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 thousand

 

1.4.2017 to 30.9.2017

1.4.2016 to 30.9.2016

 

 

 

 

Earnings of shareholders of Züblin Immobilien Holding AG

 

–30 351

8 727

Adjustments:

 

 

 

Result from the sale of investment properties

 

0

0

Deferred taxes in respect of EPRA Earnings adjustments

 

190

949

Currency differences

 

–256

116

Result from discontinued operations

 

29 591

–5 659

EPRA Earnings of shareholders

 

–2 001

626

 

 

 

 

Average number of outstanding shares

 

3 318 027

3 318 027

EPRA Earnings per share

 

–0.60

0.19

B. EPRA Equity and EPRA Equity ratio

in CHF thousand

 

30.9.2017

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

 

127 684

122 172

Equity per share

 

38.48

36.82

 

 

 

 

Equity of shareholders

 

127 684

122 172

Adjustments:

 

 

 

Fair Value of derivative financial instruments 1

 

0

19 672

Deferred taxes (net) 2

 

9 535

8 766

EPRA Net Asset Value (NAV) of shareholders

 

137 219

150 610

EPRA NAV per share

 

41.36

45.39

 

 

 

 

EPRA Equity

 

137 219

150 610

Total Assets

 

207 851

383 755

EPRA Equity ratio

 

66.0%

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 thousand

 

30.9.2017

31.3.2017

 

 

 

 

EPRA Net Asset Value (NAV) of shareholders

 

137 219

150 610

Adjustments:

 

 

 

Fair value of derivative financial instruments

 

0

–19 672

Deferred taxes (net)

 

–9 535

–8 766

EPRA NNNAV

 

127 684

122 172

Number of outstanding shares at balance sheet date

 

3 318 027

3 318 027

EPRA NNNAV per share

 

38.48

36.82

D. EPRA Net Yield Disclosure

in CHF thousand

 

30.9.2017

31.3.2017

 

 

 

 

Investment properties

 

368 361

357 182

Adjustments:

 

 

 

Investment properties discontinued operations

 

–168 651

–158 702

Investment properties available for lease

 

199 710

198 480

Adjustments:

 

 

 

Transaction costs in case of sale

 

0

0

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

 

199 710

198 480

 

 

 

 

Annual rental income investment properties available for lease (B)

 

8 225

8 117

Property expenses

 

–641

–762

Net Annual rental income (C)

 

7 584

7 355

Adjustment for lease incentives

 

n.a.

n.a.

"Topped-up" Net annual rental income (D)

 

7 584

7 355

 

 

 

 

EPRA Gross Initial Yield (GIY) (B/A)

 

4.1%

4.1%

EPRA Net Initial Yield (NIY) (C/A)

 

3.8%

3.7%

EPRA "topped-up" NIY (D/A)

 

3.8%

3.7%

E.1 EPRA Vacancy Rate monetary

in CHF thousand

 

30.9.2017

31.3.2017

 

 

 

 

Continuing operations

 

 

 

Estimated market rental income of vacant space (A)

 

923

961

Estimated market rental value of the whole portfolio (B)

 

8 676

8 547

EPRA Vacancy rate (A/B)

 

10.6%

11.2%

E.2 Züblin Vacancy Rate monetary

in CHF thousand

 

30.9.2017

31.3.2017

 

 

 

 

Continuing operations

 

 

 

Estimated annual rental income of vacant space (A)

 

923

961

Projected annual rental income of the whole portfolio (B)

 

9 148

9 078

Züblin Vacancy rate (A/B)

 

10.1%

10.6%