Explanations

1 | Investment properties, investment properties under construction and undeveloped plots

 
in CHF thousandsZug City Center site,
investment properties
Suurstoffi site,
Risch Rotkreuz,
investment properties
Other
investment properties
Total inv.
properties
Total inv. properties
under construction 1
Undeveloped
plots 2
Total
Balance on 01.01.2014584 587227 09024 190835 86747 0239 269892 159
Investments81053901 34934 320035 669
Acquisitions27 2000027 2000027 200
Revaluation (net)3 8351 735175 5874 926010 513
Balance on 30.06.2014616 432229 36424 207870 00386 2699 269965 541
Accumulated acquisition values 01.01.2014310 343186 61422 344519 30142 1369 269570 706
Accumulated acquisition values 30.06.2014338 353187 15322 344547 85076 4569 269633 575
Difference market values/acquisition values 01.01.2014274 24440 4761 846316 5664 8870321 453
Difference market values/acquisition values 30.06.2014278 07942 2111 863322 1539 8130331 966
Balance on 01.01.2015621 948255 73822 590900 27694 7719 2691 004 316
Investments31 84601 84920 382022 231
Disposals 300– 7 323– 7 32300– 7 323
Reclassification of undeveloped plots to investment properties under constructions 400002 158– 2 1580
Reclassification of properties under construction to investment properties 5085 934085 934– 85 93400
Reclassification to properties for sale 60– 16 5000– 16 50000– 16 500
Reclassification to movable assets0– 3730– 37300– 373
Revaluation (net)34 025– 1 56470433 165– 384032 781
Balance on 30.06.2015655 976325 08115 971997 02830 9937 1111 035 132
Accumulated acquisition values 01.01.2015339 188210 38121 460571 02981 7859 269662 083
Accumulated acquisition values 30.06.2015339 191268 5829 511658 81230 9937 111696 916
Difference market values/acquisition values 01.01.2015282 76045 3571 130329 24712 9860342 233
Difference market values/acquisition values 30.06.2015316 78556 4996 460338 21600338 216

The market values are based on the fair value assessments performed by a recognized independent real estate expert (Wüest & Partner AG) as at June 30 and December 31 using the DCF (discounted cash flows) method. The discount rates applied for the valuation of the investment properties and the investment properties under construction as at the balance sheet date were within a range of 3.3% to 3.9% (December 31, 2014: 3.5% to 5.5%).

2 | Financial liabilities

All financial liabilities are mortgage loans with financial institutions. They are structured by maturity as follows:

 
Residual term
in CHF thousands
30.06.201531.12.2014
Under 1 year045 000
1 to 3 years00
3 to 5 years100 000100 000
5 to 10 years40 00040 000
Over 10 years210 000135 000
Total350 000320 000
Of which current045 000
Of which long-term350 000275 000

The average residual term of the interest-bearing debt is 9.7 years (December 31, 2014: 7.6 years). The average capital-weighted interest rate was 2.5% (December 31, 2014: 2.2%). All loans were taken out at fixed interest rates.

To secure the long-term financial liabilities, properties with a book value of TCHF 666 702 (December 31, 2014: TCHF 631 158) have been encumbered.

3 | Shareholders' equity (NAV)

Shares issued

Security numberNominal value CHFNumberVotesCapital CHF
Series A registered shares14 805 2112.501 948 6401 948 6404 871 600
Series B registered shares14 805 21225.00315 136315 1367 878 400
Total 2 263 77612 750 000

In H1 2015, Zug Estates Holding did not acquire any registered treasury shares (previous year: 15 895 series B registered treasury shares at a market value of TCHF 18 734). As at June 30, 2015, Zug Estates Holding AG holds 18 400 series A registered treasury shares (unchanged) and 17 592 series B registered treasury shares (unchanged).

Non-distributable statutory reserves amounted to TCHF 7 676 as at June 30, 2015 (unchanged).

Shareholders' equity (NAV) per share

in CHF 30.06.201531.12.2014
Shareholders' equity (NAV) per outstanding series B registered share, before deferred taxes1 593.361 521.55
Shareholders' equity (NAV) per outstanding series B registered share, after deferred taxes1 413.021 351.15

Earnings per share

Information on series A registered shares30.06.201530.06.2014
Series A registered shares issuedNumber1 948 6401 948 640
Series A registered treasury shares (weighted average)Number18 40018 400
Average outstanding series A registered sharesNumber1 930 2401 930 240
Share in net income attributable to series A registered sharesTCHF15 5138 441
Applicable number of series A registered sharesNumber1 930 2401 930 240
Earnings per series A registered share, undilutedCHF8.044.37
Information on series B registered shares
Series B registered shares issuedNumber315 136315 136
Series B registered treasury shares (weighted average)Number17 59222 546
Average outstanding series B registered sharesNumber297 544292 591
Share in net income attributable to series B registered sharesTCHF23 91412 796
Applicable number of series B registered sharesNumber297 544292 591
Earnings per series B registered share, undilutedCHF80.3743.73

There are no potential dilutive effects to report. The diluted earnings per share correspond to the undiluted earnings per share.

4 | Property income

The reported property income of TCHF 19 108 (first half 2014: TCHF 18 321) comprises actual rental income and income from the Miteigentümergemeinschaft Metalli. This position contains rental revenue from all properties.

 
in CHF thousands 01.01.2015
– 30.06.2015
01.01.2014
– 30.06.2014
Actual rental income13 06412 050
Income from Miteigentümergemeinschaft Metalli 16 0446 271
Total property income19 10818 321

The individual contractual relationships with external tenants had the following terms as at the balance sheet date, based on the annualized projected rental revenue:

 
Term, share in % 30.06.201531.12.2014
Under 1 year, incl. unlimited rental contracts 249.744.4
Over 1 year0.55.1
Over 2 years3.52.0
Over 3 years7.06.6
Over 4 years4.15.8
Over 5 years3.91.1
Over 6 years1.02.1
Over 7 years14.40.8
Over 8 years2.715.5
Over 9 years5.58.5
Over 10 years7.78.1
Total100.0100.0

The five largest tenant groups together generate 25.8% (December 31, 2014: 27.0%) of annualized projected rental revenue.

 
Tenants, share in % 30.06.2015 Tenants, share in %31.12.2014
Novartis7.9 Novartis8.3
Migros 36.9 Migros 37.2
UBS5.5 UBS5.7
Dosenbach-Ochsner2.8 Dosenbach-Ochsner3.0
H&M2.7 H&M2.8

5 | Segment report

The Group's business activities comprise the business units "Real Estate" and "Hotel and Catering".

 
01.01.2015 – 30.06.2015
in CHF thousands
Real EstateHotel & CateringCorporate & Eliminations 1Total
Operating revenue23 84910 192– 3 02931 012
Operating income before depreciation and revaluation5 5969 3032 48312 416
Revaluation of investment properties (net)32 7810032 781
Income from sale of investment properties– 2300– 23
Operating income before depreciation (EBITDA)51 011889– 54651 354
Operating income (EBIT)49 706380– 56049 526
01.01.2014 – 30.06.2014
in CHF thousands
Operating revenue23 04310 117– 3 01230 148
Operating income before depreciation and revaluation4 8889 5322 73311 687
Revaluation of investment properties (net)10 5130010 513
Operating income before depreciation (EBITDA)28 668585– 27928 974
Operating income (EBIT)27 40579– 29227 192

All revenues were generated in the canton of Zug and the canton of Aargau.

Ownership of the entire portfolio – i.e. investment and operating properties – rests with the Real Estate business unit. Based on an integrated view of the Hotel & Catering business unit, i.e. factoring in all properties used by the unit and all associated expenses and credits arising from rent paid to the Real Estate business unit, in the year under review the Hotel & Catering business unit generated operating income of CHF 1.7 million (first half 2014: CHF 1.7 million).

My Half-Year Report

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