Information for investors and analysts
Multi-year overview
Key financial figures (in CHF million) |
| 2015 |
| 2014 | 2013 | 2012 | 2011 |
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Total sales |
| 793.9 |
| 1 036.4 | 1 242.3 | 1 086.1 | 886.1 |
Earnings from rental and sale of investment real estate |
| 164.2 |
| 137.2 | 146.2 | 122.1 | 124.7 |
Earnings from real estate management services |
| 6.1 |
| 6.6 | 6.8 | 4.4 | – |
Earnings from Projects & Development division |
| 78.8 |
| 102.8 | 110.7 | 115.8 | 117.5 |
Completed project volume Projects & Development division |
| 612.9 |
| 870.6 | 1 087.0 | 939.6 | 743.2 |
Operating profit (EBIT) incl. revaluation gains |
| 193.2 |
| 170.9 | 192.8 | 161.7 | 226.7 |
Operating profit (EBIT) excl. revaluation gains |
| 177.4 |
| 176.8 | 184.7 | 169.9 | 182.0 |
Net profit incl. revaluation effect |
| 121.9 |
| 104.4 | 121.8 | 97.5 | 146.8 |
Net profit excl. revaluation effect |
| 109.7 |
| 109.1 | 116.1 | 104.6 | 115.0 |
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Cash flow from operating activities |
| 33.7 |
| 158.5 | 157.6 | 72.2 | –22.9 |
Cash flow from investing activities |
| 22.7 |
| –198.5 | –116.3 | –203.2 | –175.5 |
Cash flow from financing activities |
| –64.9 |
| 46.9 | –42.4 | 85.2 | 236.4 |
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Total assets as at 31 December |
| 4 136.0 |
| 4 108.2 | 3 994.7 | 3 928.4 | 3 700.5 |
Market value of investment real estate on 31 December |
| 3 525.2 |
| 3 513.6 | 3 445.8 | 3 159.0 | 2 951.0 |
Balance sheet value development real estate as at 31 December |
| 295.5 |
| 301.2 | 382.5 | 594.8 | 533.0 |
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Net yield investment real estate (%) |
| 4.2 |
| 4.5 | 4.8 | 4.9 | 5.1 |
Operating margin Projects & Development division (%) |
| 27.4 |
| 44.9 | 40.8 | 46.7 | 55.6 |
Average interest rate on financial liabilities (%) |
| 2.15 |
| 1.93 | 2.13 | 2.13 | 2.30 |
Average remaining term of financial liabilities (months) |
| 52 |
| 50 | 56 | 54 | 51 |
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Return on equity incl. revaluation effect (%) |
| 6.2 |
| 5.3 | 6.3 | 5.5 | 9.2 |
Return on equity excl. revaluation effect (%) |
| 5.9 |
| 5.4 | 6.2 | 6.0 | 7.6 |
Share of equity on 31 December (%) |
| 48.2 |
| 47.6 | 49.3 | 48.6 | 43.6 |
Net gearing on 31 December (%) |
| 88.0 |
| 87.9 | 80.8 | 80.6 | 98.7 |
Market capitalisation on 31 December |
| 2 125.5 |
| 2 185.5 | 1 964.7 | 2 248.3 | 1 863.3 |
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Share (in CHF) |
| 2015 |
| 2014 | 2013 | 2012 | 2011 |
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Earnings per share incl. revaluation effect |
| 7.66 |
| 6.56 | 7.66 | 6.30 | 10.56 |
Earnings per share excl. revaluation effect |
| 6.89 |
| 6.85 | 7.29 | 6.76 | 8.27 |
Payout per share |
| 5.75 [1] |
| 5.50 | 5.50 | 5.50 | 5.50 |
Net asset value (NAV) per share before deferred taxes on 31 December |
| 132.90 |
| 129.10 | 130.90 | 125.80 | 125.45 |
Net asset value (NAV) per share after deferred taxes on 31 December |
| 125.35 |
| 122.55 | 123.80 | 119.70 | 118.25 |
Market price high |
| 149.20 |
| 138.20 | 141.60 | 149.40 | 148.00 |
Market price low |
| 126.60 |
| 120.20 | 120.80 | 134.00 | 128.00 |
Market price on 31 December |
| 133.60 |
| 137.10 | 123.50 | 141.10 | 136.50 |
Cash yield payout (%) |
| 4.3 |
| 4.0 | 4.5 | 3.9 | 4.0 |
Payout ratio (%) |
| 83.6 |
| 80.4 | 75.6 | 83.4 | 65.2 |
[1]Proposal of the Board of Directors to the annual general meeting of 15 April 2016 by means of repayment of reserves from contribution of capital