Annual Report 2013

Annual Report 2013 | Resorttitel | A
2013
Dear Reader,
Over the past years, HIAG Immobilien has developed in an extremely
positive manner. In addition to our growth, which has allowed the
value of our portfolio to more than double in the past five years, we
have been able to sharpen our image as a site redeveloper and longterm owner of large-scale sites. At the same time, our management
has also been strengthened, resulting in a high-power, committed
and dynamic team. The basis of this robust development is also the
confidence of our shareholders, who brought in additional capital
and thus made this strong growth possible while maintaining a solid
financing structure. With the existing building-land reserves in the
portfolio and powerful management that has already demonstrated
redevelopment skills, the foundation has been laid so that this success story can continue on.
Various developments, particularly in Windisch, Kleindöttigen/
Klingnau and Aathal, show what site redevelopment means for us
and illustrate our performance: holistically designed, functioning,
mixed quarters are being created. The fact that these developments
are made from the standpoint of a long-term owner allows us to create synergies during the redevelopment stages, keep our eye on the
long-term potential and not sacrifice this potential in favour of shortterm compromises. Because quality comes before quantity, just as we
prefer profitability to project volume. The result of this attitude is
apparent in the housing complex “The Cloud” in Baar. This project
played an important part in making 2013 the most successful year in
the history of HIAG Immobilien, with net income of CHF 77.9 million.
Our portfolio also offers potential in the long run with 46 short,
medium and long-term projects. With acquisitions of sites with
significant development potential in Frauenfeld, Meyrin and Neuenburg, we have laid the corner stone for further contributions to net
income in the future. Given the great potential and deep conviction
of solid growth, the Board of Directors decided in December 2013
that the company should be prepared for the capital market as the
route to further development and growth.
I am convinced that the high value we place on communication
today in our business model is the necessary condition for giving the
capital market a comprehensive picture of our business activity. It is
essential to combine the strengths of a family company with the
power of a company supported by the capital market.
I am looking forward to the coming business year and hope you
enjoy reading this report.
Dr. Felix Grisard
President of the Board of Directors
Cover photo: The inner court of the Leuchtturm site in Aathal-Seegräben (ZH).
Photo: Michael Fritschi
Table of Contents
COMPANY
LOCATIONS6
COMPANY PROFILE
7
REPORT FROM THE PRESIDENT AND THE CEO
8
COMPANY BODIES
11
INTERVIEW WITH CEO MARTIN DURCHSCHLAG
14
FACTS AND FIGURES
16
2013 AT A GLANCE
18
SITE REDEVELOPMENT
NEW IN OUR PORTFOLIO 22
FRAUENFELD SITE
Portrait Walzmühle Site Frauenfeld
History Walzmühle Site Frauenfeld
Interview with Luzius Wegmann und Kurt Huber
26
27
28
PROJECT THE CLOUD
Portrait The Cloud
Interview with Bruno Krucker
32
34
PROJECT SPINNEREI III
Talking to the Buyers
36
PROJECT ARETSHALDEN
Key Handover at Lake Pfäffikon
38
LEUCHTTURM SITE
Conversion Complete
Tenant Portrait Neue Spinnerei Gastro AG
39
40
PROJECT VERNIER
Portrait of the Project Vernier
Interview with Yves Perrin
44
46
BIBERIST SITE
Competition: “Vision Papieri 2033”47
Interview with Michele Muccioli
48
FINANCIALS
FINANCIAL REPORT
52
GENERAL PROPERTY DETAILS
GENERAL PROPERTY DETAILS
IMPRINT AND GLOSSARY
102
106
Company
6 | Locations | Annual Report 2013
Annual Report 2013 | Company Profile | 7
HIAG Immobilien: Locations
Company Profile
Heritage and Responsibility
HIAG Immobilien is redeveloping former industrial sites all over Switzerland. Through total urban solutions, new quarters with identity are
emerging, industrial heritage is coming to life, and living and working
space is being created.
1
11
2
OFFICE
Basel
23
12
7
22
8
3
5
4
9
OFFICE
13
18
10
17
6
Zurich
14
24
20
19
16
St. Gallen
21
The roots of HIAG Immobilien reach back to the
year 1876 when Holzindustrie-Aktiengesellschaft
(HIAG) was founded in St. Margrethen. The foundations were laid for the development and growth
of HIAG Immobilien’s portfolios through the conversion and redevelopment of timber industry
sites. A broadly diversified portfolio was created
via acquisitions in the economic areas of Zurich,
Northwest Switzerland and Geneva, with a focus
on sites with large surface areas.
25
15
26
Lucerne
Bern
Chur
OFFICE
29
The HIAG Immobilien portfolio amounts to approximately CHF 1.1 billion in market value and
approximately 2.4 million m2 in land area over
32 sites in Switzerland. An experienced team of
23 employees works at offices in Basel, Geneva and
Zurich with the task of developing living quarters
for future generations based on existing structures.
Due to its experience in converting and marketing
former industrial sites, HIAG Immobilien can also
compete in attracting companies to establish locations on their properties, offering the communities
new prospects for development.
27
28
30
31
Sion
32
Bellinzona
Geneva
1Allschwil
2Birsfelden
3Aesch
4Füllinsdorf
5Gempen
6Biberist
7Brugg
8Hausen-Lupfig
9Windisch
10Buchs
11Kleindöttingen
12Klingnau
13Brunegg
14Bremgarten
15Cham
16Baar
17Dietikon
18Niederhasli
19Aathal
20Wetzikon
21Wädenswil
22Frauenfeld
23Ermatingen
24 St. Margrethen
25Diesbach
26Neuchâtel
27Aigle
28Saint-Maurice
29Vernier
30Meyrin
31Carouge
32Lancy
For further information on the company, sites and projects, visit www.hiag.com.
8 | Report from the President and the CEO | Annual Report 2013
Dear Readers,
Looking back, 2013 was a successful business year for HIAG
Immobilien. At CHF 77.9 million, consolidated net income
rose by CHF 22.7 million compared to the previous year. Revaluation of redevelopment projects accounted for
CHF 58.3 million of this consolidated net income (CHF 32.8
million the previous year). An important driver for profitgrowth in 2013 was the satisfactory development of the
project “The Cloud” in Baar, which contributed CHF 23.3
million to income thanks to the granting of the building
permit, the new positioning of the project in a higher segment and the successful start of construction. The other redevelopment projects advanced as planned and the portfolio was rounded out with new redevelopment sites. We can
expect a strong rise in rental income in 2014 due to the completion of certain redevelopment projects and proceeds
from additional purchases. In addition, management was
considerably expanded in 2013. The experienced leadership
team will ensure continuity in the management of longterm site redevelopment.
Segment reporting
Reporting is now being done in the two main segments:
yielding and redevelopment. This reporting presentation
accommodates the HIAG Immobilien business model,
which combines two very different sources of income. The
active management of yielding properties contributes stable income that can be developed as well as highly predictable cash flows from property income. In the redevelopment
segment, contributions to income from changes in value as
well as cash flows from condominium are exposed to variations based on project advancement over 46 redevelopment
projects. The yielding segment is comprised of 59 properties
with a market value of CHF 636.4 million, the average gross
return of which was 6.4% (5.5% net) as at the reporting
date. The 46 redevelopment properties are valued at
CHF 428.9 million and generate gross temporary property
income of 3.6% on average (2.4% net).
Property income in the yielding portfolio rose by around
4% to CHF 35.9 million and earnings (EBITDA) from revaluation increased accordingly from CHF 27.1 million to
CHF 28.5 million. At CHF 11.0 million, the revaluation effect in the yielding portfolio turned out to be lower than in
the previous year (CHF 13.2 million). The redevelopment
properties segment included 46 projects as at the reporting
date which are in the planning, permit and construction
phases and that are re-evaluated on a yearly basis according
to development progress. Income contribution from this
segment increased substantially to CHF 50.2 million
(CHF 22.7 million the previous year), mainly due to the suc-
cessful development in Baar. Property income from temporary use accounted for CHF 8.2 million (CHF 8.3 million the
previous year) during the same period.
Successful portfolio development
The value of the portfolio increased by around 14% compared to the previous year. The CHF 129 million increase in
real estate investments to CHF 1’065 million was due to investments in ongoing redevelopment projects amounting
to CHF 54.3 million, acquisitions in Frauenfeld, Meyrin,
Lancy, Neuenburg, Allschwil and Wädenswil amounting to
CHF 54.1 million as well as changes in value worth
CHF 58.3 million. In addition, during the reporting period,
44 apartments and a non-strategic property worth CHF 39.6
million were divested.
Visible development power
We are particularly pleased that the redevelopment of the
Kunzareal into a lively quarter has become visible with the
creation of the two residential projects Spinnerei III and Spinnerkönig. On the site of the former Kunz spinning works,
along with the already completed Stegbünt and ongoing project Feinspinnerei, a total of over 200 apartments are being
built, and sales are looking promising. Sales for the Aretshalden complex in Wetzikon have ended. By completion in
December 2013, all of the 21 apartments had been sold.
The Leuchtturm redevelopment in Aathal is also taking
shape: the first areas of the former spinning works that were
converted into offices and restaurant space were handed
over by the end of the year for the tenants to fit out. Along
with the adjacent Neue Spinnerei, around 4’100 m2 of commercial space will be made available and the rent potential
is about CHF 2.3 million per year. Approximately 80% of the
areas will be moved into in 2014.
Potential for the coming years
Besides the projects mentioned that are under construction,
HIAG Immobilien is advancing 42 other redevelopment
projects. With the acquisitions in Frauenfeld, Meyrin and
Neuenburg, the redevelopment pipeline grew again in 2013.
The advancement of quarter development, site sales and the
management of costs over the entire process are the basis
for the potential that we also want to generate in the redevelopment segment in the future. Since we are also thinking
outside of the current real estate cycle with these redevelopments, a strong consideration of the risks and an
accrual presentation of the redevelopment and sales performance are central components of our strategy. ➝
9
10 | Report from the President and the CEO | Annual Report 2013
Annual Report 2013 | Company Bodies | 11
Company Bodies
Solid financing basis
Due to the purchase of 700’000 of our own shares during the
reporting period, the equity ratio sank from 46.6% to 45.3%.
The equity ratio as per EPRA guidelines increased from
50.7% to 53.7% and amounts to CHF 597.3 million. The debt
to equity ratio (loan to value) grew from 42.2% to 45.9%, the
increase of which is due to the purchase of our own shares
on one hand and acquisition activity on the other hand. As
at the reporting date, the group held cash and cash equivalents amounting to CHF 19.0 million (CHF 34.7 million the
previous year). Including the proceeds from the sale of condominiums, cash flow from business activities equalled
CHF 47.8 million (CHF 38.8 million).
Martin Durchschlag, CEO
Dr. oec. HSG Felix Grisard,
President of the Board of Directors
Laurent Spindler, CFO
Laurent Spindler, French citizen born in 1978, joined HIAG
Immobilien in 2011 as Corporate Controller and has been
Chief Financial Officer (CFO) since 2013. As a trained economist, he worked in auditing at Ernst & Young Strasbourg
(France) until 2009 and as Audit Manager at Ernst & Young
Basel from 2009. During this time, he audited SMEs,
family-owned companies and listed companies. Laurent
Spindler is married and lives in nearby France.
All of the redevelopment projects that we are advancing as
part of site redevelopments present a total investment volume of approximately CHF 1.7 billion. The group is therefore positioned for further dynamic development, even if
rapid realization is not the major focus. Strong urban and
building-law preparation, successful site and area sales as
well as control of cost drivers are all factors that determine
the profitability of the redevelopment activity in the long
run.
Felix Grisard, born in 1968, has been with the HIAG Group
since 1998. In January 2002 he took over the position of CEO
of the timber industry group. Since the foundation of HIAG
Immobilien, Felix Grisard has been its President. He earned
his doctorate at Sankt Gallen and was employed by the
Boston Consulting Group before joining the HIAG Group.
Felix Grisard is married and lives in Basel.
Dipl. Arch. ETH Salome Grisard,
Member of the Board of Directors
Salome Grisard, born in 1966, completed her architectural
studies at the Swiss Federal Institute of Technology (ETH) in
Zurich in 1991. She has headed up her own architectural office in Zurich since 1999. Subsequently she joined renowned
architectural offices, e.g., Herzog & de Meuron, Basel, Richter&Dahl Rocha, Lausanne, and Burkhard Meyer, Baden. Her
activities centre on the treatment of buildings that are under monument protection. Salome Grisard is married and
lives with her family in Zurich.
Dr. oec. HSG Walter Jakob,
Member of the Board of Directors
We hope you enjoy reading our report.
Martin Durchschlag
Chief Executive Officer
Board of Directors
Martin Durchschlag, born in 1976, took over as CEO of
HIAG Immobilien in 2011. He joined the HIAG Group in
2004. As CFO, he was instrumental in guiding the company’s transition from a conglomerate in the timber sector
into a real estate company. Before joining HIAG, Martin
Durchschlag was a strategic corporate consultant. He graduated from the Vienna University of Technology with a degree in industrial engineering and mechanical engineering.
He lives with his family in Basel.
Future prospects
Dr. Felix Grisard President of the Board of
Directors
Executive Board
Walter Jakob, born in 1949, is a partner at Baryon AG in Zurich. He advises companies and private individuals on issues
of national and international tax law, in particular in conjunction with company transactions, reorganizations and succession. As the head of the Fiscal and Legal Division, he also
served as a member of the managing board and vice-president
of the board of directors at Ernst & Young Holding AG until
the end of 2009. Walter Jakob is a lecturer for tax law at the
University of St.Gallen. As a member of various boards of directors, Walter Jakob specializes in family-owned businesses.
John Manser,
Member of the Board of Directors
John Manser, born in 1947, served as Head Group Treasury
at Novartis until 2007. Previously he had been working in
commercial banking in Switzerland, Great Britain and Brazil and as Financial and Administrative Director of Ciba-Geigy in Brazil. Currently he advises family offices and pension
funds and is a board member of UBP (Union Bancaire Privée)
and Helvetia Insurance. In addition, he serves on the investment committee of the University of Basel. John Manser has
two adult children and lives in Basel.
Statutory Auditors
Ernst & Young AG, Basel
Dipl. Arch. ETH Salome Grisard, Member of the Board of Directors
Martin Durchschlag, CEO
Dr. oec. HSG Felix Grisard, President of the Board of Directors
John Manser, Member of the Board of Directors
Dr. oec. HSG Walter Jakob, Member of the Board of Directors
Laurent Spindler, CFO
From left
14 | Interview with CEO Martin Durchschlag | Annual Report 2013
Annual Report 2013 | Interview with CEO Martin Durchschlag | 15
Interview with Martin Durchschlag “Transforming Industrial Heritage for the Future”
CEO Martin Durchschlag explains in an interview why he believes in Switzerland
as a place to do business, why HIAG Immobilien wants to invest heavily in the coming
years and what that has to do with the charm of old industrial buildings.
HIAG Immobilien is committed to maintaining the
charm of old industrial buildings. What interests you
personally in these sites?
Martin Durchschlag: As a mechanical engineer, I have an
affinity for industry and for the often attractive architecture
of these sites. They fit in very well with our strategy and are
an important part of it. We have made it our mission to
transform this industrial heritage and to reinterpret it for the
future.
What gives these sites their special allure?
They have a vibrancy, an aura. At this kind of site, we feel
like important things happened there, and that the traces of
this should not be overlooked. And often the actual location
is exceptional and is related to its previous use. Many former
industrial areas are located on the courses of rivers, which
were used to produce energy. In many cases, the areas also
have a railroad connection or are located on the highway. All
of these things have potential that we can use.
And this also has something to do with your own
company’s history?
HIAG Immobilien is the descendant of the HolzindustrieAktiengesellschaft (HIAG) (timber industry joint-stock
company). The trade and processing of wood shaped the
company. A few years ago, we began establishing new uses
for these properties and developing the portfolio further. In
doing this, specific questions came up. The complexity is
clearly higher than in projects that are developed in the
open countryside. Thanks to our own history, we learned
how to handle this. This know-how is what sets us apart
today, and we use it to position ourselves in the market.
In what ways is this particularly challenging?
First there is the question of how to use the existing
material. There is often a part that needs to be demolished,
so environmental aspects automatically come into play that
must be dealt with. The tolerance limit for contamination
has decreased considerably over the past years. Other things
also contribute greatly to the complexity of such a site. Due
to a site’s history, the expectations of the public are much
higher, starting with the quarter, then the municipality and
then up to the canton.
HIAG Immobilien is ownerfinanced. Is this an advantage when communicating with the residents and
authorities?
We feel that it gives us a different kind of credibility. We do
not simply develop a site, then try to sell it for a profit. We
are the owner of a site first and foremost, and want to stay
that way, even if the development process itself is the same.
You often conduct competitions as a part of this
process. Why is that?
The residents, municipalities and authorities generally have
various ideas about how a site should be developed. A
development is only carried out successfully if we manage to
bring these views together. Studies, master plans and
competitions are thus important instruments for consulting
the concerned parties early on. This also helps us to better
understand local needs. This results in buildings that stand
out from an urban as well as architectural point of view due
to their high quality. At the same time, we build trust and
increase acceptance. That pays in the longterm.
HIAG Immobilien was founded with the objective of
adding to its property portfolio. What conclusions can
you draw after five years?
In that time, we doubled our portfolio, even if that was not
the declared objective. We do not want to grow at any price,
but only if a site fits in with our strategy and philosophy. In
addition to this external expansion, inner growth is also
important to us at sites that are already in existence. Today,
there are a total of 46 development projects that we want
to advance and in which we could invest approximately
CHF 1.7 billion over the next 10 years.
A few acquisitions have been made recently. How does
HIAG Immobilien find new sites?
It is an ongoing process. Many sites are possible targets,
meaning transformation processes are on the horizon and
existing activities are being reduced. This does not escape
our notice and we want to be ready if a possibility arises. It
also happens that people contact us directly. However, we
must look at an average of ten sites in order to make one
transaction.
How strongly do you feel the competition of other
developers when acquiring sites?
Former industrial sites are often too complex for institutional investors, due to the ownership structure and also with
regard to demolition or site development questions. That
means that the circle of interested parties is automatically
somewhat smaller. It has also been our experience that we
do not want to compete with certain prices that have been
offered.
How important is the time frame?
The time frame differentiates us from project developers.
Institutional investors mostly plan for three or five years at
the most. From time to time, certain site developments that
we conduct are complete in three years, but most of them
take more time. The time frame should be at least 15 years,
as that’s the time it takes for a new quarter to grow at the
site. We are not just aiming for a single use. For us, it’s about
an ensemble of uses, in order to create a good mix.
What is necessary for this?
A site needs an identifying characteristic. The reference to
actual history must be visible and vibrant. Leaving an old
smokestack standing is not enough. So that the various users
can relate to it, it needs to be a place where the quarter can
meet. At the site in Windisch, for example, it’s the former
electrical workshop with hundred-year-old emergency
power units.
Certain real estate, such as office properties, are not so
easy to rent any more. Have you felt a decrease in
demand?
HIAG Immobilien is well diversified, geographically but also
with regard to uses. Rentals have been meeting our expectations in the places where we are offering sites. The demand
in Switzerland is still robust. Office spaces, for which a
certain oversupply is looming in the market today, account
for less than 10% of our portfolio. At around 25%, the
industry and commerce sector is our largest segment, in
front of housing, sales, distribution and logistics. We only
make investments in industrial and commercial uses if we
have a long-term renter, with whom we can develop the site
together. We do not build ahead of time.
So you are in contact with industrial companies early
on. What signals have you received during these talks
about the future of the Switzerland as a place of
business?
Positive signals. Clearly, a location in Switzerland involves a
high cost level, but at the same time, quality awareness is
very high. The qualifications of employees and many other
factors contribute to this. Many companies, including
foreign companies, clearly bet on Switzerland as a place of
business. Companies believe in production in Switzerland.
With this in mind, how important is the discussion on
tax benefits in Switzerland?
All of the positive factors for a site are also reversible. In the
end, it is not the absolute cost that matters, but rather
productivity. Switzerland’s position in international
comparisons is also relevant. And there we see that the
relative attractiveness of Switzerland has not declined in the
past years, but rather increased.
Source note: The interview is from the EY Real Estate
Newsletter, Issue 5, December 2013.
16 | Facts and Figures | Annual Report 2013
Annual Report 2013 | Facts and Figures | 17
Facts and Figures
Sales and earnings performance (in CHF thousand)
Market value of real estate investments by type of use 2013
31.12.201331.12.2012
Property income
43’52842’240
Revaluation of properties
58’27532’791
Earnings before interest, taxes, depreciation
and amortisation (EBITDA)
86’61459’640
Earnings before interest and taxes (EBIT)
85’97359’320
Earnings before taxes (EBT)
80’85953’109
Net income for the period
77’91155’243
Real estate properties, property income, net income* (in CHF thousand)
19
90%
years: average lease term
of our tenants
Land
5.5%
Market value of real estate investments by canton 2013
Miscellaneous
3.0%
Residential, Commercial
6.7%
Miscellaneous
12.5%
Industry,
Commercial
26.0%
Basel-Landschaft
7.9%
Distribution,
Logistics
11.6%
of HIAG Immobilien’s real estate
portfolio is situated in the economic catchment areas of Zurich/
Zug, Baden/Brugg, Basel and
Geneva.
1’200’000
Zug
11.4%
Residential
20.8%
Zurich
30.2%
Retail
15.8%
Other figures (in CHF thousand)
Asset and capital structure (in CHF thousand)
1’000’000
Aargau
30.7%
Geneva
7.3%
Office
10.6%
31.12.201331.12.2012
Cash flow from operating activities
Real estate portfolio in CHF1’065’266
936’275
31.12.201331.12.2012
20’65027’392
Cash flow from operating activities incl. sale of STWE 47’70038’743
Number of real estate properties105
105
800’000
Cash flow from investment activities
Number of redevelopment properties46
42
Cash flow from financing activities
Investments in real estate54’306
48’024
600’000
400’000
42’91744’121
Headcount
Cash and cash equivalents18’967
34’656
3845
thereof maintenance and site administration
Shareholders’ equity503’281
459’940
1321
Balance sheet total1’111’634
987’177
Equity ratio in % 200’000
45.27%
46.59%
EPRA performance figures
Return on equity in % 15.48%
12.01%
Liabilities608’353
527’237
EPRA earnings
Liability ratio54.73%
53.41%
EPRA NAV
LTV ratio45.80%
42.20%
EPRA equity ratio in %
Non-current liabilities533’369
475’030
EPRA NNNAV
Current liabilities74’984
52’207
EPRA vacancy rate
Balance sheet total1’111’634
987’177
EPRA vacancy rate excl. investment
properties undergoing repositioning*
80’000
70’000
60’000
50’000
40’000
31.12.201331.12.2012
28’63519’240
597’285 Real estate properties
20’000
Property income
10’000
Net income*
0
2007
2008
2009
2010
2011
2012
2013
* Adjusted for
securities result
500’664
53.73%50.72%
547’521 459’940
12.86%14.47%
6.23%6.58%
* Properties Mandachstrasse (Niederhasli), Lorzenparkstrasse (Cham) and
Sternenfeldpark (Birsfelden)
30’000
in %
(79’251)(84’531)
18 | 2013 at a Glance | Annual Report 2013
Annual Report 2013 | 2013 at a Glance | 19
2013 at a Glance
JANUARY
MAY
01
A total of 50 core-and-shell-construction
lofts are created at the Spinnerei III project
at the Kunzareal in Windisch. The sales
phase for the project is launched.
05
Official inauguration celebration at HIAG
Immobilien’s new offices in Zurich.
APRIL
04
The company Thut Elektro AG moves into
its new space (502 m2) at the Rote Hallen at
the Klingnau site.
The groundbreaking for the Spinnerkönig
(formerly Eastside) project takes place, and
the launching of the conversion work
on the Spinnerei III lofts gets underway on
24 January 2013 at the Kunzareal.
The company Max Horlacher AG moves into
the 980 m2 space at the Rote Hallen site in
Klingnau.
In the architecture competition for the 2’000 m2
construction site belonging to the former
Feinspinnerei area in Windisch, the project
submitted by the firm Liechti Graf Zumsteg
Architekten from Brugg, together with the
firm Osterhage Riesen Architekten from
Zürich, is selected as the winning entry. The
project features 29 condominiums and is
slated for completion by 2017.
FEBRUARY
02
HIAG Immobilien moves into its Löwenstrasse 51 location in Zurich.
The urban-planning competition in Cham is
submitted to the jury. The architectural firm
Züst Gübeli Gambetti from Zurich is
selected as the winner.
MARCH
03
Launch of the website www.papiermaschinen-biberist.ch, listing the paper manufacturing machinery for sale or reuse from the
former paper mill in Biberist.
The Bureau for Spatial Development and
Geoinformation (AREG) St. Gallen receives a
four-person expert delegation from Liberec
(Czech Republic) for the purpose of sharing
expertise on spatial development. HIAG
Immobilien presents the development plans
for the Altfeld site in St. Margrethen during
a three-day programme.
In its cover story, the May edition of the real
estate industry journal “Immobilien
Business” highlights the potential for
redeveloping industrial brownfield sites. The
focus is on the former Streiff sites that are
being developed by HIAG Immobilien as the
owner of the property.
AUGUST
08
JUNE
The converted Leuchtturm site celebrates its
opening with a public viewing before the
first tenants move in.
A barbecue is held at the Kunzareal in
Windisch on 26 June 2013 with planers,
architects and builders.
In August the study contract “Vision Papieri
2033” is launched for the site in Biberist.
06
Yves Perrin, together with the competent
architect, presents information to the
residents regarding the planned Vernier
project near Geneva.
JULY
07
The new website and the Facebook profile
for the Kunzareal are online.
HIAG Immobilien acquires the Walzmühle
site in Frauenfeld with a total surface area of
15’257 m2 on 1 July 2013.
On 1 July 2013 HIAG Immobilien acquires
the Kolanda property in Allschwil (BL).
Demolition of the old industrial buildings in
preparation for project The Cloud.
The “Bachelor of Arts for Interior Design”
programme at the Lucerne University of
Applied Arts and Sciences launches a
cooperation initiative with HIAG Immobilien. The students are given the opportunity
to design a loft flat in the historic Spinnerei
III at the Kunzareal in Windisch and to
exhibit the resulting projects.
The projects submitted in the urbanplanning competition in Cham are put on
display at the Cham municipal building.
Beginning of sales for project The Cloud.
600 people already registered via the project
website during the pre-marketing phase.
Beginning of below and above ground
construction for project The Cloud.
Launch of the final website for the Spinnerkönig project. It shows the floor plan for
the 61 rental flats for the first time.
OCTOBER
10
First handover of keys for the residential
project Aretshalden in Aathal.
In October 2013 “Die Parfumbar” is the first
tenant to move into the converted Leuchtturm site in Aathal-Seegräben.
DEZEMBER
On 9 December 2013 the restaurant “Neue
Spinnerei” opens at the Leuchtturm site in
Aathal-Seegräben.
The structural work for the 61 rental flats at
the Spinnerkönig site is completed.
On 8 December 2013 the vernissage
“TransForm II” takes place at the Kunzareal
in Windisch, documenting how nine artists
from the Windisch area approached the
transformation of the former spinning mill
site.
SEPTEMBER
09
Launch of the teaser website for the
Spinnerkönig project at the Kunzareal in
Windisch.
HIAG Immobilien launches an ad in
Mandarin Chinese in the in-flight magazine
for the airline Swiss.
The 27’609 m2 site in Niederhasli is re-zoned
from commercial use to a city centre zone in
a legally binding decision.
12
Acquisition of the 35’000 m2 site formerly
belonging to Hewlett Packard in Meyrin.
NOVEMBER
11
The conversion permit is issued for the
former paper mill site in Biberist. The
companies Acin AG and Sieber Transport
AG have already relocated there.
HIAG Immobilien acquires a 11’397 m2
industrial site in Neuchâtel.
Site Redevelopment
22 | New in Our Portfolio | Annual Report 2013
New in Our Portfolio
Portfolio Expands by Four New Sites
HIAG Immobilien’s portfolio was expanded in 2013 to include a total
of four new sites in the cantons of Basel-Landschaft, Thurgovia,
Neuchâtel and Geneva.
Allschwil Site
Meyrin Site
HIAG Immobilien also became the
owner of a property in Allschwil
(Canton of Basel-Landschaft) as
of 1 July 2013. The site’s usable
area covers over 2’400 m2 and is
used for the production and
warehousing of coffee, as well as
for office space.
HIAG Immobilien purchased the
site formerly belonging to the
company Hewlett-Packard (HP) in
Meyrin (Canton of Geneva) on
13 December 2013, enlarging the
company’s portfolio in western
Switzerland by 35’000 m2.
Walzmühle Site
Frauenfeld
Neuchâtel Site
On 1 July 2013 HIAG Immobilien
acquired the 15’257 m2 Walzmühle
site in Frauenfeld (Canton of
Thurgovia). Currently being used
for commercial and residential
purposes, and for office space, the
site is to be further redeveloped by
HIAG Immobilien.
On 31 December 2013 HIAG
Immobilien acquired a 11’397 m2
industrial site in Neuchâtel (Canton
of Neuchâtel), where the company
EP Systems’ headquarters was
located until the end of 2012.
Annual Report 2013 | New in Our Portfolio | 23
GROWTH
The HIAG Immobilien portfolio has undergone dynamic growth. The market
value of the portfolio has risen from CHF 0.6 billion to over CHF 1.1 billion
in the past five years.
26 | Frauenfeld Site | Annual Report 2013
Annual Report 2013 | Frauenfeld Site | 27
Portrait Frauenfeld
History Walzmühle Site Frauenfeld
A Site with the Potential to Become a Quarter
Visions Transformed over Time
In July 2013 the Walzmühle site in Frauenfeld was acquired by HIAG Immobilien.
Entrepreneurial pioneers once made industrial history at the site. The 15’257 m2
property is currently subject to a variety of uses and is to be further redeveloped
over the next several years.
During the industrial age toward the mid-19th century Frauenfeld’s
geographic location, favourably situated along the river Murg, attracted
the first entrepreneurial pioneers. It is primarily the historic buildings
at one of the city’s largest industrial sites that are reminiscent of this age
of mechanization and entrepreneurial vision.
The route to the south side of Frauenfeld is very easy to find
when following the signs pointing to the roller mill, or
Walzmühle, from the city limits. The street name “Walzmühlestrasse” is a very good indication that the site played
an important role in the city’s history early on. Located on
the banks of the river Murg, the site was originally home to
a flour mill in the mid-19th century, making way for an aluminium plant belonging to Ferdinand Sigg starting in 1917
and continuing for the next 80 some years. The historic
buildings dating back to the mid-19th century featuring
brick walls, and production halls from the 1840s are reminiscent of the industrial history the site is known for. Technical apparatuses remind visitors of when pots and pans
were still made here. An imposing milk jug press, towering
five metres into the air, awaits visitors in one of the newer
buildings. Industrial production took place at the site chiefly between 1932 and 1995, after which manufacturing activities ceased. Subsequently, the site was acquired by Walzmühle Immobilien AG in 1995, which began to repurpose
the site. In an initial redevelopment step, 29 loft condominiums were created and sold in 2001. By and by, smaller companies began to relocate their headquarters to the former
production buildings, including A+I Modellbau AG, owned
and operated by Luzius Wegmann, who purchased the
Walzmühle site in 2009 together with architect Kurt Huber.
Working as a team, Luzius Wegmann and Kurt Huber came
up with a design for a second stage of site redevelopment on
the basis of already existing plans.
On 2 July 2013 HIAG Immobilien acquired the property and
plans to further develop the former industrial manufacturing site by taking a holistic approach. Existing structures
and the lively character of the site are already indicative of
the potential it has to become a quarter. With leasable space
totalling 11’500 m2 – plus an underground garage and an
outdoor car park – the Walzmühle site is an attractive place
for living and working that is also easy to reach. The access
point to the A1 motorway is five minutes away by car, and a
bus stop is in the immediate proximity. Located around half
The river Murg in the southern part of the city of Frauenfeld
was the decisive factor in the selection of the site for the
roller mill, or Walzmühle, in 1831. Used as far back as the
Middle Ages for energy production, the river was the ideal
site for the roller mill, thought the founder of the Walzmühlegesellschaft roller mill company, Josef Anton Müller,
at the time a resident of Warsaw. Müller, a mill owner and a
former court advisor to Russian czars who was forced to return to his home country in the summer of 1831 due to political unrest, envisioned setting up a mill using a completely new grinding method. Instead of two flat grinding stones
positioned on top of each other, counter-rotating, finely
grooved steel rollers were to be used to grind the dry grain.
Müller used his trip back home to win over investors to his
vision so that he was able to erect the castle-like, five-storey
mill buildings with two adjacent wings soon after he founded his roller mill company.
a kilometre away from the city centre as the crow flies, it is
easy to reach the Walzmühle site from the city centre on
foot or by public transport within just a few minutes.
Infobox: Walzmühle Site
Total surface area: ca. 15’257 m2
Leasable space: ca. 11’500 m2
Site developer: Thorsten Eberle
When Müller died unexpectedly in 1833, the production
building had just been completed, the Murg canal dug and
the 24 hp iron waterwheel mounted. However, the actual
roller mills, in which the grain was to be broken up and
ground between the rotating rollers, were not yet functional. Shareholder and technically gifted plant director Johann
Jakob Sulzenberger succeeded in making key improvements
to the rollers and retrofitted the plant. The result constituted very advanced technology for the age: The two roller
mills were able to produce 500 kilograms of flour an hour.
The mill employed 100 persons. However, Sulzenberger’s
success was short lived, as a failed harvest in 1847 forced the
mill to close down. As a result, the roller mill company was
liquidated in 1848 and changed hands. The mill continued
operating until 1872. After standing idle for five years, a
snuff manufacturing company leased the roller mill production site from 1877 to 1904.
Since 1798 Frauenfeld has been the capital of the Canton of
Thurgovia, whose autonomous status enabled traditional
trading and commercial restrictions to be lifted at the beginning of the 20th century. This increased liberalization promoted the industrialization process along the river Murg,
giving the Walzmühle site new impetus. In 1917 the site
became the new home to the aluminium plant Ferdinand
Sigg, which was taken over by Alu Menziken AG in 1936.
Located in the roller mill, now outfitted with turbines, the
company produced its famous drinking bottles, as well as
cooking utensils and electric appliances, until 1995. It also
constructed additional buildings for the manufacture of aluminium goods at the historic site. When the alumiunium
plant was moved to a neighbouring, newly constructed
building, the Walzmühle site, covering a total area of around
1.5 hectares and including the existing buildings, was taken
over by Walzmühle Immobilien AG in 1995. The new owner
created an independent location in the middle of the historic environment: Small companies and warehousing space,
as well as residential lofts in the northern section of the site,
were created in 2000 in the midst of the surrounding greenery and only 10 minutes from the historical city centre of
Frauenfeld.
The acquisition of the idyllic site in the summer of 2013 by
HIAG Immobilien will breathe new life into the buildings
over the next several years, and the mixed usage of the property, with a predominant focus on residential space, will
form the basis for the further development of the Walzmühle site in Frauenfeld.
28 | Frauenfeld Site | Annual Report 2013
Annual Report 2013 | Frauenfeld Site | 29
Interview with Luzius Wegmann and Kurt Huber
An Eclectic Walzmühle Site that Is Full of Life
In July 2013 HIAG Immobilien acquired the 15’257 m2 former roller mill, or Walzmühle,
site in Frauenfeld (TG) from Luzius Wegmann and Kurt Huber. The two tell the story of
how they once became owners of the property and why they feel a connection to the site
and its history, and to Frauenfeld.
Both of you have deep roots in Frauenfeld. What
associations do you think the people in the area have
with the roller mill?
Huber: The site is primarily known to those who worked
on the property, like my father, who worked for Sigg until
1983. The site was closed to the public and rather
anonymous. The entire history of the roller mill dates
back to 1831, but is less well known.
Wegmann: At the time, it was the first roller mill in Europe.
Later on in the 20th century came the era of aluminium
processing, which would be more familiar to the people
here. However, very few people know that back then there
was a guard at the gate of the plant and the site was only
accessible to employees.
In the summer of 2013 you sold the site to HIAG
Immobilien. What were the decisive criteria in
selecting the next buyer?
Huber: It is my impression that HIAG Immobilien, unlike
other companies, sticks with its acquisitions and makes
investments. We believe that such an owner will act
responsibly, which is more closely in line with our way of
thinking.
Wegmann: Its philosophy, its resources and its previously
implemented projects were all points in favour of HIAG
Immobilien. The site needs the backing of a solid redeveloper.
What expertise did you gain from your time as the
owners of the site?
Huber: For us it was always clear that a project like this
would be difficult to tackle with just the two of us. For that
reason we are very happy to be relieved of our burden.
To date we have been able to develop a number of project
ideas that will also be taken into account in future
redevelopment work. In addition, a wonderful friendship
has grown between the two of us.
Mr Wegmann, you have been operating a workshop
for architectural models at the Walzmühle site since
1997. What has your experience with the site been?
Wegmann: When I originally came to the site as a tenant, I
quickly realized that this is a very special place. Later on, I
relocated into the heart of the site and became one of the
owners of what is today my workshop. One highlight that
attracted visitors to the site was the exposition “Sensorium”, which ran from 1999 to 2003. Schoolchildren from all
over Switzerland came here on class trips. The future of the
What were your reasons for acquiring the property
together in 2009?
Wegmann: As a resident, I was always on site and involved
in everything that was going on. I learned that the property
was to be sold. A number of investors came to view it. At
the same time I felt that there was the potential for
something good here. The site’s flair and history were
fascinating to me, so I began doing the math. I quickly
came to the conclusion that nothing would be possible
without a partner …
Huber: … That is why Luzius Wegmann came to me. The
idea of developing a new concept for the Walzmühle site
was enormously appealing to me as an architect.
What condition was the site in when you took it over?
Huber: The previous owners had put in a section with loft
flats, after which not much else was done, other than sell
the site to us in 2009. The former industrial buildings at
the site were being used in a variety of ways. Luckily, there
was already a master plan in place that we used as an
underpinning for our ideas.
Luzius Wegmann is an architectural model builder and has been the
managing director and owner of A & I Modellbau AG, located at the
Walzmühle site since 1995. Kurt Huber is an architect and co-owner of the
architectural firm antoniol + huber + partner Architekten in Frauenfeld,
founded in 1969.
site was unclear: From demolition to ghost town, not to
mention further redevelopment, everything was possible.
This uncertainty motivated me to get involved myself.
Mr Huber, you are an experienced architect. Looking
into the future, what are your hopes for the redevelopment of the site?
Huber: I hope that over the long term our design can be
implemented for breathing new life into the Walzmühle
site and ensuring an eclectic use of the property. In
particular, I would really like to see a kind of a “shared
living room” or a pub that would bring everybody at the
site together.
TRANSFORMATION
From a former industrial site to a neighbourhood with quality of life: our ideas for living environments become a reality with thoughtful urban
design solutions. 32 | Project The Cloud | Annual Report 2013
Annual Report 2013 | Project The Cloud | 33
Portrait The Cloud
Multifaceted and Individual
The first stone of the 99-apartment project The Cloud was laid in 2013 in
Baar (canton of Zug). This new residential quarter in a central and low-traffic
location will be under construction on a former industrial site until 2016.
HIAG Immobilien started construction of 99 apartments in
the municipality of Baar, in the summer of 2013. A new,
high-quality residential quarter is being built on the property at the crossing of Ibelweg and Baarermattstrasse. The project is located at the city limits of Zug in the South Zurich
basin, only a few metres away from Glencore headquarters.
The site is surrounded by housing, and due to its location on
a dead-end street, there is little traffic.
Urban accents
CO2-neutral heating resources
At The Cloud, modern living also means efficient energy
management. All of the buildings are certified as per the
Minergie standard. The CO2-neutral heating system is fired
with wood chips that come from forests in the region. The
compact façades made with mineral façade plaster also provide ideal insulation from outside heat.
A playground and fountain are planned for the littlest residents. In the spring of 2016, the first apartment owners should
be able to move in and the new quarter will come to life.
An architectural competition for the project took place in
2011, which was won by von Ballmoos Krucker Architekten, Zurich. In a complex, suburban environment, they
managed to give the project urban accents: the three buildings form an ensemble that is grouped together in such a
way so as to create a park-like inner courtyard in the middle.
Different types of shrubs and lawn areas give it a green ambiance that stretches into the other outside areas and out to
the surrounding streets. Trees also serve as decorations that
help contribute to a natural screen around the apartments.
The body of the building, which has noticeable French windows and front and back projections, blends harmoniously
in with the site, creating an elegant residential quarter.
Individual and high-quality
The buildings were not designed as traditional rectangles.
Instead, the façades are slightly staggered. This allows for a
multitude of different types of floor plans and apartments
with 2.5 to 5.5 rooms. Purchasers can have a say during the
construction phase in the layout of the rooms and choose
from many different high-quality materials for the interior
work. The apartments are mainly aligned at right angles and
diagonally, so that it is possible to have a two- or three-sided
view. The composition of the buildings and the various
viewing angles work together with an above-average ceiling
height of 2.6 to 3.2 m to produce an ample and generous feeling of space. This effect is enhanced by large balconies with
protected areas, which extend the living space in the summer.
Infobox: The Cloud
Number of apartments: 99
Start of construction: Summer 2013
Start of sales: Winter 2013
First occupation: 2016
Site developer: Lukas Fehr
Sales: Jacqueline Wechsler
Web: www.cloud-wohnen.ch
Das Flusswasser wird zur Stromgewinnung genutzt
34 | Project The Cloud | Annual Report 2013
Annual Report 2013 | Project The Cloud | 35
Interview with Bruno Krucker
Identity and Quality
The architectural firm of von Ballmoos Krucker Architekten from Zurich won the
architecture competition for the project The Cloud, the construction of which began
in 2013. In this interview, Bruno Krucker talks about the special architectural features
of the project and explains why architecture today can also mean urban development.
Mr Krucker, you have been working as an architect
since 1986. Have you seen any important trends in
residential construction over the years?
Yes, there have been many changes. Competitions in
particular have become considerably larger. After we
founded our office in 1996, we won a competition in the
city of Zurich with 51 cooperative apartments. That was a
big job in the sector back then. Today, 200 apartments are
no longer the exception. These dimensions greatly alter
the responsibility of architects with regard to the city. It is
no longer enough to design something that is beautiful.
Now we take responsibility for the entire neighbourhood.
The architectural firm of von Ballmoos Krucker won
the ARC Award in 2012 in the field of housing
developments. What makes a good housing development, in your opinion?
A housing development is part of an urban fabric. Today’s
dimensions require new instruments in order to create
both identity and quality. Identity means that the individual buildings have a distinctive presence at a site and
the design is specific. Quality should also be created in
rooms and spaces. The bigger or longer a building is, the
higher the physical quality of the building must be. A good
project also needs clear address recognition and intelligent
exposure of the levels that is appropriate to how public the
adjacent outside areas are.
How were these aspects taken into consideration in
The Cloud?
The project in Baar creates identity from the inside out.
The building complex forms an inside space, that creates
its own quality and does not rely solely on the rather
disparate environment. In addition, there was great
diversity in floor plan types. We focused on variety instead
of repetition. The apartments are aligned diagonally from
a spatial development standpoint, running from the
entrance to the large balcony, so that an inhabitant does
not look straight onto an apartment opposite his or
hers – that is a quality that the person living in the
apartment may not be very aware of, but that creates a
pleasant ambiance. The buildings are not simple rectangles.
They become thicker towards the edges, for example. We also
created slightly staggered volumes that allow us to control the
proportions of the façades. It thus becomes possible for a
building facing north to also receive sun from the south. Each
apartment therefore has its own specific characteristics.
How does the architecture of The Cloud meet the
standards of modern living areas?
I think that modern apartments should be open yet specific –
combining the two is a challenge. We therefore created room
proportions and areas that provide future residents with
options. The user should be involved. For example, he should
have various choices available to him in how he would like to
position the table and be allowed to decide between the
options himself. Rooms can be an inspiration for this. In
addition, a large kitchen area that also offers space for a
cooking island is important, as well as higher-than-average
ceilings. The ample floor plans of The Cloud have given us
these possibilities.
In 2011, you won the competition for The Cloud. What
was this process like for you?
The process was an opportunity to present ourselves and the
project, which is very helpful for a complex assignment. Also,
it was wise for the competition to be carried out in two stages,
as we had the possibility to think during the time between the
meetings and improve the project accordingly. It was good
that the first development phase was kept rather short
compared to the second, and we knew early on if we would
advance or not. In the second phase, more time was available
and we could invest more resources, since the chances of
winning the competition were greater based on the smaller
pool of participants.
You are a professor of architecture at the Technical
University of Munich and you have your office in Zurich.
Does the regular change of scenery inspire you?
For me, distance broadens your horizons, culturally and
spatially. It gives you new ideas or puts your priorities in order.
Travelling has become an inherent part of my work, during
which I can really focus. So most of my texts and some drafts
are created on these travels. Exchanges at the university with
my co-professor Stephen Bates and the students, as well as work
with experts with whom we foster relationships, provide us
with valuable insights that you don’t come across very often in
daily office life.
About: Bruno Krucker
Bruno Krucker (Architect ETH BSA), born in 1961, founded the
architectural firm of von Ballmoos Krucker Architekten in Zurich
in 1996 with Thomas von Ballmoos, which now has 27 employees. In 2009, Bruno Krucker was appointed to a professorship in
urban development and housing at the Technical University of
Munich. Prior to that, he taught at the Swiss Federal Institute of
Technology in Zurich, at the Swiss Federal Institute of Technology in Lausanne and at the University of Catalonia in Barcelona.
Krucker also acts as an expert and juror in the field of urban
development and architecture.
36 | Im Kundengespräch | Geschäftsbericht 2013
Annual Report 2013 | Spinnerei III | 37
Talking to the Buyers
Looking Forward to Life in the Loft
In the autumn of 2013 Raphael and Simone Bösch decided to purchase a
Spinnerei III loft as a core-and-shell construction. The move from Rapperswil
(SG) on Lake Zurich to the Kunzareal in Windisch (AG) is to take place
in 2014. The couple developed the interior design of their loft themselves
under the motto: “Less is more!”
Gazing up at the wooden ceiling of the loft, Raphael Bösch
said, “We’ll leave it just like that.” His wife was in agreement.
Both were looking forward to ensuring that as little as possible of the historic charm of the one-time spinning mill
would be lost in the conversion. They also have very specific
ideas about the design of the interior space. Their plan is
simply to install the basic infrastructure, such as the
bathroom and the kitchen. Everything else is to remain
open, with no unnecessary walls limiting the available
space. “This allows us to remain flexible; perhaps the needs
of our family will change at some point,” says Raphael Bösch.
It is easy to see the couple’s relief at finalizing their decision
to purchase and their happy anticipation of their future
home. After all, they looked at several residential projects
over the last few months before opting in favour of a Spinnerei III loft.
One of those cookie-cutter flats was definitely not an option
for them. Rather, they were looking in a flat with a special
identity featuring particularly high ceilings and wide-open
spaces. Another very important criterion was that it be close
to Zurich. Consequently, they focused their search on the
Greater Zurich area, concentrating on the eastern part of the
region to begin with. However, an advertisement for the
Spinnerei III project in the “Neue Zürcher Zeitung” one Sunday piqued their curiosity. While researching the project
website, “it just hit us” – the idea of a loft flat in a former
spinning mill was intriguing. The next step was to visit the
Kunzareal; the couple wanted to see the project location and
its environment in person. “As an architect, I evaluated each
of our potential options from the point of view of an expert,
and I found this one to be most convincing. The basic design
by the architectural firm of Adrian Streich Architekten goes
hand in glove with our plans for the interior: an excellent
jumping-off point that at the same time allows for a great
deal of freedom,” stresses Raphael Bösch.
Raphael and Simone Bösch visiting the Spinnerei III at
the Kunzareal. They are looking to move into their
loft with their two-year-old daughter at the end of 2014
and design the interior space themselves.
The environment also matched what they were looking
for. The couple liked the surrounding greenery, a significant advantage considering that they have a two-year-old
daughter – not to mention the schools in close proximity
to the site. “Minimal traffic volume, but public transport
still close by is what convinced us. We only take the car
when it’s necessary,” explains Simone Bösch. While they
did not plan for their new home to be a moated castle, the
site features a common motif of the places they have lived
to date. In turn they lived in Schaffhausen on the Rhine, in
Barcelona near the Mediterranean, then in Rapperswil on
the lake – and soon along the Reuss river at the Kunzareal.
Raphael and Simone Bösch also see their lifestyle and philosophy as additional reasons to opt in favour of Windisch:
openness and the desire to discover and shape the world
they live in. A quarter that is full of life is something the
young family hopes to see at the Kunzareal in the future.
Gazing at the historic Diesel Café that also serves the residents and tenants as an exhibition venue and meeting
place, the two of them say, “The fact that the Kunzareal already featured infrastructure was an important factor in
our decision to buy. We are looking forward to meeting the
people in this quarter!”
38 | Project Aretshalden | Annual Report 2013
The Aretshalden Project
Conversion Complete
Key Handover at Lake Pfäffikon
The First Tenants Are Moving In
The 21-apartment Aretshalden project was undertaken in 2013.
All of the apartments had been sold by completion.
After the completion of conversion work in the autumn of 2013, the first tenants
began moving into their business space. The former spinning mill is radiant in its new
clothes and will once again be filled with life thanks to a mixture of uses ranging
from commercial sales, office and catering.
On 4 April 2012, the ground was broken for the Aretshalden
project in the Seegräben municipality of the Zurich highlands. The sale of the 21 apartments had begun two months
earlier, and all of them had already been purchased about a
year later. Most of the purchasers therefore had enough
time to choose the construction materials according to
their own taste and adjust the layout of the apartments.
The first purchasers could enter the shell of the building in
the summer of 2013 and followed the progress of construction of their new homes with anticipation. The four buildings were created according to the design by meierpartner
architekten, in compliance with the Minergie standard.
The buildings blend in harmoniously with the existing residential structure and are consistent with the scenic environment. The houses, which are open on all sides, are staggered with each other and include 3.5-, 4.5- and 5.5-room
apartments. Private garden allotments, green areas and a
common playground will surround the four buildings as
soon as the first grass sprouts in the spring of 2014. The
new owners were delighted at the key handover in the winter of 2013 - now they could move in and were sure to spend
Christmas in their own homes. The project appealed in
particular to buyers from the Zurich highlands who were
looking for a home and wanted to continue living in the
region. The positive feedback can also be explained by the
ideal and child-friendly location. The new apartment owners can enjoy the view onto the Alps from their home. With
Lake Pfäffikon at their front doors as well as many hiking
paths in the surrounding area, there are many options for
outdoor leisure activities. Schools and nursery schools are
located in the immediate vicinity. The site in the countryside is also attached to the Winterthur and Zurich agglomerations. The S-Bahn station nearby can be reached by foot,
and from there, it takes less than 30 minutes to reach the city
of Zurich or the Zurich airport.
Infobox: Aretshalden Project
Number of apartments: 9 x 3.5-room-apartments, 9 x 4.5-room
apartments and 3 x 5.5 room apartments in compliance with the
Minergie standard
Construction: 2012–2013
Delivery: Winter 2013
Site developer: Thorsten Eberle
Sales: Jacqueline Wechsler
Web: www.aretshalden.ch
At the end of August 2013 the Leuchtturm site opened its
doors to the public after undergoing one year of conversion
work. Area residents and visitors from neighbouring municipalities were able to take a close look at the former industrial building in its new clothes before the tenants
moved in. Just a few weeks later, the first companies moved
into their new space, including, for example, a perfume bar.
This studio of scents, also offering workshops for testing,
experiencing and creating, was the first company to move
into the new site in October 2013. At the same time, the remodeling of the restaurant Neue Spinnerei on the ground
floor proceeded apace; the new establishment will provide
capacity for 180 guests on 450 m2 of interior space with an
additional 150-person outdoor seating capacity in the summer. The renovated wooden support structure is one of the
main features of the interior space and creates a very special
ambience for the culinary experience. Sandblasted wooden
supports reinforced modern fire safety standards and are
reminiscent of the time when cotton was still spun into
thread at the spinning mill. Details, such as the open cable
routing, or lamps specially designed to harmonize with the
“lighthouse” interior, bring out the original industrial character of the building.
To the rear of the Leuchtturm building is the heart of the
site with a newly designed interior courtyard, visible and
accessible from the surrounding buildings, which opens up
toward the Aabach stream. In the evening hanging LED
lights between the trees illuminate the area. The interior
courtyard is to offer an attractive meeting place for residents, tenants and visitors. The site is also very easy to
reach. The Aathal-Seegräben railway station is only five
minutes away on foot, and over 30’000 people travel past
the building every day, an advantage in particular for retailers. Of the 7’400 m2 of retail space Otto’s Warenposten secured 2’000 m2 for its sales area and 1’000 m2 for storage. A
total of 327 parking spots are available for customers. Other
retail areas are to be leased by shoe chain Vögele Schuhe
and the furniture store Möbel Ferrari, among others.
Annual Report 2013 | Leuchtturm Site | 39
The renewed, historic fabric of the buildings and the very
unique location along the Aabach stream make the Leuchtturm site a place of great charisma that will very likely
soon radiate well beyond Aathal.
Infobox: Leuchtturm Site
Total surface area: ca. 33’000 m2
Commercial space: ca. 4’100 m2
Retail space: ca. 7’400 m2
Storage: ca. 2’400 m2
On-site parking: 327
Site developer: Thorsten Eberle
Web: www.leuchtturm-aathal.ch
40 | Mieterinterview Neue Spinnerei Gastro AG | Geschäftsbericht 2013
Annual Report 2013 | Leuchtturm Site | 41
Tenant Portrait Neue Spinnerei Gastro AG
The Restaurant Neue Spinnerei Serves up Some Style
The conversion of the Leuchtturm site in Aathal-Seegräben (ZH) has brought new life
back to the one-time industrial property. Among the new tenants is restaurateur
Hansueli Wagner, who will be serving up culinary highlights at his new restaurant
at the heart of the site.
In May 1994 in Frauenfeld Hansueli Wagner laid the cornerstone for his restaurant concept, now known throughout
Switzerland, opening his “Chili’s Mexican Restaurant”. In
the meantime, his company has grown to include a total of
20 restaurant and franchise operations. Each restaurant is
themed around one particular country, such as the US, Argentina or Mexico. The interiors and the menus are designed accordingly. A completely new and independent
project, the Neue Spinnerei, was to begin operations at the
Leuchtturm site in the winter of 2013. This location was
“something very special,” said Wagner, who himself grew
up in the region and today lives not far from Seegräben in
Pfäffikon. However, that alone was not the decisive factor in
the selection of the location. “Access to 150’000 potential
customers within a 15-minute driving distance is a must, as
well as sufficient parking and basic customer frequency.
Another necessary component are premises that have the
potential for creating a very special atmosphere”. In the last
weeks before the grand opening, Wagner was on site several
times a day, leaving nothing to chance particularly with
About: Hansueli Wagner
Hansueli Wagner is a trained chef and opened his first
restaurant in 1994. Today he runs 20 restaurant and franchise
operations. In 2013 the Neue Spinnerei Gastro AG moved into
its new premises at the Leuchtturm site in Aathal-Seegräben.
The restaurateur and his family live in Pfäffikon (ZH), where he
pursues his passion for cooking at home as well.
regard to interior design. He took charge of the design concept for the interior himself, taking time out of his busy
schedule to select the various materials. To be sure, he is
certain that the high level of quality will be just right
down to the last detail when all is said and done. In the archives of the former spinning mill he was able to get a hold
of old photographs that he used to underscore the historically industrial flair of the converted spaces under monument protection. Designing the interior of over 450 m2 of
restaurant area is not an easy task. After all, there are other
areas that needed his attention as well, such as staffing. He
was able to recruit a very experienced chef from the area
for his team, as well as an excellent restaurant manager.
All in all, the restaurant will employ around 20 people
working shifts distributed across a seven-day week.
“In the mornings we open our café at 8:30 am, and we serve
lunch around noon time. Our focus, however, will clearly
be on serving dinner,” Wagner clarified. The “Neue Spinnerei” seats over 200 guests inside and 150 outside. This
capacity forms the foundation for his business plan. The
restaurateur stresses the high standards for the restaurant
and catering industry in Switzerland in general, saying,
“We plan to offer a very high quality of food and service
featuring fresh products from both the region and all of
Switzerland.” For example, whitefish caught from nearby
Lake Greifen will be on the menu. In addition to fish, the
restaurant will serve hamburgers, steaks and several different kinds of salad. The combination of a large seating capacity and excellent food at a reasonable price are the key
factors ensuring the success of the project, which according to Wagner is expected to generate around 2 million
Swiss francs in its first year of operations. The outdoor
seating next to the splashing sounds of the Aabach stream
also gives the restaurant a very special charm. The idyllic
space will be used for serving guests around 60 days a year,
but will provide a very impressive backdrop for guests entering the restaurant from the parking lot through the interior courtyard all year round. Hansueli Wagner welcomed his first guests at the official opening in December
2013. “The Neue Spinnerei meets a high demand in the region,” the restaurateur is convinced.
PROPERTY REDEVELOPMENT PORTFOLIO
The property redevelopment portfolio includes a “land bank” with an area of
around 889’000 m2 . HIAG Immobilien has plans for 573’000 m2 of
additional leased usable space as part of 46 short-, medium- and
long-term redevelopment projects.
44 | Project Vernier | Annual Report 2013
Portrait of the Project Vernier
Room for Research and Industry
In December 2011, HIAG Immobilien took over the property of Laboratoires
Plan SA in Vernier (canton of Geneva). The site is directly adjacent to the city
of Geneva. Over the next three years, a project will be carried out there that
will provide space for industry and research.
The Vernier project site is located northwest of the
city of Geneva, in the immediate vicinity of the
Rhone. The site was taken over by HIAG Immobilien a good two years earlier. The combination of a
location near the city and a high-quality environment make the site attractive to companies: Vernier is located only 5 minutes by car from the Geneva city centre and airport. It is home to approximately 35’000 residents in close proximity to the
second- largest city in Switzerland. The highway
can also be reached very quickly. In addition, the
connection with the neighbouring city is to be reinforced: the Vernier municipality is planning a
new pedestrian crossing as an addition to the existing bridge for motor vehicles. In two to three years,
it should connect the cities of Vernier and Onex
over the Rhone. Mainly residential quarters and
parks are located in the direct vicinity of the project. They were created in the 1970s and still surround the project site today. Great importance was
placed on landscaping during the planning process.
The Geneva-based and family-owned company
Laboratoires Plan SA manufactured and developed
pharmaceuticals and cosmetics at the site until a
few years ago. In the next two to three years, HIAG
Immobilien will give the site a new purpose. A new
four-storey building with approximately 8’000 m2
of usable area is planned, most of which is to be
used commercially as offices and by research companies. The future tenants could create a total of
about 120 new jobs in the coming years.
Infobox: Project Vernier
Total surface area in planning: 8’254 m2
Commercial space: 4’466 m2
Research and development space: 2’477 m2
Warehouse space: 739 m2
Technical areas: 410 m2
Number of parking spaces: 82
Expected start of marketing: 2014
Annual Report 2013 | Project Vernier | 45
46 | Project Vernier | Annual Report 2013
Annual Report 2013 | Biberist Site | 47
Interview with Yves Perrin
Competition: “Vision Papieri 2033”
“Use Is Oriented towards the Geneva Economic Area”
Developing an Identity
Yves Perrin, our Director for Western Switzerland, is responsible for the
development of the project in Vernier. In this interview, he explains
what gives the site its special quality and what some of the possible uses are.
In August 2013 HIAG Immobilien launched a competition for the
industrial site once belonging to the Biberist paper mill (Canton
of Solothurn) acquired in July 2012. The objective was to examine
the possibilities for developing the site with regard to urban
planning, architecture and use.
HIAG Immobilien currently has six sites in Western
Switzerland. What makes the Vernier project stand
out?
The project site is located near the city centre of Geneva in
an industrial site surrounded by beautiful residential
quarters. The quality of life there is high and the existing
infrastructure is very good. A four-storey new building is
planned with areas that can be used commercially and for
research purposes.
How has the project site been shaped up to the present?
About 40 years ago, the area on which the Vernier project is
located was an industrial site. At that same time, the
housing supply in the region was increasing dramatically.
In 1970, the Cité du Lignon apartment complex was built in
Lignon, an adjacent part of the city, with the longest
apartment building in Switzerland and the two highest
buildings in the canton. Over the years, housing complexes
were also built around the project site. The Laboratoires
Plan SA company owned the property and had its establishment there. It sold it to HIAG Immobilien in 2011.
What site-specific challenges did the project present?
Overall development that takes the environment into
account was important. We therefore worked with architects and specialists for the landscaping. Communication
with residents at an early stage was also important to us. We
therefore presented the project publicly and in person in the
summer of 2013.
What is the current state of the project and what are
the next steps?
The project design has been finalized but may still be
adjusted in detail. We are currently in contact with the
community and will be able to begin marketing in 2014.
What companies could move into the premises?
The areas are interesting for companies looking for a
quality site near central Geneva. The short distances to the
Geneva airport and the highway also make the site
attractive. The planned use is oriented towards the need of
the Geneva economic area. Research companies and
manufacturers with high-quality manual production,
for example, are therefore potential tenants.
About: Yves Perrin,
Site developer/Director for Western
Switzerland
Yves Perrin, born in 1956, joined HIAG Immobilien as Director for
Western Switzerland in 2010. He is a trained architect with an
MBA from the University of Geneva. For 20 years he worked as a
Director for Göhner AG and Karl Steiner AG in the real estate
development and marketing sector in Western Switzerland.
He also works as a lecturer in real estate marketing. Yves Perrin
is married and has two children. He lives in Geneva.
Five architectural firms were invited to participate
in the competition “Vision Papieri 2033”: Harry
Gugger Studio (Basel), Holzer Kobler Architekturen (Zurich), pool Architekten (Zurich), Steinmann & Schmid (Basel) and raumbureau (Zurich).
Experts from the fields of architecture, urban planning and landscape architecture have been brought
together under the heading of each of the planning
teams. In a two-step process, which took place with
the assistance of Basler & Hofmann AG (Zurich),
specially commissioned for the competition, the
teams were asked to come up with innovative ideas and demonstrate what structures, uses and elements could be introduced to the property for the
long term. The teams were also asked to tackle particular challenges. The industrial site had once
been used to manufacture paper and was very specifically designed for that purpose. Now, the site is
to undergo a transformation and feature a mixture
of uses, including perhaps residential, for the longterm future. After all, the site includes over 220’000
m2 of gross floor space and over 2 million m3 of
building volume. Consequently, the participants
are to take into account the spatial and functional
potential of the site, as well as the qualities of the
existing structures. The teams are also to approach
a variety of issues and questions in developing a
vision for the future identity of the site, for example: What could a mixture of usages look like at a
later time? How can social qualities be
allowed to emerge? Likewise, design proposals for
transport connections, the design of the exterior
spaces and the approach to the property’s location
along the Emme canal are also to be drawn up.
The projects are to be submitted at the beginning
of 2014 and subsequently evaluated by an
11-member jury in accordance with urban-planning and architectural criteria and based on their
concept for property use and economic potential.
The results of the competition are to be presented
to the public in the spring of 2014. The competition constitutes the first step in the long-term
transformation of the site. Another, equally important cornerstone in this transformation process will be the interim usage phase, which has
already brought life back to the extensive property. In September 2013, two companies, Sieber
Transport AG and Acin AG, relocated here, creating 60 jobs already, with the prospect of additional
jobs over the next few years.
Infobox: Case study for students at
the Federal Institute of Technology
in Zurich
Under the direction of architecture professors
Emanuel Christ and Christoph Gantenbein, architecture students at the Federal Institute of Technology in
Zurich have been given the opportunity to develop a
vision for a new quarter on the basis of the Biberist site
as part of their design studio. A variety of references
of urban architecture were considered, in order to
enable an “architectural vision for a new part of the
city created from existing materials”.
48 | Biberist Site | Annual Report 2013
Annual Report 2013 | Biberist Site | 49
Interview with Michele Muccioli
On the Competition “Vision Papieri 2033”
Michele Muccioli is a site developer for HIAG Immobilien and in charge of
developing the former paper mill in Biberist. In an interview, he explains
what the recently launched competition aims to achieve and why the results
will be relevant already in the near future.
Under the working title “Vision Papieri 2033” five
architecture firms were invited to design a study
concept. What is the objective of the study in question?
On one hand, a long-term vision helps us advance a more
holistic development on all levels, and on the other hand, it
constitutes a basis for discussion when tackling issues such
as development, transport or infrastructure. The idea
behind the vision is to come up with a viable and flexible
strategy for the future development of the site in an urban
environment with regard to its use, the arrangement of the
buildings and the shaping of the exterior space. In addition,
the idea is to create a unique image that gives the site an
unmistakable new identity. The possible future uses of the
site are to be represented in an urban planning and
architectural vision that continues the historical narrative
of the property into the future.
The study participants are designing a vision based on
the circumstances of the site 20 years from now. Why
was this time frame chosen?
This time frame is symbolic. By giving it the working title
“Vision Papieri 2033” we wanted to illustrate that the task
at hand was to come up with a visionary and spacious
design. We are focusing today on paving the way for
developing the site to benefit future generations in
particular. After all, one thing is certain. Developing the
site in Biberist will take time.
What issues did HIAG Immobilien have to clarify
before the competition was launched?
In order to ensure that plausible and feasible proposals
would be drawn up, we provided a number of possible uses
for the site, as well as a development scenario with clear
instructions that this information should be subjected
to critical examination. In this context, we made sure to
comprehensively communicate HIAG Immobilien’s
philosophy and business model. In detailing the study
programme, the greatest challenge was to provide information that was as precise as possible without asking too
much of the participants. Furthermore, our focus was on
adequately and clearly describing the real estate market
and the environment.
The site at present has over 2 million m3 of building
volume. How is this circumstance being taken into
consideration?
We have already carried out a detailed analysis of the site.
In Biberist we found industrial and commercial buildings
that were solid and suitable for divided usage, and would
be appropriate for use by third parties. The property also
has buildings that are less suited for leasing. In addition,
there are buildings worth preserving as national heritage
that may not be torn down. We clearly communicated that
“wiping the slate clean” and rebuilding anew was not an
option. The participants have been asked to closely
examine the existing buildings and propose interventions
as they see fit, which could include renovation, reinforcement, expansion or even a (partial) demolition.
What criteria were applied to the selection of
architectural firms?
The architects invited to participate in the study all have
the necessary know-how and have tackled similarly sized
urban development projects in the past. In general, we
always try to put together a field of participants that is as
heterogeneous as possible with an eye toward eliciting a
broad spectrum of design ideas and approaches. In our
competition in Biberist, the field of participants includes
recognized personalities, both nationally and internationally, creatives who think outside the box and upand-coming architects on the scene, in other words, a very
eclectic mix.
Who will be responsible for judging the submitted
entries?
The jury will include representatives from the municipality and the canton, as well as a variety of outside experts in
the fields of architecture, urban development, landscape
architecture and real estate economics. In addition to the
experience and expertise needed to evaluate the submissions, jury members must display highly developed social
skills, which will allow for a variety of opinions to be
expressed and discussed.
The first users were relocated to the site in 2013.
What influence will the study have on the near future
of the site?
The results of the study will allow us to define our strategy
and the next steps in the redevelopment of the site. Of
course, we know it would be an illusion to try to implement the selected vision exactly as designed on paper.
Rather, the focus will be on using the results to establish a
solid and robust underlying foundation to support the
“Vision Papieri 2033” project. In this way, we can ensure
that the proper expertise and financial resources are
deployed appropriately. Moreover, this process will also be
incorporated in the sales of the site in the interim usage
phase. Long-term visions must be communicated early on,
as visualizing the future is of key importance in particular
for users looking to remain at this location for the long
term.
About: Michele Muccioli,
Site Developer
Born in 1978, Michele Muccioli joined HIAG Immobilien in 2012.
He is a trained architect ETH with additional qualification in real
estate management (MAS Real Estate UZH). Before joining
HIAG Immobilien, he spent six years working as an architect and
project manager in Zurich, then joined Wüest & Partner as a real
estate appraiser and service developer. He is married, has one
son and makes his home in Zurich.
Financials
52 | Financial Report | Annual Report 2013
HIAG Immobilien Holding AG
2013 Consolidated Financial Statements
IN ACCORDANCE WITH SWISS GAAP FER
Annual Report 2013 | Financial Report | 53
Consolidated Balance Sheet
in CHF thousand31 December 201331 December 2012
Cash and cash equivalents
18’96734’656
Securities
6 1
Trade receivables
Receivables from related parties/from shareholders
Other current receivables
1
2
Current financial assets
Properties held for sale
2’141 535
126
0
5’7116’448
0 900
3
94’22830’050
Prepayments and accrued income
463 795
Current assets
121’64273’385
Real estate properties
3
971’038906’225
Other property, plant and equipment
4
2’8423’252
Intangible fixed assets
4
33 55
Financial assets
5.1
217 471
Financial assets from related parties/from shareholders
5.2
15’8623’789
Non-current assets
989’992
913’792
Total assets
1’111’634987’177
Current financial liabilities
8
40’31213’430
Trade payables
4’8459’093
Other current liabilities
6
Current provisions
18’11112’641
7
93510’076
Tax liabilities
2’8972’483
Accrued liabilities and deferred income
7’8844’484
Current liabilities
74’984
52’207
Non-current financial liabilities
8
467’361416’456
Other non-current liabilities
4’7505’050
Non-current provisions
7
11’49412’800
Deferred taxes
9
49’76440’724
Non-current liabilities
533’369
475’030
Total liabilities
608’353527’237
Share capital
7’0006’847
Capital reserves
53’31143’794
Treasury shares
22
Retained earnings
(44’240)
0
487’210409’299
Shareholders’ equity
503’281
459’940
Total liabilities and shareholders’ equity
1’111’634
987’177
53
54 | Financial Report | Annual Report 2013
Consolidated Income Statement
in CHF thousand
2013
Annual Report 2013 | Financial Report | 55
Consolidated Cash-Flow Statement
2012
Property income
11
43’52842’240
Revaluation of properties (net)
13
58’27532’791
Other operating income
12
2’1081’490
in CHF thousand
2013
2012
Net income for the period
77’911
55’243
Amortisation
641
320
Total operating income
103’911
76’521
Income from sale of real estate
0
3
Personnel expenses
10, 14
(5’125)(5’270)
Income from sale of securities
0
(76)
Increase/decrease in trade receivables
(1’595)
(29)
Increase/decrease in trade payables
(4’253)
5’348
1’506
(344)
Maintenance and repairs
(2’162)(2’357)
Insurance and fees
(1’126)(657)
Energy costs and building maintenance
(2’445)(1’596)
15
General operating expenses
(1’070)(1’530)
Office and administrative expenses
16
(3’889)(4’348)
Marketing and selling expenses
(487)(257)
Rent and leases
(993)(866)
Total operating expenses
17
(17’297)
(16’881)
Increase/decrease other receivables
Increase/decrease other liabilities
(4’411)(1’082)
Increase/decrease accrued income
1’777(1’677)
Increase/decrease in non-current provisions
(1’306)
3’800
Increase/decrease in deferred taxes
8’655
(1’323)
Revaluation of properties (net)
(58’275)
(32’791)
Earnings before interest, taxes, depreciation and amortisation (EBITDA)
86’61459’640
Cash flow from operating activities
Amortisation
(641)(320)
Purchase of real estate properties
Earnings before interest and taxes (EBIT)
85’97359’320
Financial income
18
69 271
Financial expenses
19
(5’184)
(6’483)
Earnings before taxes (EBT)
80’85953’109
20’650 (103’866)
27’392
(48’024)
Purchase of other property, plant and equipment
(209)
(465)
Proceeds from disposal of properties
39’628
21’901
Issuance of financial assets
(12’200)(204)
Repayments of financial assets
386
4’776
Purchase of intangible fixed assets
0
(58)
Acquisition of new companies
(2’990)
(62’457)
Taxes20
(2’948)2’134
Cash flow from investment activities
(79’251)(84’531)
Net income for the period
77’911 55’243
Issuance of financial liabilities
91’00126’704
Amortisation and repayment of financial liabilities
(13’214)(16’785)
Changes in other non-current liabilities
(300)
(1’250)
Capital increase
9’670
34’570
Purchase of treasury shares
(44’240)
(6’270)
Sale of treasury shares
0
7’227
Dividend payment
0
(75)
Cash flow from financing activities
42’917 44’121
Currency effects
(5)2
Increase/decrease in cash and cash equivalents
(15’689)
(13’016)
Cash and cash equivalents at 1 January
34’656
47’672
Increase/decrease in cash and cash equivalents
(15’689)
(13’016)
Cash and cash equivalents at 31 December
18’967
34’656
55
56 | Financial Report | Annual Report 2013
Statement of Changes in Shareholders’ Equity
in CHF thousand
Shareholders’ equity
at 1 Januar 2012
Special dividend participation capital
Capital increase
Share
capital
*
Participation
capital *
Treasury
Shares
***
Capital
reserves
**
Retained
earnings
Shareholders’
equity
4’500
1’800
0
8’814
354’132
369’246
0
0
0
0
(75)
(75)
2’347
(1’800)
034’023
034’570
Purchase of treasury shares
0
0
(6’270) 0
0
(6’270)
Sale of treasury shares
0
0
6’270 957 0
7’227
Translation differences
0
0
0
0
(1)
(1)
Net income for the period
0
0
0
0
55’243
55’243
6’847
0
0
43’794 409’299
459’940
Shareholders’ equity at
31 December 2012/1 January 2013
Capital increase
153
0 09’517
09’670
0
0
Purchase of treasury shares
0
Translation differences
00
0000
Net income for the period
0
0
0
0
77’911
77’911
7’000
0
(44’240)
53’311
487’210
503’281
Shareholders’ equity
at 31 December 2013
(44’240)
0
(44’240)
Annual Report 2013 | Financial Report | 57
Notes to the Consolidated Financial
Statements
ACCOUNTING PRINCIPLES
The Consolidated Financial Statements of HIAG
Immobilien Holding AG were prepared in accordance with the Swiss Accounting and Reporting
Recommendations (Swiss GAAP FER) and present a
true and fair view of its net assets, financial position and results of operations. The comprehensive
Swiss GAAP FER rules were applied.
The Consolidated Financial Statements are based
on the individual financial statements of the HIAG
Immobilien Group companies, which were prepared and audited in accordance with uniform
guidelines. The relevant accounting standards are
explained below.
The Consolidated Financial Statements are presented in Swiss francs (CHF). All figures are presented in thousands of Swiss francs (CHF thousand) unless indicated otherwise.
SCOPE OF CONSOLIDATION
The Consolidated Financial Statements comprise
all subsidiaries of HIAG Immobilien Holding AG in
which the Company directly or indirectly holds
more than 50% in the form of voting rights or
share capital. Full consolidation is applied, which
means that 100% of the assets, liabilities, expenses
and income of the companies to be consolidated
are assumed and all intercompany items are eliminated.
Associated companies, in which HIAG Immobilien
Holding AG holds direct or indirect participations
of 20% to 50% of voting rights or share capital are
consolidated according to the equity method. Participations below 20% are not consolidated and are
included in the Consolidated Balance Sheet under
Financial assets at acquisition cost minus any operationally necessary value adjustment.
The balance sheet date for all companies is 31 December.
*
** ***
On 7 December 2012 all bearer shares and registered participation certificates were converted to registered shares at a nominal value of
CHF 10, and an ordinary increase in share capital by 54’700 registered shares was conducted at a nominal value of CHF 10 each.
On 31 May 2013 an ordinary increase in share capital by 15’300 registered shares was conducted at a nominal value of
CHF 10 each. On 31 December 2013 share capital consisted of 700’000 registered shares at a nominal value of CHF 10.
The non-distributable legal reserves come to CHF 1’369 thousand (2012: CHF 1’210 thousand).
On 28 February 2012 16’500 shares of HIAG Immobilien Holding AG were purchased by the company at a nominal value of CHF 10 for a
total amount of CHF 6’270 thousand. On 1 May 2012 16’500 shares of the company were sold at CHF 7’227 thousand.
On 17 December 2013 70’000 shares of HIAG Immobilien Holding AG were purchased by the company at a nominal value of CHF 10 for a
total amount of CHF 44’240 thousand. On 31 December 2013 the company holds 70’000 treasury shares (previous year: 0). Total acquisition costs came to CHF 44’240 thousand and were recorded separately in the statement of changes in shareholders’ equity.
57
58 | Financial Report | Annual Report 2013
Notes to the Consolidated
Financial Statements
Annual Report 2013 | Financial Report | 59
Notes to the Consolidated
Financial Statements
Share capital in
Stake Stake
CHF thousand
Company
2013* in % 2012* in %
Location
Changes in the Scope of Consolidation
The following changes in the scope of consolidation took place during the reporting period:
Grisard Liegenschaften AG** CHF thousand
0
0
100Birsfelden
Kunz RE AG**
CHF thousand
0
0
100Windisch
Consolidated company
HIAG Biberist AG
CHF thousand
10’000
100
100Biberist
Promo-Praille SA, Lancy
11’000
100
100Baar
HIAG Immobilien Schweiz AG CHF thousand
HIAG AG
CHF thousand
150
100
100Basel
B-Immobilien GmbH
EUR thousand 3’579
100
100Germany
HIAG Immobilien AG
CHF thousand
5’000
100
100
HIAG Immobilien Léman SA
CHF thousand
1’000
100
100Aigle
St. Margrethen
Léger SA
CHF thousand
400
100
100Lancy
Weeba SA
CHF thousand
100
100
100Lancy
Pellarin-Transports SA
CHF thousand
50
100
100Lancy
Streiff AG
CHF thousand
300
100
100Seegräben
Legler Holding AG**
CHF thousand
0
0
100Diesbach
Legler & Co AG**
CHF thousand
0
0
100Diesbach
Limanor Immobilien und
Verwaltungs AG**
CHF thousand
0
0
100Appenzell
Promo-Praille SA
CHF thousand
200
100
0
Stake in %
31 May 2013
100
The acquired company recorded the following key balance sheet items at the time of purchase:
in CHF thousand
Cash and cash equivalents
10
Other current assets
11
Real estate properties
4’523
Other fixed assets
5
Current liabilities
11
Other non-current liabilities
817
Shareholders’ equity
3’720
Neither goodwill nor badwill resulted in this acquisition.
Lancy
The following changes in the scope of consolidation took place during the previous period:
* Voting rights and share capital
** During the period under review, the companies Grisard Liegenschaften AG, Kunz RE AG and Limanor Immobilien und Verwaltungs AG were merged with HIAG Immobilien Schweiz AG (as per the merger agreement dated 11 June 2013). During the period under review, Legler Holding AG and Legler & Co AG were merged with HIAG Immobilien AG (as per the merger agreement dated 11 June 2013).
HIAG AG performs services for former companies of the HIAG Group in the areas of employee pension
funds and human resources. All other enterprises are real estate companies within the scope of HIAG
Immobilien’s strategy with the purposes of maintaining and developing as well as selling properties.
Consolidation Method
Capital consolidation is based on the purchase
method, in which the acquisition costs of an acquired company are offset against the net assets,
which were newly measured upon the time of acquisition in accordance with group-wide accounting standards. The difference rising from the purchase price and the newly valued net assets of the
acquired company is termed goodwill or badwill.
Goodwill is recognised as retained earnings with
no effect on profit or loss. In case of offsetting
Acquisition as at
against retained earnings, the effects of a theoretical capitalisation and amortisation for the estimated useful life of the acquisition are disclosed separately in the notes. The acquisitions to date have
not resulted in any goodwill being recorded under
retained earnings. Any badwill is charged to the retained earnings or recorded as provisions. The initial consolidation takes effect when the risks and
rewards of ownership are transferred pursuant to
the purchase agreement.
Consolidated companies
Acquisition as at
Stake in %
HIAG Immobilien Baden GmbH, Baden
1 January 2012*
100
HIAG Biberist AG, Biberist
30 June 2012
100
Legler Holding AG, Diesbach
1 January 2012 100
Legler & Co AG, Diesbach
1 January 2012
100
Léger SA, Lancy
30 June 2012
100
Pellarin-Transports SA, Lancy
30 June 2012
100
Weeba SA, Lancy
30 June 2012
100
* HIAG Immobilien Baden GmbH was merged with HIAG Immobilien AG as at 1 January 2012.
The acquired companies recorded the following key balance sheet items at the time of purchase:
in CHF thousand
Cash and cash equivalents
17’057
Other current assets
1’986
Non-consolidated investments 79
Real estate properties
97’198
Other fixed assets
2’145
Current liabilities
7’940
Non-current liabilities
31’402
Shareholders’ equity
97’756
Neither goodwill nor badwill resulted in these acquisitions.
59
60 | Financial Report | Annual Report 2013
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Notes to the Consolidated
Financial Statements
Notes to the Consolidated
Financial Statements
TRANSLATION OF
FOREIGN CURRENCIES
Real estate properties
All of the companies’ assets and liabilities held in
foreign currencies are converted to Swiss francs at
the year-end conversion rate. Equity is converted at
historic exchange rates. The items in the income
statement and the cash-flow statement are translated at the average rate for the year. Exchange rate
differences resulting from translation are recognized directly in shareholders’ equity in the consolidated balance sheet and allocated to retained earnings. Foreign currency differences were not
recognised separately on the statement of changes
in shareholder’s equity, as these are insignificant.
The following rates were applied in converting the
balance sheets and income statements of the
Group’s foreign companies:
Income statement/
Balance sheet
Cash-flow statement
20132012
2013
2012
Euros
1.225621.20733
1.230801.20510
SIGNIFICANT ACCOUNTING AND VALUATION
POLICIES
General Information
HIAG Immobilien Holding AG’s Consolidated Financial Statements are prepared in accordance
with the Swiss Accounting and Reporting Recommendations (Swiss GAAP FER).
Due to rounding off to the nearest thousand, adding up the individual items may result in rounding
differences over the reported item totals.
The disclosure required by Swiss GAAP FER can be
found in the explanations provided in the Notes to
the balance sheet, income statement, cash-flow
statement and statement of changes in Shareholders’ Equity (see chapter "Notes to Consolidated Financial Statements").
Change in the Presentation of the
Balance Sheet
The unconsolidated investments were newly recorded as "Financial assets" instead of "Investments" in the Consolidated Financial Statements
2013. Furthermore, the presentation of the consolidated cash-flow statement was slightly amended
with the removal of the item "Net cash and cash
equivalents" (the sum of "Cash and cash equivalents" minus "Current liabilities to banks"). The
new cash flow statement depicts changes in cash
and cash equivalents. The prior-year cash-flow
statement has been amended accordingly.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand,
postal check account deposits and demand deposits with banks and money market instruments
with a term of less than three months. These are
stated at their nominal value. Cash and cash equivalents held in foreign currency are translated at the
year-end conversion rate.
Securities
Securities consist of investments in stocks, bonds
and long-term time deposits. These are stated at
fair value.
Trade Receivables and Other Current
Receivables
Trade receivables and other current receivables are
reported either at their realizable value or at nominal value minus any necessary value adjustment
for potential bad depts.
The portfolio is broken down into the following
categories:
–
–
–
–
Undeveloped Land
Properties
Properties currently under development
Properties held for sale
General
All real estate properties were measured at fair value on the basis of the discounted cash flow method
(DCF) in accordance with Swiss GAAP FER 18. The
residual value method is used to ascertain the fair
value for undeveloped land. The current values are
updated annually by an independent expert and
inspected at least once every three years. No scheduled depreciation is carried out. Increases and decreases in value are reported in the net profit for
the period. The expected additional expenses
linked to environmental risks are assessed by an
independent environmental expert based on historical and technical investigations and subtracted
from the fair value of the properties. Interest on
construction loans are capitalized. Other borrowing cost is recorded as financing costs. The portfolio does not include any properties used by HIAG
Immobilien itself.
Properties
Properties are broken down into "Yielding Properties" and "Redevelopment Properties". "Yielding
Properties" are those properties for which no development is planned. "Redevelopment Properties"
describes those properties which are to undergo
development in the medium term and/or for which
development planning is currently underway.
Properties held for sale
"Properties held for sale" describes residential projects, where individual units are undergoing development and are marketed as condominiums, as well as
non-strategic properties that are up for sale.
Other property, plant and equipment
and Intangible fixed assets
"Other property, plant and equipment" and "Intangible
fixed assets" are recorded in the balance sheet at acquisition cost minus amortisation and possible value impairment. The depreciation is linear. The amortisation
period is three to ten years for office equipment, and
three to five years for intangible fixed assets.
Financial assets and Financial assets
from related parties/from shareholders
This item includes employer contribution reserves, longterm loans and other non-current receivables which are
recorded in the balance sheet at nominal value.
Deferred taxes
Deferred taxes from tax losses carried forward are only
capitalised, if there is a sufficient certainty that the tax
loss carry forward can be used for tax purposes and if
the budgeted taxable income is expected to result in
any significant offsetting possibilities. Currently no tax
loss carry forward is capitalized or offset against the
provisions for deferred taxes.
Impairment of Assets
If there is any indication that an asset’s value is impaired, an impairment test is conducted. Should the
examination show that the carrying amount exceeds
the recoverable amount (the higher of either its value
in use or fair value), an impairment loss is recognized
as an expense in the income statement.
Properties currently under development
Properties that are under development at the time
the balance sheet is drawn up are grouped under
the item "Properties currently under development". They are reported as "Properties currently
under development" from the time the initial work
is contracted until the development project is completed and/or is ready for occupation.
61
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Notes to the Consolidated
Financial Statements
Notes to the Consolidated
Financial Statements
Trade payables and Other current and
Non-current liabilities
Transactions with related parties/
shareholders
Current liabilities are those amounts due within one
year. Those liabilities falling due after more than one
year are reported under "Non-current liabilities".
These items are stated at their nominal value.
Current and Non-current financial
liabilities
Mortgages and other collateralised financing are reported as "Current financial liabilities" and "Non-current financial liabilities". Mortgages and fixed advances which are not repaid within twelve months
but renewed are reported under "Non-current financial liabilities" to reflect the economic reality. Borrowings to be repaid within a period of twelve
months are classified as "Current financial liabilities".
Current and Non-current provisions
Provisions are set up to cover all of the risks and obligations recognized at the balance sheet date. Provisions are made when an obligation to a third party
exists which is attributable to an event in the past
and the extent of that obligation can be determined
reliably. The amount of the provision is based on the
anticipated outflow of resources necessary to fulfill
this obligation. Provisions are recorded as current or
non-current according to their respective due dates.
Provisions for deferred taxes
According to Swiss GAAP FER 11, current and future
tax effects are to be adequately taken into account in
the financial statements while distinguishing between current income taxes and deferred taxes. The
latter are caused primarily by the valuation differences between fair values and the tax base of the
properties. A remaining holding period is estimated
for each property when calculating the deferred taxes for real estate properties. Regarding income and
capital gains taxes on properties, in those cases
where recent findings made it possible to determine
the historical value of the properties more precisely,
this was included in the calculations. Where a de-
tailed tax statement is lacking a tax rate of 23% is
applied uniformly for properties. Provisions for deferred taxes are discounted. A discount rate of 2.75%
was applied as at 31 December 2013 (previous year
2.75%).
Employee benefits in accordance with
Swiss GAAP FER 16
All companies belonging to the HIAG Immobilien
Group participate in the pension fund "HIAG Pensionskasse". The economic benefits resulting from
the employer contribution reserve are recorded as
assets. Changes to the employer contribution reserve, as well as any economic impact on the group
resulting from surplus or insufficient coverage for
employee pension funds are recorded under "Personnel expenses". The capitalisation of an additional economic benefit (from the surplus coverage for
the pension fund) is neither intended, nor are the
prerequisites for this provided. An economic obligation is recognised as a liability when the criteria for
the creation of provisions are met.
Financial result
This item consists of interest income, interest expense, translation differences, gains and losses on
securities and other financial expenses and income.
Taxes
This item covers only deferred taxes and current taxes on income. Deferred taxes are calculated primarily on the basis of the temporary differences between
the fair values identified and the tax base of an asset.
Other taxes and levies, income taxes, property taxes
and minimum taxes are recorded under "General operating expenses". Current taxes on income are calculated on the basis of the taxable result.
The significant transactions with related parties as
set forth in Directive 15 of the Swiss GAAP FER are
documented under 5. Financial assets and Financial
assets to related parties/to shareholders.
Estimates
The preparation of the financial statements requires
a number of estimates and assumptions to be made.
These relate to the reported assets, liabilities and
contingent liabilities at the time the balance sheet is
being prepared, as well as to income and expenses
during the period under review. Should the estimates and assumptions made to the best of the company’s knowledge at the balance sheet date deviate
from actual circumstances, adjustments to the original estimates and assumptions are then carried out
in the reporting year in which the circumstances
change.
Risk management
HIAG Immobilien Holding AG has an implemented
standard risk management system. A comprehensive risk survey is carried out on an annual basis,
which is used to identify and document all business
risks according to uniform criteria. An assessment
of the identified risks is carried out to determine the
probability of their occurrence and their impact,
which includes both financial repercussions as well
as repercussions of a general nature. The Board of
Directors adopts appropriate measures to absorb,
avoid, mitigate or overcome these risks.
Events after the Balance Sheet date
The Consolidated Financial Statements were approved by the Board of Directors on 04 April 2014
and are subject to approval by the General Assembly. At this point in time there have been no significant events after the balance sheet date.
63
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Annual Report 2013 | Financial Report | 65
Notes to the Consolidated
Financial Statements
Notes to the Consolidated
Financial Statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1
Trade receivables
Real estate properties
in CHF thousand 2013
Fire insurance value
in CHF thousand 2013
2012
Trade receivables
2’253779
Provision for bad debts
(112)(244)
2’141535
Trade receivables include CHF 1’684 thousand
from the sale of a condominium from the Aretshalden project (CHF 784 thousand) and the sale of the
Zelglistrasse property in the canton of Zurich (CHF
900 thousand). The incoming cash-inflow from
these receivables was received in January 2014.
3
Losses on accounts receivable in 2013 amounts to
CHF 33 thousand (0.1% of property income) compared to CHF 94 thousand (0.2% of property income) the previous year.
1’406’3281’273’329
Pledges to secure mortgage loans
584’105490’223
In 2013, the acquisition of other companies and the purchase of properties entailed the addition of real estate with fire insurance values totalling CHF 77’653 thousand to the scope of consolidation.
in CHF thousand
Balance at 1 January 2012
Reclassifications
Additions
Disposals
Changes in the scope of consolidation
2
2012
Properties Total Real
Undeveloped
currently under estate
land Propertiesdevelopment properties
38’438
684’597
33’794
756’829
(13’663)(57’690) 71’353
0
23710’21937’56848’024
(550)(10’003)(11’351)(21’904)
0
116’297
0
116’297
Other current receivables
Currency translation effects
0
(3)
0
(3)
in CHF thousand2013
Revaluation of properties 4’334
25’419
12’477
42’230
Change of costs for environmental risks
(174)
(6’239)
1’215
(5’198)
28’622
762’597
145’056
936’275
0
0
(30’050)
(30’050)
Value-added tax receivables
2012
7097
Lump sum charges
4’0884’322
Balance at 31 December 2012
Other current receivables
1’5532’029
Reclassifications properties held for sale
5’711
Balance after reclassification as
at 31 December 2012
28’622
762’597
115’006
906’225
Balance at 1 January 2013
28’622
762’597
145’056
936’275
6’448
Reclassifications
0 64’518-64’518
Additions
061’97341’893
103’866
Disposals
0(20’516)(19’112)(39’628)
Changes in the scope of consolidation
0
4’523
0
4’523
Currency translation effects
0
5
0
5
1’953
26’663
27’990
56’606
Revaluation of properties Change of costs for environmental risks
Balance at 31 December 2013
Reclassifications properties held for sale
Balance after reclassification as
at 31 December 2013
0
0
3’569
50
3’619
30’575
903’332
131’359
1’065’266
0
0
(94’228)
(94’228)
30’575
903’332
37’132
971’038
65
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Annual Report 2013 | Financial Report | 67
Notes to the Consolidated
Financial Statements
In the current period, all properties were appraised
by Wüest & Partner AG. The discount rates used for
the property appraisals fluctuated within a corridor of 3.5% to 6.3% as at the reporting date (31 December 2012: 3.5% to 6.3%).
The expected additional expenses linked to environmental risks were analysed by Ecosens AG on
the basis of historical and technical investigations
and recorded as at the reporting date in the amount
of CHF 14’937 thousand (2012: CHF 18’556 thousand) under "Real estate properties". Environmental risks are evaluated on an ongoing basis. New
findings from historical and technical investigations were taken into account as at the reporting
date and led to a reduction in the environmental
risks of CHF 3’619 thousand in the current year
(2012: CHF -5’198 thousand). The expected additional costs were discounted. A discount rate of
2.75% was applied as at 31 December 2013 (previous year 2.75%). In some cases, the effective acquisition costs or the investments cannot be reliably
ascertained as the time of acquisition dates far
back in the past. For this reason, the decision was
not to report the acquisition values in these cases.
Notes to the Consolidated
Financial Statements
New additions in 2013 came to CHF 103’866 thousand resulting from investments in 45 sites
amounting to CHF 54’308 thousand and the acquisition of five sites amounting to CHF 49’558 thousand. The largest investments were made in Windisch (AG), accounting for CHF 20’223 thousand
(projects Spinnerkönig CHF 12’643 thousand and
Spinnerei III CHF 4’609 thousand), Oberaathal
(ZH) accounting for CHF 11’548 thousand (projects
Leuchtturm and Neue Spinnerei), Baar (ZG) (project The Cloud CHF 7’743 thousand), Aathal (ZH)
(Project Aretshalden CHF 5’288 thousand), Kleindöttingen (AG) accounting for CHF 2’603 thousand
and Klingnau (AG) accounting for CHF 1’372 thousand. The change in the scope of consolidation
amounting to CHF 4’523 thousand refers to the acquired company Promo-Praille SA in Lancy (GE).
Sites in Meyrin (GE), Neuenburg (NE), Wädenswil
(ZH), Allschwil (BL) and Frauenfeld (TG) were also
acquired.
Disposals amounting to CHF 39’628 thousand concerned the sale of condominiums at the "Stegbünt"
property in Windisch (AG), the "Aretshalden" property in Wetzikon (ZH), as well as the sale of the
"Häslirain" residential property in Aesch (BL), a residential property in Riehen (BS) and the "Zelglistrasse" residential property in Wetzikon (ZH).
Properties held for sale (in CHF thousand) 2013
12’08017’150
Project Aretshalden
38912’900
Project Spinnerei III
15’200
Project The Cloud
64’3200
Property Muttenzerstrasse 1-5
Land
5.5%
Market value of real estate properties according
to canton as at 31 December 2013
Miscellaneous
3.0%
Residential,
Commercial
6.7%
Industry,
Commercial
26.0%
Office
10.6%
Miscellaneous
12.5%
Aargau
30.7%
Geneva
7.3%
Basel-Landschaft
7.9%
Distribution,
Logistics
11.6%
Residential
20.8%
Zug
11.4%
Zurich
30.2%
Retail
15.8%
Market value of real estate properties according
to use as at 31 December 2012
Market value of real estate properties according
to canton as at 31 December 2012
2012
Project Stegbünt
Property Schönegg 1
Market value of real estate properties according
to use as at 31 December 2013
Residential,
Commercial
5.9%
0
1’7090
5300
94’22830’050
As at the balance sheet date condominiums in Windisch (projects Stegbünt and Spinnerei III), in Aathal
(project Aretshalden) and in Baar (project The Cloud), and two sites in Egerkingen (Schönegg 1) and Birsfelden (Muttenzerstrasse 1-5) were for sale.
Geneva
3.7%
Miscellaneous
4.4%
Industry,
Commercial
24.4%
Land
6.0%
Basel-Landschaft
7.4%
Office
8.6%
Miscellaneous
12.0%
Zurich
34.6%
Zug
9.3%
Distribution,
Logistics
12.8%
Residential
21.8%
Aargau
33.0%
Retail
16.1%
67
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Annual Report 2013 | Financial Report | 69
Notes to the Consolidated
Financial Statements
Notes to the Consolidated
Financial Statements
4
5.2. Financial assets from related parties/from shareholders
Other property, plant and equipment and Intangible fixed assets
in CHF thousand
20132012
O
ther property, plant and equipment
Intangible fixed assets
Financial assets from related parties
1140
1’169
23
Financial assets from shareholders
15’7483’789
Book value at 1 January 2012
Additions
2’143
0
Book value at 31 December 2012/1 January 2013
3’776
81
Book value at 31 December 2013
Financial assets due from related parties concern a
loan to a member of the extended Management
Board. The loan is subject to market rate interest
and has been secured by means of a "Schuldbrief",
or debt certificate. The loan came to CHF 114 thousand as at 31 December 2013 (previous year: CHF
204 thousand, recognised under "Other financial
assets", as the member in question joined the extended Management Board in 2013).
2090
3’985
81
Cumulative amortisation at 1 January 2012
210
21
Amortisation
3145
At 31 December 2012/1 January 2013
524
Amortisation
61922
Cumulative amortisation at 31 December 2013
15’8623’789
46458
Changes in the scope of consolidation
Additions
26
1’143
48
Net book value at 1 January 2012
959
2
5
Net book value at 31 December 2012/1 January 2013
3’252
55
Net book value at 31 December 2013
2’842
33
Financial assets and Financial assets from related parties/from shareholders
Other current liabilities
in CHF thousand
in CHF thousand 20132012
Employer contribution reserve
106160
Other financial assets
32232
Non-consolidated investments
7979
217471
2013
2012
To third parties 12’2027’632
Value-added tax
703 121
Advance payments
5.1 Financial assets
The item "Non-consolidated investments" includes
the company Schwert AG (equity investment:
9.9%) and the company Energie Biberist AG EBAG
(equity investment: 20%). The investments are valued at the acquisition cost minus impairments
carried out for business reasons. The book value of
the investments came to CHF 79 thousand as at 31
6
Financial assets due from shareholders concerned
two loans. One loan in the amount of CHF 3’548
thousand (previous year: CHF 3’747 thousand) was
granted for the purposes of acquiring an employee
participation of 15’000 registered shares at a nominal value of CHF 10 per share (previous year: 15’000
shares). The loan is subject to market rate interest.
Shareholder SDA Grisard AG was granted a loan in
the amount of CHF 12’200 thousand in December
2013 (previous year: CHF 0), which is also subject
to market rate interest.
"Other current liabilities to third parties" includes
lump sum charges amounting to CHF 3’171 thousand (2012: CHF 3’632 thousand) and outstanding
payments for acquisitions during the period under
review in the amount of CHF 8’891 thousand (previous year: CHF 0).
5’2064’888
18’11112’641
Advance payments take into consideration property income paid in advance amounting to CHF 2’120
thousand (2012: CHF 1’653 thousand) and deposit
payments for the sale of condominium property
amounting to CHF 3’086 thousand (2012: CHF
3’235 thousand).
December 2013 (2012: CHF 79 thousand). The business of Schwert AG consists of operating the
"Schwert" hotel and restaurant in Netstal, and the
business of Energie Biberist AG (EBAG) is to acquire, operate, maintain and enlarge the power stations belonging to the Biberist paper mill and Utzenstorf.
69
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Annual Report 2013 | Financial Report | 71
Notes to the Consolidated
Financial Statements
7
Notes to the Consolidated
Financial Statements
8
Provisions
in CHF thousand
Tax provisions
Other provisions
Total
0
1’791
1’791
Book value at 1 January 2012
6’660
19’795
26’455
Utilization
Increase
0
(800)
(800)
Release
0
(4’570)
(4’570)
6’660
16’216
22’876
6’600
3’416
10’076
Book value at 31 December 2012/1 January 2013
thereof current
Increase
0
14
14
Utilization
0
(1’820)
(1’820)
(6’660)
(1’981)
(8’641)
0
12’429
12’429
0
935
935
Release
Book value at 31 December 2013
thereof current
Non-current financial liabilities
"Non-current financial liabilities" amounting to CHF 467’361 thousand (2012: CHF 416’456 thousand) are
mortgage loans with a remaining maturity of more than one year as at the reporting date. Most of these
mortgage loans are secured. The debt ratio calculated on the fair value of the property is 44% (2012: 45%).
The average interest rates paid for liabilities to banks came to 1.11% in the period under review (2012:
1.41%). Liabilities to banks to be repaid within a period of twelve months amount to CHF 40’312 thousand (2012: CHF 13’430 thousand) and are classified as "Current financial liabilities".
Due dates in CHF thousand as at 31 December 2013
350’000
300’000
280’328
74.5%
250’000
There were legal uncertainties surrounding companies acquired during the previous year. On one
hand, these concern the appraisal of a site and on
the other hand fiscal risks. In the companies in
question, tax provisions amounting to CHF 6’660
thousand and other provisions amounting to CHF
15’995 thousand were recorded. The uncertainties
concerning tax risks were resolved during the peri-
od under review, enabling these provisions to be
released. No provisions for pension plan obligations or restructuring were made, either in the current or in the previous period. Only those risks are
recognized which have at least a 50% probability
of occurring.
Due dates in CHF thousand as at 31 December 2012
310’106
74
5%
74.5%
300’000
250’000
200’000
200’000
150’000
141’268
141
268
16.7%
150’000
100’000
50’000
100’000
45 765
45’765
8.9%
50’000
0
0
in CHF thousand
’
36’900
8.9%
69’450
16.7%
2015
2016
2017
and no expiry
Total: CHF 467’361 thousand = 100%
in CHF thousand
2014
2015
2017
and no expiry
Total: CHF 416’456 thousand = 100%
Interest rates were fixed as follows as at 31 December 2013 (until the next interest rate adjustment):
Up to one year (in CHF thousand)
258’355
55.3%
2015
45’765
9.8%
2016
141’268
30.2%
2017
21’100
4.5%
2018
873
0.2%
467’361
100.0%
71
72 | Financial Report | Annual Report 2013
9
Notes to the Consolidated
Financial Statements
Notes to the Consolidated
Financial Statements
Deferred taxes
Composition of employee pension expenses
in CHF thousand
2013
Deferred tax liabilities as at 1 January
40’72438’166
Changes in the scope of consolidation
3856’456
Net increase recognised through profit or loss 31 December 2013
Contributions to pension funds at the expense of the company
2012
Contributions to pension plans made from the employer contribution reserve
8’6550
Changes in the employer contribution reserve stemming from asset performance,
impairment, discounts, assessment of interest, etc.
0
Net decrease recognised through profit or loss
0(3’898)
Total contributions and changes to employer contribution reserve
188
Deferred tax liabilities as at 31 December
49’76440’724
Changes in the economic benefit of the company as to surplus coverage 0
Changes in the economic benefit of the company as to deficit coverage 0
The employees of the HIAG Immobilien Group
benefit from funds provided by a pension fund.
This pension fund is set up as a financially independent foundation. The pension fund "HIAG Pensionskasse" is financed by employee and employer
contributions, and the patronage pension institution "Wohlfahrtsfonds" belonging to the HIAG
Group and the "Fürsorgestiftung" foundation belonging to the Spinnerei Streiff AG are financed
in CHF thousand
Nominal
Renounced
value
use
31 December 31 December
2013
2013
exclusively by employer contributions. Benefits
are allocated in accordance with the contributions
paid into the fund or the payments made by the
corresponding insurance carrier (defined contribution). This does not result in any economic benefit
or potential obligations for the Group companies,
and there is no intention obtaining any future economic benefit from the unrestricted reserves.
Total changes in the economic impacts from surplus/deficit coverage
Total pension expenses in terms of employee benefit expenses during the period under review 11
0
188
Property income
in CHF thousand
20132012
Rental income excl. lump sum charges
41’29040’168
Lump sum charges
1’2791’011
Other property income
9581’076
Decrease in income
1(15)
43’52842’240
Other property income includes the sale of electricity from owned power stations in the amount of CHF
839 thousand in 2013 (previous year: CHF 806 thousand).
Balance
sheet
31 December
2013
AccumuBalance
lation
sheet
31 December 31 December
2013
2012
Patronage pension institutions* 1’4370 0
Pension institution
54
188
Employee Benefits
Total contributions
134
The provisions for deferred taxes are discounted. A discount rate of 2.75% was applied as at 31 December
2013 (previous year: 2.75%).
As at the balance sheet date the companies belonging to the group disposed of losses carried forward totaling CHF 99’913 thousand. The potential tax reductions made possible by these loss carryforwards
came to CHF 14’824 thousand as at 31 December 2013. These loss carryforwards have not been capitalised, as it is uncertain whether or not they will be realised.
10
Annual Report 2013 | Financial Report | 73
0
Result from ECR
in personnel
expenses
2013
2012
0
0
0
106 0106 016054
44
1’543 0106 01605444
* As the economic benefit of the employer’s fund does not appear to be certain, it was not included in the balance sheet.
in CHF thousand
Economical part of
Surplus/deficit
the organisation
31 December 2013 31 December 2013
Patronage pension institutions
Change to prior
year period or
recognized in the
current result of
the period,
respectively
00 0
Contributions
concerning the
business period
Pension expenses
within personnel
expenses
31 December 2013
00
Pension institution
3’085 0
0 0188
3’085
0 0188
0
73
74 | Financial Report | Annual Report 2013
Annual Report 2013 | Financial Report | 75
Notes to the Consolidated
Financial Statements
Notes to the Consolidated
Financial Statements
Property income:
Most Important Tenants
according to use as at 31 December 2013
HIAG Immobilien’s five most important tenants measured according to property income were (in alphabetical
order): Athleticum Sportmarkets AG, Doka Schweiz AG, HIAG Handel AG, Media Markt AG and Planzer
Transport AG.
according to canton as at 31 December 2013
Land
0.9%
Zug
4.8%
Miscellaneous
3.2%
Residential,
Commercial
6.4%
Miscellaneous
10.3%
Percent of property income represented by (%):2013
The largest tenant
Industry,
Commercial
33.0%
Office
7.5%
Geneva
5.0%
Aargau
35.5%
2012
66
The three largest tenants
1417
The five largest tenants
2124
The ten largest tenants
3439
Basel-Landschaft
10.6%
Residential
12.7%
The overview of the expiry profile of rental agreements shows when the agreements can be terminated at the
earliest.
Distribution,
Logistics
18.5%
Overview of expiry profile of rental agreements as at 31 December 2013/31 December 2012
Zurich
33.8%
Retail
17.8%
50
43%
40
according to use as at 31 December 2012
according to canton as at 31 December 2012
32%
Land
1.7%
Miscellaneous
8.5%
Geneva
2.5%
Industry,
Commercial
25.7%
Residential,
Commercial
7.1%
Office
8.1%
Miscellaneous
9.3%
30
20
Zug
4.5%
17%
Zurich
36.2%
Basel-Landschaft
11.5%
13%
11%
10
Residential
12.7%
8%
Retail
18.2%
5%
9% 9%
5%
5% 5%
4%
2%
0
in %
Distribution,
Logistics
18.0%
6%
8%
7%
0%
2013
2014
2015
2016
2017
2018
2019
4%
3%
1% 1%
2020
2021
2022
0% 0%
0% 0%
0% 0%
2023
2024
2025
1%
0%
0% 0%
2028
2032
no
expiry
Aargau
36.1%
per 31. December 2013
per 31. December 2012
75
76 | Financial Report | Annual Report 2013
Annual Report 2013 | Financial Report | 77
Notes to the Consolidated
Financial Statements
Notes to the Consolidated
Financial Statements
Vacancy rate
2013
Yielding properties
2012
14
in CHF thousand2013
6.2%6.6%
Yielding properties under repositioning*
39.9%45.2%
Redevelopment properties
33.0%26.4%
Personnel expenses
Wages and salaries
762494
Other personnel expenses
397331
5’125
Employee headcount
Thereof insourced facility management
12
Other operating income
Full-time employees
in CHF thousand2013
Services rendered to third parties
Other operating income
2’1081’493
Revaluation of properties (net)
in CHF thousand2013
Positive adjustments
Negative adjustments
Adjustments to properties to be sold
Adjustments of costs for environmental risks
2012
15
3845
1321
32.733.8
9.311.1
Energy and building maintenance
"Energy and building maintenance" includes lump sum charge in the amount of CHF 1’279 thousand
which were billed to tenants. These billings to tenants are recorded under "Property income".
16
Office and administrative expenses
in CHF thousand2013
43’44746’122
Office and administrative expenses
(10’766)(12’190)
Thereof property expenses
21’9754’056
3’619 (5’198)
2012
3’8894’348
2’0912’088
Property expenses primarily consist of local property administration fees, initial letting fees and appraisal fees.
58’27532’791
The most significant market value adjustments were carried out in connection with the sites in Baar
(CHF 23’327 thousand), Meyrin (CHF 6’801 thousand), Oberaathal (Zurichstrasse 13-25, CHF 6’260 thousand) and in Windisch (project: Spinnerei III CHF -3’179 thousand). Out of a total of 105 properties, 61
underwent positive adjustments, while 43 properties were affected by negative adjustments.
5’270
As at the reporting date, 25 persons were employed at the company’s Basel, Zurich and Geneva locations,
of whom six employees are active in site development, three in portfolio management, three in accounting and two in site marketing/selling.
913306
"Services rendered to third parties" includes the management, asset management and technical administrative management of the pension fund "HIAG Pensionskasse", as well as human resources services rendered
to third parties.
The item "Other operating income" includes in 2013 income amounting to CHF 800 thousand (previous
year: 0) from the sale of CO2 certificates taken over with the purchase of HIAG Biberist AG
13
Thereof insourced facility management
2012
1’1951’187
3’9664’445
Social security contributions
* Properties Mandachstrasse (Niederhasli), Lorzenparkstrasse (Cham) and Sternenfeldpark (Birsfelden)
2012
17
Rent and leases
in CHF thousand2013
Office rent and leases
2012
572596
Building rights
421270
993866
77
78 | Financial Report | Annual Report 2013
Annual Report 2013 | Financial Report | 79
Notes to the Consolidated
Financial Statements
Notes to the Consolidated
Financial Statements
18
Financial income
in CHF thousand
Interest income
2013 2012
21
Liabilities from off-balance-sheet operating leasing activities mature as follows:
5655
Gains on securities
0117
Other financial income
1399
69271
Leasing Liabilities
in CHF thousand
Up to 1 year
435 439
Up to 3 years
666 977
Over 3 years
19
Financial expenses
in CHF thousand
2013
2012
Interest expense
4’877 5’885
112 45
Bank fees and Bank interests Exchange rate loss
Other interest expenses
2
58
191 495
5’184 6’483
The average interest rates paid for liabilities to banks came to 1.11% in the period under review (2012:
1.41%). The fluctuation corridor for interest rates was between 0.60% and 4.55%. Interest rates for construction loans for site development projects amounting to CHF 136 thousand were capitalized (2012: CHF 91
thousand).
20
Taxes
in CHF thousand
2013
Income taxes
(953)(1’764)
Deferred taxes
Released tax risk provisions In the reporting period provisions for deferred taxes
of CHF 8’655 thousand were recorded, essentially in
conjunction with the value appreciation of the project The Cloud in Baar.
There were legal uncertainties surrounding company acquired during the previous year. The uncertainties concerning tax risks were resolved in 2013,
enabling provisions in the amount of CHF 6’660
thousand to be released.
2012
22
0 1’101 126
1’541
Treasury Shares
On 28 February 2012 16’500 shares of HIAG Immobilien Holding AG were purchased by the company
at a nominal value of CHF 10 for a total amount of
CHF 6’270 thousand. On 1 May 2012 16’500 shares of
the company were sold for CHF 7’227 thousand.
23
20132012
On 17 December 2013 70’000 shares of HIAG Immobilien Holding AG were purchased by the company
at a nominal value of CHF 10 for a total amount of
CHF 44’240 thousand. The company holds 70’000
treasury shares as at the reporting date.
Pledged Assets
Shares of subsidiaries in the amount of CHF 132’504
thousand (investment value) were pledged as at 31
December 2013 as part of financing agreements
(previous year: CHF 106’349 thousand).
Treasury shares of HIAG Immobilien Holding AG in
the amount of CHF 44’240 thousand were pledged
as at 31 December 2013 as part of a financing agreement (previous year: CHF 0).
(8’655)3’898
6’6600
(2’948)2’134
In the previous period, based on new data concerning historic acquisition values for sites in the canton
of Zurich (concerning acquisitions dating very far
back in the past), it was possible to calculate the deferred taxes with greater precision, enabling provisions in the amount of CHF 3’898 thousand to be
released in 2012.
79
80 | Financial Report | Annual Report 2013
Annual Report 2013 | Financial Report | 81
Notes to the Consolidated
Financial Statements
24
Notes to the Consolidated
Financial Statements
25
Segment Reporting
The main business activities of the group include
the management of the yielding properties and redevelopment activities. Consequently, reporting is
broken down according to the segments "Yielding
Portfolio" and "Redevelopment Portfolio". The auxiliary activities with regards to the management, asset management and technical administrative management of the pension fund "HIAG Pensionskasse",
as well as human resources services rendered to
third parties are disclosed under the separate segment "Services".
The costs of central functions such as finance, as
well as expenditure in connection with the Board of
Directors are disclosed under the segment "Corporate", while expenditures in connection with the
management board are listed under the segments
according to their purpose. Furthermore, general
company expenditure, such as auditing costs, taxes
on capital, etc. are also disclosed under the segment
"Corporate".
As HIAG Immobilien Holding is active exclusively
in Switzerland, no geographical segment information is provided.
Segments 1 January 2013 to 31 December 2013
Yielding
Portfolio
in CHF thousand
Property income
Redevelopment
Portfolio
Services
Corporate
Group
35’333
8’195
0
0
43’528
26
804
1’197
81
2’108
Revaluation of properties
11’033
47’241
0
0
58’275
Total operating income
46’393
56’240
1’197
81
103’911
6’888
6’045
966
3’397
17’296
39’505
50’196
231
(3’316)
86’615
Other operating income
Total operating expenses
Earnings before interest, taxes,
depreciation and amortisation (EBITDA)
EBITDA before revaluation of properties
28’471
2’954
231
(3’316)
28’340
Shareholder’s equity
Shares issued
Par value in CHF
2013
Registered shares as at 31.12.
10.00
Registered participation certificates as at 31.12.
10.00
0
Total 700’000
On 7 December 2012 all bearer shares and registered
participation certificates were converted to registered shares at a nominal value of CHF 10, and an
ordinary increase in share capital by 54’700 registered shares was conducted at a nominal value of
CHF 10 each.
On 31 May 2013 an ordinary increase in share capital by 15’300 registered shares was conducted at a
nominal value of CHF 10. On 31 December 2013
share capital consisted of 700’000 registered shares
at a nominal value of CHF 10 each.
On 28 February 2012 16’500 shares of HIAG Immobilien Holding AG were purchased by the company
at a nominal value of CHF 10 for a total amount of
in CHF thousand
Property income
Yielding
Portfolio
Redevelopment
Portfolio
1 January –
31 December
2013
in CHF
Corporate
Group
33’931
8’310
0
0
42’240
274
28
1’188
0
1’490
Revaluation of properties
13’196
19’594
0
0
32’791
Total operating income
47’401
27’932
1’188
0
76’521
7’039
5’191
928
3’722
16’880
40’361
22’741
260
(3’722)
59’640
Other operating income
Total operating expenses
Earnings before interest, taxes,
depreciation and amortisation (EBITDA)
In CHF
Services
Shareholders’ equity (NAV) per outstanding
registered shares, before deferred taxes
Shareholders’ equity (NAV) per outstanding
registered shares, after deferred taxes
684’700
0 684’700
2011
450’000
180’000
630’000
CHF 6’270 thousand. On 1 May 2012 16’500 shares of
the company were sold for CHF 7’227 thousand.
On 17 December 2013 70’000 shares of HIAG Immobilien Holding AG were purchased by the company
at a nominal value of CHF 10 for a total amount of
CHF 44’240 thousand. On 31 December 2013 the
company holds 70’000 treasury shares (previous
year: 0). Total acquisition costs came to CHF 44’240
thousand and were recorded separately in the statement of changes in shareholders’ equity.
The non-distributable statutory and legal reserves
come to CHF 1’369 thousand (2012: CHF 1’210 thousand, 2011 CHF 1’210 thousand).
Earnings and shareholders’ equity (NAV) per share
Earnings per average registered shares outstanding
Segments 1 January 2012 to 31 December 2012
700’000
2012
1 January –
31 December
2012
1 January –
31 December
2011*
119 84 73
31 December 2013
31 December 2012
31 December
2011*
878 731 647
799 672 586
* 2011 financial information corresponds to the data published in the annual report 2012 on pages 58 to 76 for the period 1 January 2011 to 31 December 2011 and has been audited by the auditors.
EBITDA before revaluation of properties 27’165
3’146
260
(3’722)
26’850
81
82 | Financial Report | Annual Report 2013
Report of the Statutory Auditors
Annual Report 2013 | Financial Report | 83
Report of the Statutory Auditors
83
84 | Financial Report | Annual Report 2013
Independent Valuer’s Report
Annual Report 2013 | Financial Report | 85
Independent Valuer’s Report
85
86 | Financial Report | Annual Report 2013
Independent Valuer’s Report
Annual Report 2013 | Financial Report | 87
Independent Valuer’s Report
87
88 | Financial Report | Annual Report 2013
Independent Valuer’s Report
Annual Report 2013 | Financial Report | 89
Independent Valuer’s Report
89
90 | Financial Report | Annual Report 2013
Annual Report 2013 | Financial Report | 91
EPRA Key Performance Indicators
EPRA Key Performance Indicators of HIAG Immobilien Holding AG
D. EPRA NIY and “topped up” NIY disclosure
The Group discloses the key performance indicators according to the best practices recommendations of
the EPRA Reporting and Accounting Committee. The European Public Real Estate Association (EPRA) is
an association of the leading European enterprises in the real estate sector.
in CHF thousand2013
A. EPRA Earnings & EPRA earnings per Share
in CHF thousand2013
2012
2011
973’277
859’255
695’442
91’989
77’020
61’387
Less Redevelopment Properties
(428’871)
(311’047)
(183’050)
Completed Property Portfolio
636’395
625’228
573’229
Gross up completed Property Portfolio valuation
636’395
625’228
573’229
35’245
33’824
31’396
Yielding Property excl. promotion projects (condominiums for sale)
Promotion projects (condominiums for sale)
2012
2011
77’911
55’243
45’698
Direct property expenses
(6’888)
(7’039)
(6’678)
Changes in value of Property
(35’013)
(21’003)
(14’243)
Annualised net rents
28’357
26’785
24’718
Changes in value of promotion Property (condominiums for sale)
(23’262)
(11’788)
(11’407)
"Topped-up" net annualised rent
28’357
26’785
24’718
268
218
0
EPRA NIY
4.46%
4.28%
4.31%
75
467
0
EPRA "topped up" NIY
4.46%
4.28%
4.31%
in CHF thousand2013
2012
2011
Earnings per Swiss GAAP FER income statement
Tax on profits or losses on disposals
Acquisition costs on share deals and non-controlling joint venture interests
Deferred tax in respect of EPRA adjustments
EPRA Earnings
Average number of Shares*
EPRA earnings per Share (EPS)
8’655
(3’898)
2’558
28’635
19’240
22’606
6‘923‘500 6‘573‘500 6‘300‘000
41.36 29.27 35.88
Annualised cash passing rental income
E. EPRA vacancy rate
Estimated potential rental income from vacant Sites
B. EPRA net asset value and EPRA equity ratio
Estimated potential rental income from Yielding Portfolio
in CHF thousand2013
NAV per the consolidated financial statements
Effect of exercise of options, convertibles and other equity interests
Deferred taxes
EPRA NAV
Number of Shares*
EPRA NAV per Share
2012
2011
503’281
459’940
369’246
44’240
0
0
49’76440’724 38’166
EPRA vacancy rate (Yielding Portfolio)
5’203
5’721
6’075
40’448
39’546
37’471
12.86%
14.47%
16.21%
2’025
2’070
2’226
EPRA vacancy rate (Yielding Portfolio excl. Properties under repositioning**)
Estimated potential rental income from vacant Sites
Estimated potential rental income from Yielding Portfolio
32’485
31’473
29’493
EPRA vacancy rate 6.23%
6.58%
7.55%
597’285
500’664
407’412
7‘000‘000
6‘847‘000
6‘300‘000
853.26
731.22
646.69
** Properties Mandachstrasse 50-56 ZH, Lorzenparkstrasse 2-16 ZG and Sternenfeldpark 14 BL.
If there is any ambiguity regarding the terms, the information at www.epra.com shall prevail.
Total assets
1’111’634
987’177
821’321
53.73%
50.72%
49.60%
in CHF thousand2013
2012
2011
500’664
407’412
EPRA equity ratio
C. Triple net asset value (NNNAV)
EPRA NAV
597’285
Deferred taxes
(49’764)
(40’724)
(38’166)
EPRA NNNAV
547’521
459’940
369’246
7‘000‘000
6‘847‘000 6‘300‘000
Number of Shares (diluted)*
EPRA NNNAV per Share
782.17
671.74
586.10
* For purpose of EPRA per share metrics, Shares means the Company’s registered shares + participation certificates, adjusted to reflect the 1 to 10 share split effected prior to the Offering.
91
92 | Financial Report | Annual Report 2013
Annual Report 2013 | Financial Report | 93
HIAG Immobilien Holding AG
Balance sheet
2013 Individual Financial Statement
in CHF thousand
31 December 2013
Cash and cash equivalents
31 December 2012
61510’822
Group receivables
3’56596
Receivables from related parties/from shareholders 1260
Other current receivables
701
Prepayments and accrued income
64
Current assets
4’382
10’923
Investments
78’37378’373
Financial assets Group
185’049195’568
Treasury shares
44’2400
Financial assets from related parties/from shareholders
15’7483’789
Non-current assets
323’410277’730
Total assets
327’792288’653
Current financial liabilities
30’0000
Trade payables
182134
Current liabilities Group
1’447455
Other current liabilities
01’551
Tax liabilities
8581’090
Accrued expenses and deferred income
394243
Current liabilities
32’8813’473
Non-current financial liabilities
55’00055’000
Non-current liabilities Group
22’85425’550
Other non-current liabilities
4’5004’500
Non-current liabilities
82’35485’050
Total liabilities
115’23588’523
Share capital
7’0006’847
Statutory reserves from capital contribution*
52’35442’837
General statutory reserves
1’3691’210
Unrestricted reserves
63’760108’000
Reserves for treasury shares
44’2400
Retained earnings
41’07736’657
Net income for the period
2’7574’579
Balance sheet profit for the year
43’83441’236
Shareholders’ equity 212’557200’130
Total liabilities and shareholders’ equity
327’792288’653
* See notes to the financial statements
93
94 | Financial Report | Annual Report 2013
Income Statement
Notes to the Financial Statements
in CHF thousand2013
Operating Income
Annual Report 2013 | Financial Report | 95
2012
810
Personnel expenses
6714
Insurance and fees
11023
General operating expenses
111625
Office and administrative expenses
715467
Communication expenses
236169
Operating expenses
1’2391’298
Earnings before interest, taxes, depreciation and amortisation (EBITDA)
(1’157)(1’298)
Earnings before interest and taxes (EBIT)
(1’157)(1’298)
Financial income
5’4058’138
Financial expenses
1’2341’353
Financial result
4’1716’785
Investments
Summary of investments of HIAG Immobilien Holding AG at 31 December 2013
Share capital
Holding
Company
Postal code/city Country
in CHF thousand
in %
HIAG Immobilien Schweiz AG
HIAG Biberist AG
3’0145’487
Taxes
257908
Net income for the period
2’7574’579
6300 Zug
CH
11’000
100%
26’155
4562 Biberist
CH
10’000
100%
52’218
78’373
The companies are real estate companies within the context of HIAG Immobilien’s strategy and serve the
purpose of maintaining and developing as well as selling properties.
In the period under review, HIAG Immobilien Schweiz AG took over Grisard Liegenschaften AG and Kunz RE AG
pursuant to the merger agreements dated 11 June 2013 as of the balance sheet period starting 1 January 2013.
Summary of investments of HIAG Immobilien Holding AG at 31 December 2012
Share capital
Holding
Company
Postal code/city Country
in CHF thousand
in %
HIAG Immobilien Schweiz AG
Earnings before taxes (EBT)
Book value of the
investments
in CHF thousand
Kunz RE AG
Grisard Liegenschaften AG
HIAG Biberist AG
Book value of the
investments
in CHF thousand
6300 Zug
CH
11’000
100%
10’632
5210 Windisch
CH
100
100%
14’510
4127 Birsfelden
CH
1’000
100%
1’013
4562 Biberist
CH
10’000
100%
52’218
78’373
The companies are real estate companies within the context of HIAG Immobilien’s strategy and serve the purpose
of maintaining and developing as well as selling properties.
Contingent liabilities
in CHF thousand
31 December 2013
Joint security for loans extended to the Group
31 December 2012
7’500
7’500
31 December 2013
31 December 2012
70’395
0
Assets pledged
in CHF thousand
Assets pledged to third parties
95
96 | Financial Report | Annual Report 2013
Annual Report 2013 | Financial Report | 97
Report of the Statutory Auditors
Treasury shares
On 17 December 2013 70’000 shares of HIAG Immobilien Holding AG were purchased by the company at a
nominal value of CHF 10 for a total amount of CHF 44’240 thousand. The company held 70’000 treasury shares
at the reporting date.
Statutory reserves from capital contribution
The capital contributions in the amount of CHF 42’837 thousand reported to the the Swiss Federal Tax Administration (ESTV) as of 31 December 2012 were recognised by the ESTV in the amount of CHF 42’398 thousand
(decision issued on 15 October 2013). The statutory reserves from capital contribution rose to CHF 52’354 thousand as a result of the capital increase carried out in 2013.
Risk assessment
HIAG Immobilien Holding AG has an implemented standard risk management system. A comprehensive risk
survey is carried out on an annual basis, which is used to identify and document all business risks based on
uniform criteria. An assessment of the identified risks is carried out to determine the probability of their occurrence and their impact, which includes both financial repercussions as well as repercussions of a general nature. The Board of Directors adopts appropriate measures to absorb, avoid, mitigate or overcome these risks.
Events after the Balance Sheet date
The Financial Statements were approved by the Board of Directors on 04 April 2014 and are subject to
approval by the General Assembly. At this point in time there have been no significant events after the balance
sheet date.
Profit Appropriation
Proposed appropriation of distributable profit:
in CHF thousand
Net income for the period
Amount carried forward from previous year
Distributable profit
Attribution to the general statutory reserves
Amount carried forward to next year
31 December 2013
31 December 2012
2’757
4’579
41’077
36’657
43’834
41’236
31
159
43’803
41’077
97
98 | Financial Report | Annual Report 2013
Report of the Statutory Auditors
99
General Property Details
102 | General Property Details | Annual Report 2013
Annual Report 2013 | General Property Details | 103
General Property Details as of 31 December 2013 - Yielding Portfolio
General Property Details as of 31 December 2013 - Yielding Portfolio
Property ID Canton
Municipality
Property
Main use*
Market
Value
(CHFm)
Full occu- Annualised
pancy
Property Property
Rent
Rent Occupancy
(CHFm) (CHFm)
rate (%)
Lettable area (%, sqm)
Net site
area
(sqm)**
Ow nership (%)
Year of
construction
Full occupancy Property Income (CHF '000)
Year of Partial
Register of
construc- reno- Discount polluted sites Compulsory Obligatory ResiIndustry/
tion 2*** vation factor (%)
(KbS)
surveillance remediation dential Off ice Retail Logistics Storage Others
Residential Off ice
Total
Industry/
Retail Logistics Storage Others
Total
10101
ZH
Dietikon
Riedstras se 3
Retail
55.8
3.0
2.9
96.8%
13,690 Sole owners hip 100%
1982
2002
2007
4.6
Yes
--
--
--
13% 37%
8%
5%
38%
17,003
--
342 1,423
154
107 1,003
3,029
10102
ZH
Dietikon
Riedstras se 5
Retail
45.5
2.2
2.2
100.0%
13,500 Sole owners hip 100%
1982
--
1993
4.6
No
--
--
--
7% 80%
--
13%
--
9,240
--
120 1,786
--
140
197
2,244
10103
ZH
Dietikon
Riedstras se 7-9
Retail
29.7
1.6
1.5
96.2%
10,543 Sole owners hip 100%
1982
--
--
4.6
No
--
--
--
-- 94%
--
6%
--
11,854
--
-- 1,353
--
85
140
1,579
10104
ZH
Dietikon
Riedstras se 11
Others
0.3
0.0
0.0
100.0%
930 Sole owners hip 100%
--
--
--
4.4
No
--
--
--
--
--
--
--
--
--
--
--
--
--
--
12
12
10201
AG
Kleindöttingen
Industries tras se 39-41
Indus trial
29.2
1.3
1.3
99.9%
65,356 Sole owners hip 100%
1997
2007
--
5.1
Yes
No
No
--
20%
--
79%
1%
--
16,113
--
192
--
752
8
384
1,336
10202
AG
Kleindöttingen
Industries tras se 14/20/26/30/34/46
Indus trial
33.3
2.1
2.1
99.3%
38,314 Sole owners hip 100%
1971
2012
--
5.0
Yes
No
No
--
14%
--
68%
17%
--
17,006
--
452
--
1,343
212
61
2,068
10203
AG
Kleindöttingen
Industries tras se 3
Logistics
21.0
1.5
1.4
91.6%
14,517 Sole owners hip 100%
1971
1999
2008
5.2
Yes
No
No
--
19%
--
74%
7%
--
15,461
--
410
--
1,045
54
17
1,526
10204
AG
Kleindöttingen
Haupts trasse 70
Indus trial
2.6
0.3
0.3
77.5%
6,625 Sole owners hip 100%
1961
1977
--
5.5
No
--
--
--
--
--
83%
17%
--
4,775
--
--
--
281
27
17
325
10207
AG
Kleindöttingen
Industries tras se 21
Indus trial
5.2
0.7
0.5
72.5%
12,849 Sole owners hip 100%
1969
1974
--
5.7
No
--
--
--
6%
--
48%
39%
6%
11,359
--
51
--
380
183
62
676
10301
ZH
Niederhas li
Mandachs tras se 50-56
Office
41.4
3.0
1.9
63.0%
10,918 Sole owners hip 100%
1992
2007
--
5.0
No
--
--
--
41% 24%
22%
12%
--
19,187
--
1,100
956
504
194
206
2,960
10302
ZH
Niederhas li
Stationstrass e 25
Logistics
21.9
1.4
1.4
100.0%
16,691 Sole owners hip 100%
1991
--
--
4.9
No
--
--
--
3%
--
86%
11%
--
7,883
--
42
--
1,109
136
111
1,397
10303
ZH
Niederhas li
Stationstrass e 32
Indus trial
8.5
0.9
0.5
63.9%
16,122 Sole owners hip 100%
2001
1955
--
5.3
No
--
--
8%
11%
--
31%
50%
--
4,608
75
64
--
237
162
314
852
10502
TG
Ermatingen
Haupts trasse 189
Logistics
4.5
0.4
0.4
100.0%
12,257 Sole owners hip 100%
1994
--
--
5.4
No
--
--
--
--
--
--
100%
--
3,301
--
--
--
--
172
257
429
10701
GE
Carouge
Rue Baylon 13-15
Logistics
18.9
1.4
1.4
100.0%
10,871 Building right
1970
2003
2021
5.1
No
--
--
--
10%
--
89%
1%
--
10,749
--
186
--
1,192
8
26
1,412
10801
BS
Riehen
plot no. 1700
Others
1.8
0.2
0.2
100.0%
5,486 Building right
100%
--
--
--
3.5
No
--
--
--
--
--
--
--
--
--
--
--
--
--
--
171
171
12801
SG
St. Margrethen
plot no. 2957
Others
2.3
0.1
0.1
100.0%
13,880 Building right
100%
--
--
--
4.0
No
--
--
--
--
--
--
--
--
--
--
--
--
--
--
102
102
13401
AG
Klingnau
Weiers tras se 5 / Kanals trasse 8
Indus trial
16.4
1.0
1.0
100.0%
12,992 Sole owners hip 100%
1965
2008
--
4.8
No
--
--
--
10%
--
75%
15%
--
9,015
--
132
--
810
40
19
1,002
13402
AG
Klingnau
Industries tras se 7
Indus trial
5.8
0.4
0.3
72.3%
5,526 Sole owners hip 100%
1955
--
--
5.6
Yes
No
No
--
4%
--
90%
5%
--
5,914
--
26
--
391
7
10
434
13403
AG
Klingnau
Industries tras se 4/10, Brühlstrass e 46-50
Indus trial
14.0
0.9
0.8
83.5%
13,028 Sole owners hip 100%
1955
1960
--
5.1
Yes
No
No
--
3%
--
73%
23%
--
10,428
--
72
--
676
116
39
903
13404
AG
Klingnau
Brühls tras se 33-41
Indus trial
4.4
0.4
0.2
70.4%
6,174 Sole owners hip 100%
1953
1955
--
5.4
No
--
--
--
11%
--
43%
46%
--
5,741
--
83
--
146
114
11
354
13405
AG
Klingnau
Schützenmattstrass e 7, Parkstras se 14
Indus trial
5.1
0.4
0.3
64.7%
11,016 Sole owners hip 100%
1961
1949
--
5.7
Yes
No
No
--
7%
--
43%
51%
--
5,526
--
39
--
187
143
57
426
13,071 Sole owners hip 100%
100%
1999
2008
--
4.1
No
--
--
91%
--
--
--
--
9%
6,309 1,120
--
--
--
--
149
1,269
100%
1999
2008
--
4.2
No
--
--
92%
--
--
--
--
8%
2,911
495
--
--
--
--
49
545
0.0%
0 Sole owners hip 100%
1968
--
--
4.0
No
--
--
100%
--
--
--
--
--
309
--
--
--
--
--
--
--
2.1
61.5%
13,537 Sole owners hip 100%
2008
--
--
4.9
No
--
--
38%
26%
--
23%
6%
7%
14,812 1,313
922
--
601
72
509
3,417
0.3
0.3
98.8%
7,861 Sole owners hip 100%
1870
1915
1988
4.6
No
--
--
100%
--
--
--
--
--
2,139
264
--
--
--
10
27
301
0.1
0.1
99.7%
6,639 Sole owners hip 100%
1849
1880
1985
4.8
No
--
--
100%
--
--
--
--
--
1,096
136
--
--
--
--
1
137
0.9
0.0
0.0
100.0%
559 Sole owners hip 100%
1981
--
--
4.0
No
--
--
--
--
--
--
--
--
--
28
--
--
--
--
--
28
Indus trial
3.9
0.4
0.2
48.9%
16,250 Sole owners hip 100%
1960
1964
--
5.3
No
--
--
--
--
--
--
100%
--
4,753
--
--
--
--
312
38
350
Residential
1.1
0.1
0.1
88.2%
4,375 Sole owners hip 100%
1900
--
1995
4.4
No
--
--
100%
--
--
--
--
--
729
99
--
--
--
--
2
101
Others
1.4
0.0
0.0
--
196 Sole owners hip 100%
--
--
--
4.0
No
--
--
--
--
--
--
--
--
--
--
--
--
--
--
1
1
Zürichs trasse 34
Res. mixed
0.2
0.0
0.0
100.0%
257 Sole owners hip 100%
1860
--
1990
5.0
No
--
--
66%
--
--
34%
--
--
94
6
--
--
1
--
--
7
Wetzikon
Zürcherstrass e 130-132/131-133
Residential
0.5
0.1
0.1
98.9%
0 Sole owners hip 100%
1839
--
2003
4.5
No
--
--
100%
--
--
--
--
--
551
62
--
--
--
--
2
64
Wetzikon
Grunds trasse 6-10
Residential
1.0
0.1
0.1
98.7%
1,745 Sole owners hip 100%
1895
--
1990
4.2
No
--
--
100%
--
--
--
--
--
433
53
--
--
--
--
2
55
ZH
Wetzikon
Schulhaus strass e 42-44
Residential
1.5
0.1
0.1
100.0%
2,076 Sole owners hip 100%
1840
--
1982
4.4
No
--
--
100%
--
--
--
--
--
500
78
--
--
--
--
3
81
ZH
Wetzikon
Usters tras se 128
Residential
4.0
0.2
0.2
100.0%
1,569 Sole owners hip 100%
1870
2007
--
4.1
No
--
--
98%
--
--
--
--
2%
1,065
203
--
--
--
--
9
212
13406
AG
Klingnau
Parkstrass e 15-29
Residential
24.2
1.3
1.2
95.5%
13407
AG
Klingnau
Parkstrass e 7-13
Residential
11.1
0.5
0.5
99.4%
14401
SO
Egerkingen
Schönegg 1
Residential
1.7
0.0
0.0
18101
ZG
Cham
Lorzenparkstrass e 2-16
Res. mixed
51.9
3.4
30001
ZH
Aathal
Zürichs trasse 66-80
Residential
3.9
30002
ZH
Aathal
Zürichs trasse 50-62/192
Res. mixed
1.7
30301
ZH
Seegräben
Gstalders tras se 59
Residential
30402
ZH
Aathal
Gstalders tras se 5
30404
ZH
Aathal
Zürichs trasse 1-7
30501
ZH
Aathal/Wetzikon agriclutural land/land without use
30601
ZH
Aathal
30802
ZH
30901
ZH
30902
30904
6,075 Condominium
30905
ZH
Wetzikon
Haldenstrass e 20
Residential
2.7
0.2
0.2
99.3%
1,741 Sole owners hip 100%
1971
--
1991
4.1
No
--
--
100%
--
--
--
--
--
904
156
--
--
--
--
12
167
30909
ZH
Wetzikon
Florastras se 9
Residential
5.2
0.3
0.3
98.8%
1,899 Sole owners hip 100%
1990
--
--
4.3
No
--
--
100%
--
--
--
--
--
1,347
254
--
--
--
--
20
274
30910
ZH
Wetzikon
Usters tras se 88-104
Residential
0.6
0.1
0.1
98.8%
2,078 Sole owners hip 100%
1791
--
1990
4.6
No
--
--
100%
--
--
--
--
--
627
56
--
--
--
--
7
62
32106
AG
Windisch
Dorfstrass e 69
Office
9.1
0.6
0.4
75.5%
2,466 Sole owners hip 100%
1959
--
2008
5.1
No
--
--
--
89%
--
--
10%
1%
3,147
--
488
--
--
28
66
581
32108
AG
Windisch
Spitzmatts tras se 6
Others
22.2
1.3
1.3
97.2%
5,115 Sole owners hip 100%
1960
--
2003
4.9
No
--
--
2%
--
--
--
--
98%
8,380
36
--
--
--
-- 1,286
1,322
33101
ZH
Wädenswil
Seestrass e 205/219, Bürglistrass e 43
Indus trial
10.7
0.7
0.7
100.0%
10,993 Sole owners hip 100%
1916
--
--
4.3
Yes
No
No
--
3%
--
67%
30%
--
11,986
--
33
--
573
128
13
33102
ZH
Wädenswil
Seestrass e 201
Office
0.9
0.1
0.0
0.0%
1,799 Sole owners hip 100%
1908
1919
--
5.6
No
--
--
--
76%
--
--
24%
--
522
--
67
--
--
6
12
84
35001
GL
Diesbach
Legler Fabrik
Indus trial
7.3
0.8
0.8
100.0%
9,890 Sole owners hip 100%
1996
1910
--
4.7
No
--
--
--
--
--
100%
--
--
170
--
--
--
1
--
754
755
35002
GL
Diesbach
Haupts trasse 38-40
Office
0.0
0.0
0.0
50.6%
7,683 Sole owners hip 100%
1961
1970
--
5.0
No
--
--
100%
--
--
--
--
--
200
11
--
--
--
--
--
11
35003
GL
Diesbach
Haupts trasse 25
Residential
0.4
0.1
0.1
100.0%
1,225 Sole owners hip 100%
1974
--
2009
4.9
No
--
--
100%
--
--
--
--
--
390
57
--
--
--
--
6
63
36201
SO
Biberis t
Herrenweg 1-7
Residential
1.8
0.1
0.1
100.0%
5,000 Sole owners hip 100%
1920
--
--
4.5
Yes
No
No
100%
--
--
--
--
--
1,732
138
--
--
--
--
--
138
36202
SO
Biberis t
Derendingers tras se 18-40, Herrenweg 6
Residential
3.6
0.3
0.3
96.0%
16,394 Sole owners hip 100%
1920
--
--
4.5
No
--
--
100%
--
--
--
--
--
2,610
222
--
--
--
--
45
267
36203
SO
Biberis t
Herrenweg 4/8/10, Derendigerstr. 16
Residential
3.0
0.0
0.0
100.0%
0 Sole owners hip 100%
1935
--
1992
4.5
No
--
--
--
--
--
--
--
--
--
--
--
--
--
--
42
42
60101
BS
Bas el
Ros entals tras se 27
Residential
3.9
0.2
0.2
100.0%
574 Sole owners hip 100%
1938
--
--
3.9
No
--
--
100%
--
--
--
--
--
1,121
210
--
--
--
--
--
210
--
--
--
--
--
1,976
462
--
--
--
--
95
557
24% 19%
11%
18%
--
3,157
169
183
130
50
43
52
627
60301
BL
Birsfelden
Weidenweg 8-10
Residential
10.3
0.6
0.5
98.2%
3,798 Sole owners hip 100%
1989
--
--
4.2
No
--
--
100%
60302
BL
Birsfelden
Haupts trasse 84-88
Residential
11.1
0.6
0.5
86.9%
1,787 Sole owners hip 100%
1989
--
--
4.4
No
--
--
28%
747
60304
BL
Birsfelden
Muttenzers trasse 1-5
Indus trial
0.5
0.1
0.1
100.0%
754 Sole owners hip 100%
1958
--
--
4.9
Yes
No
No
38%
5%
--
23%
640
10
--
40
10
--
5
65
60401
BL
Birsfelden
Sternenfeldpark 14
Office
24.6
1.6
0.8
51.7%
3,554 Sole owners hip 100%
2009
--
--
5.2
Yes
No
No
--
58%
--
42%
--
--
10,165
--
915
--
520
--
151
1,586
866
-- 34%
60402
BL
Birsfelden
Langenhagstras se 6/10/18
Logistics
13.9
0.9
0.9
100.0%
8,383 Sole owners hip 100%
1960
2006
2006
5.0
Yes
No
No
--
14%
--
82%
5%
--
6,992
--
159
--
681
17
9
60601
SO
Gempen
Schartenhof
Others
2.4
0.0
0.0
100.0%
2,331 Sole owners hip 100%
1950
--
2006
5.0
No
--
--
100%
--
--
--
--
--
162
10
--
--
--
--
5
15
62001
BL
Alls chwil
Binningers trasse 87-89
Indus trial
5.3
0.4
0.4
100.0%
1,999 Sole owners hip 100%
1809
1957
--
4.4
No
--
--
11%
16%
--
73%
--
--
2,443
56
86
--
204
--
10
355
70001
AG
Brunegg
Industries tras se 1
Logistics
16.8
1.4
1.4
100.0%
15,293 Sole owners hip 100%
1974
1985
2001
4.9
No
--
--
--
12%
--
74%
14%
--
10,635
--
164
--
1,066
148
35
1,413
70401
SG
Buchs
Fabrikweg
Retail
3.9
0.4
0.4
100.0%
18,211 Building right
1988
--
2007
5.2
No
--
--
--
39%
--
61%
--
--
4,950
--
215
--
219
--
--
434
636.4
40.4
35.2
87.1%
15% 10%
43%
14%
6,543 5,690
13,133
Total
Total
* Others refer to land, building rights, parking, official us e; Res . mixed refers to properties with residential and commercial use
** Net site area does not include agricultural land and land without utilisation (total approximately 1 million sqm)
*** Second building phas e
508,462
100%
11%
6% 295,120 5,777
2,673 6,633 40,448
103
104 | General Property Details | Annual Report 2013
Annual Report 2013 | General Property Details | 105
General Property Details as of 31 December 2013 - Redevelopment Portfolio
General Property Details as of 31 December 2013 - Redevelopment Portfolio
Property ID Canton
Municipality
Property
Main use*
Market
Value
(CHFm)
Full occu- Annualised
pancy
Property Property
Rent
Rent Occupancy
(CHFm) (CHFm)
rate (%)
Ef fective Area to be developed (sqm)
Net site
area
(sqm)**
Year of
construction
Year of Partial Discount
construc- reno- f actor
tion 2*** vation
(%)
Ow nership (%)
Register of
polluted
Resisites
Compulsory Obligatory dential
(KbS)
surveillance remediation (sale)
Residential
(rent)
4,200 16,800
Office
Retail
Industry/
Logistics Storage Others
Total
10208
AG
Kleindöttingen
plot no. 420
Others
7.5
--
0.0
--
43,400
--
--
--
5.0
Sole ownership 100%
No
--
--
--
--
4,000
--
--
10304
ZH
Niederhasli
plot no. 3131
Others
3.4
--
0.0
--
12,000
--
--
--
4.0
Sole ownership 100%
No
--
--
--
--
--
--
--
--
--
25,000
--
10501
TG
Ermatingen
Hauptstras se 181/185
Logistics
6.3
0.4
0.4
100.0%
12,125
1968
1997
--
5.4
Sole ownership 100%
No
--
--
--
6,500
--
2,000
2,000
350
--
10,850
10601
BL
Füllinsdorf
Wölferstrasse 27/27a
Logistics
10.0
0.8
0.0
0.0%
16,000
1971
1983
--
6.2
Sole ownership 100%
No
--
--
--
--
--
--
--
--
--
--
12802
SG
St. Margrethen
Altfeldstrasse West
Res. mixed
9.3
0.4
0.2
48.6%
38,741
1951
2016
--
4.6
Sole ownership 100%
No
--
--
4,597
6,798
--
6,000
--
1,000
3,600
21,995
12803
SG
St. Margrethen
Altfeldstrasse Ost
Industrial
4.0
0.3
0.2
66.9%
31,710
1937
--
--
5.3
Sole ownership 100%
Yes
No
No
--
--
--
--
--
--
--
--
13408
AG
Klingnau
Weierstrasse 8
Others
0.8
--
0.0
--
2,137
--
--
--
5.0
Sole ownership 100%
No
--
--
--
--
--
--
--
--
--
--
16101
ZG
Baar
Ibelweg 18
Residential
64.3
--
0.0
--
9,218
1964
2015
--
4.0
Sole ownership 100%
No
--
--
11,785
--
--
--
420
--
--
12,205
18102
ZG
Cham
plot no. 2794
Others
5.2
--
0.0
--
6,514
--
--
--
5.0
Sole ownership 100%
No
--
--
--
5,350
4,600
--
2,700
--
--
12,650
20101
VS
St-Maurice
Bois-Noir
Industrial
2.0
0.6
0.3
47.8%
35,366
1960
1970
--
5.8
Sole ownership 100%
Yes
No
No
--
--
-- 12,600
7,470
--
--
20,070
22101
VD
Aigle
Route Industrielle 18
Industrial
3.0
0.2
0.0
0.0%
11,410
1991
2015
--
5.4
Sole ownership 100%
No
--
--
--
--
,252
1,532
,766
--
--
2,550
22201
GE
Vernier
Chemin de la Verseuse 1-3
Industrial
6.8
0.2
0.1
36.6%
4,507
1964
2014
--
4.6
Sole ownership 100%
No
--
--
--
--
3,049
--
4,466
739
--
8,254
22301
GE
Lancy
Route des Jeunes 20-26
Industrial
16.7
0.6
0.6
94.0%
8,783
2017
--
--
4.2
Building right
100%
Yes
No
No
--
--
25,701
--
--
-- 21,243
46,945
26101
AG
Bremgarten
Luzernerstrasse 48-50
Industrial
10.7
0.7
0.7
100.0%
20,613
1962
1983
--
5.2
Sole ownership 100%
Yes
No
No
--
--
1,935
--
5,535
--
--
7,470
29001
GE
Meyrin
Route du Nant d'Avril 150
Office
35.3
2.5
2.4
95.7%
36,296
1981
--
--
4.5
Building right
No
--
--
--
--
15,800
--
23,700
--
--
39,500
30101
ZH
Aathal
plot no. 3990
Others
1.3
0.1
0.1
100.0%
8,163
--
--
--
5.2
Sole ownership 100%
No
--
--
--
--
--
--
--
--
--
--
30201
ZH
Aathal
Zürichstrasse 27/33-39, Gstalderstrasse 4
Residential
3.7
0.2
0.2
98.4%
21,302
1850
1870
1990
4.7
Sole ownership 100%
No
--
--
--
2,400
1,000
4,800
2,250
--
--
10,450
30401
ZH
Aathal
Zürichstrasse 13-25
Retail
33.6
2.3
0.6
26.1%
16,597
1862
--
--
4.9
Sole ownership 100%
Yes
No
No
--
--
--
4,144
--
1,228
--
5,372
30403
ZH
Aathal
Gstalderstrasse 3
Res. mixed
1.0
0.1
0.0
8.3%
1,067
1870
--
1993
5.3
Sole ownership 100%
No
--
--
--
--
--
--
--
--
--
--
30602
ZH
Aathal
Chälenweg 1/11/164, Aretsh. 1-7/11-21/158 Residential
2.5
0.2
0.2
76.8%
10,069
1440
--
1988
4.8
Sole ownership 100%
Yes
No
No
--
--
--
--
--
--
--
--
30603
ZH
Aathal
Zürichstrasse 22-24
Res. mixed
1.4
0.2
0.1
43.1%
3,580
1870
1860
1989
5.0
Sole ownership 100%
No
--
--
--
--
--
--
--
--
--
--
30701
ZH
Seegräben
Aretshaldenstrasse 30
Residential
0.4
0.0
0.0
100.0%
14,762
1700
1850
--
5.0
Sole ownership 100%
No
--
--
--
--
--
--
--
--
--
--
30801
ZH
Wetzikon
Usterstr. 200-202/206, Zürichstr. 119-121
Industrial
6.7
0.6
0.3
57.2%
14,653
1872
1900
1993
5.5
Sole ownership 100%
Yes
No
No
1,349
--
2,609
1,328
--
772
--
6,058
30906
ZH
Wetzikon
Schönaustrasse 5-13
Residential
4.9
0.3
0.3
86.5%
13,223
2016
--
1943
4.1
Sole ownership 100%
No
--
--
6,282
--
--
--
120
--
740
7,142
30907
ZH
Wetzikon
Schönaustras se 9
Others
17.9
0.0
0.0
97.4%
11,312
2016
--
--
4.0
Sole ownership 100%
Yes
No
No
8,727
--
--
--
--
--
--
8,727
30908
ZH
Wetzikon
Weststrasse 26-28
Residential
1.6
0.0
0.0
99.3%
1,908
1800
1896
--
4.4
Sole ownership 100%
No
--
--
--
--
--
--
--
--
--
--
31501
TG
Frauenfeld
Walzmühlestrasse 47-51
Res. mixed
6.2
0.3
0.3
92.2%
15,257
2014
--
--
4.5
Sole ownership 100%
Yes
No
No
6,523
1,261
8,785
660
--
648
--
17,877
31601
NE
Neuchâtel
Rue du Plan 30
Industrial
10.7
0.5
0.5
100.0%
11,397
1963
1967
--
4.7
Sole ownership 100%
Yes
No
No
--
--
--
--
--
--
--
--
32101
AG
Windisch
Spitzmattstrasse 41-45
Residential
12.1
--
0.0
--
16,076
2012
--
--
4.0
Condominium
No
--
--
--
--
--
--
--
--
--
--
100%
100%
32102
AG
Windisch
Spinnereistrasse 10-12/15
Residential
17.9
--
0.0
--
5,122
2014
--
--
4.2
Sole ownership 100%
No
--
--
--
5,317
--
--
--
--
--
5,317
32103
AG
Windisch
Kunzareal - Feinspinnerei
Residential
6.3
--
0.0
--
2,081
1951
--
2014
4.0
Sole ownership 100%
No
--
--
2,987
--
--
--
--
--
--
2,987
15.2
--
0.0
--
8,400
1864
--
2012
4.0
Condominium
100%
No
--
--
8,324
--
--
--
--
--
--
8,324
1.5
0.1
0.1
100.0%
2,481
1827
1890
2015
4.8
Sole ownership 100%
No
--
--
--
--
2,039
--
--
--
--
2,039
--
32104
AG
Windisch
Spinnereistrasse 6
Residential
32105
AG
Windisch
Kunzareal - Zentrum West
Industrial
32107
AG
Windisch
Kunzareal - Heinrich
Others
34001
AG
Brugg
Wildischachenstras se 12-16
Industrial
36101
SO
Biberist
Fabrikstrasse 4-8
Office
36102
SO
Biberist
Fabrikstrasse 10-30
Industrial
36103
SO
Biberist
Fabrikstrasse - Ausrüstung
36104
SO
Biberist
Fabrikstrasse 36
36105
SO
Biberist
Fabrikstrasse 1
1.4
0.1
0.1
81.4%
3,252
1960
--
2015
4.7
Sole ownership 100%
No
--
--
--
--
--
--
--
--
--
21.3
2.0
1.5
74.7%
44,585
1960
1973
--
5.4
Sole ownership 100%
Yes
No
No
--
--
3,441 13,520
--
341
--
17,302
--
2.0
0.4
0.0
0.0%
13,500
1937
--
--
5.8
Sole ownership 100%
No
--
--
--
--
1,416
--
472
--
1,888
15.9
--
0.0
--
45,000
1990
--
--
6.1
Sole ownership 100%
No
--
--
--
--
--
--
30,954 15,000
--
45,954
Industrial
5.4
0.1
0.1
100.0%
41,000
1946
1991
--
6.1
Sole ownership 100%
No
--
--
--
--
--
--
33,952 14,000
--
47,952
Logistics
10.3
0.1
0.1
100.0%
21,000
1991
--
--
5.2
Sole ownership 100%
Yes
No
No
--
--
386
--
Industrial
8.6
0.4
0.4
100.0%
41,000
1984
--
--
5.5
Sole ownership 100%
No
--
--
--
--
--
--
4,457
6,804
--
11,647
-- 42,120
--
42,120
36106
SO
Biberist
Fabrikstrasse - Werkhof
Industrial
1.2
--
0.0
--
17,500
1896
1968
--
6.1
Sole ownership 100%
No
--
--
--
--
--
--
5,257
--
--
5,257
36107
SO
Biberist
Fabrikstrasse Insel
Industrial
2.5
--
0.0
--
55,000
1934
1991
--
6.2
Sole ownership 100%
Yes
No
No
--
--
--
--
11,000
--
--
11,000
36108
SO
Biberist
Derendingerstrasse Nord
Others
9.3
--
0.0
--
42,555
--
--
--
5.0
Sole ownership 100%
Yes
No
No
--
--
--
--
17,700
--
--
17,700
61101
BL
Aes ch
Industriestrasse 45-61
Industrial
8.5
0.8
0.8
98.0%
35,932
1900
1940
--
5.1
Sole ownership 100%
Yes
No
No
--
--
27,000
--
27,000
--
--
54,000
72001
AG
Hausen
Hauptstrasse 96
Others
8.9
--
0.0
--
27,235
2017
--
--
4.0
Sole ownership 100%
Yes
No
No
7,215
--
4,320
--
8,640
--
--
20,175
72002
AG
Lupfig
Hauptstrasse 98-100
Others
3.6
--
0.0
--
34,933
2018
--
--
4.9
Sole ownership 100%
Yes
Yes
Yes
--
--
2,600
--
13,500
--
--
16,100
428.9
15.5
10.4
67.0%
888,762
Total
Total
61,989 44,426 104,933 46,584 205,887 83,474 25,583 572,877
* Others refer to land, building rights, parking, official use; Res. mixed refers to properties with residential and commercial use
** Net site area does not include agricultural land and land without utilisation (total approximately 1 million sqm)
*** Second building phase
105
IMPRINT
GLOSSARY
Publisher: HIAG Immobilien Holding AG
Editor/content design: Frank Butz
Text: Frank Butz
Proofreading: Michael Leuenberger
Layout design: eyeloveyou GmbH
Equity ratio
Shareholder’s equity/total assets
Photography:
Portraits: Michael Fritschi
Sites: Michael Fritschi, Pascal Greco, Dominique Marc Wehrli,
Daniel Schläfli, Beat Bühler, Manuel Stettler, Pierre-Yves
Dhinaut, Marcel Werren
Return on equity
Net income/shareholders’ equity
English version: Elisabeth Freund Ducatez, Mag. Jill Kreuer,
Elizabeth Grüssendorf-Tichit
The Annual Report is published in English and German.
Should there be any linguistic discrepancies, the German
version shall prevail.
A print version of the Annual Report is available upon
request.
Contact
HIAG Immobilien
Aeschenplatz 7
4052 Basel
T +41 61 606 55 00
HIAG Immobilien
Löwenstrasse 51
8001 Zürich
T +41 44 404 10 30
HIAG Immobilier
Rue François-Bonivard 10
1201 Genève
T +41 22 304 10 30
Press contact:
Frank Butz
Director of Communication
T: +41 61 606 55 22
www.hiag.com
Return on assets
EBIT/total assets
Vacancy rate
Anticipated market rent of vacancies according to the rent schedule/
maximum property income at full occupancy
Liability ratio
Total liabilities/balance sheet total