Allreal’s 2012 Results characterised by higher sales and lower portfolio valuation

Net profit including revaluation gains reported by Allreal for the 2012 financial year amounted to CHF 98.0 million. The clearly lower result compared to the previous year is due mainly to a lower valuation of the Toni-Areal in Zurich-West owing to delayed completion, and to distinctly higher operating costs of the Projects & Development division.

The total operating performance generated in the period under review by the two divisions, Projects & Development and Real Estate, grew by a considerable 22.6% to CHF 1086 million. The completed project volume, which was again reported considerably higher and amounted to some CHF 940 million, made a significant contribution to this result.

Net profit excluding revaluation gains amounted to CHF 105.1 million, or 8.6% below that of the previous year. Operating results were characterised especially by higher project-related labour costs in the Projects & Development division. While rental income remained practically unchanged, profits from contract awarding and the number of ownership transfers remained below that of the previous year, as expected.

The acquisition of the Zug-based Hammer Retex Group provides Allreal with the pre-requisite for geographic expansion of its general contracting activities into the Zug metropolitan area. Furthermore, Allreal is now capable of managing selected yield-producing properties itself.

A pay-out of CHF 5.50 per share will be proposed at the Shareholders’ Meeting of Allreal Holding AG scheduled for 5 April 2013. Related to the year-end share price, the pay-out corresponds to a cash yield of 3.9%.

Due to the foreseeable expansion of its real estate portfolio, good capacity utilisation of the Projects & Development division, and advantageous financing, Allreal anticipates higher operating results for 2013 compared to the year under review.

Media release