2012 Half-year Report: Overview
Key figures at a glance
|
|
| 1st half-year |
| 1st half-year |
| Change |
| |||||||
Group |
|
|
|
|
|
|
|
Total sales [2] | CHF million |
| 483.1 |
| 417.6 |
| +15.7 |
Operating profit (EBIT) incl. revaluation gains | CHF million |
| 102.8 |
| 101.2 |
| +1.6 |
Net profit incl. revaluation effect | CHF million |
| 64.4 |
| 65.5 |
| –1.7 |
| |||||||
Operating profit (EBIT) excl. revaluation gains | CHF million |
| 83.8 |
| 83.1 |
| +0.8 |
Net profit excl. revaluation effect | CHF million |
| 49.9 |
| 53.1 |
| –6.0 |
Cash flow from operating activities | CHF million |
| 65.1 |
| –11.1 |
| – |
| |||||||
Return on equity incl. revaluation effect (annualised) | % |
| 7.4 |
| 8.4 |
| –1.0 |
Return on equity excl. revaluation effect (annualised) | % |
| 6.0 |
| 7.2 |
| –1.2 |
Equity ratio on cut-off date | % |
| 49.3 |
| 43.6 |
| +5.7 |
Net gearing [3] on cut-off date | % |
| 75.4 |
| 98.7 |
| –23.3 |
| |||||||
Average interest rate on financial liabilities on cut-off date | % |
| 2.38 |
| 2.30 |
| +0.08 |
Average interest lock-in period for all financial liabilities on cut-off date | months |
| 55 |
| 51 |
| +4 |
Sales Projects & Development division | CHF million |
| 409.9 |
| 347.8 |
| +17.9 |
Earnings from Projects & Development division [4] | CHF million |
| 53.2 |
| 50.2 |
| +6.0 |
Operating margin Projects & Development division [5] | % |
| 45.1 |
| 50.2 |
| –5.1 |
| |||||||
Employees (number) on cut-off date | full-time equivalents |
| 365 |
| 297 |
| +68 |
| |||||||
Share |
|
|
|
|
|
|
|
Earnings per share incl. revaluation effect (CHF) | CHF |
| 4.38 |
| 4.72 |
| –7.2 |
Earnings per share excl. revaluation effect (CHF) | CHF |
| 3.40 |
| 3.83 |
| –11.2 |
Net asset value (NAV) per share before deferred taxes |
|
|
|
|
|
|
|
Net asset value (NAV) per share after deferred taxes |
|
|
|
|
|
|
|
Share price on cut-off date | CHF |
| 138.20 |
| 136.50 |
| +1.2 |
| |||||||
Valuation on cut-off date |
|
|
|
|
|
|
|
Market capitalisation [6] | CHF million |
| 2 200.6 |
| 1 863.3 |
| +18.1 |
Enterprise value (EV) [7] | CHF million |
| 3 607.5 |
| 3 457.4 |
| +4.3 |
[*]Should no further particulars be given, values referring to the income statement concern the 1st half-year, and balance sheet values the cut-off date on 30.06.2012 or 31.12.2011.
[1]Changes in quantum and percentage values are shown as absolute difference
[2]Income resulting from rental of investment real estate and real estate management plus completed project volume Projects & Development division
[3]Finance liabilities minus cash and marketable securities as percentage of equity
[4]Income from realisation in Projects & Development, Sales Development, capitalised services and various revenues minus direct expenses from realisation in Projects & Development, Sales Development
[5]EBIT excl. revaluation and restoration of value adjustments on projects as percentage of profit from business activity
[6]Stock price at balance sheet date multiplied by the number of outstanding shares
[7]Market capitalisation plus net debts