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. EPRA Earnings per share

in CHF thousands

 

1.4.2017 to 31.3.2018

1.4.2016 to 31.3.2017

 

 

 

 

Earn­ings of share­hold­ers of Züblin Immo­bilien Hold­ing AG

 

–29 252

29 926

Adjust­ments:

 

 

 

Change in mar­ket val­ue of invest­ment properties

 

–1 505

–2 369

Deferred tax­es in respect of EPRA Earn­ings adjustments 

 

718

1 232

Cur­ren­cy differences

 

–317

492

Result from dis­con­tin­ued operations

 

29 949

–27 813

EPRA Earn­ings of shareholders

 

–407

1 468

 

 

 

 

Aver­age num­ber of out­stand­ing shares 

 

3 318 027

3 318 027

EPRA Earn­ings per share

 

–0.12

0.44

B. EPRA Equity and EPRA Equity ratio

in CHF thousands

 

31.3.2018

31.3.2017

 

 

 

 

Num­ber of issued shares

 

3 318 027

3 318 027

Num­ber of trea­sury shares 

 

0

0

Num­ber of out­stand­ing shares at bal­ance sheet date

 

3 318 027

3 318 027

 

 

 

 

Equi­ty of shareholders

 

128 909

122 172

Equi­ty per share

 

38.85

36.82

 

 

 

 

Equi­ty of shareholders 

 

128 909

122 172

Adjust­ments:

 

 

 

Fair Val­ue of deriv­a­tive finan­cial instruments  1

 

0

19 672

Deferred tax­es (net) 2

 

10 076

8 766

EPRA Net Asset Val­ue (NAV) of shareholders 

 

138 985

150 610

EPRA NAV per share

 

41.89

45.39

 

 

 

 

EPRA Equi­ty

 

138 985

150 610

Total Assets

 

209 396

383 755

EPRA Equi­ty ratio

 

66.4%

39.2%

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

2 This 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 thousands

 

31.3.2018

31.3.2017

 

 

 

 

EPRA Net Asset Val­ue (NAV) of shareholders

 

138 985

150 610

Adjust­ments:

 

 

 

Fair val­ue of deriv­a­tive finan­cial instruments

 

0

–19 672

Deferred tax­es (net)

 

–10 076

–8 766

Devi­a­tion to fair val­ue of mortgages

 

295

0

EPRA NNNAV

 

129 204

122 172

Num­ber of out­stand­ing shares at bal­ance sheet date

 

3 318 027

3 318 027

EPRA NNNAV per share

 

38.94

36.82

D. EPRA Net Yield Disclosure

in CHF thousands

 

31.3.2018

31.3.2017

 

 

 

 

Invest­ment properties

 

200 120

357 182

Adjust­ments:

 

 

 

Invest­ment prop­er­ties dis­con­tin­ued operations

 

0

–158 702

Invest­ment prop­er­ties avail­able for lease

 

200 120

198 480

Adjust­ments:

 

 

 

Trans­ac­tion costs in case of sale

 

0

0

Gross-up val­u­a­tion of Invest­ment prop­er­ties avail­able for lease (A)

 

200 120

198 480

 

 

 

 

Annu­al rental income invest­ment prop­er­ties avail­able for lease (B)

 

8 100

8 117

Prop­er­ty expenses

 

–776

–762

Net Annu­al rental income ©

 

7 324

7 355

Adjust­ment for lease incentives

 

n.a.

n.a.

“Topped-up” Net annu­al rental income (D)

 

7 324

7 355

 

 

 

 

EPRA Gross Ini­tial Yield (GIY) (B/A)

 

4.0%

4.1%

EPRA Net Ini­tial Yield (NIY) (C/A)

 

3.7%

3.7%

EPRA “topped-up” NIY (D/A)

 

3.7%

3.7%

E.1 EPRA Vacancy Rate monetary

in CHF thousands

 

31.3.2018

31.3.2017

 

 

 

 

Con­tin­u­ing operations

 

 

 

Esti­mat­ed mar­ket rental income of vacant space (A)

 

954

961

Esti­mat­ed mar­ket rental val­ue of the whole port­fo­lio (B)

 

8 671

8 547

EPRA Vacan­cy rate (A/B)

 

11.0%

11.2%

E.2 Züblin Vacancy Rate monetary

in CHF thousands

 

31.3.2018

31.3.2017

 

 

 

 

Con­tin­u­ing operations

 

 

 

Esti­mat­ed annu­al rental income of vacant space (A)

 

954

961

Pro­ject­ed annu­al rental income of the whole port­fo­lio (B)

 

9 054

9 078

Züblin Vacan­cy rate (A/B)

 

10.5%

10.6%