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% |