Züblin Immobilien : Annual Report 2022/23

ANNUAL REPORT 2022/23

TABLE OF

CONTENTS

Facts & Figures	P / 4
Letter to Shareholders	P / 6
Portfolio P / 9
Corporate Governance	P / 14
Compensation Report	P / 33
Financial Report	P / 42

FACTS & FIGURES

KEY FIGURES

		1.4.2022	1.4.2021
		to 31.3.2023	to 31.3.2022	Δ in %
Income statement
Rental income	CHFm	8.8	8.5	3.5
Operating income from letting	CHFm	8.3	7.9	5.1
Change in market value of investment properties	CHFm	1.1	5.2	-78.8
EBITDA	CHFm	6.0	4.9	22.4
Earnings	CHFm	5.3	6.0	-11.7
Return on equity	%	3.8	4.4	-0.6

		31.3.2023	31.3.2022	Δ in %
Balance sheet
Investment properties	CHFm	227.1	225.1	0.9
Equity	CHFm	138.5	136.5	1.5
Equity Ratio	%	59.5	59.2	0.3
Mortgages	CHFm	64.9	66.9	-3.0
Loan to value (LTV)	%	28.6	29.7	-1.1
Key figures per share in CHF
Earnings of shareholders	CHF	1.61	1.80	-10.6
NAV per share	CHF	41.77	41.17	1.5
EPRA NRV per share	CHF	47.10	46.36	1.6
Share price on reporting date	CHF	27.00	26.80	0.7
Portfolio
Annualized rental income	CHFm	9.0	9.1	-1.1
EPRA Net Initial Yield (NIY)	%	3.7	3.8	-0.1
Average effective interest rate	%	2.0	0.8	1.3
Vacancy rate monetary	%	8.9	7.9	1.0

The above key figures are either deduced directly from the consolidated income statement or balance sheet, or are explained in the definition of terms or calculated in the EPRA Performance Measures.

P/4 Annual Report 2022/23 Züblin Immobilien Holding AG

(courtesey translation - legally binding is the German version of the Annual Report)

FACTS & FIGURES

SHAREHOLDER STRUCTURE

Significant Shareholders

	Shareholding according	Disclosure according to
Direct / indirect shareholder	to share registry in %	FinMIA as of

Lamesa Holding SA, Panama (Viktor Vekselberg1 )	41.65	41.65%	/ 27.09.2018
Group of shareholders: Ketom AG, Zug (Norbert Ketterer1 ); Wiederkehr Associates AG, Zurich1 ; Dr. Hans-Rudolf and
Ursina Schärli1,2	5.79	10.21%	/ 16.5.2020
Special Themes SCC Ltd., Valetta, Malta3 ; Wiederkehr Associates Funds ("WAF") SICAF-SIF, Luxembourg, Luxembourg4
(PMG Fonds Management AG, Zürich1 )	6.97	5.0635%	/ 15.7.2020
Swisscanto Fondsleitung AG, Zürich	0.43	3.6272%	/ 05.02.2022
Rolimag AG, Wollerau (Rudolf Hänggi1 )	1.55	3.0047%	/ 15.03.2023

1. Person with beneficial ownership / authorised to exercise voting rights.
2. Wiederkehr Associates AG represents an organized group of shareholders regarding the agreement to exercise voting rights in the sense of article 120 f. according to the Financial Market Infrastructure Act (FinMIA) - consisting of the beneficial owners or persons authorised to exercise voting rights - Norbert Ketterer, Wiederkehr Associates AG and Hans-Rudolf and Ursina Schärli. It holds 10.21 % of the total voting rights, of which 4.00 % were transferred by a third party for the purpose of exercising voting rights at their own discretion. (notifications from 31 March 2020 and 16 May 2020 due to changes in the composition of the shareholder group).
3. 100% owned by PMG Fonds Management AG
4. Asset Manager: PMG Fonds Management AG

Shareholders as of 31 March 2023

	Number of		Number of
	shareholders	%	shares	%
Number of shares
1 to 100	617	52.3	15 479	0.5
101 to 500	333	28.3	89 010	2.7
501 to 1 000	117	9.9	88 102	2.6
1 001 to 5 000	83	7.0	181 660	5.5
5 001 to 50 000	21	1.8	322 002	9.7
50 001 to 99 540	5	0.4	363 636	11.0
99 541 (3%) and more	3	0.3	1 782 946	53.7
Total shares registered	1 179	100.0	2 842 835	85.7
Non-registered			475 192	14.3
Total shares issued			3 318 027	100.00
Shareholder categories
Individuals	1 090	92.5	571 665	20.1
Pension funds	9	0.8	50 960	1.8
Fonds	26	2.2	114 454	4.0
Insurances	1	0.1	90 000	3.2
Other legal entities	53	4.5	2 015 756	70.9
Total shares registered	1 179	100.00	2 842 835	100.00

P/5 Annual Report 2022/23 Züblin Immobilien Holding AG

(courtesey translation - legally binding is the German version of the Annual Report)