Information for investors and analysts
Multi-year overview
Key financial figures (in CHF million) |
| 2011 |
| 2010 | 2009 | 2008 | 2007 |
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Total sales |
| 886.1 |
| 726.9 | 624.1 | 623.3 | 607.3 |
Earnings from rental and sale of investment real estate |
| 124.7 |
| 120.6 | 119.7 | 108.3 | 100.5 |
Earnings from Projects & Development division |
| 108.3 |
| 108.2 | 82.2 | 81.8 | 78.8 |
Completed project volume Projects & Development division |
| 743.2 |
| 587.0 | 491.2 | 499.9 | 532.6 |
Operating profit (EBIT) incl. revaluation gains |
| 217.5 |
| 185.0 | 149.5 | 152.5 | 151.3 |
Operating profit (EBIT) excl. revaluation gains |
| 172.8 |
| 171.5 | 143.0 | 135.3 | 125.5 |
Net profit incl. revaluation effect |
| 140.8 |
| 116.4 | 88.6 | 90.7 | 88.0 |
Net profit excl. revaluation effect |
| 109.0 |
| 106.1 | 83.1 | 78.4 | 70.3 |
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Cash flow from operating activities |
| –22.9 |
| 36.5 | 79.0 | 108.1 | 117.1 |
Cash flow from investing activities |
| –175.5 |
| –52.4 | –216.1 | –150.5 | –256.9 |
Cash flow from financing activities |
| 236.4 |
| 21.2 | 146.6 | 42.0 | 146.0 |
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Total assets as at 31 December |
| 3 671.6 |
| 3 218.9 | 3 077.2 | 2 860.6 | 2 671.3 |
Market value of investment real estate on 31 December |
| 2 951.0 |
| 2 619.3 | 2 519.1 | 2 310.2 | 2 113.0 |
Balance sheet value development real estate as at 31 December |
| 504.1 |
| 456.0 | 394.4 | 380.9 | 409.8 |
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Net yield investment real estate (%) |
| 5.1 |
| 5.1 | 5.2 | 5.2 | 5.2 |
Operating margin Projects & Development division (%) |
| 51.8 |
| 54.7 | 40.5 | 42.2 | 41.6 |
Average interest rate on financial liabilities (%) |
| 2.30 |
| 2.59 | 2.56 | 2.79 | 2.81 |
Average duration of financial liabilities (months) |
| 51 |
| 46 | 36 | 44 | 48 |
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Return on equity incl. revaluation effect (%) |
| 8.9 |
| 8.2 | 7.1 | 7.2 | 8.3 |
Return on equity excl. revaluation effect (%) |
| 7.3 |
| 7.9 | 6.7 | 6.1 | 7.1 |
Share of equity on 31 December (%) |
| 43.8 |
| 48.7 | 41.5 | 43.7 | 46.9 |
Net gearing on 31 December (%) |
| 99.2 |
| 84.2 | 115.2 | 102.8 | 92.0 |
Market capitalisation on 31 December |
| 1 863.3 |
| 1 859.6 | 1 394.8 | 1 213.7 | 1 481.2 |
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Share (in CHF) |
| 2011 |
| 2010 | 2009 | 2008 | 2007 |
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Earnings per share incl. revaluation effect (CHF) |
| 10.34 |
| 8.80 | 7.61 | 7.99 | 8.78 |
Earnings per share incl. revaluation effect (CHF) |
| 8.00 |
| 8.02 | 7.14 | 6.91 | 7.02 |
Payout per share |
| 5.501 |
| 5.50 | 5.00 | 5.00 | 5.00 |
Net asset value (NAV) per share before deferred taxes (CHF) |
| 124.70 |
| 120.85 | 119.70 | 117.30 | 116.80 |
Net asset value (NAV) per share after deferred taxes (CHF) |
| 117.75 |
| 114.70 | 112.65 | 110.25 | 110.40 |
Market price high |
| 148.00 |
| 138.30 | 131.70 | 140.70 | 154.55 |
Market price low |
| 128.00 |
| 114.00 | 105.10 | 105.20 | 121.40 |
Market price on 31 December |
| 136.50 |
| 136.20 | 123.00 | 107.00 | 130.50 |
Cash yield payout (%) |
| 4.0 [1] |
| 4.0 | 4.1 | 4.7 | 3.8 |
Payout ratio (%) |
| 69.0 |
| 70.9 | 68.4 | 72.6 | 81.0 |
[1]Proposal of the Board of Directors to the annual general meeting of 30 March 2012
by means of repayment of reserves from contribution of capital