Segment information for the first half-year 2013
CHF million | Real Estate | Projects & | Total segments | Holding/ eliminations | Total |
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Earnings statement |
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Operating income | 76.4 | 392.1 | 468.5 | 0.0 | 468.5 |
Profit from intra-Group services | –2.4 | 2.7 | 0.3 | –0.3 | 0.0 |
Direct operating expenses | –9.6 | –351.7 | –361.3 | 0.0 | –361.3 |
Operating expenses | –1.6 | –35.0 | –36.6 | –0.6 | –37.2 |
Capitalised company-produced assets | 0.0 | 13.9 | 13.9 | 0.0 | 13.9 |
Earnings from sale of investment real estate | 0.7 | 0.0 | 0.7 | 0.0 | 0.7 |
Earnings from revaluation of investment real estate | 5.2 | 0.0 | 5.2 | 0.0 | 5.2 |
EBITDA | 68.7 | 22.0 | 90.7 | –0.9 | 89.8 |
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Depreciation and amortisation | –0.4 | –1.0 | –1.4 | 0.0 | –1.4 |
Operating profit (EBIT) | 68.3 | 21.0 | 89.3 | –0.9 | 88.4 |
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Net financial expense | –13.4 | –1.8 | –15.2 | 0.8 | –14.4 |
Tax expense | –9.9 | –4.0 | –13.9 | –0.9 | –14.8 |
Net profit | 45.0 | 15.2 | 60.2 | –1.0 | 59.2 |
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EBITDA excl. revaluation gains | 63.5 | 22.0 | 85.5 | –0.9 | 84.6 |
Operating profit (EBIT) excl. revaluation gains | 63.1 | 21.0 | 84.1 | –0.9 | 83.2 |
Net profit excl. revaluation effect | 41.3 | 15.2 | 56.5 | –1.0 | 55.5 |
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Operating margin in percent [1] | 93.5 | 38.7 | 69.9 | – | 69.1 |
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Rental income and income from real estate management | 76.4 | 0.0 | 76.4 | 0.0 | 76.4 |
Completed project volume third-party projects | 0.0 | 294.0 | 294.0 | 0.0 | 294.0 |
Completed project volume own projects | 0.0 | 242.0 | 242.0 | 0.0 | 242.0 |
Total sales (according to internal reporting) | 76.4 | 536.0 | 612.4 | 0.0 | 612.4 |
less earnings from intra-Group services | 0.0 | –100.4 | –100.4 | 0.0 | –100.4 |
Total sales to third parties (according to internal reporting) | 76.4 | 435.6 | 512.0 | 0.0 | 512.0 |
less reconciliation item external reporting | 0.0 | –44.5 | –44.5 | 0.0 | –44.5 |
Diverse income | 0.0 | 1.0 | 1.0 | 0.0 | 1.0 |
Operating income | 76.4 | 392.1 | 468.5 | 0.0 | 468.5 |
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Balance sheet as at 31.12.2013 |
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Non-current assets | 3 503.6 | 4.7 | 3 508.3 | 0.0 | 3 508.3 |
Current assets | 7.4 | 466.0 | 473.4 | 13.0 | 486.4 |
Total assets | 3 511.0 | 470.7 | 3 981.7 | 13.0 | 3 994.7 |
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Provisions | 0.0 | 13.6 | 13.6 | 0.0 | 13.6 |
Other debt (excl. financing and taxes) | 62.7 | 159.5 | 222.2 | 0.0 | 222.2 |
Financial liabilities | 1 512.8 | 102.6 | 1 615.4 | 0.0 | 1 615.4 |
Tax liabilities | 155.7 | 6.7 | 162.4 | 11.8 | 174.2 |
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Total debt | 1 731.2 | 282.4 | 2 013.6 | 11.8 | 2 025.4 |
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Total assigned equity [2] | 1 779.8 | 188.3 | 1 968.1 | 1.2 | 1 969.3 |
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Investment in non-current assets | 191.2 | 0.3 | 191.5 | 0.0 | 191.5 |
[1]EBIT less revaluation 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]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.
Allreal operates in Switzerland only. A breakdown by sales and non-current assets is therefore not required.