6. SIGNIFICANT TRANSACTIONS AND EVENTS
6.1 Discontinued operations
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:
The result from the disposal of discontinued operations in the amount of kHF 30'583 milion is broken down in the table below:
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.
Net Cash Flows
Cash flow from discontinued operations presents as follows:
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.
6.2 Events after the balance sheet date
No significant events have taken place since the balance sheet date.