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 & EPRA Earnings per Share (EPS)

in CHF thousands

 

1.4.2021 to 30.9.2021

1.4.2020 to 30.9.2020

 

 

 

 

Earnings of shareholders of Züblin Immobilien Holding AG

 

2 020

1 993

 

 

 

 

Adjustments to calculate EPRA Earnings, exclude:

 

 

 

Changes in value of investment properties, development properties held for investment and other interests

 

–452

63

Profits or losses on disposal of investment properties, development properties held for investment and other interests

 

0

0

Profits or losses on sales of trading properties including impairment charges in respect of trading properties

 

0

0

Tax on profits or losses on disposals

 

0

0

Negative goodwill / goodwill impairment

 

0

0

Changes in fair value of financial instruments and associated close-out costs

 

0

0

Acquisition costs on share deals and non-controlling joint venture interests

 

0

0

Deferred taxes in respect of EPRA Earnings adjustments

 

441

291

Adjustments to above in respect of joint ventures

 

0

0

Non-controlling interests in respect of the above

 

0

0

EPRA Earnings

 

2 009

2 338

 

 

 

 

Average number of outstanding shares

 

3 315 647

3 315 647

EPRA Earnings per share

 

0.61

0.71

B. EPRA Net Asset Value metrics

in CHF thousands

 

30.9.2021

31.03.2021

 

 

EPRA NRV

EPRA NTA

EPRA NDV

EPRA NRV

EPRA NTA

EPRA NDV

IFRS Equity attributable to shareholders

 

132 454

132 454

132 454

133 723

133 723

133 723

Include / Exclude:

 

 

 

 

 

 

 

Hybrid instruments

 

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Diluted NAV

 

132 454

132 454

132 454

133 723

133 723

133 723

Include:

 

 

 

 

 

 

 

Revaluation of IP (if IAS 40 cost option is used)

 

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Revaluation of IPUC1 (if IAS 40 cost option is used)

 

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Revaluation of other non-current investments

 

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Revaluation of tenant leases held as finance leases

 

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Revaluation of trading properties

 

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Diluted NAV at Fair Value

 

132 454

132 454

132 454

133 723

133 723

133 723

Exclude:

 

 

 

 

 

 

 

Deferred tax in relation to fair value gains of IP

 

15 027

7 514

 

14 586

7 293

 

Fair value of financial instruments

 

n.a.

n.a.

 

n.a.

n.a.

 

Goodwill as a result of deferred tax

 

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Goodwill as per the IFRS balance sheet

 

 

n.a.

n.a.

 

n.a.

n.a.

Intangibles as per the IFRS balance sheet

 

 

–20

 

 

0

 

Include:

 

 

 

 

 

 

 

Fair value of fixed interest rate debt

 

 

 

n.a.

 

 

n.a.

Revaluation of intangibles to fair value

 

n.a.

 

 

n.a.

 

 

Real estate transfer tax

 

454

0

 

453

0

 

NAV

 

147 935

139 948

132 454

148 762

141 016

133 723

Fully diluted number of shares

 

3 315 647

3 315 647

3 315 647

3 315 647

3 315 647

3 315 647

NAV per share

 

44.62

42.21

39.95

44.87

42.53

40.33

EPRA NRV Net Reinstatement Value

EPRA NTA Net Tangible Assets

EPRA NDV Net Disposal Value

The definitions of the individual terms are explained in the definitions of terms.

C. EPRA Net Initial Yield (NIY)

in CHF thousands

 

30.9.2021

31.3.2021

 

 

 

 

Investment properties - wholly owned

 

219 760

218 710

Investment property – share of JVs/Funds

 

0

0

Trading property (including share of JVs)

 

0

0

Less: developments

 

0

0

Completed property portfolio

 

219 760

218 710

Allowance for estimated purchasers’ costs

 

0

0

Gross up completed property portfolio valuation (B)

 

219 760

218 710

Annualised cash passing rental income

 

8 580

8 252

Property outgoings

 

–814

–813

Annualised net rents (A)

 

7 766

7 439

Add: notional rent expiration of rent free periods or other lease incentives

 

n.a.

n.a.

Topped-up net annualised rent (C)

 

7 766

7 439

EPRA NIY (A/B)

 

3.5%

3.4%

EPRA ‘topped-up’ NIY (C/B)

 

3.5%

3.4%

D. EPRA Vacancy Rate

in CHF thousands

 

30.9.2021

31.3.2021

 

 

 

 

Estimated market rental value of vacant space (A)

 

1 240

1 539

Estimated market rental value of the whole portfolio (B)

 

9 458

9 455

EPRA Vacancy rate (A/B)

 

13.1%

16.3%

Züblin Vacancy Rate monetary

in CHF thousands

 

30.9.2021

31.3.2021

 

 

 

 

 

 

 

 

Estimated market rental value of vacant space (A)

 

1 240

1 539

Annualized gross rental income of the whole portfolio (B)

 

9 820

9 791

Züblin Vacancy rate (A/B)

 

12.6%

15.7%

EPRA Cost Ratio

in CHF thousands

 

1.4.2021 to 30.9.2021

1.4.2020 to 30.9.2020

 

 

 

 

Administrative/operating expense line per IFRS income statement

 

1 634

1 579

Net service charge costs/fees

 

0

0

Management fees less actual/estimated profit element

 

0

0

Other operating income/recharges intended to cover overhead expenses less any related profits

 

0

0

Share of Joint Ventures expenses

 

0

0

Exclude (if part of the above):

 

 

 

Investment Property depreciation

 

0

0

Ground rent costs

 

0

0

Service charge costs recovered through rents but not separately invoiced

 

0

0

Costs (including direct vacancy costs) (A)

 

1 634

1 579

Direct vacancy costs

 

–82

–29

Costs (excluding direct vacancy costs) (B)

 

1 552

1 550

 

 

 

 

Gross Rental Income less ground rent costs - per IFRS

 

4 180

4 656

Add: share of Joint Ventures (Gross Rental Income less ground rent costs)

 

0

0

Gross Rental Income (C)

 

4 180

4 656

EPRA Cost Ratio (including direct vacancy costs) (A/C)

 

39.1%

33.9%

EPRA Cost Ratio (excluding direct vacancy costs) (B/C)

 

37.1%

33.3%