Segment information for the year ended 31 December 2012¹
CHF million | Real Estate | Projects & | Total segments | Holding/ eliminations | Total |
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Earnings statement |
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Operating income | 146.5 | 685.3 | 831.8 | 0.0 | 831.8 |
Profit from intra-Group services | –4.7 | 5.3 | 0.6 | –0.6 | 0.0 |
Direct operating expenses | –19.6 | –606.0 | –625.6 [5] | 0.0 | –625.6 |
Operating expenses | –3.6 | –65.1 | –68.7 | –1.2 | –69.9 |
Capitalised company-produced assets | 0.0 | 36.5 | 36.5 | 0.0 | 36.5 |
Earnings from sale of investment real estate | –0.4 | 0.0 | –0.4 | 0.0 | –0.4 |
Earnings from revaluation of investment real estate | –8.2 | 0.0 | –8.2 | 0.0 | –8.2 |
EBITDA | 110.0 | 56.0 | 166.0 | –1.8 | 164.2 |
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Depreciation and amortisation | –0.6 | –1.9 | –2.5 | 0.0 | –2.5 |
Operating profit (EBIT) | 109.4 | 54.1 | 163.5 | –1.8 | 161.7 |
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Financial income | 0.1 | 0.2 | 0.3 | 0.0 | 0.3 |
Financial expense | –29.6 | –4.8 | –34.4 | 0.0 | –34.4 |
Tax expense | –14.9 | –14.0 | –28.9 | –1.2 | –30.1 |
Net profit | 65.0 | 35.5 | 100.5 | –3.0 | 97.5 |
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EBITDA excl. revaluation gains | 118.2 | 56.0 | 174.2 | –1.8 | 172.4 |
Operating profit (EBIT) excl. revaluation gains | 117.6 | 54.1 | 171.7 | –1.8 | 169.9 |
Net profit excl. revaluation effect | 72.1 | 35.5 | 107.6 | –3.0 | 104.6 |
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Operating margin in percent [2] | 93.0 | 46.7 | 70.9 | 0.0 | 70.1 |
Rental income and income from real estate management | 146.5 | 0.0 | 146.5 | 0.0 | 146.5 |
Completed project volume third-party projects | 0.0 | 522.4 | 522.4 | 0.0 | 522.4 |
Completed project volume own projects | 0.0 | 417.2 | 417.2 | 0.0 | 417.2 |
Total sales (according to internal reporting) | 146.5 | 939.6 | 1 086.1 | 0.0 | 1 086.1 |
less earnings from intra-Group services | 0.0 | –153.7 | –153.7 | 0.0 | –153.7 |
Total sales to third parties (according to internal reporting) | 146.5 | 785.9 | 932.4 | 0.0 | 932.4 |
less reconciliation item external reporting [3] | 0.0 | –101.6 | –101.6 | 0.0 | –101.6 |
Diverse income | 0.0 | 1.0 | 1.0 | 0.0 | 1.0 |
Operating income | 146.5 | 685.3 | 831.8 | 0.0 | 831.8 |
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Balance sheet as at 31.12.2012 |
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Non-current assets | 3 216.5 | 11.3 | 3 227.8 | 0.0 | 3 227.8 |
Current assets | 10.3 | 677.8 | 688.1 | 12.5 | 700.6 |
Total assets | 3 226.8 | 689.1 | 3 915.9 | 12.5 | 3 928.4 |
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Provisions | 0.0 | 7.1 | 7.1 | 0.0 | 7.1 |
Other debt (excl. financing and taxes) | 95.3 | 193.1 | 288.4 | 0.0 | 288.4 |
Financial liabilities | 1 357.8 | 205.8 | 1 563.6 | 0.0 | 1 563.6 |
Tax liabilities | 144.0 | 7.5 | 151.5 | 10.5 | 162.0 |
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Total debt | 1 597.1 | 413.5 | 2 010.6 | 10.5 | 2 021.1 |
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Total assigned equity [4] | 1 629.7 | 275.6 | 1 905.3 | 2.0 | 1 907.3 |
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Investments in non-current assets | 215.5 | 5.0 | 220.5 | 0.0 | 220.5 |
[1]Adjusted values owing to restatement in accordance with IAS 19 (revised) to reflect pension fund assets and pension fund commitments, see Note 1.3
[2]EBIT less revaluation gains in percent of income from business activity (balance of operating income, direct operating expenses, capitalised company-produced assets and earnings from sale of investment real estate)
[3]See 2.7 for an explanation of the reconciliation item
[4]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
[5]The direct operating expenses of the Projects & Development segment include valuation adjustments on development real estate amounting to CHF 1.7 million, see 4.2
Allreal operates in Switzerland only. A breakdown by sales and non-current assets is therefore not required.