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
A.1 EPRA Earnings per share| in CHF thousand | 1.4.2012 to 30.9.2012 | 1.4.2011 to 30.9.2011 |
|---|
| | | |
| Earnings of shareholders of Züblin Immobilien Holding AG | –17 388 | 2 433 |
| Adjustments: | | |
| Changes in market value of investment properties | 23 571 | 439 |
| Result from the sale of investment properties | –5 011 | 2 795 |
| Current tax on result from the sale of investment properties 1 | 1 376 | –11 |
| Changes in fair value derivative financial instruments recorded in income statement | 3 801 | –247 |
| Deferred taxes in respect of EPRA Earnings adjustments | –3 979 | 3 998 |
| Non-controlling interests in respect of the above | –2 235 | –1 457 |
| EPRA Earnings of shareholders | 133 | 7 949 |
| | | |
| Average number of outstanding shares | 59 141 440 | 59 166 297 |
| EPRA Earnings per share | 0.00 | 0.13 |
A.2 Cash flow-related operating earnings
A.2 Cash flow-related operating
earnings| in CHF thousand | 1.4.2012 to 30.9.2012 | 1.4.2011 to 30.9.2011 |
|---|
| | | |
| EPRA Earnings | 133 | 7 949 |
| Adjustments: | | |
| Current tax on result from the sale of investment properties 1 | –1 376 | 11 |
| Deferred taxes in respect of EPRA Earnings adjustments | 3 979 | –3 998 |
| Income taxes | 67 | 4 761 |
| Cash flow related Income taxes | 0 | 0 |
| Depreciation | 177 | 78 |
| Amortized closing fees (mortgages) | 719 | 256 |
| Interest 2.0% Mandatory Convertible Securities Züblin France | 326 | 308 |
| Currency translation adjustments | –713 | –2 342 |
| Realized currency differences | –341 | 1 559 |
| Non-controlling interests in respect of the above adjustments | –366 | –79 |
| Cash flow related operating earnings of shareholders | 2 607 | 8 503 |
| | | |
| Average number of outstanding shares | 59 141 440 | 59 166 297 |
| Cash flow related operating earnings per share | 0.04 | 0.14 |
| | | |
| Cash flow related operating earnings of non-controlling interests | –1 964 | 2 982 |
| Cash flow related operating earnings | 643 | 11 485 |
B. EPRA Equity and EPRA Equity ratio
B. EPRA Equity and EPRA Equity ratio| in CHF thousand | 30.9.2012 | 31.3.2012 |
|---|
| | | |
| Number of issued shares | 59 724 486 | 59 724 486 |
| Number of treasury shares | –629 877 | –749 877 |
| Number of outstanding shares at balance sheet date | 59 094 609 | 58 974 609 |
| | | |
| Equity of shareholders | 264 648 | 281 987 |
| Equity per share | 4.48 | 4.78 |
| | | |
| Equity of shareholders | 264 648 | 281 987 |
| Adjustments: | | |
| Fair Value of derivative financial instruments 1 | 47 048 | 43 461 |
| Deferred taxes (net) 2 | 14 143 | 17 212 |
| EPRA Net Asset Value (NAV) of shareholders | 325 839 | 342 660 |
| EPRA NAV per share | 5.51 | 5.81 |
| | | |
| EPRA Net Asset Value (NAV) of shareholders | 325 839 | 342 660 |
| Adjustments: | | |
| Non-controlling interests | 51 166 | 56 440 |
| Fair value of derivative financial instruments from non-controlling interests 1 | 12 084 | 10 627 |
| EPRA Equity | 389 089 | 409 727 |
| Total Assets | 1 179 851 | 1 286 723 |
| EPRA Equity ratio | 33.0% | 31.8% |
C. EPRA Triple Net Asset Value (NNNAV)
C. EPRA Triple Net Asset Value (NNNAV)| in CHF thousand | 30.9.2012 | 31.3.2012 |
|---|
| | | |
| EPRA Net Asset Value (NAV) of shareholders | 325 839 | 342 660 |
| Adjustments: | | |
| Fair value of derivative financial instruments | –47 048 | –43 461 |
| Deferred taxes (net) | –14 143 | –17 212 |
| Deviation to fair value of mortgages | –5 019 | –1 091 |
| EPRA NNNAV | 259 629 | 280 896 |
| Number of outstanding shares at balance sheet date | 59 094 609 | 58 974 609 |
| EPRA NNNAV per share | 4.39 | 4.76 |
D. EPRA Net Yield Disclosure
D. EPRA Net Yield Disclosure| in CHF thousand | 30.9.2012 | 31.3.2012 |
|---|
| | | |
| Investment properties | 1 078 301 | 1 206 143 |
| Adjustments: | | |
| Renovation projects | –243 107 | –211 700 |
| Investment properties held for sale | –8 285 | –133 251 |
| Investment properties available for lease | 826 909 | 861 192 |
| Adjustments: | | |
| Transaction costs in case of sale | 30 285 | 32 418 |
| Gross-up valuation of Investment properties available for lease (A) | 857 194 | 893 611 |
| | | |
| Annual rental income investment properties available for lease (B) | 54 065 | 56 066 |
| Property expenses | –6 940 | –6 944 |
| Net Annual rental income (C) | 47 125 | 49 122 |
| Adjustment for lease incentives | n.a. | n.a. |
| "Topped-up" Net annual rental income (D) | 47 125 | 49 122 |
| | | |
| EPRA Gross Initial Yield (GIY) (B/A) | 6.3% | 6.3% |
| EPRA Net Initial Yield (NIY) (C/A) | 5.5% | 5.5% |
| EPRA "topped-up" NIY (D/A) | 5.5% | 5.5% |
E.1 EPRA Vacancy Rate monetary
E.1 EPRA Vacancy Rate
monetary| in CHF thousand | 30.9.2012 | 31.3.2012 |
|---|
| | | |
| Estimated market rental income of vacant space (A) | 5 750 | 8 201 |
| Estimated market rental value of the whole portfolio (B) | 63 868 | 71 861 |
| EPRA Vacancy rate (A/B) | 9.0% | 11.4% |
E.2 Züblin Vacancy Rate monetary
E.2 Züblin Vacancy Rate
monetary| in CHF thousand | 30.9.2012 | 31.3.2012 |
|---|
| | | |
| Estimated annual rental income of vacant space (A) | 5 750 | 8 201 |
| Projected annual rental income of the whole portfolio (B) | 60 345 | 71 749 |
| Züblin Vacancy rate (A/B) | 9.5% | 11.4% |
