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 |
|
1.4.2023 to 30.9.2023 |
|
1.4.2022 to 30.9.2022 |
|
|
|
|
|
|
|
Earnings of shareholders of Züblin Immobilien Holding AG |
|
493 |
|
3 370 |
|
|
|
|
|
|
|
Adjustments to calculate EPRA Earnings, exclude: |
|
|
|
|
|
Changes in value of investment properties, development properties held for investment and other interests |
|
2 248 |
|
–1 316 |
|
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 |
|
–526 |
|
387 |
|
Adjustments to above in respect of joint ventures |
|
0 |
|
0 |
|
Non-controlling interests in respect of the above |
|
0 |
|
0 |
|
EPRA Earnings |
|
2 215 |
|
2 441 |
|
|
|
|
|
|
|
Average number of outstanding shares |
|
3 315 647 |
|
3 315 647 |
|
EPRA Earnings per share |
|
0.67 |
|
0.74 |
B. EPRA Net Asset Value metrics
|
in CHF thousands |
|
30.9.2023 |
|
31.3.2023 |
||||||||
|
|
|
EPRA NRV |
|
EPRA NTA |
|
EPRA NDV |
|
EPRA NRV |
|
EPRA NTA |
|
EPRA NDV |
|
IFRS Equity attributable to shareholders |
|
135 685 |
|
135 685 |
|
135 685 |
|
138 508 |
|
138 508 |
|
138 508 |
|
Include / Exclude: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hybrid instruments |
|
n.a. |
|
n.a. |
|
n.a. |
|
n.a. |
|
n.a. |
|
n.a. |
|
Diluted NAV |
|
135 685 |
|
135 685 |
|
135 685 |
|
138 508 |
|
138 508 |
|
138 508 |
|
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 |
|
135 685 |
|
135 685 |
|
135 685 |
|
138 508 |
|
138 508 |
|
138 508 |
|
Exclude: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax in relation to fair value gains of IP |
|
17 270 |
|
8 635 |
|
|
|
17 223 |
|
8 611 |
|
|
|
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 |
|
|
|
18 |
|
|
|
|
|
21 |
|
|
|
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 |
|
424 |
|
0 |
|
|
|
426 |
|
0 |
|
|
|
NAV |
|
153 379 |
|
144 338 |
|
135 685 |
|
156 157 |
|
147 140 |
|
138 508 |
|
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 |
|
46.26 |
|
43.53 |
|
40.92 |
|
47.10 |
|
44.38 |
|
41.77 |
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 |
|
30.9.2023 |
|
31.3.2023 |
|
|
|
|
|
|
|
Investment properties - wholly owned |
|
225 900 |
|
227 050 |
|
Investment property – share of JVs/Funds |
|
0 |
|
0 |
|
Trading property (including share of JVs) |
|
0 |
|
0 |
|
Less: developments |
|
0 |
|
0 |
|
Completed property portfolio |
|
225 900 |
|
227 050 |
|
Allowance for estimated purchasers’ costs |
|
0 |
|
0 |
|
Gross up completed property portfolio valuation (B) |
|
225 900 |
|
227 050 |
|
Annualised cash passing rental income |
|
9 118 |
|
9 023 |
|
Property outgoings |
|
–476 |
|
–571 |
|
Annualised net rents (A) |
|
8 642 |
|
8 452 |
|
Add: notional rent expiration of rent free periods or other lease incentives |
|
n.a. |
|
n.a. |
|
Topped-up net annualised rent (C) |
|
8 642 |
|
8 452 |
|
EPRA NIY (A/B) |
|
3.8% |
|
3.7% |
|
EPRA ‘topped-up’ NIY (C/B) |
|
3.8% |
|
3.7% |
D. EPRA Vacancy Rate
|
in CHF thousands |
|
30.9.2023 |
|
31.3.2023 |
|
|
|
|
|
|
|
Estimated market rental income of vacant space (A) |
|
887 |
|
883 |
|
Estimated market rental value of the whole portfolio (B) |
|
9 539 |
|
9 520 |
|
EPRA Vacancy rate (A/B) |
|
9.3% |
|
9.3% |
Vacancy Rate Monetary
|
in CHF thousands |
|
30.9.2023 |
|
31.3.2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized rental income of vacant space (A) |
|
887 |
|
883 |
|
Annualized rental income of the whole portfolio (B) |
|
10 005 |
|
9 906 |
|
Züblin Vacancy rate (A/B) |
|
8.9% |
|
8.9% |
E. EPRA Cost Ratio
|
in CHF thousands |
|
1.4.2023 to 30.9.2023 |
|
1.4.2022 to 30.9.2022 |
|
|
|
|
|
|
|
Administrative/operating expense line per IFRS income statement |
|
1 195 |
|
1 335 |
|
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) |
|
1 195 |
|
1 335 |
|
Direct vacancy costs |
|
–40 |
|
–65 |
|
Costs (excluding direct vacancy costs) (B) |
|
1 155 |
|
1 270 |
|
|
|
|
|
|
|
Gross Rental Income less ground rent costs - per IFRS |
|
4 516 |
|
4 387 |
|
Add: share of Joint Ventures (Gross Rental Income less ground rent costs) |
|
0 |
|
0 |
|
Gross Rental Income (C) |
|
4 516 |
|
4 387 |
|
EPRA Cost Ratio (including direct vacancy costs) (A/C) |
|
26.5% |
|
30.4% |
|
EPRA Cost Ratio (excluding direct vacancy costs) (B/C) |
|
25.6% |
|
28.9% |
F. EPRA LTV
|
in CHF thousands |
|
Group as reported |
|
Share of Joint Ventures |
|
Share of Material Associates |
|
Non-controlling Interests |
|
Combined 30.9.2023 |
|
Include: |
|
|
|
|
|
|
|
|
|
|
|
Borrowings from financial institutions |
|
64 921 |
|
n.a. |
|
n.a. |
|
n.a. |
|
64 921 |
|
Commercial paper |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Hybrids (including convertibles, preference shares, debt, options, perpetuals) |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Bond loans |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Foreign currency derivatives (futures, swaps, options and forwards) |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Net payables |
|
9 006 |
|
n.a. |
|
n.a. |
|
n.a. |
|
9 006 |
|
Owner-occupied property (debt) |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Current accounts (Equity characteristic) |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Exclude: |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
–2 236 |
|
n.a. |
|
n.a. |
|
n.a. |
|
–2 236 |
|
Net debt (a) |
|
71 691 |
|
n.a. |
|
n.a. |
|
n.a. |
|
71 691 |
|
Owner-occupied property |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Investment properties at fair value |
|
225 900 |
|
n.a. |
|
n.a. |
|
n.a. |
|
225 900 |
|
Properties held for sale |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Properties under development |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Intangibles |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Net receivables |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Financial assets |
|
259 |
|
n.a. |
|
n.a. |
|
n.a. |
|
259 |
|
Total property value (b) |
|
226 159 |
|
n.a. |
|
n.a. |
|
n.a. |
|
226 159 |
|
LTV (a/b) |
|
31.7% |
|
n.a. |
|
n.a. |
|
n.a. |
|
31.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in CHF thousands |
|
Group as reported |
|
Share of Joint Ventures |
|
Share of Material Associates |
|
Non-controlling Interests |
|
Combined 31.3.2023 |
|
Include: |
|
|
|
|
|
|
|
|
|
|
|
Borrowings from financial institutions |
|
64 914 |
|
n.a. |
|
n.a. |
|
n.a. |
|
64 914 |
|
Commercial paper |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Hybrids (including convertibles, preference shares, debt, options, perpetuals) |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Bond loans |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Foreign currency derivatives (futures, swaps, options and forwards) |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Net payables |
|
8 043 |
|
n.a. |
|
n.a. |
|
n.a. |
|
8 043 |
|
Owner-occupied property (debt) |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Current accounts (Equity characteristic) |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Exclude: |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
–3 161 |
|
n.a. |
|
n.a. |
|
n.a. |
|
–3 161 |
|
Net debt (a) |
|
69 796 |
|
n.a. |
|
n.a. |
|
n.a. |
|
69 796 |
|
Owner-occupied property |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Investment properties at fair value |
|
227 050 |
|
n.a. |
|
n.a. |
|
n.a. |
|
227 050 |
|
Properties held for sale |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Properties under development |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Intangibles |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Net receivables |
|
0 |
|
n.a. |
|
n.a. |
|
n.a. |
|
0 |
|
Financial assets |
|
276 |
|
n.a. |
|
n.a. |
|
n.a. |
|
276 |
|
Total property value (b) |
|
227 326 |
|
n.a. |
|
n.a. |
|
n.a. |
|
227 326 |
|
LTV (a/b) |
|
30.7% |
|
n.a. |
|
n.a. |
|
n.a. |
|
30.7% |
