 380 |
| Gross-up valuation of Investment properties available for lease (A) | 893 611 | 1 288 381 |
| Annual rental income investment properties available for lease (B) | 56 066 | 84 905 |
| Property expenses | –6 944 | –8 920 |
| Net Annual rental income (C) | 49 122 | 75 985 |
| Adjustment for lease incentives | n.a. | n.a. |
| “Topped-up” Net annual rental income (D) | 49 122 | 75 985 |
| EPRA Gross Initial Yield (GIY) (B/A) | 6.3% | 6.6% |
| EPRA Net Initial Yield (NIY) (C/A) | 5.5% | 5.9% |
| EPRA “topped-up” NIY (D/A) | 5.5% | 5.9% |
E.1 EPRA Vacancy Rate monetary
| in CHF thousand | 31.3.2012 | 31.3.2011 |
|---|---|---|
| Estimated market rental income of vacant space (A) | 8 201 | 11 146 |
| Estimated market rental value of the whole portfolio (B) | 71 861 | 100 634 |
| EPRA Vacancy rate (A/B) | 11.4% | 11.1% |
E.2 Züblin Vacancy Rate monetary
| in CHF thousand | 31.3.2012 | 31.3.2011 |
|---|---|---|
| Estimated annual rental income of vacant space (A) | 8 201 | 11 146 |
| Projected annual rental income of the whole portfolio (B) | 71 749 | 97 770 |
| Züblin Vacancy rate (A/B) | 11.4% | 11.4% |