Segment information
Income statement and balance sheet
| Income statement per country | 1.4.2011 - 30.9.2011 | 1.4.2010 - 30.9.2010 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in CHF thousand | Switzerland | France | Germany | Netherlands | Holding1 | Consolidation2 | Total | Switzerland | France | Germany | Netherlands | Holding1 | Consolidation2 | Total |
| Rental income | 7 928 | 13 404 | 11 607 | 6 681 | 0 | 0 | 39 620 | 7 755 | 16 216 | 13 680 | 8 429 | 0 | 0 | 46 080 |
| Intercompany | 0 | 0 | 0 | 0 | 1 328 | –1 328 | 0 | 0 | 0 | 0 | 0 | 1 529 | –1 529 | 0 |
| Total operating income | 7 928 | 13 404 | 11 607 | 6 681 | 1 328 | –1 328 | 39 620 | 7 755 | 16 216 | 13 680 | 8 429 | 1 529 | –1 529 | 46 080 |
| Real estate expense | –560 | –890 | –1 340 | –1 276 | 0 | 623 | –3 443 | –631 | –385 | –1 273 | –1 760 | 0 | 553 | –3 496 |
| Maintenance and repairs | –343 | –90 | –512 | –461 | 0 | 0 | –1 406 | –126 | –105 | –678 | –842 | 0 | 0 | –1 750 |
| Net operating income | 7 025 | 12 424 | 9 755 | 4 944 | 1 328 | –705 | 34 771 | 6 998 | 15 726 | 11 729 | 5 827 | 1 529 | –976 | 40 834 |
| Administrative expense | –196 | –1 363 | –915 | –384 | –2 704 | 705 | –4 857 | –249 | –1 498 | –1 227 | –445 | –3 129 | 976 | –5 572 |
| Result from the sale of inv.prop. | –48 | 0 | –3 | –2 744 | 0 | 0 | –2 795 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pos. change in market value inv.prop. | 17 691 | 1 503 | 2 555 | 0 | 0 | 0 | 21 749 | 7 474 | 4 108 | 3 038 | 2 975 | 0 | 0 | 17 595 |
| Neg. change in market value inv.prop. | –8 116 | –4 224 | –4 795 | –5 053 | 0 | 0 | –22 188 | –7 345 | –3 860 | –9 754 | –2 982 | 0 | 0 | –23 941 |
| Net change in market value inv.prop. | 9 575 | –2 721 | –2 240 | –5 053 | 0 | 0 | –439 | 129 | 248 | –6 716 | –7 | 0 | 0 | –6 346 |
| Earnings before interest and taxes (EBIT) | 16 356 | 8 340 | 6 597 | –3 237 | –1 376 | 0 | 26 680 | 6 878 | 14 476 | 3 786 | 5 375 | –1 600 | 0 | 28 916 |
| Net financial expenses | –3 303 | –6 147 | –6 739 | –1 884 | –288 | 0 | –18 361 | –4 729 | –7 528 | –10 121 | –3 035 | 1 380 | 0 | –24 034 |
| Earnings before taxes | 13 053 | 2 193 | –142 | –5 121 | –1 664 | 0 | 8 319 | 2 149 | 6 948 | –6 335 | 2 340 | –220 | 0 | 4 882 |
| Taxes | –4 027 | 0 | –709 | 0 | –25 | 0 | –4 761 | –2 078 | 0 | 402 | 0 | 17 | 0 | –1 659 |
| Earnings | 9 026 | 2 193 | –851 | –5 121 | –1 689 | 0 | 3 558 | 71 | 6 948 | –5 933 | 2 340 | –203 | 0 | 3 223 |
| therefrom non-controlling interests | 0 | 1 125 | 0 | 0 | 0 | 0 | 1 125 | 0 | 3 718 | 0 | 0 | 0 | 0 | 3 718 |
| Non-cash effects in EBIT | 9 575 | –2 736 | –2 178 | –4 928 | –86 | 0 | –353 | 129 | 229 | –6 620 | 0 | –29 | 0 | –6 291 |
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.
| Balace sheet per country | 30.9.2011 | 31.3.2011 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in CHF thousand | Switzerland | France | Germany | Netherlands | Holding1 | Consolidation2 | Total | Switzerland | France | Germany | Netherlands | Holding1 | Consolidation2 | Total |
| Investment properties | 354 710 | 379 363 | 265 225 | 131 631 | 0 | 0 | 1 130 929 | 337 560 | 405 067 | 352 040 | 167 140 | 0 | 0 | 1 261 807 |
| Investment properties held for sale | 0 | 0 | 67 178 | 0 | 0 | 0 | 67 178 | 0 | 0 | 8 454 | 11 770 | 0 | 0 | 20 223 |
| Furnishing | 0 | 141 | 150 | 10 | 125 | 0 | 426 | 0 | 157 | 176 | 15 | 105 | 0 | 453 |
| Other assets | 25 180 | 52 396 | 10 826 | 13 274 | 121 407 | –133 060 | 90 023 | 42 139 | 48 034 | 10 582 | 11 557 | 92 462 | –110 471 | 94 304 |
| Total assets | 379 890 | 431 900 | 343 379 | 144 915 | 121 532 | –133 060 | 1 288 556 | 379 699 | 453 258 | 371 252 | 190 482 | 92 567 | –110 471 | 1 376 787 |
| Mortgages | 193 720 | 275 890 | 193 093 | 77 510 | 0 | 0 | 740 213 | 194 120 | 295 059 | 262 062 | 112 039 | 0 | 0 | 863 280 |
| Mortgages held for sale | 0 | 0 | 47 025 | 0 | 0 | 0 | 47 025 | 0 | 0 | 6 828 | 12 095 | 0 | 0 | 18 922 |
| Other liabilities | 83 458 | 47 641 | 45 410 | 46 835 | 67 202 | –133 060 | 157 488 | 75 780 | 38 233 | 37 268 | 37 937 | 39 157 | –110 471 | 117 905 |
| Total liabilities | 277 178 | 323 531 | 285 528 | 124 346 | 67 202 | –133 060 | 944 726 | 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.
Segment information Property key figures
| Key property ratios per country and Investment category | 30.9.2011 | 31.3.2011 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| in CHF thousand | Switzerland | France | Germany | Netherlands | Total | Switzerland | France | Germany | Netherlands | Total | |
| Annual rental income | |||||||||||
| Office | 15 767 | 23 537 | 10 168 | 6 667 | 56 139 | 15 937 | 29 473 | 11 266 | 9 131 | 65 807 | |
| Retail | 0 | 0 | 10 512 | 0 | 10 512 | 0 | 0 | 11 646 | 0 | 11 646 | |
| Trade/logistics | 0 | 0 | 2 376 | 4 541 | 6 917 | 0 | 0 | 2 539 | 6 632 | 9 171 | |
| Total annual rental income | 15 767 | 23 537 | 23 056 | 11 208 | 73 568 | 15 937 | 29 473 | 25 451 | 15 763 | 86 624 | |
| Investment properties | |||||||||||
| Office | 354 710 | 379 363 | 158 821 | 84 484 | 977 378 | 337 560 | 405 067 | 168 403 | 106 576 | 1 017 606 | |
| Retail | 0 | 0 | 141 940 | 0 | 141 940 | 0 | 0 | 159 674 | 0 | 159 674 | |
| Trade/logistics | 0 | 0 | 31 642 | 47 147 | 78 789 | 0 | 0 | 32 416 | 72 334 | 104 750 | |
| Total investment properties | 354 710 | 379 363 | 332 403 | 131 631 | 1 198 107 | 337 560 | 405 067 | 360 493 | 178 910 | 1 282 030 | |
| Usable area in m2 | |||||||||||
| Office | 67 257 | 76 374 | 89 789 | 62 164 | 295 584 | 67 582 | 76 374 | 93 709 | 76 711 | 314 376 | |
| Retail | 0 | 0 | 86 483 | 0 | 86 483 | 0 | 0 | 98 794 | 0 | 98 794 | |
| Trade/logistics | 0 | 0 | 22 740 | 172 854 | 195 594 | 0 | 0 | 22 740 | 251 108 | 273 848 | |
| Total usable area in m2 | 67 257 | 76 374 | 199 012 | 235 018 | 577 661 | 67 582 | 76 374 | 215 243 | 327 819 | 687 018 | |
| Vacancy in m2 | |||||||||||
| Office | 11 937 | 5 801 | 16 631 | 17 958 | 52 327 | 12 222 | 4 633 | 18 549 | 25 674 | 61 078 | |
| Retail | 0 | 0 | 17 377 | 0 | 17 377 | 0 | 0 | 25 532 | 0 | 25 532 | |
| Trade/logistics | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total vacancy in m2 | 11 937 | 5 801 | 34 008 | 17 958 | 69 704 | 12 222 | 4 633 | 44 081 | 25 674 | 86 610 | |
The investment properties are, based on the main use, fully allocated to the corresponding investment category.
See definition of terms on pages 62 to 64 and EPRA Performance Measures on pages 51 to 55.
| Key property ratios per country and Investment category | 30.9.2011 | 31.3.2011 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Switzerland | France | Germany | Netherlands | Total | Switzerland | France | Germany | Netherlands | Total | ||
| Overview of the expiry of rental contracts | |||||||||||
| unlimited | 8% | 0% | 9% | 0% | 4% | unlimited | 9% | 0% | 9% | 1% | 5% |
| 11/12 | 11% | 0% | 24% | 0% | 10% | 10/11 | 14% | 35% | 12% | 6% | 18% |
| 12/13 | 6% | 40% | 13% | 2% | 19% | 11/12 | 6% | 2% | 12% | 21% | 10% |
| 13/14 | 7% | 2% | 9% | 13% | 7% | 12/13 | 7% | 1% | 18% | 10% | 9% |
| 14/15 | 22% | 0% | 10% | 10% | 9% | 13/14 | 3% | 9% | 7% | 19% | 9% |
| 15/16 | 12% | 7% | 8% | 26% | 11% | 14/15 | 25% | 17% | 9% | 3% | 13% |
| 16/17 | 0% | 19% | 7% | 6% | 10% | 15/16 | 7% | 9% | 11% | 4% | 8% |
| 17/18 | 1% | 9% | 7% | 4% | 6% | 16/17 | 1% | 23% | 5% | 3% | 9% |
| 18/19 | 1% | 19% | 0% | 10% | 8% | 17/18 | 0% | 2% | 5% | 4% | 3% |
| 19/20+ | 32% | 4% | 13% | 29% | 17% | 18/19+ | 28% | 2% | 12% | 29% | 16% |
| Total | 100% | 100% | 100% | 100% | 100% | Total | 100% | 100% | 100% | 100% | 100% |
| EPRA Gross Initial Yield (GIY) (unaudited) | 4.6% | 6.5% | 6.9% | 7.9% | 6.2% | 4.9% | 6.9% | 7.0% | 8.3% | 6.6% | |
| EPRA Net Initial Yield (NIY) (unaudited) | 4.3% | 6.2% | 5.7% | 5.7% | 5.4% | 4.5% | 6.6% | 6.0% | 6.4% | 5.9% | |
The investment properties are, based on the main use, fully allocated to the corresponding investment category.
See definition of terms on pages 62 to 64 and EPRA Performance Measures on pages 51 to 55.