Segment information for the year ended 31 December 2014
CHF million | Real Estate | Projects & | Total segments | Holding/ eliminations | Total |
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Earnings statement |
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Operating income | 165.8 | 759.1 | 924.9 | 0.0 | 924.9 |
Profit from intercompany services | −4.5 | 5.1 | 0.6 | −0.6 | 0.0 |
Direct operating expenses | −25.1 | −677.8 [4] | −702.9 | 0.0 | −702.9 |
Operating expenses | −6.1 | −59.9 | −66.0 | −1.2 | −67.2 |
Capitalised company-produced assets | 0.0 | 21.5 | 21.5 | 0.0 | 21.5 |
Earnings from sale of investment real estate | 3.1 | 0.0 | 3.1 | 0.0 | 3.1 |
Earnings from revaluation of investment real estate | −5.9 | 0.0 | −5.9 | 0.0 | −5.9 |
EBITDA | 127.3 | 48.0 | 175.3 | −1.8 | 173.5 |
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Depreciation and amortisation | −0.8 | −1.8 | −2.6 | 0.0 | −2.6 |
Operating profit (EBIT) | 126.5 | 46.2 | 172.7 | −1.8 | 170.9 |
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Financial income | 0.7 | 0.1 | 0.8 | 0.0 | 0.8 |
Financial expense | −36.0 | −1.9 | −37.9 | 0.0 | −37.9 |
Tax expense | −14.2 | −13.5 | −27.7 | −1.7 | −29.4 |
Net profit | 77.0 | 30.9 | 107.9 | −3.5 | 104.4 |
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EBITDA excl. revaluation gains | 133.2 | 48.0 | 181.2 | −1.8 | 179.4 |
Operating profit (EBIT) excl. revaluation gains | 132.4 | 46.2 | 178.6 | −1.8 | 176.8 |
Net profit excl. revaluation effect | 81.7 | 30.9 | 112.6 | −3.5 | 109.1 |
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Operating margin in percent [1] | 92.1 | 44.9 | 72.4 | 0.0 | 71.7 |
Rental income and income from real estate management | 165.8 | 0.0 | 165.8 | 0.0 | 165.8 |
Completed project volume third-party projects | 0.0 | 546.5 | 546.5 | 0.0 | 546.5 |
Completed project volume own projects | 0.0 | 324.1 | 324.1 | 0.0 | 324.1 |
Total sales (according to internal reporting) | 165.8 | 870.6 | 1 036.4 | 0.0 | 1 036.4 |
less earnings from intercompany services | 0.0 | −182.3 | −182.3 | 0.0 | −182.3 |
Total sales to third parties (according to internal reporting) | 165.8 | 688.3 | 854.1 | 0.0 | 854.1 |
plus reconciliation item external reporting [2] | 0.0 | 69.8 | 69.8 | 0.0 | 69.8 |
Diverse income | 0.0 | 1.0 | 1.0 | 0.0 | 1.0 |
Operating income | 165.8 | 759.1 | 924.9 | 0.0 | 924.9 |
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Balance sheet as at 31.12.2014 |
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Non-current assets | 3 685.4 | 5.9 | 3 691.3 | 0.0 | 3 691.3 |
Current assets | 7.1 | 396.1 | 403.2 | 13.7 | 416.9 |
Total assets | 3 692.5 | 402.0 | 4 094.5 | 13.7 | 4 108.2 |
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Provisions | 0.0 | 13.9 | 13.9 | 0.0 | 13.9 |
Other debt (excl. financing and taxes) | 98.9 | 135.9 | 234.8 | 0.0 | 234.8 |
Financial liabilities | 1 663.9 | 86.4 | 1 750.3 | 0.0 | 1 750.3 |
Tax liabilities | 138.5 | 5.0 | 143.5 | 11.7 | 155.2 |
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Total debt | 1 901.3 | 241.2 | 2 142.5 | 11.7 | 2 154.2 |
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Total assigned equity [3] | 1 791.2 | 160.8 | 1 952.0 | 2.0 | 1 954.0 |
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Investment in non-current assets | 265.3 | 0.4 | 265.7 | 0.0 | 265.7 |
[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
[4]The direct operating expenses of the Projects & Development segment include valuation adjustments on development real estate amounting to CHF 0.8 million; see 4.2
Allreal operates in Switzerland only. A geographical breakdown of sales and non-current assets is therefore not required.