Key figures at a glance
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| 1st half-year 2011 |
| 1st half-year 2010 |
| Change |
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Group |
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Total sales [2] | CHF million |
| 380.9 |
| 306.6 |
| +24.2 |
Operating profit (EBIT) incl. revaluation gains | CHF million |
| 102.7 |
| 99.6 |
| +3.1 |
Net profit incl. revaluation effect | CHF million |
| 66.5 |
| 62.3 |
| +6.7 |
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Operating profit (EBIT) excl. revaluation gains | CHF million |
| 84.6 |
| 93.3 |
| –9.3 |
Net profit excl. revaluation effect | CHF million |
| 54.1 |
| 57.4 |
| –5.7 |
Cashflow | CHF million |
| –11.1 |
| 33.9 |
| – |
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Return on equity incl. revaluation effect (annualised) | % |
| 8.5 |
| 9.0 |
| –0.5 |
Return on equity excl. revaluation effect (annualised) | % |
| 6.9 |
| 8.3 |
| –1.4 |
Equity ratio on cut-off date | % |
| 44.9 |
| 48.7 |
| –3.8 |
Net gearing [3] on cut-off date | % |
| 97.8 |
| 84.2 |
| +13.6 |
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Average interest rate on financial liabilities on cut-off date | % |
| 2.52 |
| 2.59 |
| –0.07 |
Average duration of financial liabilities | months |
| 43 |
| 46 |
| –3 |
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Sales Projects & Development division | CHF million |
| 347.8 |
| 260.3 |
| +33.6 |
Operating margin Projects & Development division [4] | % |
| 51.6 |
| 60.6 |
| –9.0 |
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Employees (number) on cut-off date | full-time |
| 288 |
| 261 |
| +27 |
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Share |
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Earnings per share incl. revaluation effect | CHF |
| 4.89 |
| 5.02 |
| –2.6 |
Earnings per share excl. revaluation effect | CHF |
| 3.98 |
| 4.62 |
| –13.9 |
Net asset value (NAV) per share before deferred taxes | CHF |
| 120.85 |
| 120.85 |
| – |
Net asset value (NAV) per share after deferred taxes | CHF |
| 114.15 |
| 114.70 |
| –0.5 |
Share price on cut-off date | CHF |
| 138.50 |
| 136.20 |
| +1.7 |
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Valuation on cut-off date |
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Market capitalisation [5] | CHF million |
| 1 881.4 |
| 1 859.6 |
| +1.2 |
Enterprise value (EV) [6] | CHF million |
| 3 398.2 |
| 3 177.7 |
| +6.9 |
[*]Should no further particulars be given, values referring to the income statement concern the 1st half-year and balance sheet value the cut-off dates on 30.06.2011 resp. 31.12.2010.
[1]Changes in quantum and percentage values shown as absolute difference
[2]Income resulting from rental of investment real estate plus completed net project volume by Projects & Development division
[3]Finance liabilities minus cash and marketable securities as percentage of equity
[4]EBIT excl. revaluation and restoration of value adjustments on projects as percentage of profit from business activity
[5]Stock price at balance sheet date multiplied by the number of outstanding shares
[6]Market capitalisation plus net debts