Semi-Annual Report 2013-2014

EPRA
Performance Measures

The EPRA (European Public Real Estate Association) has developed Best Practice Recommendations for Reporting, Accounting and Corporate Governance in the listed real estate sector in recent years. The aim is to ensure consistency and transparency throughout the real estate sector. Züblin is a member of EPRA. In addition to the EPRA Performance Measures, Züblin is also disclosing a number of other company-specific figures.

A.1 EPRA Earnings per share

A.1 EPRA Earnings per share
in CHF thousand1.4.2013
to 30.9.2013
1.4.2012
to 30.9.2012
   
Earnings of shareholders of Züblin Immobilien Holding AG–13 671–17 388
Adjustments:  
Change in market value of investment properties strategic–1 3123 611
Change in market value of investment properties non-strategic15 68419 960
Result from the sale of investment properties strategic–10 746–6 599
Result from the sale of investment properties non-strategic7831 588
Current tax on result from the sale of investment properties 11 9621 376
Changes in fair value derivative financial instruments recorded in income statement4 1403 801
Deferred taxes in respect of EPRA Earnings adjustments–30–3 979
Non-controlling interests in respect of the above2 741–2 235
EPRA Earnings of shareholders–450133
   
Average number of outstanding shares59 054 17259 141 440
EPRA Earnings per share –0.01 0.00

1Calculated with the effective tax rate for Switzerland of 26.89% (previous year at income tax reference rate of 21.17%) and for Germany with 0.0% (previous year at income tax reference rate of 31.225%).

A.2 Cash flow-related operating earnings

A.2 Cash flow-related operating
earnings
in CHF thousand1.4.2013
to 30.9.2013
1.4.2012
to 30.9.2012
   
EPRA Earnings of shareholders–450133
Adjustments:  
Current tax on result from the sale of investment properties 1–1 962–1 376
Deferred taxes in respect of EPRA Earnings adjustments303 979
Income taxes2 45067
Cash flow related Income taxes–420
Depreciation102177
Amortized closing fees (mortgages)816719
Amortized interest 2.0% Mandatory Convertible Securities Züblin France332326
Currency translation adjustments–284–713
Realized currency differences1650
Non-controlling interests in respect of the above adjustments–299–366
Cash flow related operating earnings of shareholders8582 948
   
Average number of outstanding shares59 054 17259 141 440
Cash flow related operating earnings per share 0.01 0.05
   
Cash flow related operating earnings of non-controlling interests–2 052–1 964
Cash flow related operating earnings–1 193984

1Calculated with the effective tax rate for Switzerland of 26.89% (previous year at income tax reference rate of 21.17%) and for Germany with 0.0% (previous year at income tax reference rate of 31.225%).

B. EPRA Equity

and EPRA Equity ratio

and EPRA Equity ratio
in CHF thousand30.9.201331.3.2013
   
Number of issued shares59 724 48659 724 486
Number of treasury shares–679 877–629 877
Number of outstanding shares at balance sheet date59 044 60959 094 609
   
Equity of shareholders209 332212 039
Equity per share3.553.59
   
Equity of shareholders209 332212 039
Adjustments:  
Fair Value of derivative financial instruments 128 90439 236
Deferred taxes (net) 26 29218 915
EPRA Net Asset Value (NAV) of shareholders244 529270 190
EPRA NAV per share4.144.57
   
EPRA Net Asset Value (NAV) of shareholders244 529270 190
Adjustments:  
Non-controlling interests52 77451 979
Fair value of derivative financial instruments from non-controlling interests 17 70310 188
EPRA Equity305 005332 357
Total Assets941 1901 141 293
EPRA Equity ratio32.4%29.1%

1The total of these two amounts agrees with the total of the short-term and long-term derivative financial instruments.

2This amount includes all deferred taxes and agrees with the net amount of the deferred tax assets and deferred tax liabilities as stated in the consolidated balance sheet.

C. EPRA Triple Net Asset Value (NNNAV)

C. EPRA Triple Net Asset Value (NNNAV)
in CHF thousand30.9.201331.3.2013
   
EPRA Net Asset Value (NAV) of shareholders243 272270 190
Adjustments:  
Fair value of derivative financial instruments–27 647–39 236
Deferred taxes (net)–6 292–18 915
Deviation to fair value of mortgages–6 289–4 319
EPRA NNNAV203 043207 720
Number of outstanding shares at balance sheet date59 044 60959 094 609
EPRA NNNAV per share 3.44 3.52

D. EPRA Net Yield Disclosure

D. EPRA Net Yield Disclosure
in CHF thousand30.9.201331.3.2013
   
Investment properties848 6691 064 792
Adjustments:  
Renovation projects–234 670–285 142
Investment properties strategic held for sale0–65 353
Investment properties non-strategic held for sale–104 398–145 144
Investment properties available for lease509 601569 153
Adjustments:  
Transaction costs in case of sale16 28914 732
Gross-up valuation of Investment properties available for lease (A)525 890583 885
   
Annual rental income investment properties available for lease (B)26 89931 766
Property expenses–3 814–1 295
Net Annual rental income (C)23 08530 471
Adjustment for lease incentivesn.a.n.a.
“Topped-up” Net annual rental income (D)23 08530 471
   
EPRA Gross Initial Yield (GIY) (B/A)5.1%5.4%
EPRA Net Initial Yield (NIY) (C/A)4.4%5.2%
EPRA “topped-up” NIY (D/A)4.4%5.2%

E.1 EPRA Vacancy Rate monetary

E.1 EPRA Vacancy Rate 
monetary
in CHF thousand30.9.201331.3.2013
   
Estimated market rental income of vacant space (A)8 3106 250
Estimated market rental value of the whole portfolio (B)47 36959 080
EPRA Vacancy rate (A/B)17.5%10.6%

E.2 Züblin Vacancy Rate monetary

E.2 Züblin Vacancy Rate 
monetary
in CHF thousand30.9.201331.3.2013
   
Estimated annual rental income of vacant space (A)8 3106 250
Projected annual rental income of the whole portfolio (B)48 72659 328
Züblin Vacancy rate (A/B)17.1%10.5%

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Semi-Annual Report 2013-2014

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