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2.1 Significant accounting policies 

The consolidated semi-annual financial statements of the Züblin Group have been prepared in accordance with IAS 34 “Interim Financial Reporting” and with Art. 17 of the SIX Swiss Exchange Directive on Financial Reporting. The consolidated semi-annual financial statements do not contain all of the information and notes that are required at the financial year-end and should therefore be read along with the consolidated annual financial statements for the Züblin Group for the financial year ending 31 March 2018.

The consolidated semi-annual financial statements for the Züblin Group as of 30 September 2018 were approved by the Board of Directors on 14 November 2018.

2.2 Amendments to accounting principles

2.2.1 Amendments implemented in the current financial year

The same accounting and valuation principles as for the consolidated annual financial statements as of 31 March 2018 apply to the presented consolidated semi-annual financial statements.

Since 1 April 2018 the following standards and interpretations have to be applied:




– IFRS 9: Financial Instruments


from 1.1.2018

– IFRS 15: Revenue from Contracts with Customers


from 1.1.2018

– Clarifications to IFRS 15: Revenue from Contracts with Customers


from 1.1.2018

– IFRS 2 (rev.): Classification and Measurement of Share-based Payment Transactions


from 1.1.2018

– IFRS 4 (rev.): Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts


from 1.1.2018

– Improvements to IFRS Cycle 2014-2016


from 1.1.2018

– IAS 40 (rev.): Transfers of Investment Property


from 1.1.2018

– IFRIC Interpretation 22: Foreign Currency Transactions and Advance Consideration


from 1.1.2018

None of the above amendments, interpretations and improvements had any material impact on the consolidated semi-annual financial statements. 

As the Züblin Groupʼs portfolio does not include any development real estate held for sale and Züblin generates its operating income only with the letting of commercial real estate, the new IFRS 15 standard had no impact on the revenue and profit realization of Züblin.

IFRS 9 regulates the recognition and measurement of financial assets and liabilities as well as the accounting for hedging relationships and supersedes the previous IAS 39 standard. The reduction in the number of categories of financial instruments, the change from an incurred loss model to an expected credit loss model as well as the revision of the rules for the hedging relationships are the central points of the changes.

Due to the good credit quality of our tenants and the negligible amount of outstanding receivables the introduction of the new value adjustment model under IFRS 9 did not result in any changes for the Züblin Group. As well has the reduction in the number of financial categories had no effects on the existing classification of financial instruments. Since Züblin currently has no hedges, it was not necessary to apply the new hedge accounting regulations.

2.2.2 Future amendments to accounting policies

Some new or amended IFRS standards and interpretations have been adopted by the IASB, but will only enter into force in a subsequent accounting period. With the exception of the standard described below, it is not anticipated that these new or amended standards and interpretations will have any material impact on the financial reporting of the Züblin Group. A systematic analysis will be performed later on.

The new accounting standard IFRS 16 Leases will not have a material accounting effect for the lessor, however, lessors are expected to be affected due to the changed needs and behaviours from customers which impacts their business model and lease products.

2.3 Critical accounting estimates and judgements 

The preparation of the consolidated semi-annual financial statements requires the use of estimates and judgements by the Company’s management. These estimates and judgements affect the way in which assets, liabilities, income and expenses are reported and their valuation, as well as the disclosure of contingent liabilities and other disclosures in the semi-annual financial statements. The actual outturn may differ from assumptions and estimates that have been used. In the event that they subsequently differ from the actual outturn, the initial estimates and assumptions are revised to reflect the changed circumstances during the financial year in which these changes occur.

In the Züblin Group the main accounting estimates and judgements relate to the valuation of investment property and income taxes. The disclosures of critical accounting estimates and judgements as presented in the annual consolidated financial statements are unchanged. There were no changes in the valuation criteria in connection with IFRS 13 during the reporting period and there were no reclassifications within this category. The investment properties recognized at fair value as of 30 September 2018 qualify unchanged to 31 March 2018 as level 3 fair value inputs. 

2.4 Consolidation principles

2.4.1 Scope of consolidation

There were no changes in the scope of consolidation in the first half year 2018/19.

2.4.2 Translation of foreign currencies

in CHF


Balance sheet rate

Balance sheet rate


Average rate

Average rate






1.4.2018 to 30.9.2018

1.4.2017 to 30.9.2017