Key figures at a glance
1st half-year 2018 | 1st half-year 2017 | Change | ||||||
Group | ||||||||
Total sales2 | CHF million | 266.9 | 293.6 | –9.1 | ||||
Operating profit (EBIT) incl. revaluation gains | CHF million | 104.9 | 94.4 | +11.1 | ||||
Net profit incl. revaluation effect | CHF million | 70.3 | 66.0 | +6.5 | ||||
Operating profit (EBIT) excl. revaluation gains | CHF million | 92.0 | 85.7 | +7.4 | ||||
Net profit excl. revaluation effect | CHF million | 61.3 | 59.3 | +3.4 | ||||
Cash flow | CHF million | 63.7 | 96.4 | –33.9 | ||||
Return on equity incl. revaluation effect (annualised) | % | 6.6 | 6.3 | +0.3 | ||||
Return on equity excl. revaluation effect (annualised) | % | 6.4 | 6.3 | +0.1 | ||||
Equity ratio on cut-off date | % | 48.7 | 49.3 | –0.6 | ||||
Net gearing3 on cut-off date | % | 85.9 | 87.2 | –1.3 | ||||
Average interest rate on financial liabilities on cut-off date | % | 1.57 | 1.53 | +0.04 | ||||
Average duration of financial liabilities | months | 53 | 49 | +4 | ||||
Sales Projects & Development division | CHF million | 166.0 | 203.8 | –18.5 | ||||
Earnings from Projects & Development division4 | CHF million | 27.2 | 37.4 | –27.3 | ||||
Operating margin Projects & Development division5 | % | 24.3 | 38.8 | –14.5 | ||||
Employees on cut-off date | number of full-time | 220 | 259 | –39 | ||||
Share | ||||||||
Earnings per share incl. revaluation effect | CHF | 4.42 | 4.14 | +6.8 | ||||
Earnings per share excl. revaluation effect | CHF | 3.86 | 3.72 | +3.8 | ||||
Net asset value (NAV) per share before deferred taxes on cut-off date | CHF | 145.80 | 146.45 | –0.4 | ||||
Net asset value (NAV) per share after deferred taxes on cut-off date | CHF | 133.80 | 135.15 | –1.0 | ||||
Share price on cut-off date | CHF | 161.50 | 164.80 | –2.0 | ||||
Valuation on cut-off date | ||||||||
Market capitalisation6 | CHF million | 2 565.8 | 2 622.5 | –2.2 | ||||
Enterprise value (EV)7 | CHF million | 4 391.9 | 4 497.4 | –2.3 |
* Should no further particulars be given, values referring to the income statement concern the 1st half-year, and balance sheet value the cut-off dates on 30.06.2018 or as at 31.12.2017
1Changes in quantum and percentage values shown as absolute difference
2 Income resulting from rental of investment real estate and real estate management services plus completed project volume Projects & Development division
3 Financial liabilities minus cash as percentage of equity
4 Income from realisation Projects & Development, sales Development, capitalised company-produced assets and diverse income minus direct expenses for realisation Projects & Development and sales Development
5 EBIT excl. revaluation and restoration of value adjustments on projects as percentage of profit from business activity (balance of operating income, direct operating expenses, capitalised company-produced assets and earnings from sale of investment real estate)
6 Stock price at balance sheet date multiplied by the number of outstanding shares
7 Market capitalisation plus net debts