Semi-annual report 2012–2013

Semi-annual report 2012–2013


The half year in review >

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Letter to shareholders >

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.

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Renovation Projects >

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Portfolio >

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.

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Financial report >

Operating earnings positive and in line with budget. Net loss of CHF 22 million caused by negative valuations. Mortgage financing of the Swiss portfolio extended by five years. EPRA equity ratio improved from 31.8% to 33%. EPRA NAV at CHF 5.51. LTV cut to 64.0%.

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Semi-annual report 2012–2013

Semi-annual report 2012–2013 (3.19 MB)