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| Zueblin announces preliminary half-year results for 2010/2011 Zueblin Immobilien Holding AG, a Switzerland-based real estate company, announced unaudited preliminary financial results for the first half of its financial year 2010/2011. For the six months ending 30 September 2010, the Company expects to record rental income of CHF 46m and confirmed that its operating result remained solid. Zueblin recorded a negative net property value adjustment of CHF 7m, or -0.5%, compared with 31 March 2010. The overall result will be positive. The Company expects an EPRA Net Asset Value to be in the range of CHF 6.50 per share compared to CHF 6.88 as of 31 March 2010. The weakening of the Euro against the Swiss franc was the major factor in the decline in NAV. However, the equity ratio slightly increased and the LTV (loan-to-value) decreased from 68.1% as of 31 March 2010 to 67.5%. The EBITDA margin was able to be slightly increased compared to the previous year. Given the asset disposals and the Euro weakness, rental income for the half-year is expected to be CHF 46m, down by 14% compared with the previous year. However, contractual annualized rental income as of 30 September 2010 amounts to CHF 94m and was, adjusted for FX influence, enhanced by 2.7%. The Company's operating result was positively affected by cost reductions of approximately 16% in comparison with the previous year. Zueblin recorded a negative change in market value of investment properties of CHF 7m, or -0.5%. In Switzerland, France and the Netherlands valuations rose marginally. The German market, on the other hand, showed a mixed picture, with a net decline in values of 1.8%. As of 30 September 2010, the total portfolio was valued at CHF 1, 433m, comprising CHF 390m in Switzerland, CHF 434m in France, CHF 406m in Germany and CHF 203m in the Netherlands. The Company's vacancy rate stood at 10.7%, a decrease compared to the 11.0% as of 31 March 2010. write your comments about the article :: © 2010 Construction News :: home page |