Semi-Annual Report 2013-2014

Semi-Annual Report 2013-2014


The half year in review >

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Letter to shareholders >

Züblin Immobilien Holding AG recorded a loss of CHF 15 million in the first semester of 2013/2014 (2012/2013: loss of CHF 22 million). In order to finance upcoming commitments, the Board of Directors has decided to dispose of strategic properties. In addition Züblin's organization is being brought into line with the reduced scale of the portfolio, which is expected to generate recurring savings of CHF 3 million.

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Renovation Projects >

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Portfolio >

Rental income CHF 23 million (–20%). Profit of CHF 10 million on the sale of eight properties with a total value of CHF 242 million. Vacancy rate rose to 17.1% compared with 10.5% due to the integration of “Imagine” in Paris after completion of the renovation. Valuations of strategic portfolio adjusted upwards by CHF 1.3 million, non-strategic portfolio revalued downwards by CHF 15.7 million. Investment of CHF 38 million in strategic portfolio. Renovation projects in Paris and Berne on schedule.

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Financial Report >

Operating resultat in line with budget. Net loss of CHF 15 million compared with loss of CHF 22 million in prior-year period. Interest rate hedging transactions of CHF 4 million reversed through the income statement. LTV improved from 65.7% to 63.7%. EPRA equity ratio rose from 29.1% to 32.4%, EPRA NAV at CHF 4.14 (CHF 4.57).

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Semi-Annual Report 2013-2014

Semi-Annual Report 2013-2014 (1.92 MB)