9 Earnings (NAV) per share
|
| 1st half-year |
| 1st half-year |
|
|
|
|
|
Number of outstanding shares as at 01.01. (in thousands) |
| 15 909 |
| 15 934 |
Change in holdings of treasury shares (in thousands) |
| 24 |
| –22 |
Number of outstanding shares as at 30.06. (in thousands) |
| 15 933 |
| 15 912 |
Average number of outstanding shares (in thousands) |
| 15 924 |
| 15 923 |
| ||||
Net profit excl. revaluation effect (in CHF million) |
| 55.4 |
| 55.5 |
Earnings from revaluation of investment real estate (in CHF million) |
| 12.4 |
| 5.2 |
Deferred taxes on revaluation gains (in CHF million) |
| –2.6 |
| –1.5 |
Net profit incl. revaluation effect (in CHF million) |
| 65.2 |
| 59.2 |
| ||||
Earnings per share incl. revaluation effect (CHF) |
| 4.09 |
| 3.72 |
Earnings per share excl. revaluation effect (CHF) |
| 3.48 |
| 3.49 |
| ||||
Diluted earnings per share |
|
|
|
|
— incl. revaluation effect (CHF) |
| 3.97 |
| 3.57 |
— excl. revaluation effect (CHF) |
| 3.41 |
| 3.36 |
The issuing of the 2009–2014 2.125% convertible bond and the share-based remuneration of members of Group Management has the effect of diluting the earnings per share. To calculate the dilution, the net profit was corrected for the effects resulting from the convertible bond and the share-based remunerations. This results in a diluted net profit of CHF 69.0 million including revaluation effect or CHF 59.2 million excluding revaluation effect. For the calculation of the diluted net profit, the average number of outstanding shares increases from 15 924 314 to 17 396 935.
If all the conversion rights arising from the 2009–2014 2.125%, convertible bond issue were exercised at a conversion price of CHF 135.89 per registered share, this would result in the creation of 1 471 226 new shares from conditional capital.
|
| 30.06.2014 |
| 31.12.2013 |
|
|
|
|
|
Outstanding shares (in thousands) on cut-off date |
| 15 933 |
| 15 909 |
|
|
|
|
|
Equity on cut-off date (CHF million) |
| 1 931.1 |
| 1 969.3 |
Net asset value (NAV) per share after deferred taxes (CHF) |
| 121.20 |
| 123.80 |
| ||||
Equity plus provision for deferred taxes less deferred tax assets (CHF million) |
| 2 043.5 |
| 2 082.8 |
Net asset value (NAV) per share before deferred taxes (CHF) |
| 128.25 |
| 130.90 |