9   Financial expense

 

1st half-year 2012

 

1st half-year 2011

 

 

 

 

 

 

–16.1

 

–15.7

 

–2.0

 

–0.5

 

–3.6

 

–3.5

 

–2.0

 

0.0

 

4.5

 

3.7

 

–19.2

 

–16.0

Out of the inflow of funds from the capital increase carried out in May 2012, short-term borrowings were repaid and, at the same, two interest rate swaps with a contract volume of CHF 150 million and a term to maturity of December 2012 were written back early. The expenditure of CHF 2.0 million was charged to the income statement, thereby reducing the financial expense in the second half of 2012 by roughly the same amount.

Capitalised building loan interest of CHF 4.5 million relates to directly attributable financial expenses on development real estate under construction (CHF 1.6 million) and investment real estate under construction (CHF 2.9 million).

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