Segment information for the first half-year 2014
CHF million | Real estate | Projects & | Total | Holding/ | 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 intercompany 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 intercompany 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 31.12.2014 |
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Non-current assets | 3 685.4 | 5.9 | 3 691.3 | 0.0 | 3 691.3 |
Current assets | 7.1 | 396.1 | 403.2 | 13.7 | 416.9 |
Total assets | 3 692.5 | 402.0 | 4 094.5 | 13.7 | 4 108.2 |
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Provisions | 0.0 | 13.9 | 13.9 | 0.0 | 13.9 |
Other debt (excl. financing and taxes) | 98.9 | 135.9 | 234.8 | 0.0 | 234.8 |
Financial liabilities | 1 663.9 | 86.4 | 1 750.3 | 0.0 | 1 750.3 |
Tax liabilities | 138.5 | 5.0 | 143.5 | 11.7 | 155.2 |
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Total debt | 1 901.3 | 241.2 | 2 142.5 | 11.7 | 2 154.2 |
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Total assigned equity [2] | 1 791.2 | 160.8 | 1 952.0 | 2.0 | 1 954.0 |
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Investment in non-current assets | 168.6 | 0.3 | 168.9 | 0.0 | 168.9 |
[1]EBIT less revaluation gains 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 geographical breakdown of sales and non-current assets is therefore not required.