Segment information for the year ended 31 December 2013
CHF million | Real Estate | Projects & | Total segments | Holding/ eliminations | Total |
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Earnings statement |
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Operating income | 155.3 | 915.8 | 1071.1 | 0.0 | 1 071.1 |
Profit from intra-Group services | –4.7 | 5.3 | 0.6 | –0.6 | 0.0 |
Direct operating expenses | –22.3 | –829.7 | –852.0 | 0.0 | –852.0 |
Operating expenses | –6.3 | –68.8 | –75.1 | –1.1 | –76.2 |
Capitalised company-produced assets | 0.0 | 24.6 | 24.6 | 0.0 | 24.6 |
Earnings from sale of investment real estate | 20.0 | 0.0 | 20.0 | 0.0 | 20.0 |
Earnings from revaluation of investment real estate | 8.1 | 0.0 | 8.1 | 0.0 | 8.1 |
EBITDA | 150.1 | 47.2 | 197.3 | –1.7 | 195.6 |
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Depreciation and amortisation | –0.8 | –2.0 | –2.8 | 0.0 | –2.8 |
Operating profit (EBIT) | 149.3 | 45.2 | 194.5 | –1.7 | 192.8 |
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Financial income | 0.3 | 0.1 | 0.4 | 0.8 | 1.2 |
Financial expense | –31.3 | –2.1 | –33.4 | 0.0 | –33.4 |
Tax expense | –22.9 | –14.2 | –37.1 | –1.7 | –38.8 |
Net profit | 95.4 | 29.0 | 124.4 | –2.6 | 121.8 |
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EBITDA excl. revaluation gains | 142.0 | 47.2 | 189.2 | –1.7 | 187.5 |
Operating profit (EBIT) excl. revaluation gains | 141.2 | 45.2 | 186.4 | –1.7 | 184.7 |
Net profit excl. revaluation effect | 89.7 | 29.0 | 118.7 | –2.6 | 116.1 |
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Operating margin in percent [1] | 92.3 | 40.8 | 70.7 | 0.0 | 70.0 |
Rental income and income from real estate management | 155.3 | 0.0 | 155.3 | 0.0 | 155.3 |
Completed project volume third-party projects | 0.0 | 620.6 | 620.6 | 0.0 | 620.6 |
Completed project volume own projects | 0.0 | 466.4 | 466.4 | 0.0 | 466.4 |
Total sales (according to internal reporting) | 155.3 | 1 087.0 | 1 242.3 | 0.0 | 1 242.3 |
less earnings from intra-Group services | 0.0 | –213.0 | –213.0 | 0.0 | –213.0 |
Total sales to third parties (according to internal reporting) | 155.3 | 874.0 | 1 029.3 | 0.0 | 1 029.3 |
plus reconciliation item external reporting [2] | 0.0 | 40.5 | 40.5 | 0.0 | 40.5 |
Diverse income | 0.0 | 1.3 | 1.3 | 0.0 | 1.3 |
Operating income | 155.3 | 915.8 | 1071.1 | 0.0 | 1071.1 |
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Balance sheet as at 31.12.2013 |
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Non-current assets | 3 503.6 | 4.7 | 3 508.3 | 0.0 | 3 508.3 |
Current assets | 7.4 | 466.0 | 473.4 | 13.0 | 486.4 |
Total assets | 3 511.0 | 470.7 | 3 981.7 | 13.0 | 3 994.7 |
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Provisions | 0.0 | 13.6 | 13.6 | 0.0 | 13.6 |
Other debt (excl. financing and taxes) | 62.7 | 159.5 | 222.2 | 0.0 | 222.2 |
Financial liabilities | 1 512.8 | 102.6 | 1 615.4 | 0.0 | 1 615.4 |
Tax liabilities | 155.7 | 6.7 | 162.4 | 11.8 | 174.2 |
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Total debt | 1 731.2 | 282.4 | 2 013.6 | 11.8 | 2 025.4 |
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Total assigned equity [3] | 1 779.8 | 188.3 | 1 968.1 | 1.2 | 1 969.3 |
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Investments in non-current assets | 337.1 | 0.5 | 337.6 | 0.0 | 337.6 |
[1]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)
[2]See 2.7 for an explanation of the reconciliation item
[3]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 non-current assets is therefore not required.