Züblin Immobilien Holding AG had a difficult first half-year. The operating profit at the EBITDA level fell to CHF 9 million or 30% below the results for the previous period. In combination with the negative valuation adjustments and the negative revaluation of interest rate swaps, a net loss of CHF 118 million was registered for the period (2013/2014: CHF -15 Mio.).
Rental income stable at CHF 32 million. Vacancy rate at 37.1%. Negative valuation of the portfolio CHF 103 million, thereof CHF 95 million in the strategic part, largely resulting from revised assumptions, in particular the market rent of the vacant assets in Paris. Non-strategic portfolio at 2% of the overall portfolio, including the properties sold after the half year-end.
Net loss of CHF 118 million compared with loss of CHF 15 mil- lion in the prior-year period. Equity ratio reduced to 15 %. Tender offer for the 4% bond 11/15 at nominal value. LTV increased based on the devaluation from 61.3 % to 68.4%. NAV CHF 1.73 compared to CHF 3.03 at year-end.