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% |