Consolidated statement of comprehensive income
CHF million | Note |
| 2011 |
| 2010 [1] |
|
|
|
|
|
|
Income from renting investment real estate |
| 142.9 |
| 139.1 | |
Direct expenses for rented investment real estate |
| –19.0 |
| –20.7 | |
Earnings from renting investment real estate |
|
| 123.9 |
| 118.4 |
| |||||
Earnings from sale of investment real estate |
| 0.8 |
| 2.2 | |
| |||||
Higher valuation of yield-producing properties |
|
| 54.1 |
| 23.3 |
Lower valuation of yield-producing properties |
|
| –24.8 |
| –16.9 |
Higher valuation of investment real estate under construction |
|
| 15.4 |
| 7.1 |
Lower valuation of investment real estate under construction |
|
| 0.0 |
| 0.0 |
Earnings from revaluation of investment real estate |
|
| 44.7 |
| 13.5 |
| |||||
Earnings from realisation Projects & Development |
|
| 434.4 |
| 348.2 |
Direct expenses from realisation Projects & Development |
|
| –380.9 |
| –289.4 |
Income from sales Development |
|
| 225.5 |
| 145.8 |
Direct expenses from sales Development |
|
| –199.2 |
| –119.1 |
Capitalised company-produced assets |
|
| 27.4 |
| 19.9 |
Diverse income |
|
| 1.1 |
| 2.8 |
Earnings from Projects & Development division |
| 108.3 |
| 108.2 | |
| |||||
Personnel expenses |
| –46.9 |
| –44.8 | |
Other operating expenses |
| –12.4 |
| –11.7 | |
EBITDA |
|
| 218.4 |
| 185.8 |
| |||||
Depreciation other property, plant and equipment |
| –0.9 |
| –0.8 | |
Operating profit (EBIT) |
|
| 217.5 |
| 185.0 |
| |||||
Finance income |
| 0.5 |
| 0.2 | |
Finance expense |
| –32.8 |
| –34.2 | |
Net profit before tax |
|
| 185.2 |
| 151.0 |
| |||||
Tax expenses |
| –44.4 |
| –34.6 | |
Net profit |
|
| 140.8 |
| 116.4 |
| |||||
Valuation financial instruments |
| –32.0 |
| –0.9 | |
Deferred taxes from valuation of financial instruments |
|
| 7.0 |
| 0.2 |
Other comprehensive income |
|
| –25.0 |
| –0.7 |
| |||||
Total comprehensive income |
|
| 115.8 |
| 115.7 |
| |||||
Sales from operative business activity |
|
| 802.8 |
| 633.1 |
EBITDA excl. earnings from revaluation |
|
| 173.7 |
| 172.3 |
Operating profit (EBIT) excl. earnings from revaluation |
|
| 172.8 |
| 171.5 |
Net profit excl. profit from revaluation effect |
|
| 109.0 |
| 106.1 |
| |||||
Earnings per share in CHF |
|
|
|
|
|
— incl. revaluation effect |
| 10.34 |
| 8.80 | |
— excl. revaluation effect |
| 8.00 |
| 8.02 | |
| |||||
Diluted earnings per share in CHF |
|
|
|
|
|
— incl. revaluation effect |
| 9.72 |
| 8.22 | |
— excl. revaluation effect |
| 7.61 |
| 7.53 | |
[1]Restated values owing to change in presentation of earnings from Projects & Development division, see 1.3