Semi-Annual Report 2013-2014

5. Financial expense and income

Financial expense and income
in CHF thousand1.4.2013
to 30.9.2013
to 30.9.2012
Financial expense  
Mortgage 1 and swaps interest expense 2–15 519–16 803
Interest expense and other financial charges 1–151–892
Interest expense 4% bond Züblin Immobilien Holding AG 1–1 397–1 337
Interest expense mandatory convertible securities Züblin France 1–87–101
Total financial expense–17 154–19 133
Swaps disqualified from hedge accounting–4 140–3 809
Financial income  
Interest income 328151
Currency translation adjustments283713
Total financial income311864
Net financial expense–20 983–22 078

1The respective liabilities belong to the category “Financial liabilities at amortized cost”.

2The liabilities from interest swaps belong to the category “Financial liabilities at fair value”.

3The assets to which this income relates belong to the category “Loans and receivables at amortized cost”.

Financial expense

Total financial expenses declined by CHF 1.9 million to CHF 17.2 million (previous year CHF 19.1 million). The decrease in mortgage loans as a result of the sale of investment properties had a positive impact.

Swaps disqualified from hedge accounting

In addition the disqualification of four swaps as a result of investment property disposals led to a charge of CHF 4.1 million through the income statement (previous year CHF 3.8 million).

Financial income

The Züblin Group recorded financial income of CHF 0.3 million (previous year CHF 0.9 million). The decline was primarily due to the absence of one-off positive currency effects earned in the same period last year.

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Semi-Annual Report 2013-2014

Semi-Annual Report 2013-2014 (1.92 MB)