Züblin Immobilien Holding AG reported financial results for fiscal 2016. EBIT was CHF 18.1 million and reduced vacancy rate of 9%. Rental income from continuing operations, which includes all activities in Switzerland and Germany, was down by CHF 2.8 million compared with the prior year to CHF 18.7 million. This decline primarily reflected sales of properties and the impact of the CHF/EUR exchange rate. This contributed to EBIT of CHF 18.1 million in 2015/16, compared with a valuation-induced operating loss of CHF 22.9 million in the prior-year period. Earnings from continuing operations also improved substantially, with the company reporting a profit of CHF 7.7 million for 2015/16, compared with a loss of CHF 84.2 million in the prior year. In addition to downward revaluations, this loss in 2014/15 was also affected by financial expenses of CHF 43 million relating to currency translation and the de-recognition of swaps. The costs of the withdrawal amounted to CHF 26.6 million, producing a consolidated loss of CHF 18.9 million against loss of CHF 212.2 million for the previous year. CHF 15.1 million of this loss related to the de-recognition of currency translation adjustments and cash flow hedges, which had no impact on Net Asset Value (NAV). Net Asset Value (NAV) was CHF 89.5 million or CHF 26.98 per share at 31 March 2016, compared with CHF 9.10 at 31 March 2015, primarily due to the capital increase. EPRA negative return on equity was 15.1%. EBITDA was CHF 10.6 million against CHF 13.2 million for the same period of last year.

For fiscal 2017, the company will remain focused on implementing the strategy to generate solid growth in its target markets of Switzerland and Germany. Züblin is confident that the value-creating steps it has taken will improve market perception of the company and lay the basis for sustained future growth.