Züblin: Loss after portfolio restructuring
Züblin Immobilien Holding slightly increased rental income in financial year 2017/18. However, a loss remained below the line due to one-off effects resulting from reclassifications. Adjusted for these effects, a plus of CHF 6.6 million remains.
The company describes the "technical loss" of CHF 29.3 million as "not very meaningful". It had arisen from one-time effects from reclassifications of reserves for cash flow hedges and reserves of the discontinued operation in Germany. These items had to be removed from equity and released through the income statement. Adjusted for these reclassifications, a profit of 6.6 million remains, which "accurately reflects the operating performance of the business," Züblin said in a statement.
Rental income in the 2017/18 financial year increased slightly by 0.7 percent to CHF 8.1 million. At EBIT level, a profit of 4.4 million resulted, according to the company. As of March 31, 2018, equity stood at 128.9 million, corresponding to an equity ratio of 61.6 percent.
The sale of twelve office properties in Germany to CLS Holdings was completed in summer 2017 at a price of €152 million. In total, the transaction raised CHF 59 million for Züblin. The company now only holds properties in Switzerland. The total value of this portfolio at the end of the financial year ended March 31, 2018 was 200.1 million, an increase of 1.5 million.
The company intends to distribute a dividend of CHF 1.00 per registered share.
