NOTES TO THE FINANCIAL STATEMENTS
1. Principles
General
Züblin Immobilien Holding AG, Zurich (ZIHAG) is the parent company of the Züblin Immobilien Group. As a holding company it is not engaged in any operating activities. Its function is limited to the managing and financing of the Züblin Immobilien Group. As of 31 March 2020 Züblin Immobilien Group does employ 5 employees (previous year 8 employees).
Acounting law
These financial statements are prepared in accordance with the provisions of the Swiss Code of Obligation (Title 32 of the Swiss Code of Obligations (hereafter: CO)). ZIHAG prepares consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). Therefore and in accordance with 961d CO ZIHAG has decided to forego presenting additional information on interest-bearing liabilities and audit fees in the notes as well as a cashflow statement and management report.
Group companies are all companies in which ZIHAG directly or indirectly has more than 20% of the voting rights or over which it exerts a significant influence.
The significant accounting policies, which are not prescribed by law, are described below.
Financial Assets
Financial Assets include long-term loans granted to Group companies. Loans granted in foreign currency are valued at the closing rate, with unrealized losses recorded in the income statement, whereas unrealized gains are not recognized.
Investments
Investments are stated at cost less any provisions for impairment.
Interest-bearing liabilities (current and non-current)
Interest-bearing liabilities are stated at their nominal value. Prepaid interest and issue costs are recorded in prepaid expenses and amortized on a straight-line basis over the respective term.
Exchange rates
2. Financial Income
Financial income of CHF 0.8 million (previous period CHF 0.8 million) comprises of interest earned on loans to Group companies.
3. Investments
Any uncertainties in connection with the COVID 19 pandemic do not require any additional value adjustments on the investments.
4. Financial Assets
Loans to group companies
ZIHAG has granted to Züblin Immobilien AG a loan in the amount of CHF 50.7 million (previous year: 52.8 million). The interest on the loan is currently 1.5% and is in line with the maximum interest rate according to the rules issued annually by the Swiss Federal Tax Administration regarding interest on intercompany loans.
The loan granted to Züblin Real Estate Holding NV (ZREH) was almost fully written off in previous years. According to the loan agreement between ZIHAG and ZREH interest claim was waived until a financial improvement of the company becomes apparent.
5. Share Capital
As of 31 March 2020 there were 3ʼ318ʼ027 shares with a nominal value of CHF 22.50, resulting in a share capital of kCHF 74ʼ656. There were no changes in capital structure in the financial years 2019/20 and 2018/19.
The company holds a total of 2,380 treasury shares as of 31 March 2020. In the 2019/2020 financial year, 11,217 shares were purchased at prices between CHF 25.40 and CHF 27.00 and 8,837 shares were sold at prices between CHF 25.50 and CHF 27.20 in the period July 2019 to December 2019 under a market making mandate delegated to a Swiss investment bank. Treasury shares are reported as a negative item in equity at cost. As of 31 March 2020, this item amounted to CHF 63,119.
Authorized share capital amounts to kCHF 37ʼ328, which represents 1ʼ659ʼ013 shares. The authorized share capital was prolonged by the general assembly held on 18.6.2019 until 18.6.2021.
Conditional share capital available for stock option plan was authorized at EGM held on 29.10.2015 and amounts to kCHF 3ʼ700, which represents 164ʼ444 shares.
6. Retained loss and earnings for the year
7. Other current liabilities Group companies
The liabilities to group companies relate to a current account liability to Weilimmo AG in the amount of CHF 1,078k and current account liabilities to Züblin Immobilien AG in the amount of CHF 27k.
8. Liabilities to participants
As at 31 March 2020, ZIHAG had outstanding liabilities to Lamesa Holding SA from outstanding dividends in the amount of CHFk 2ʼ764 (previous year: CHFk 1ʼ382). The liability is not interest-bearing.
9. Contingent liabilities
As in the previous year, there were no contingent liabilities at the balance sheet date, neither to related parties nor to third parties.
10. Significant shareholders
Number of issued shares in the Commercial Register as of 31 March 2020: 3ʼ318ʼ027
As of 31 March 2020 Züblin Immobilien Holding AG is aware of the following shareholders with holdings exceeding a disclosure threshold:
11. Shareholdings
12. Joint and several liabilities
Züblin Immobilien Holding AG belongs to a VAT group and is jointly and severally liable with Züblin Immobilien AG for the VAT payments arising from this VAT Groupʼs activities.
13. Net release of hidden reserves
As in the previous year no hidden reserves were released In the financial year 2019/2020.
14. Events after the balance sheet date
No significant events have taken place since the balance sheet date.
