Acron: Revaluations affect fund results
While the Acron Helvetia I fund benefits from a revaluation of the properties and increases profit, a devaluation of the "Portikon" in Glattpark leads to a decrease in profit for the Acron Helvetia VII.
Acron Helvetia I Immobilien AG, which holds the "Waser" office and logistics property in Buchs/Zurich and the "Südpark" office property in Solothurn, posted a Swiss GAAP FER profit of CHF 471,716 in the first half of 2016, compared with CHF 164,223 in the same period last year. The positive result is significantly influenced by the positive valuation adjustment on the properties of CHF 140,000 (prior-year half-year: -380,000), Acron reports.
Based on the new value appraisal as of June 30, 2016, the balance sheet value of the office property in Solothurn was reduced by CHF 90,000 compared to the value at the end of 2015 (prior-year half-year: 290,000), while that of the office and logistics property in Buchs was increased by CHF 230,000 (prior-year half-year: -90,000). The net asset value of the company was CHF 9.01 per share as of June 30, 2016, an increase of nine percent compared to the end of 2015.
Slight decline in profits at Acron Helvetia III
Acron Helvetia III Immobilien AG, with the office property "T-Systems" in Münchenbuchsee/Bern-Zollikofen in its portfolio, achieved a half-year profit of CHF 239,752 in the first half of 2016, compared with CHF 285,996 in the same period last year. The formation of accruals for conversion work in accordance with the lease agreement reduced the result in the amount of CHF 318,500, Acron reports. As of June 30, 2016, the value of the property was adjusted upward by CHF 140,000 compared to year-end 2015 and now stands at CHF 26.33 million. The company's net asset value was CHF 132.72 per share as of June 30, 2016, up 3.58 percent from year-end 2015.
Devaluation at Acron Helvetia VII
In the portfolio of Acron Helvetia VII Immobilien AG is the office property "Portikon" in Glattpark in Zurich-Opfikon. The fund generated a profit of around CHF 1.19 million in the first half of 2016, a significant decline compared to the same half of the previous year, when the profit was still 3.06 million. The minus was mainly due to the revaluation of the property by -1.38 million to 141.82 million at the end of the first half of the year.
At CHF 61,254, rental income was 1.5 percent lower than in the first half of the previous year, amounting to CHF 3.95 million (previous year: 4 million). The net asset value of the company was CHF 116.26 per share as of June 30, 2016, an increase of 1.2 percent compared to the end of 2015. (ah)
