Information for investors and analysts
Multi-year overview
Key financial figures (in CHF million) |
| 2014 |
| 2013 | 2012 | 2011 | 2010 |
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Total sales |
| 1 036.4 |
| 1 242.3 | 1 086.1 | 886.1 | 726.9 |
Earnings from rental and sale of investment real estate |
| 137.2 |
| 146.2 | 122.1 | 124.7 | 120.6 |
Earnings from real estate management services |
| 6.6 |
| 6.8 | 4.4 | – | – |
Earnings from Projects & Development division |
| 102.8 |
| 110.7 | 115.8 | 117.5 | 108.2 |
Completed project volume Projects & Development division |
| 870.6 |
| 1 087.0 | 939.6 | 743.2 | 587.0 |
Operating profit (EBIT) incl. revaluation gains |
| 170.9 |
| 192.8 | 161.7 | 226.7 | 185.0 |
Operating profit (EBIT) excl. revaluation gains |
| 176.8 |
| 184.7 | 169.9 | 182.0 | 171.5 |
Net profit incl. revaluation effect |
| 104.4 |
| 121.8 | 97.5 | 146.8 | 116.4 |
Net profit excl. revaluation effect |
| 109.1 |
| 116.1 | 104.6 | 115.0 | 106.1 |
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Cash flow from operating activities |
| 158.5 |
| 157.6 | 72.2 | –22.9 | 36.5 |
Cash flow from investing activities |
| −198.5 |
| –116.3 | –203.2 | –175.5 | –52.4 |
Cash flow from financing activities |
| 46.9 |
| –42.4 | 85.2 | 236.4 | 21.2 |
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Total assets as at 31 December |
| 4 108.2 |
| 3 994.7 | 3 928.4 | 3 700.5 | 3 283.5 |
Market value of investment real estate on 31 December |
| 3 513.6 |
| 3 445.8 | 3 159.0 | 2 951.0 | 2 619.3 |
Balance sheet value development real estate as at 31 December |
| 301.2 |
| 382.5 | 594.8 | 533.0 | 520.6 |
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Net yield investment real estate (%) |
| 4.5 |
| 4.8 | 4.9 | 5.1 | 5.1 |
Operating margin Projects & Development division (%) |
| 44.9 |
| 40.8 | 46.7 | 55.6 | 54.7 |
Average interest rate on financial liabilities (%) |
| 1.93 |
| 2.13 | 2.13 | 2.30 | 2.59 |
Average remaining term of financial liabilities (months) |
| 50 |
| 56 | 54 | 51 | 46 |
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Return on equity incl. revaluation effect (%) |
| 5.3 |
| 6.3 | 5.5 | 9.2 | 8.2 |
Return on equity excl. revaluation effect (%) |
| 5.4 |
| 6.2 | 6.0 | 7.6 | 7.9 |
Share of equity on 31 December (%) |
| 47.6 |
| 49.3 | 48.6 | 43.6 | 47.7 |
Net gearing on 31 December (%) |
| 87.9 |
| 80.8 | 80.6 | 98.7 | 84.1 |
Market capitalisation on 31 December |
| 2 185.5 |
| 1 964.7 | 2 248.3 | 1 863.3 | 1 859.6 |
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Share (in CHF) |
| 2014 |
| 2013 | 2012 | 2011 | 2010 |
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Earnings per share incl. revaluation effect |
| 6.56 |
| 7.66 | 6.30 | 10.56 | 8.80 |
Earnings per share excl. revaluation effect |
| 6.85 |
| 7.29 | 6.76 | 8.27 | 8.27 |
Payout per share |
| 5.50 [1] |
| 5.50 | 5.50 | 5.50 | 5.50 |
Net asset value (NAV) per share before deferred taxes on 31 December |
| 129.10 |
| 130.90 | 125.80 | 125.45 | 120.85 |
Net asset value (NAV) per share after deferred taxes on 31 December |
| 122.55 |
| 123.80 | 119.70 | 118.25 | 114.70 |
Market price high |
| 138.20 |
| 141.60 | 149.40 | 148.00 | 138.30 |
Market price low |
| 120.20 |
| 120.80 | 134.00 | 128.00 | 114.00 |
Market price on 31 December |
| 137.10 |
| 123.50 | 141.10 | 136.50 | 136.20 |
Cash yield payout (%) |
| 4.0 |
| 4.5 | 3.9 | 4.0 | 4.0 |
Payout ratio (%) |
| 80.4 |
| 75.6 | 83.4 | 65.2 | 70.9 |
[1]Proposal of the Board of Directors to the annual general meeting of 17 April 2015
by means of repayment of reserves from contribution of capital