Semi-Annual Report 2016

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

in CHF thousand1.4.2016 to 30.9.20161.4.2015 to 30.9.2015
   
Earnings of shareholders of Züblin Immobilien Holding AG8 727–20 969
Adjustments:  
Change in market value of investment properties–6 336–4 416
Result from the sale of investment properties0289
Changes in fair value derivative financial instruments recorded in income statement00
Deferred taxes in respect of EPRA Earnings adjustments1 3951 112
Currency differences116335
Result from discontinued operations026 610
Non-controlling interests in respect of the above0–2 618
EPRA Earnings of shareholders3 902343
   
Average number of outstanding shares3 318 0272 633 915
EPRA Earnings per share 1.18 0.13

B. EPRA Equity and EPRA Equity ratio

in CHF thousand30.9.201631.3.2016
   
Number of issued shares3 318 0273 318 027
Number of treasury shares00
Number of outstanding shares at balance sheet date3 318 0273 318 027
   
Equity of shareholders97 51389 533
Equity per share29.3926.98
   
Equity of shareholders97 51389 533
Adjustments:  
Fair Value of derivative financial instruments 128 66829 133
Deferred taxes (net) 28 4017 198
EPRA Net Asset Value (NAV) of shareholders134 582125 864
EPRA NAV per share40.5637.93
   
EPRA Equity134 582125 864
Total Assets363 688356 295
EPRA Equity ratio37.0%35.3%

1Agrees with the total of the short-term and long-term derivative financial instruments shown in the consolidated balance sheet.

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)

in CHF thousand30.9.201631.3.2016
   
EPRA Net Asset Value (NAV) of shareholders134 582125 864
Adjustments:  
Fair value of derivative financial instruments–28 668–29 133
Deferred taxes (net)–8 401–7 198
Deviation to fair value of mortgages00
EPRA NNNAV97 51389 533
Number of outstanding shares at balance sheet date3 318 0273 318 027
EPRA NNNAV per share 29.39 26.98

D. EPRA Net Yield Disclosure

in CHF thousand30.9.201631.3.2016
   
Investment properties338 049331 251
Adjustments:  
Investment properties discontinued operations00
Investment properties held for sale00
Investment properties available for lease338 049331 251
Adjustments:  
Transaction costs in case of sale10 2019 919
Gross-up valuation of Investment properties available for lease (A)348 251341 170
   
Annual rental income investment properties available for lease (B)18 53919 080
Property expenses–1 163–2 301
Net Annual rental income (C)17 37516 779
Adjustment for lease incentivesn.a.n.a.
"Topped-up" Net annual rental income (D)17 37516 779
   
EPRA Gross Initial Yield (GIY) (B/A)5.3%5.6%
EPRA Net Initial Yield (NIY) (C/A)5.0%4.9%
EPRA "topped-up" NIY (D/A)5.0%4.9%

E.1 EPRA Vacancy Rate monetary

in CHF thousand30.9.201631.3.2016
   
Estimated market rental income of vacant space (A)2 0821 888
Estimated market rental value of the whole portfolio (B)19 51920 309
EPRA Vacancy rate (A/B)10.7%9.3%

E.2 Züblin Vacancy Rate monetary

in CHF thousand30.9.201631.3.2016
   
Estimated annual rental income of vacant space (A)2 0821 888
Projected annual rental income of the whole portfolio (B)20 94420 968
Züblin Vacancy rate (A/B)9.9%9.0%

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Semi-Annual Report 2016

Semi-Annual Report 2016 (0.57 MB)