Züblin recorded a consolidated loss of CHF 89 million in the financial year 2012/13. This result is mainly due to a write-down of CHF 71 million in the value of the non-strategic portfolio held for sale as a result of a continuing deterioration of the market environment. The operating result was in line with budget and affected by the loss of rental income from the properties in Paris and Berne currently undergoing renovation. The renovation works are proceeding according to plan, both in terms of schedule and the investment budget.
Rental income CHF 55 million (–25%). Sold nine properties, of which seven were non-strate- gic, for a total value of CHF 163 million. Vacancy rate improved to 10.5%, compared with 11.4% one year ago. Market valuations of strategic portfolio –1.1% or –CHF 10 million, non- strategic portfolio –33% or –CHF 71 million. Energy monitoring system extended to nine additional properties. Renovation projects in Paris and Berne on schedule.
Loss of CHF 89 million compared with profit of CHF 4.7 million in the previous year. Strategic and non-strategic portfolio now reported separately. Valuation assumptions revised for non-strategic portfolio due to intention to sell as quickly as possible. Interest rate hedging transactions of CHF 11 million derecognized through the income statement. LTV rose slightly from 64.2% to 65.7%. EPRA equity ratio fell from 31.8% to 29.1%.