Explanations to the annual financial statements
1 | Securities
The securities are listed shares. The Zug Estates Group did not hold any securities as at the balance sheet date (market value previous year: TCHF 4 366).
2 | Trade receivables
in CHF thousands | 31.12.2014 | 31.12.2013 |
---|---|---|
Trade receivables from hotel & catering activities | 1 114 | 852 |
Rent receivables | 386 | 273 |
Other trade receivables | 533 | 787 |
Provisions for doubtful receivables | – 80 | – 76 |
Total trade receivables | 1 953 | 1 836 |
3 | Other receivables
in CHF thousands | 31.12.2014 | 31.12.2013 |
---|---|---|
Withholding tax credits | 57 | 155 |
Accounts for heating and service charge settlement | 4 759 | 3 073 |
Other receivables | 22 | 1 990 |
Total other receivables | 4 838 | 5 218 |
The decline in "other receivables" is mainliy due to input VAT.
4 | Properties held for sale
in CHF thousands | 31.12.2014 | 31.12.2013 |
---|---|---|
Acquisition value at the beginning of reporting period | 1 388 | 0 |
Additions | 3 417 | 1 388 |
Disposals | 0 | 0 |
Acquisition value at the end of reporting period | 4 805 | 1 388 |
A preliminary agreement was concluded with the municipality of Risch for the sale of the Suurstoffi 29 development property in connection with the Suurstoffi East development plan. Since 2013, therefore, this property is classified under current assets. In the year under review, TCHF 3 417 was invested in this property.
5 | Investment properties, investment properties under construction and undeveloped plots

in CHF thousands | Zug City Center site, Zug investment properties | Suurstoffi site, Risch Rotkreuz, investment properties | Other investment properties | Total investment properties | Total investment properties under construction1 | Undeveloped plots2 | Total |
---|---|---|---|---|---|---|---|
Balance as at 01.01.2013 | 558 697 | 92 584 | 24 363 | 675 644 | 111 234 | 11 311 | 798 189 |
Investments | 3 598 | 18 620 | 0 | 28 082 | 40 293 | 0 | 68 375 |
Acquisitions | 0 | 0 | 0 | 0 | 0 | 118 | 118 |
Disposals 3 | 0 | 0 | – 35 | – 35 | 0 | 0 | – 35 |
Reclassification of properties under construction to investment properties 4 | 0 | 109 607 | 0 | 109 607 | – 109 607 | 0 | 0 |
Reclassification of undeveloped plots to properties under construction 5 | 0 | 0 | 0 | 0 | 1 997 | – 1 997 | 0 |
Reclassification to properties for sale 6 | 0 | 0 | 0 | 0 | – 1 225 | – 163 | – 1 388 |
Revaluation (net) | 16 428 | 6 279 | – 138 | 22 569 | 4 331 | 0 | 26 900 |
Balance as at 31.12.2013 | 584 587 | 227 090 | 24 190 | 835 867 | 47 023 | 9 269 | 892 159 |
Accumulated acquisition values as at 01.01.2013 | 300 881 | 73 713 | 22 384 | 396 978 | 94 709 | 11 311 | 502 998 |
Accumulated acquisition values as at 31.12.2013 | 310 343 | 186 614 | 22 344 | 519 301 | 42 136 | 9 269 | 570 706 |
Difference market values/acquisition values as at 01.01.2013 | 257 816 | 18 871 | 1 979 | 278 666 | 16 525 | 0 | 295 191 |
Difference market values/acquisition values as at 31.12.2013 | 274 244 | 40 476 | 1 846 | 316 566 | 4 887 | 0 | 321 453 |
Balance as at 01.01.2014 | 584 587 | 227 090 | 24 190 | 835 867 | 47 023 | 9 269 | 892 159 |
Investments | 1 645 | 1 670 | 0 | 3 315 | 61 746 | 0 | 65 061 |
Acquisitions | 27 200 | 0 | 0 | 27 200 | 0 | 0 | 27 200 |
Disposals 7 | 0 | 0 | – 1 418 | – 1 418 | 0 | 0 | – 1 418 |
Reclassification of properties under construction to investment properties 8 | 0 | 24 470 | 0 | 24 470 | – 24 470 | 0 | 0 |
Revaluation (net) | 8 516 | 2 508 | – 182 | 10 842 | 10 472 | 0 | 21 314 |
Balance as at 31.12.2014 | 621 948 | 255 738 | 22 590 | 900 276 | 94 771 | 9 269 | 1 004 316 |
Accumulated acquisition values as at 01.01.2014 | 310 343 | 186 614 | 22 344 | 519 301 | 42 136 | 9 269 | 570 706 |
Accumulated acquisition values as at 31.12.2014 | 339 188 | 210 381 | 21 460 | 571 029 | 81 785 | 9 269 | 662 083 |
Difference market values/acquisition values as at 01.01.2014 | 274 244 | 40 476 | 1 846 | 316 566 | 4 887 | 0 | 321 453 |
Difference market values/acquisition values as at 31.12.2014 | 282 760 | 45 357 | 1 130 | 329 247 | 12 986 | 0 | 342 233 |
1 Comprises the properties under construction at the Suurstoffi site in Risch Rotkreuz 2 Comprises the undeveloped part of the Suurstoffi site in Risch Rotkreuz. The undeveloped plots are stated at cost less accumulated depreciation in accordance with the valuation principles. 3 Disposal of a hobby room at the Baar property, Rote Trotte 14/16 4 Reclassification of the Risch Rotkreuz properties, Suurstoffi 8-12 and Suurstoffi 14 to investment properties 5 Reclassification of the Risch Rotkreuz, S41 and site 3 plots to investment properties under construction 6 Reclassification of the Suurstoffi 29 development property held for sale 7 Disposal of an apartment (incl. two parking spaces) at the Baar property, Rote Trotte 14/16 8 Reclassification of the Risch Rotkreuz property, Suurstoffi 41 to investment properties |
The fair values are based on the market value assessments performed annually by a recognized independent real estate expert (Wüest & Partner AG) as at December 31 using the DCF (discounted cash flow) method. The discount rates applied for the valuation of the investment properties and the investment properties under construction as at the balance sheet date were within a range of 3.4% to 5.5% (previous year: 3.6% to 5.4%).
As at December 31, 2014, the fire insurance values amounted to TCHF 580 521 (previous year: TCHF 549 795).
Additional information per property can be found here.
6 | Operating properties
in CHF thousands | 2014 | 2013 |
---|---|---|
Acquisition value at the beginning of reporting period | 61 700 | 60 723 |
Additions | 263 | 977 |
Disposals | 0 | 0 |
Acquisition value at the end of reporting period | 61 963 | 61 700 |
Accumulated depreciation at the beginning of reporting period | – 20 655 | – 18 469 |
Disposals | 0 | – 1 |
Depreciation in the reporting period | – 2 218 | – 2 185 |
Accumulated depreciation at the end of reporting period | – 22 873 | – 20 655 |
Net book value at the beginning of reporting period | 41 045 | 42 254 |
Net book value at the end of reporting period | 39 090 | 41 045 |
The following properties located in Zug serve completely or partly as operating properties: Industriestrasse 14 (Parkhotel Zug), Industriestrasse 16 (Résidence), Metallstrasse 20 (Hotel City Garden), Haldenstrasse 9, 10, 11 (serviced city apartments), Baarerstrasse 30 (Restaurant Bären) and Industriestrasse 12 (Zug Estates offices).
The market value of the operating properties as at the balance sheet date is TCHF 106 724 (previous year: TCHF 106 507). It was determined by the independent real estate expert (Wüest & Partner AG) using the DCF method. For the valuation as at the balance sheet date, discount rates within a range from 3.9% to 4.8% were applied.
As at 31 December, 2014, the fire insurance values were unchanged at TCHF 84 827.
7 | Other tangible assets
in CHF thousands | 2014 | 2013 |
---|---|---|
Acquisition value at the beginning of reporting period | 19 077 | 18 257 |
Additions | 811 | 890 |
Disposals | – 3 568 | – 70 |
Acquisition value at the end of reporting period | 16 320 | 19 077 |
Accumulated depreciation at the beginning of reporting period | – 13 633 | – 12 299 |
Disposals | 3 568 | 0 |
Depreciation in the reporting period | – 1 351 | – 1 334 |
Accumulated depreciation at the end of reporting period | – 11 416 | – 13 633 |
Net book value at the beginning of reporting period | 5 444 | 5 958 |
Net book value at the end of reporting period | 4 904 | 5 444 |
8 | Prepayments for tangible assets
No prepayments were made for investment properties (previous year: TCHF 535).
9 | Intangible assets
in CHF thousands | 2014 | 2013 |
---|---|---|
Acquisition value at the beginning of reporting period | 197 | 183 |
Additions | 19 | 14 |
Disposals | – 29 | 0 |
Acquisition value at the end of reporting period | 187 | 197 |
Accumulated amortization at the beginning of reporting period | – 144 | – 109 |
Disposals | 29 | 0 |
Amortization in the reporting period | -29 | -35 |
Accumulated amortization at the end of reporting period | – 144 | – 144 |
Net book value at the beginning of reporting period | 53 | 74 |
Net book value at the end of reporting period | 43 | 53 |
Intangible assets comprise software utilized in the business units.
10 | Financial liabilities
All financial liabilities are mortgage loans with financial institutions. They are structured as follows by maturity:
Residual term in CHF thousands |
31.12.2014 | 31.12.2013 |
---|---|---|
Under 1 year | 45 000 | 0 |
1 to 3 years | 0 | 0 |
3 to 5 years | 100 000 | 50 000 |
5 to 10 years | 40 000 | 90 000 |
Over 10 years | 135 000 | 110 000 |
Total | 320 000 | 250 000 |
Of which current | 45 000 | 0 |
Of which long-term | 275 000 | 250 000 |
The average residual term of the interest-bearing debt is 7.6 years (previous year: 9.5 years). The average capital-weighted interest rate on all interest- bearing financial liabilities is 2.2% (previous year: 2.6%). The short-term loans were taken out on a rolling basis, while the long-term loans were taken out at fixed interest rates. In the 2013 financial year, a 15-year TCHF 75 000 fixed-rate loan with an interest rate of 2.45% was also arranged under a forward contract maturing in May 2015 to supersede the short-term facilities. The fair value of the forward contract as at December 31, 2014 was TCHF –11 112 (previous year: TCHF 5 381). In light of the underlying transaction, it was not recognized in the balance sheet.
To secure the non-current financial liabilities, properties with a book value of TCHF 631 158 (previous year: TCHF 419 170) have been encumbered.
11 | Trade payables
in CHF thousands | 31.12.2014 | 31.12.2013 |
---|---|---|
Advance payments from tenants | 1 702 | 1 585 |
Trade payables to suppliers | 3 048 | 5 969 |
Total trade payables | 4 750 | 7 554 |
12 | Provisions
in CHF thousands | 2014 | 2013 |
---|---|---|
Provisions at the beginning of the reporting period | 305 | 137 |
Increase | 215 | 192 |
Utilization | – 200 | – 24 |
Release | 0 | 0 |
Provisions at the end of the reporting period | 320 | 305 |
Of which current at the end of reporting period | 236 | 225 |
Of which long-term at the end of reporting period | 84 | 80 |
13 | Deferred tax liabilities
in CHF thousands | 2014 | 2013 |
---|---|---|
Deferred tax liabilities at the beginning of reporting period | 80 315 | 74 096 |
Net creation recognized in the income statement in reporting period | 3 281 | 6 219 |
Deferred tax liabilities at the end of reporting period | 83 596 | 80 315 |
The average tax rate for deferred income taxes amounts to 14.6 % (previous year: 15.0 %).
14 | Shareholders' equity
Shares issued | Security number | Par value CHF | Number | Votes | Capital CHF |
---|---|---|---|---|---|
Series A registered shares | 14 805 211 | 2.50 | 1 948 640 | 1 948 640 | 4 871 600 |
Series B registered shares | 14 805 212 | 25.00 | 315 136 | 315 136 | 7 878 400 |
Total | 2 263 776 | 12 750 000 |
In the year under review, Zug Estates Holding AG acquired 16 315 series B registered treasury shares at an average price of CHF 1 178 and sold 13 321 series B registered treasury shares at an average price of CHF 1 203 (previous year: acquired 8 648 series B registered treasury shares at an average price of CHF 1 185, no sales).
As at December 31, 2014, Zug Estates Holding AG holds 18 400 series A registered treasury shares (unchanged) and 17 592 series B registered treasury shares (previous year: 14 598).
Non-distributable statutory reserves amount to TCHF 7 676 (previous year: TCHF 28 281) as at December 31, 2014.
Shareholders' equity (NAV) per share
in CHF | 31.12.2014 | 31.12.2013 |
---|---|---|
Shareholders' equity (NAV) per outstanding series B registered share, before deferred taxes | 1 521.55 | 1 437.27 |
Shareholders' equity (NAV) per outstanding series B registered share, after deferred taxes | 1 351.15 | 1 274.55 |
Earnings per share
Information on series A registered shares | 2014 | 2013 | |
---|---|---|---|
Series A registered shares issued | Number | 1 948 640 | 1 948 640 |
Series A registered treasury shares (weighted average) | Number | 18 400 | 18 400 |
Average outstanding series A registered shares | Number | 1 930 240 | 1 930 240 |
Share in net income attributable to series A registered shares | TCHF | 17 711 | 17 371 |
Applicable number of series A registered shares | Number | 1 930 240 | 1 930 240 |
Earnings per series A registered share, undiluted | CHF | 9.18 | 9.00 |
Information on series B registered shares | 2014 | 2013 | |
Series B registered shares issued | Number | 315 136 | 315 136 |
Series B registered treasury shares (weighted average) | Number | 16 095 | 10 274 |
Average outstanding series B registered shares | Number | 299 041 | 304 862 |
Share in net income attributable to series B registered shares | TCHF | 27 438 | 27 436 |
Applicable number of series B registered shares | Number | 299 041 | 304 862 |
Earnings per series B registered share, undiluted | CHF | 91.75 | 89.99 |
There are no potential dilutive effects to report. The diluted earnings per share correspond to the undiluted earnings per share.
15 | Significant shareholders
As of 31 December 2014, the following shareholders owned more than 3% of total voting rights:
Number or in % | Series A registered shares | Series B registered shares | Votes | Votes previous year |
---|---|---|---|---|
Heinz and Elisabeth Buhofer as well as Heinz M. Buhofer ¹ | 1 480 650 | 4 481 | 65.6% | 66.3% |
Ursula Stöckli-Rubli | 328 000 | 17 006 | 15.2% | 15.2% |
Werner O. Weber, indirectly held through Wemaco Invest AG | 82 000 | 46 600 | 5.7% | 5.7% |
1 The group also comprises Annelies Häcki Buhofer, Philipp Buhofer, Martin Buhofer and Julia Häcki, if acting in mutual agreement. The shares held indirectly via Metall Zug AG in 2013 are included. |
The shares held by current members of the corporate bodies are shown in the Notes of Zug Estates Holding AG.
16 | Property income
The reported property income of TCHF 37 450 (previous year: TCHF 34 733) comprises actual rental income and income from Miteigentümergemeinschaft Metalli. This position contains rental revenue from all properties.
in CHF thousands | 01.01.2014 – 31.12.2014 | 01.01.2013 – 31.12.2013 |
---|---|---|
Actual rental income | 24 701 | 22 879 |
Income from Miteigentümergemeinschaft Metalli 1 | 12 749 | 11 854 |
Total property income | 37 450 | 34 733 |
1 Proportional gross profit |
The individual contractual relationships with external tenants had the following terms as at the balance sheet date, based on the annualized projected rental revenue:
Term, share in % | 31.12.2014 | 31.12.2013 |
---|---|---|
Under 1 year, incl. unlimited rental contracts | 44.4 | 40.5 |
Over 1 year | 5.1 | 6.7 |
Over 2 years | 2.0 | 5.8 |
Over 3 years | 6.6 | 0.6 |
Over 4 years | 5.8 | 6.2 |
Over 5 years | 1.1 | 1.7 |
Over 6 years | 2.1 | 1.2 |
Over 7 years | 0.8 | 0.8 |
Over 8 years | 15.5 | 1.6 |
Over 9 years | 8.5 | 16.1 |
Over 10 years | 8.1 | 18.8 |
Total | 100.0 | 100.0 |
As at December 31, 2014, the five largest tenant groups together generate 27.0% (previous year: 28.1%) of annualized projected rental revenue.
Tenants, share in % | 31.12.2014 | Tenants, share in % | 31.12.2013 | |
---|---|---|---|---|
Novartis | 8.3 | Novartis | 8.6 | |
Migros 2 | 7.2 | Migros 2 | 7.2 | |
UBS | 5.7 | UBS | 6.2 | |
Dosenbach-Ochsner | 3.0 | Nord Stream | 3.1 | |
H&M | 2.8 | Dosenbach-Ochsner | 3.0 | |
2 Various companies of the Migros Group |
17 | Hotel & catering income
in CHF thousands | 01.01.2014 – 31.12.2014 | 01.01.2013 – 31.12.2013 |
---|---|---|
Accommodation | 11 170 | 10 780 |
Catering | 8 582 | 8 465 |
Ancillary services | 811 | 971 |
Sales deductions | -8 | -4 |
Total hotel & catering income | 20 555 | 20 212 |
18 | Other operating revenue
in CHF thousands | 01.01.2014 – 31.12.2014 | 01.01.2013 – 31.12.2013 |
---|---|---|
Revenue from services | 1 563 | 1 605 |
Revenue from own work | 346 | 274 |
Revenue from leasing of personnel | 2 090 | 2 167 |
Other revenue | 61 | 104 |
Total other operating revenue | 4 060 | 4 150 |
19 | Personnel expenses
in CHF thousands | 01.01.2014 – 31.12.2014 | 01.01.2013 – 31.12.2013 |
---|---|---|
Wages and salaries | 11 622 | 11 682 |
Pension expenses | 626 | 637 |
Other personnel expenses | 1 617 | 1 583 |
Total personnel expenses | 13 865 | 13 902 |
20 | Other operating expenses
in CHF thousands | 01.01.2014 – 31.12.2014 | 01.01.2013 – 31.12.2013 |
---|---|---|
Marketing/sales promotion | 890 | 864 |
Maintenance and repair | 449 | 408 |
Administrative expenses | 643 | 487 |
IT/software | 364 | 225 |
Legal and consultancy costs | 417 | 746 |
Hire, leasing | 453 | 453 |
Other costs1 | 2 437 | 2 241 |
Total other operating expenses | 5 653 | 5 424 |
1 Other operating expenses mainly include costs incurred by the hotel & catering business unit for laundering services and for the operation of the properties. |
21 | Depreciation
in CHF thousands | 01.01.2014 – 31.12.2014 | 01.01.2013 – 31.12.2013 |
---|---|---|
Depreciation of operating properties | 2 218 | 2 185 |
Depreciation of other tangible assets | 1 351 | 1 334 |
Amortization of intangible assets | 29 | 35 |
Total depreciation | 3 598 | 3 554 |
22 | Financial result
in CHF thousands | 01.01.2014 – 31.12.2014 | 01.01.2013 – 31.12.2013 |
---|---|---|
Interest income from banks | 12 | 23 |
Gain on securities | 475 | 1 933 |
Fair value of financial assets | 192 | 0 |
Total financial income | 679 | 1 956 |
Interest expense mortgage loans | 5 978 | 5 973 |
Other financial expenses | 50 | 73 |
Losses on securities | 0 | 3 |
Total financial expenses | 6 028 | 6 049 |
Financial result | – 5 349 | – 4 093 |
In the reporting period, borrowing costs in the amount of TCHF 1 449 (previous year: TCHF 1 038) were capitalized.
23 | Taxes
in CHF thousands | 01.01.2014 – 31.12.2014 | 01.01.2013 – 31.12.2013 |
---|---|---|
Income taxes | 2 076 | 1 412 |
Deferred taxes | 3 281 | 6 219 |
Total taxes | 5 357 | 7 631 |
Average weighted tax rate | 2014 | 2013 |
Income before taxes (EBT) | 50 506 | 52 438 |
Average tax rate | 14.86% | 14.51% |
Income taxes at average tax rate | 7 505 | 7 607 |
Unrecognized tax losses | 0 | 26 |
Utilisation of previously unrecognized tax losses | -31 | 0 |
Reduction of tax rate | – 2 117 | 0 |
Other effects | 0 | – 2 |
Total income taxes | 5 357 | 7 631 |
Potential tax reductions resulting from unrecognized loss carry forwards and temporary differences amount to 0 (previous year: TCHF 33).
24 | Contingent liabilities and other off-balance sheet obligations
Zug Estates AG is the majority owner of Miteigentümergemeinschaft Metalli, Zug. For this reason, joint liability may apply in relations with third parties.
In relation to the construction and operation of City Garden Hotel, Zug Estates AG accepted a demolition obligation amounting to TCHF 490. This comes into effect in 2025 at the earliest, and then only if the land on which the hotel was built has to be vacated for construction of the access road to the Zug city tunnel.
Zug Estates AG is owner and developer of the Suurstoffi development in Risch Rotkreuz. Under the terms of the rental contract, penalties amounting to a maximum of TCHF 290 were agreed with one tenant. In addition, the tenant is to be compensated for any damage incurred in excess of the penalty.
25 | Leasing liabilities
The liabilities from operating leasing that are not recognized in the balance sheet are structured as follows, according to maturity:
in CHF thousands | 31.12.2014 | 31.12.2013 |
---|---|---|
up to 1 year | 18 | 20 |
up to 3 years | 0 | 25 |
over 3 years | 42 | 0 |
Total | 60 | 45 |
26 | Pension plan liabilities
The employee benefit plan of Zug Estates Holding AG and its subsidiary takes the form of independent foundations or, as the case may be, collective foundations in accordance with Swiss pensions legislation (BVG). In the financial year under review and the previous year, all payments were made to pension institutions that are themselves risk bearers.
Employer's contribution reserves (ECR)
As at December 31, 2014 there are no employer's contribution reserves.
Economic benefits/economic liabilities and pension expenses

in CHF thousands | Deficit/surplus of joint pension plans 31.12.2014 | Economic share of company 31.12.2014 | Economic share of company 31.12.2013 | Change or impact on net income in financial period | Contri butions for the period | Pension expenses in personnel expenses 2014 | Pension expenses in personnel expenses 2013 |
---|---|---|---|---|---|---|---|
Patronage funds/pension schemes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pension plans without surplus/deficit | 0 | 0 | 0 | 0 | 626 | 626 | 456 |
Pension plans with surplus | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pension plans with deficit | 0 | 0 | 0 | 0 | 0 | 0 | 181 |
Total pension expenses | 0 | 0 | 0 | 0 | 626 | 626 | 637 |
The pension plans are funded by employer and employee contributions. Contributions are calculated as a percentage of the insured salary.
Composition of pension expenses
in CHF thousands | 2014 | 2013 |
---|---|---|
Pension contributions at the company's expense | 626 | 637 |
Contributions to pension plans from employer's contribution reserves | 0 | 0 |
Total contributions | 626 | 637 |
Change in ECR due to asset development, value adjustments, discounting, interest payments, etc. | 0 | 0 |
Total contributions and changes in employer's contribution reserves | 626 | 637 |
Change in economic benefits for the company from surplus | 0 | 0 |
Change in economic liabilities for the company from deficit | 0 | 0 |
Total change in economic impact of surplus/deficit | 0 | 0 |
Total pension expenses in personnel expenses in the period | 626 | 637 |
Total pension expenses in personnel expenses in the period under review amounted to TCHF 626 (previous year: TCHF 637). No extraordinary contributions were agreed or paid in the reporting period.
27 | Segment report
The Group's business activities comprise the business units "real estate" and "hotel & catering".
01.01.2013 – 31.12.2013 in CHF thousands | Real estate | Hotel & catering | Corporate & eliminations 1 | Total |
---|---|---|---|---|
Operating revenue | 44 943 | 20 276 | – 6 124 | 59 095 |
Operating expenses | 12 387 | 19 319 | 5 796 | 25 910 |
Revaluation of investment properties (net) | 26 900 | 0 | 0 | 26 900 |
Operating income before depreciation (EBITDA) | 59 456 | 957 | – 328 | 60 085 |
Operating income (EBIT) | 56 991 | – 105 | – 355 | 56 531 |
01.01.2014 – 31.12.2014 in CHF thousands | ||||
Operating revenue | 47 470 | 20 619 | – 6 024 | 62 065 |
Operating expenses | 10 581 | 19 452 | 5 624 | 24 409 |
Revaluation of investment properties (net) | 21 314 | 0 | 0 | 21 314 |
Income from sale of investment properties | 483 | 0 | 0 | 483 |
Operating income before depreciation (EBITDA) | 58 686 | 1 167 | – 400 | 59 453 |
Operating income (EBIT) | 56 126 | 157 | – 428 | 55 855 |
1 Holding company expenses and inter-segment revenues are eliminated in the Corporate & eliminations column. |
All revenues were generated in the Canton of Zug and in the Canton of Aargau.
Ownership of the entire portfolio – i.e. investment and operating properties – stays with the real estate business unit. Based on an integrated view of the hotel & catering business unit, i.e. factoring in all properties used by the unit as well as all associated expenses and credits arising from rent paid to the real estate business unit, in the year under review the hotel & catering business unit generated operating income of CHF 3.4 million (previous year: CHF 3.3 million) and an annualized EBITDA return of 6.4% (previous year: 6.3%) on the market values of these properties.
28 | Transactions with related parties
In the year under review, revenue of TCHF 195 (previous year: TCHF 239) from hotel, catering and property management services were received from companies of the Metall Zug Group. This was offset by expenses and investments of TCHF 122 (previous year: TCHF 120) for services and deliveries of equipment. As at the balance sheet date, receivables due from Metall Zug Group companies amounted to TCHF 18 (previous year: TCHF 6) and liabilities to them TCHF 21 (previous year: TCHF 1). Furthermore, in the year under review, 15 895 series B registered treasury shares were acquired by Metall Zug AG at a market price of TCHF 18 734 and 18 400 series A registered shares of Metall Zug AG were sold to the same at a market price of TCHF 4 679. Consequently, Zug Estates Holding AG no longer holds any shares of Metall Zug AG.
Information on the procedure for determining the compensation of members of the board of directors and Group Management and on the compensation amounts paid to them is available in the compensation report. As at the balance sheet date, liabilities to members of the board of directors amounted to TCHF 134 (previous year: TCHF 93).
29 | Events after the balance sheet date
No events requiring disclosure took place after the balance sheet date.