The operating result of the Züblin Group for the first half-year 2012/2013 is in line with the forecast. As already communicated in the last annual report, the rental income showed a sharp reduction due to investment properties under renovation ("Newtime" in Paris and property in Berne) as well as further disposals of mainly non-strategic properties.
Rental income CHF 29 million (–26%) in line with budget, decline due to renovations and sales. Profit of CHF 5 million on the sale of six properties with a value of CHF 151 million. Vacancy rate significant reduction from 11.4% to 9.5%. Valuations Switzerland up slightly, France slightly lower, Germany –4%, Netherlands –10% – overall reduction of 2.2% or CHF 24 million. "Newtime" renovation project in Paris first quarter of project completed on schedule.