Semi-Annual Report 2013-2014

6. Investment properties

1st half-year 2013/2014

in CHF thousandSwitzerlandFranceGermany strategicTotal strategicGermany non-strategicNetherlands non-strategicTotal non-strategicTotal
         
Balance as of 31.3.2013321 260436 557161 831919 64868 48676 658145 1441 064 792
Purchases00000000
Value-enhancing investments13 12123 3151 43837 8747416023438 108
Sales–149 298–67 0920–216 390–11 643–14 365–26 008–242 398
Positive change in market value1 7512 8202824 8530004 853
Negative change in market value–814–1 149–1 578–3 541–13 058–2 626–15 684–19 225
Currency translation adjustments01 4313961 8273803327122 539
Balance as of 30.9.2013186 020395 882162 369744 27144 23960 159104 398848 669
– of which strategic186 020395 882162 369744 271000744 271
– of which strategic held for sale00000000
– of which non-strategic held for sale000044 23960 159104 398104 398
Reconciliation of market value to book value 30.9.2013        
Valuation by external appraiser 1186 020395 882162 369744 27147 50863 704111 212855 483
Valuation adjustment property held for sale 20000–3 269–3 545–6 814–6 814
Balance as of 30.9.2013186 020395 882162 369744 27144 23960 159104 398848 669

1The report of the independent appraisers (Wüest & Partner [CH + GER], BNP Paribas [FR] and Troostwijk [NL] as of 30 September 2013 may be found on pages 62 to 67.

2In certain cases, the Company has made adjustments to the valuations from the external appraisers. These reflect results from ongoing sales negotiations.

The reduction in the value of the investment properties from CHF 1 064.8 million to CHF 848.7 million stems from the following factors:

  • The value of the portfolio was increased by investments of CHF 38.1 million (full previous year CHF 92.9 million) which the Company made in the reporting period. Around two-thirds of these investments related to renovations in Paris, with the remainder accounted for by investment properties in Berne and Zollikofen.
  • At the same time the Company sold investment properties for CHF 242.4 million (full previous year CHF 162.7 million). The sales took place in Switzerland, France, Germany and the Netherlands. The selling price for each of the investment properties sold in Zurich, Talstrasse 82, Zollikofen and Lyon exceeded 5% of the overall portfolio as at 31 March 2013.
  • The net downward revaluation of CHF 14.4 million across the portfolio as a whole (full previous year CHF 81.1 million). While values rose by 0.5% in both Switzerland and France, there were downward revaluations in Germany of 0.8% on the strategic porfolio, 22.7% on the non-strategic portfolio and 4.2% in the Netherlands.
  • Movements in the CHF/EUR exchange had a positive impact of CHF 2.5 million on the value of the investment properties (full previous year negative impact of CHF 9.6 million).

The fire insurance value of the investment properties amounts to CHF 579.1 million (previous year CHF 803.1 million).

Financial year 2012/2013

in CHF thousandSwitzerlandFranceGermany strategicTotal strategicGermany non-strategicNetherlands non-strategicTotal non-strategicTotal
         
Balance as of 31.3.2012370 360382 730160 291913 381170 541122 221292 7621 206 143
Purchases00000000
Value-enhancing investments24 02663 8103 29691 1326921 0771 76992 901
Sales–66 346–15 2980–81 644–75 130–5 966–81 096–162 740
Positive change in market value6 9399 73953517 213264026417 477
Negative change in market value–13 719–9 565–4 282–27 566–29 212–41 836–71 048–98 614
Currency translation adjustments05 1411 9917 1321 3311 1622 4939 625
Balance as of 31.3.2013321 260436 557161 831919 64868 48676 658145 1441 064 792
– of which strategic321 260371 204161 831854 295000854 295
– of which strategic held for sale065 353065 35300065 353
– of which non-strategic held for sale000068 48676 658145 144145 144
Reconciliation of market value to book value 31.3.2013        
Valuation by external appraiser 1321 260436 557161 831919 64871 97181 524153 4951 073 143
Valuation adjustment property held for sale 20000–3 485–4 866–8 351–8 351
Balance as of 31.3.2013321 260436 557161 831919 64868 48676 658145 1441 064 792

1The report of the independent appraisers (Wüest & Partner [CH + GER], BNP Paribas [FR] and Troostwijk [NL] as of 31 March 2013 may be found in the annual report 2012/2013.

2In certain cases, the Company has made adjustments to the valuations from the external appraisers. These reflect results from ongoing sales negotiations.

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Semi-Annual Report 2013-2014

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