Segment information Year ended 31 December 2011
CHF million | Real Estate | Projects & | Total Segments | Holding/ Eliminations | Total |
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Earnings statement |
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Income from business activity [1] | 124.7 | 108.3 | 233.0 | 0.0 | 233.0 |
Profit from intercompany services | –4.4 | 5.0 | 0.6 | –0.6 | 0.0 |
Earnings from revaluation of investment real estate | 44.7 | 0.0 | 44.7 | 0.0 | 44.7 |
Expenses for staff, other | –1.9 | –56.3 | –58.2 | –1.1 | –59.3 |
EBITDA | 163.1 | 57.0 | 220.1 | –1.7 | 218.4 |
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Depreciation and amortisation | 0.0 | –0.9 | –0.9 | 0.0 | –0.9 |
Operating profit (EBIT) | 163.1 | 56.1 | 219.2 | –1.7 | 217.5 |
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Net financial expense | –28.4 | –3.9 | –32.3 | 0.0 | –32.3 |
Tax expenses | –27.4 | –15.1 | –42.5 | –1.9 | –44.4 |
Net profit | 107.3 | 37.1 | 144.4 | –3.6 | 140.8 |
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EBITDA excl. earnings from revaluation | 118.4 | 57.0 | 175.4 | –1.7 | 173.7 |
Operating profit (EBIT) excl. earnings from revaluation | 118.4 | 56.1 | 174.5 | –1.7 | 172.8 |
Net profit excl. revaluation effect | 75.5 | 37.1 | 112.6 | –3.6 | 109.0 |
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Operating margin in percent [2] | 94.9 | 51.8 | 74.9 | – | 74.2 |
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Rental income | 142.9 | 0.0 | 142.9 | 0.0 | 142.9 |
Completed project volume third-party projects | 0.0 | 434.4 | 434.4 | 0.0 | 434.4 |
Completed project volume own projects | 0.0 | 308.8 | 308.8 | 0.0 | 308.8 |
Total sales (according to internal reporting) | 142.9 | 743.2 | 886.1 | 0.0 | 886.1 |
less earnings from intergroup services | 0.0 | –91.9 | –91.9 | 0.0 | –91.9 |
Total sales to third parties (according to internal reporting) | 142.9 | 651.3 | 794.2 | 0.0 | 794.2 |
less reconciliation item external reporting [3] | 0.0 | 8.6 | 8.6 | 0.0 | 8.6 |
Sales from operative business activity | 142.9 | 659.9 | 802.8 | 0.0 | 802.8 |
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Balance sheet as at 31/12/2011 |
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Fixed assets [4] | 2 999.4 | 7.5 | 3 006.9 | 0.0 | 3 006.9 |
Current assets | 10.4 | 639.8 | 650.2 | 14.5 | 664.7 |
Total assets | 3 009.8 | 647.3 | 3 657.1 | 14.5 | 3 671.6 |
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Provisions | 1.2 | 5.9 | 7.1 | 0.0 | 7.1 |
Other debt (excl. financing and taxes) | 101.6 | 132.0 | 233.6 | 0.0 | 233.6 |
Financial liabilities | 1 424.9 | 241.1 | 1 666.0 | 0.0 | 1 666.0 |
Tax liabilities | 137.5 | 9.9 | 147.4 | 10.1 | 157.5 |
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Total debt | 1 665.2 | 388.9 | 2 054.1 | 10.1 | 2 064.2 |
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Total assigned equity [5] | 1 344.6 | 258.4 | 1 603.0 | 4.4 | 1 607.4 |
[1]Profit from rental and sale of investment real estate (Real Estate division) and earnings from projects and development (Projects & Development division) including value adjustments on development real estate
[2]EBIT less revaluation gains in percent of income from business activity
[3]See 1.3 and 2.7 for an explanation of the reconciliation item
[4]Investments in fixed assets are shown in the analyses of the individual balance sheet items shown on page 91 ff of the Annual Report.
[5]Assignment of equity to individual segments corresponds to internal financial reporting guidelines requiring an equity ratio of 40% for the Projects & Development division; financial and tax liabilities will be assigned accordingly.
Allreal operates in Switzerland only. A breakdown by sales and fixed assets is therefore not required.