Consolidated balance sheet

CHF million	Notes	31.12.2014	31.12.2013

Yield-producing properties	4.1	3 509.6	2 610.2
Investment real estate under construction	4.1	4.0	835.6
Other property, plant and equipment	4.3	1.6	1.9
Financial assets	4.4	142.5	14.6
Intangible assets	4.5	1.9	3.8
Deferred tax assets	5.1	31.7	42.2
Non-current assets		3 691.3	3 508.3

Development real estate	4.2	301.2	382.5
Trade receivables	4.6	75.8	74.4
Other receivables	4.7	8.0	4.5
Cash	4.8	31.9	25.0
Current assets		416.9	486.4

Assets		4 108.2	3 994.7

Share capital	4.9	797.1	797.1
Capital reserves		320.2	407.7
Treasury shares	4.9	−0.1	–4.3
Retained earnings		836.8	768.8
Equity		1 954.0	1 969.3

Long-term borrowings	4.10	650.1	431.0
Deferred tax liabilities	5.1	135.6	155.7
Long-term provisions	4.11	3.9	4.3
Other long-term liabilities	4.12	80.8	45.7
Long-term liabilities		870.4	636.7

Trade payables	4.13	79.4	119.6
Prepayments for development real estate	4.14	26.8	20.3
Current tax liabilities	5.1	19.6	18.5
Other current liabilities	4.15	47.8	36.6
Short-term provisions	4.11	10.0	9.3
Short-term borrowings	4.10	1 100.2	1 184.4
Short-term liabilities		1 283.8	1 388.7
Liabilities		2 154.2	2 025.4

Equity and liabilities		4 108.2	3 994.7