4. Detailed information on statement of profit and loss and OCI items
4.1 Rental income
in CHF thousands |
|
1.4.2017 to 31.3.2018 |
1.4.2016 to 31.3.2017 |
|
|
|
|
Potential rental income |
|
9 106 |
9 093 |
Vacancy |
|
–980 |
–1 044 |
Net rent reductions |
|
–40 |
–19 |
Rental income |
|
8 086 |
8 030 |
In the current year rental income increased by kCHF 56 (previous year kCHF 110) as a result of vacancy reduction.
4.2 Real estate expenses
in CHF thousands |
|
1.4.2017 to 31.3.2018 |
1.4.2016 to 31.3.2017 |
|
|
|
|
External property management fees |
|
–157 |
–26 |
Insurance |
|
–67 |
–98 |
Marketing costs |
|
–74 |
–121 |
Non recoverable service charges |
|
–60 |
–48 |
Bad debts |
|
–17 |
0 |
Property taxes |
|
–23 |
–12 |
Legal fees |
|
–15 |
–2 |
Other property-related expense |
|
–7 |
–5 |
Total real estate expense |
|
–420 |
–312 |
The outsorcing of property managment activities led to an increase of kCHF 131 in real estate expenses. This increase was partially offset by savings in marketing and insurance costs.
4.3 Personnel expenses
in CHF thousands |
|
1.4.2017 to 31.3.2018 |
1.4.2016 to 31.3.2017 |
|
|
|
|
Wages and salaries |
|
–2 662 |
–2 489 |
Social security contributions |
|
–187 |
–137 |
Pension plan expenses |
|
–118 |
–150 |
Other personnel expenses |
|
–359 |
–293 |
Total personnel expenses |
|
–3 326 |
–3 069 |
Other personnel expenses include lump-sum expense allowance and travel cost for employees and member of the Board of Directors, fees for directorsʼ and officersʼ insurance, costs for recruting of new employees and expenses for the further training of existing staff.
4.4 Administrative expense
in CHF thousands |
|
1.4.2017 to 31.3.2018 |
1.4.2016 to 31.3.2017 |
|
|
|
|
Other advisory and investor relations |
|
–439 |
–304 |
Legal and tax advisory |
|
–272 |
–137 |
Bookkeeping and IT |
|
–207 |
–213 |
Rent expenses |
|
–188 |
–209 |
Travel expenses |
|
–182 |
–202 |
Project related advisory expenses |
|
–177 |
–81 |
Audit |
|
–152 |
–164 |
Other taxes |
|
–144 |
–50 |
Valuation |
|
–35 |
–42 |
Notarial charges |
|
–21 |
–5 |
Depreciation |
|
–18 |
–13 |
Other administrative expense |
|
–89 |
–232 |
Administrative expense before other income |
|
–1 924 |
–1 652 |
|
|
|
|
Other income |
|
707 |
530 |
Total administrative expense |
|
–1 217 |
–1 122 |
Administrative expenses before other income increased by kCHF 272, reflecting on one hand higher project-related advisory expenses (+kCHF 96) for potential real estate acquisitions (sunk deal costs). On the other hand the adaption and modernization of website and online reports to more advanced technical requirements led to an increase in other advisory services and investor relations expenses of kCHF 135, while the costs for legal and tax advisory servcies rose by the same amount. These expenses mainly result from tax clarifications in connection with property gains taxes.
The reported income of kCHF 707 mainly results from a surplus of an escrow account, which was set up in connection with the sale of a property in the Netherlands for construction measures still to be carried out. Construction work has now largely been completed.
4.5 Financial expense and income
in CHF thousands |
|
1.4.2017 to 31.3.2018 |
1.4.2016 to 31.3.2017 |
|
|
|
|
Financial expense |
|
|
|
Mortgage and swap interest expenses 1 2 |
|
–4 206 |
–1 856 |
thereof recycled from equity |
|
–2 607 |
0 |
Other interest expenses 1 |
|
–30 |
–36 |
Currency translation adjustments |
|
0 |
–492 |
Total financial expense |
|
–4 236 |
–2 384 |
|
|
|
|
Financial income |
|
|
|
Interest income 3 |
|
1 |
1 |
Interest income shareholder loan 3 |
|
75 |
389 |
Currency translation adjustments |
|
317 |
0 |
Total financial income |
|
393 |
390 |
Net financial expense |
|
–3 843 |
–1 994 |
1 The respective liabilities belong to the category "Financial liabilities at amortized cost".
2 The liabilities from interest swaps belong to the category "Financial liabilities at fair value through profit and loss".
3 The assets to which this income relates belong to the category "Loans and receivables at amortized cost".
As of 14 September 2017 the CHF 80 million interest rate swap was repaid at a market value of CHF 19.3 million, resulting in a valuation loss of CHF 0.7 million. The unrealized losses of CHF 2.6 million recorded in the equity cash flow hedge reserve were recycled through the income statement. Overall, the interest rate swap led to financial expenses of CHF 3.3 million (previous year CHF 0.8 million) in the current reporting period.
4.6 Income taxes
Income tax
in CHF thousands |
|
2017/18 |
2016/17 |
|
|
|
|
Income taxes in profit and loss |
|
|
|
Current taxes |
|
0 |
0 |
Current taxes from previous year |
|
852 |
–454 |
Total current taxes |
|
852 |
–454 |
|
|
|
|
Changes in tax loss carry forwards |
|
–301 |
89 |
Changes in valuation |
|
–718 |
–1 232 |
Changes in other positions |
|
294 |
–49 |
Total deferred taxes |
|
–725 |
–1 192 |
Total income taxes in profit and loss |
|
127 |
–1 646 |
|
|
|
|
Income taxes in comprehensive income statement |
|
|
|
Current taxes in equity |
|
0 |
0 |
Deferred taxes in equity |
|
–585 |
–527 |
Total income taxes in comprehensive income statement |
|
–585 |
–527 |
In the financial year 2017/18 Züblin recorded a current tax income of CHF 0.9 million (previous year expense of CHF 0.5 milion). The income relates in the amount of kCHF 760 to the release of a tax accrual after final assessment.
The deferred tax expense results from the reduction of the tax asset in connection with tax losses carry forwards, from net changes in fair value of real estate investments and from provisions for major repairs recognised for tax purposes, which are not applicable under IFRS.
Income tax reconciliation
in CHF thousands |
|
2017/2018 |
2016/2017 |
|
|
|
|
Financial year |
|
|
|
Profit before tax |
|
569 |
3 759 |
Reference rate 1 |
|
15.03% |
16.24% |
Income taxes at reference rate |
|
–86 |
–1 316 |
Income taxes recogized in Profit & Loss |
|
127 |
–1 646 |
Difference |
|
213 |
–330 |
Adjustments: |
|
|
|
– Non tax-deductible expenses |
|
–333 |
0 |
– Non-taxable income |
|
200 |
0 |
– Changes in tax rates on deferred tax positions |
|
236 |
–104 |
– Items taxed at other than reference rate |
|
–669 |
–116 |
– Changes in loss carry forwards not recognized |
|
–73 |
518 |
– Income taxes from previous periods |
|
853 |
–454 |
– Others |
|
–1 |
–186 |
1 The reference tax rate for the Group is calculated at 15.49% (previous year 16.24%). The calculation was made using absolute numbers.
4.7 Earnings per share
in CHF thousands |
|
1.4.2017 to 31.3.2018 |
1.4.2016 to 31.3.2017 |
|
|
|
|
Average number of shares entitled to dividends |
|
3 318 027 |
3 318 027 |
|
|
|
|
Earnings of shareholders of Züblin Immobilien Holding AG |
|
–29 252 |
29 926 |
therof |
|
|
|
from continuing operations |
|
697 |
2 113 |
from discontinuing operations |
|
–29 949 |
27 813 |
|
|
|
|
Earnings per share in CHF |
|
–8.82 |
9.02 |
therof |
|
|
|
from continuing operations |
|
0.21 |
0.64 |
from discontinuing operations |
|
–9.03 |
8.38 |
Züblin Immobilien Holding AG has no equity instruments which would lead to a dilution.