Financial Report/Consolidated Financial Statements Züblin Group/Notes/6. Significant transactions and events

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. Eleven properties were sold in a share deal and one property was sold via a direct purchase. With completion of the transaction the German business segment was deconsolidated.

in CHF thousands

 

1.4.2017 to 21.8.2017

 

 

 

Rental income

 

4 355

Total operating income

 

4 355

Real estate expense

 

–251

Maintenance and repairs

 

–202

Net operating income

 

3 902

 

 

 

Expenses

 

–1 473

 

 

 

Earnings before taxes (EBT) from discontinued operations

 

2 429

Income taxes

 

–10

Subtotal

 

2 419

 

 

 

Loss/ Gain from fair value measurement less costs to sell

 

–1 785

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

Result from discontinued operations

 

–29 949

 

 

 

Earnings per share from discontinued operations

 

–9.03

Diluted earnings per share from discontinued operations

 

–9.03

The result from the disposal of discontinued operations in the amount of kHF 30'583 million 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

Net Cash Flows

in CHF thousands

 

1.4.2017 to 21.8.2017

 

 

 

Operating activities

 

2 747

Investing activities

 

–1 072

Financing activities

 

–1 916

Net-Cashflow

 

–241

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 

On 15 April 2019, Züblin acquired a co-ownership share in an office and retail property in Zurich-Oerlikon. The fully let property is centrally located, i.e. it is in ultimate proximity to the Oerlikon railway station. The property is a mixed-use structure offering office, retail and gastronomy space totaling 10,000m2. The share acquired by Züblin comprises 3,243m2 mainly consisting of office space and 40 of a total of 143 underground parking spaces. The annual rental income of the acquired share amounts to CHF 1.1 million, which corresponds to around 12% of the rental income of the Züblin portfolio after the transaction.