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 2021 Züblin Immobilien Group does employ 6 employees (previous year 6 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, the additional disclosures in the notes to the financial statements, the cash flow statement and the management report are waived.
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 to subsidiaries and are valued at acquisition cost less any value adjustment (unscheduled depreciation).
Investments
Investments are stated at cost less any provisions for impairment.
Interest-bearing liabilities
Interest-bearing liabilities are recognised at their nominal value. Prepaid interest is accrued. Issuing costs are deferred and amortised on a straight-line basis over their term.
Exchange rates
2. Financial Income
Financial income of kCHF 726 (previous period kCHF 759) comprises of interest earned on loans to Group companies.
3. Investments
Züblin Real Estate Holding NV was liquidated in financial year 2021/22 and Züblin Immobilière Belgium SA in financial year 2020/21. Both companies had already sold their last investment property in 2014/15 and 2008/09 respectively and had been fully impaired since then. After the complete liquidation of the companies, TCHF 71 of the value adjustments could now be reversed. The amount reported as income from the reversal of impairment losses in the current financial year is related to this. In the previous year, the value adjustment of ZUB Immobilien GmbH, Düsseldorf, was reversed (TCHF 367) after the distribution of a dividend and the elimination of the corresponding currency risk.
4. Financial Assets
Loans to group companies
ZIHAG has granted to Züblin Immobilien AG a loan in the amount of CHF 46.7 million (previous year: 49.6 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 between ZIHAG and Züblin Real Estate Holding NV (ZREH) was terminated as part of the liquidation of ZREH.
5. Share Capital
As of 31 March 2022 there were 3,318,027 shares with a nominal value of CHF 22.50, resulting in a share capital of kCHF 74,656. There were no changes in capital structure in the financial years 2021/22 and 2020/21.
The company holds a total of 2,380 treasury shares as of 31 March 2022. Treasury shares are reported as a negative item in equity at cost. As of 31 March 2022, this item amounted to CHF 63,119.
Authorized share capital amounts to kCHF 37,328, which represents 1,659,013 shares. The authorized share capital was prolonged by the general assembly held on 22 June 2021 until 22 June 2023.
Conditional share capital available for stock option plan was authorized at EGM held on 29 October 2015 and amounts to kCHF 3,700, which represents 164,444 shares.
6. Retained loss and earnings for the year
7. Other current liabilities Group companies
The liabilities to Group companies relate to current account liabilities and break down as follows:
8. Liabilities to participants
As at 31 March 2022, ZIHAG had outstanding liabilities to Lamesa Holding SA from outstanding dividends in the amount of CHFk 5,527 (previous year: CHFk 4,145). The liability does not bear interest.
9. Contingent liabilities
As in the previous year, there were no contingent liabilities as at the balance sheet date of 31 March 2022.
10. Significant shareholders
Züblin Immobilien Holding AG is aware of the following shareholders with holdings exceeding a disclosure threshold:
In the previous year, the significant shareholders were as follows:
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
In the current financial year 2021/22, as in the previous year, there was no release of hidden reserves in addition to the income from reversals of impairment losses already mentioned in Note 3.
14. Events after the balance sheet date
No significant events have taken place since the balance sheet date.
