Semi-Annual Report 2015

Semi-Annual Report 2015


The half year in review >

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Letter to shareholders >

Economic withdrawal from the French market completed. Capital measures resulting in a capital increase of CHF 72 million, fully underwritten by the main shareholder, approved by the EGM and launched. Authorized capital of CHF 37 million approved by the EGM offering flexibility for acquisitions.

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Portfolio >

LTV reduced to 65.2% – Vacancy ratio further improved to 13% – one German non strategic property sold – positive change in market value of CHF 4 million.

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Financial Report >

Loss of CHF 24 million, however CHF 15 million related to recycling of currency translation and cash flow hedges and therefore NAV neutral – positive earnings of the continuing operations of CHF 3 million – NAV reduced to CHF 0.32 compared to CHF 0.40 as of 31 March 2015.

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Semi-Annual Report 2015

Semi-Annual Report 2015 (0.66 MB)