Information for investors and analysts
Additional information on valuation
|
|
| 2014 |
| 2013 |
|
|
|
|
|
|
Invested capital [1] | CHF million |
| 3 672.6 |
| 3 603.2 |
Average invested capital | CHF million |
| 3 637.9 |
| 3 520.1 |
Return on invested capital (ROIC) [2] | % |
| 4.9 |
| 5.2 |
Average investment real estate portfolio | CHF million |
| 3 479.7 |
| 3 302.4 |
Interest coverage ratio [3] |
|
| 4.8 |
| 5.8 |
Payout ratio [4] | % |
| 80.4 |
| 75.6 |
Overall performance [5] | % |
| 15.5 |
| –8.6 |
Absolute performance [6] | % |
| 11.0 |
| –12.5 |
Relative performance [7] | % |
| −2.0 |
| –36.4 |
Earnings yield [8] | % |
| 4.8 |
| 6.2 |
Price/earnings ratio (P/E ratio) [9] |
|
| 20.9 |
| 16.1 |
Market to book value [10] |
|
| 111.8 |
| 99.8 |
Average EV/EBITDA excl. earnings from revaluation |
|
| 20.8 |
| 19.6 |
EV/invested capital | % |
| 107.3 |
| 98.7 |
Free float [11] | % |
| 65.0 |
| 65.0 |
[1]All assets minus non-interest bearing liabilities and deferred tax credits
[2]EBIT excl. revaluation gains in percent of average invested capital
[3]EBITDA excl. revaluation gains, divided by net financial expense
[4]Payout to shareholders in percent of net profit excl. revaluation effect
[5]Payout to shareholders plus price change in percent of price as at 1 January
[6]Change in price in percent of price 1 January
[7]Absolute performance minus percentage change in SPI since 1 January
[8]Net profit divided by market capitalisation
[9]Market price on 31 December divided by earnings per share incl. revaluation effect
[10]Market capitalisation divided by equity
[11]Issued shares minus shares tied under the pooling agreement