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 2023 Züblin Immobilien Group does employ 5 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 EUR/CHF
Rate at 31 March 2023: CHF 0.9978 (previous year: 1.0294)
Average rate 1 April 2022 through 31 March 2023: CHF 0.9937 (previous year: 1.0674)

Financial income of kCHF 805 (previous year: kCHF 725) comprises of interest earned on loans to Group companies.

As at 31 March 2023, the Company holds three investments, unchanged from the previous year, of which only Züblin Immobilien AG, Zurich, holds real estate. The income from the reversal of impairment losses reported in the previous year related to the complete settlement of the companies Züblin Real Estate Holding NV and Züblin Immobilière Belgium SA.

Loans to group companies

ZIHAG granted a loan of CHF 43.7 million (previous year: CHF 46.7 million) to Züblin Immobilien AG. The interest rate was 1.5% until 31 December 2022. Since 1 January 2023, the loan bears interest at 2.75%. These interest rates correspond to the maximum permissible rate according to the circular published annually by the Federal Tax Administration on the tax-recognised interest rates for loans to participations.

As of 31 March 2023 there were 3 318 027 shares with a nominal value of CHF 22.50, resulting in a share capital of kCHF 74 56. There were no changes in capital structure in the financial years 2022/23 and 2021/22.

The company holds a total of 2 380 treasury shares as of 31 March 2023. Treasury shares are reported as a negative item in equity at cost. As of 31 March 2023, 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.

The liabilities to Group companies relate to current account liabilities and break down as follows:

As at 31 March 2023, ZIHAG had outstanding liabilities to Lamesa Holding SA from outstanding dividends in the amount of kCHF 6 909 (previous year: kCHF 5 527). The liability does not bear interest.

As in the previous year, there were no contingent liabilities as at the balance sheet date of 31 March 2023.

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:

A disclosure obligation exists if persons or groups subject to the reporting obligation exceed or fall below a threshold subject to the reporting obligation. Since entry in the share register is optional, the information as at 31 March may deviate from the holdings disclosed in accordance with the FMIA (FinfraG).

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.

In the current business year 2022/23, no hidden reserves were released. In the previous year, hidden reserves were released in connection with the income from the reversal of impairment losses mentioned in note 3.

No significant events have taken place since the balance sheet date.