Financial report Consolidated annual financial statements: Notes to the consolidated annual financial statements General information
Notes to the consolidated annual financial statements General information 1. Business activities
Change in accounting treatment
Mobimo Holding AG is the parent company of the Mobimo Group, which operates exclusively in Switzerland. Its business activities consist of the long-term holding and management of commercial and residential properties, the construction and selling of owner-occupied residential properties, and the development of commercial and residential properties for its own portfolio and third-party investors.
To date, Mobimo has offset the heating and operating costs for properties incurred as at the reporting date that could be passed on to tenants at time of preparation of the heating and ancillary cost statements against the advance payments made by tenants as at the reporting date to cover the heating and operating costs for each property, and has reported these under trade receivables or trade payables. As the corresponding statements had not yet been prepared as at the reporting date, the receivables recognised had also not yet been invoiced to the tenants and were therefore not due. Mobimo concludes that this situation can be better presented by reporting the incurred heating and operating costs gross under accrued income and prepaid expenses, and the advance payments made by tenants under accrued expenses and deferred income. Mobimo does not believe that the change in presentation has a material impact on the financial statements, but the prior-year fi gures have nevertheless been restated to improve comparability. The affected balance sheet items for the financial statements as at 31 December 2019 are shown in the table below.
Mobimo Holding AG is a public limited company under Swiss law, headquartered in Lucerne and listed on the SIX Swiss Exchange.
2. Group accounting policies General information
The consolidated annual financial statements of Mobimo Holding AG are prepared in accordance with International Financial Reporting Standards (IFRS) and comply with legislation in Switzerland as well as with Article 17 of the Directive on Financial Reporting issued by the SIX Swiss Exchange. Consolidation takes place on the basis of the individual financial statements from the Group companies. These statements are audited and drawn up in accordance with standardised guidelines. The reporting date is 31 December. All amounts contained in the consolidated annual financial statements are shown in thousands of Swiss francs (TCHF), unless stated otherwise. The sums and totals of the individual positions may be larger or smaller than 100% due to rounding. The consolidated annual financial statements have been prepared in accordance with the cost principle, with the exception of investment properties including investment properties under construction, derivatives and financial assets in the category “measured at fair value through profit or loss”, which are all recognised at fair value, and investments in associates and joint ventures, which are initially valued at cost and subsequently according to Mobimo’s share of equity. The notes to the consolidated annual financial statements are divided into what Mobimo considers relevant sections to facilitate an understanding of the company’s earnings and financial position. Similarly, for ease of comprehension, the accounting principles applied and material uncertainties regarding estimates are set out at the start of each relevant note.
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Mobimo Annual Report 2020
31.12.2019
Transition
31.12.2019 adjusted
13,047
–10,071
2,975
2,768
22,630
25,398
356,964
12,559
369,523
3,450,775
12,559
3,463,334
Trade payables
18,209
–2,881
15,327
Accrued expenses and deferred income
41,804
15,440
57,244
258,144
12,559
270,703
Total liabilities
1,918,519
12,559
1,931,078
Total equity and liabilities
3,450,775
12,559
3,463,334
TCHF
Trade receivables Accrued income and prepaid expenses Total current assets Total assets
Total current liabilities
The equity ratio as at 31 December 2019 is now 44.2%, compared with 44.4% before restatement.