Züblin returns to the profit zone
Züblin Immobilien Holding AG generated a profit of CHF 8.7 million in the first half of the current 2016/2017 financial year. The company has thus returned to profit for the first time since March 2012.
Rental income increased by 1.5 percent to CHF 9.5 million. According to Züblin, this development and the continuing friendly market environment led to positive valuation effects of 6.3 million (after tax: 4.9 million). Income from the Switzerland and Germany business units increased by 5.7 million to 8.7 million. In the previous year, a loss of 23.6 million was posted.
The total value of the real estate portfolio amounted to CHF 338 million as of September 30, 2016. The market value of the entire portfolio increased by 2.1 percent or 6.3 million. Accordingly, the portfolio value amounts to 199.5 million for the Swiss and 138.5 million for the German properties. In both countries, the company is benefiting from the current high demand for real estate investments, Züblin says. In addition, the good rental market for office space in Germany had a positive impact on the valuations.
Vacancy rate of 9.9 percent
The vacancy rate increased from 9.0 to 9.9 percent compared with March 31 of this year. In Switzerland, the vacancy rate of the five office properties decreased from 12.4 percent to 11.7 percent. "With the exception of the Arco West property in Bern, all properties have good location quality and a solid tenant structure. They are very well leased with an overall vacancy rate of 0.9 percent," Züblin said. Arco West is to be repositioned.
The German portfolio consists of twelve properties, eleven of which are office properties, and currently has a vacancy rate of 8.6 percent. The departure of a major tenant at the Albert-Einstein-Ring property in Hamburg had a negative impact.
Net asset value (NAV) increased to CHF 29.39 as of September 30, 2016 (CHF 26.98 as of March 31, 2016). The equity ratio amounts to 26.8 percent.
Roland Friederich becomes new CFO
For the outgoing CFO Thomas Wapp a successor has been found in Roland Friederich. Friederich will take over the role of CFO as a member of Group Management as of December 1, 2016. He is currently Head of Group Accounting and Head of Finance and Controlling of the German subsidiaries.
Dr. Iosif Bakaleynik announced his intention to end his previous dual mandate as Chairman of the Board of Directors and CEO and to focus exclusively on the Presidency from now on. The search for a new CEO to take over the operational management of the company is currently underway. (ah)
