Züblin: High loss after release of reserves
Züblin Immobilien Holding reports a loss of CHF 30.4 million for the first half of the 2017/18 financial year. This was due to the release of reserves that were removed from equity, the company says.
Züblin writes that the reported loss of 30.4 million is "not very meaningful" as it results from reclassifications of reserves for cash flow hedges and for the discontinued operation in Germany in accordance with IFRS. These reserves were removed from equity and released through the income statement. The income or total comprehensive income of 5.5 million adjusted for the reclassifications is free of these effects.
For the first half of the financial year ended September 30, 2017, Züblin reported rental income of 4.0 million, up 1.3 percent year-on-year. The operating result increased by 2.6 percent to 3.8 million.
EBIT came in at 3.0 million, with positive valuation effects of 1.2 million and cost reductions playing an important role. Equity increased from 122.2 million (as of March 31, 2017) to 127.7 million. As of September 30, 2017, the equity ratio was 61.4 percent.
The vacancy rate fell slightly by 0.5 percentage points to 10.1 percent in the reporting period. Excluding the Arco West property in Bern, which continues to have a high vacancy rate, the occupancy rate would be 99 percent, Züblin reports.
After the real estate company sold the German portfolio in the summer of this year and in September a New framework financing for the Swiss real estate portfolio Züblin now intends to expand the current portfolio with a market value of 199.7 million.
