6. SIGNIFICANT TRANSACTIONS AND EVENTS
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6.1 Discontinued operations
Income statement
During the first six months of the financial year 2017/2018 the Group has sold its German portfolio consisting of twelve properties with an underlying gross asset value of EUR 152 million. The announced transaction between Züblin Immobilien Holding AG and the UK listed and domiciled property investment company CLS Holdings plc has been closed on 21 August 2017. Eleven properties were sold in a share deal and one property was sold via a direct purchase. With successful completion of the transaction the German business segment was deconsolidated.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as result from discontinued operations in the consolidated income statement. The following table provides a more detailed break down:
|
in CHF thousands
|
|
1.4.2017
to 21.8.2017
|
1.4.2016
to 31.3.2017
|
|
|
|
|
|
|
Rental income
|
|
4 355
|
10 899
|
|
Total operating income
|
|
4 355
|
10 899
|
|
Real estate expense
|
|
–251
|
–650
|
|
Maintenance and repairs
|
|
–202
|
–654
|
|
Net operating income
|
|
3 902
|
9 596
|
|
|
|
|
|
|
Expenses
|
|
–1 473
|
–3 856
|
|
|
|
|
|
|
Earnings before taxes (EBT) from discontinued operations
|
|
2 429
|
5 740
|
|
Income taxes
|
|
–10
|
–1 881
|
|
Subtotal
|
|
2 419
|
3 859
|
|
|
|
|
|
|
Loss/ Gain from fair value measurement less costs to sell
|
|
–1 785
|
23 954
|
|
Result from the disposal of discontinued operations (including cumulative losses of kCHF 33,808 reclassified to the income statement from the reserve of discontinued operations)
|
|
–30 583
|
0
|
|
Result from discontinued operations
|
|
–29 949
|
27 813
|
|
|
|
|
|
|
Earnings per share from discontinued operations
|
|
–9.03
|
8.38
|
|
Diluted earnings per share from discontinued operations
|
|
–9.03
|
8.38
|
The result from the disposal of discontinued operations in the amount of kHF 30'583 milion is broken down in the table below:
|
in CHF thousands
|
|
21.8.2017
|
|
|
|
|
|
Consideration received in cash and cash equivalents
|
|
58 577
|
|
Net Assets disposed
|
|
–58 604
|
|
Realized currency gains from the repayment of shareholder loans
|
|
3 252
|
|
Subtotal
|
|
3 225
|
|
|
|
|
|
Cumulative losses reclassified from equity upon loss of control:
|
|
|
|
– from Cash Flow Hedges
|
|
–4 459
|
|
– from currency differences
|
|
–29 349
|
|
Subtotal
|
|
–33 808
|
|
Result from disposal
|
|
–30 583
|
Balance sheet
As of 31 March 2018 there were no assets attributable to Germany since this division was sold. The net assets as of 21 August 2017 shown below reflect their value at the transaction date.
|
in CHF thousands
|
|
21.8.2017
|
|
|
|
|
|
Assets
|
|
|
|
Investment properties
|
|
167 003
|
|
Furnishing
|
|
65
|
|
Trade accounts receivable
|
|
216
|
|
Other receivables
|
|
1 891
|
|
Cash and cash equivalents
|
|
640
|
|
Assets directly associated with disposal group
|
|
169 815
|
|
|
|
|
|
Liabilities
|
|
|
|
Mortgages
|
|
103 340
|
|
Derivative financial instruments
|
|
3 130
|
|
Deferred tax liabilities
|
|
1 216
|
|
Trade accounts payable
|
|
433
|
|
Other liabilities
|
|
3 092
|
|
Liabilities directly associated with disposal group
|
|
111 211
|
|
|
|
|
|
Net Assets disposed
|
|
58 604
|
Net Cash Flows
Cash flow from discontinued operations presents as follows:
|
in CHF thousands
|
|
1.4.2017
to 21.8.2017
|
1.4.2016
to 31.3.2017
|
|
|
|
|
|
|
Operating activities
|
|
2 747
|
8 971
|
|
Investing activities
|
|
–1 072
|
–2 955
|
|
Financing activities
|
|
–1 916
|
–5 907
|
|
Net-Cashflow
|
|
–241
|
109
|
|
in CHF thousands
|
|
21.8.2017
|
|
|
|
|
|
Selling price received in cash
|
|
58 577
|
|
Less: cash and cash equivalents disposed of with the sale
|
|
–640
|
|
Total net cash inflow from the disposal
|
|
57 937
|
Züblin has received a net purchase price of CHF 58.6 million which represents the net assets value of the discontinued operations. The entire purchase price was paid in cash. Considering cash sold to the purchaser in the amount of CHF 0.6 million, net cash from discontinued operation amounts to CHF 57.9 million.
