Segment information for the first half-year 2014
CHF million | Real Estate | Projects & | Total segments | Holding/ eliminations | Total |
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Earnings statement |
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Operating income | 78.1 | 465.5 | 543.6 | 0.0 | 543.6 |
Profit from intra-Group services | –2.3 | 2.6 | 0.3 | –0.3 | 0.0 |
Direct operating expenses | –10.9 | –413.2 | –424.1 | 0.0 | –424.1 |
Operating expenses | –3.0 | –33.1 | –36.1 | –0.6 | –36.7 |
Capitalised company-produced assets | 0.0 | 10.7 | 10.7 | 0.0 | 10.7 |
Earnings from sale of investment real estate | 0.9 | 0.0 | 0.9 | 0.0 | 0.9 |
Earnings from revaluation of investment real estate | 12.4 | 0.0 | 12.4 | 0.0 | 12.4 |
EBITDA | 75.2 | 32.5 | 107.7 | –0.9 | 106.8 |
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Depreciation and amortisation | –0.4 | –0.9 | –1.3 | 0.0 | –1.3 |
Operating profit (EBIT) | 74.8 | 31.6 | 106.4 | –0.9 | 105.5 |
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Net financial expense | –18.5 | –0.9 | –19.4 | 0.0 | –19.4 |
Tax expense | –9.8 | –10.4 | –20.2 | –0.7 | –20.9 |
Net profit | 46.5 | 20.3 | 66.8 | –1.6 | 65.2 |
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EBITDA excl. revaluation gains | 62.8 | 32.5 | 95.3 | –0.9 | 94.4 |
Operating profit (EBIT) excl. revaluation gains | 62.4 | 31.6 | 94.0 | –0.9 | 93.1 |
Net profit excl. revaluation effect | 36.7 | 20.3 | 57.0 | –1.6 | 55.4 |
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Operating margin in percent [1] | 91.6 | 50.2 | 71.7 | – | 71.0 |
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Rental income and income from real estate management | 78.1 | 0.0 | 78.1 | 0.0 | 78.1 |
Completed project volume third-party projects | 0.0 | 281.7 | 281.7 | 0.0 | 281.7 |
Completed project volume own projects | 0.0 | 207.9 | 207.9 | 0.0 | 207.9 |
Total sales (according to internal reporting) | 78.1 | 489.6 | 567.7 | 0.0 | 567.7 |
less earnings from intra-Group services | 0.0 | –112.5 | –112.5 | 0.0 | –112.5 |
Total sales to third parties (according to internal reporting) | 78.1 | 377.1 | 455.2 | 0.0 | 455.2 |
plus reconciliation item external reporting | 0.0 | 87.4 | 87.4 | 0.0 | 87.4 |
Diverse income | 0.0 | 1.0 | 1.0 | 0.0 | 1.0 |
Operating income | 78.1 | 465.5 | 543.6 | 0.0 | 543.6 |
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Balance sheet as at 30.06.2014 |
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Non-current assets | 3 670.3 | 4.9 | 3 675.2 | 0.0 | 3 675.2 |
Current assets | 6.2 | 417.2 | 423.4 | 12.0 | 435.4 |
Total assets | 3 676.5 | 422.1 | 4 098.6 | 12.0 | 4 110.6 |
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Provisions | 0.0 | 13.7 | 13.7 | 0.0 | 13.7 |
Other debt (excl. financing and taxes) | 94.7 | 150.6 | 245.3 | 0.0 | 245.3 |
Financial liabilities | 1 658.4 | 82.7 | 1 741.1 | 0.0 | 1 741.1 |
Tax liabilities | 162.1 | 6.6 | 168.7 | 10.7 | 179.4 |
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Total debt | 1 915.2 | 253.6 | 2 168.8 | 10.7 | 2 179.5 |
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Total assigned equity [2] | 1 761.3 | 168.5 | 1 929.8 | 1.3 | 1 931.1 |
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Investments in non-current assets | 168.6 | 0.3 | 168.9 | 0.0 | 168.9 |
[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.