Multi-year overview
Key financial figures (in CHF million) | 2016 | 2015 | 2014 | 2013 | 2012 | ||
Total sales | 671.7 | 793.9 | 1 036.4 | 1 242.3 | 1 086.1 | ||
Earnings from rental and sale of investment real estate | 154.5 | 164.2 | 137.2 | 146.2 | 122.1 | ||
Earnings from real estate management services | 4.7 | 6.1 | 6.6 | 6.8 | 4.4 | ||
Earnings from Projects & Development division | 84.0 | 78.8 | 102.8 | 110.7 | 115.8 | ||
Completed project volume Projects & Development division | 493.7 | 612.9 | 870.6 | 1 087.0 | 939.6 | ||
Operating profit (EBIT) incl. revaluation gains | 265.6 | 193.2 | 170.9 | 192.8 | 161.7 | ||
Operating profit (EBIT) excl. revaluation gains | 180.6 | 177.4 | 176.8 | 184.7 | 169.9 | ||
Net profit incl. revaluation effect | 173.6 | 121.9 | 104.4 | 121.8 | 97.5 | ||
Net profit excl. revaluation effect | 112.2 | 109.7 | 109.1 | 116.1 | 104.6 | ||
Cash flow from operating activities | 246.7 | 33.7 | 158.5 | 157.6 | 72.2 | ||
Cash flow from investing activities | 17.2 | 22.7 | –198.5 | –116.3 | –203.2 | ||
Cash flow from financing activities | –265.9 | –64.9 | 46.9 | –42.4 | 85.2 | ||
Total assets as at 31 December | 3 992.9 | 4 136.0 | 4 108.2 | 3 994.7 | 3 928.4 | ||
Market value of investment real estate on 31 December | 3 574.5 | 3 525.2 | 3 513.6 | 3 445.8 | 3 159.0 | ||
Balance sheet value development real estate as at 31 December | 165.7 | 295.5 | 301.2 | 382.5 | 594.8 | ||
Net yield investment real estate (%) | 4.4 | 4.2 | 4.5 | 4.8 | 4.9 | ||
Operating margin Projects & Development division (%) | 41.0 | 27.4 | 44.9 | 40.8 | 46.7 | ||
Average interest rate on financial liabilities (%) | 1.67 | 2.15 | 1.93 | 2.13 | 2.13 | ||
Average remaining term of financial liabilities (months) | 36 | 52 | 50 | 56 | 54 | ||
Return on equity incl. revaluation effect (%) | 8.5 | 6.2 | 5.3 | 6.3 | 5.5 | ||
Return on equity excl. revaluation effect (%) | 5.9 | 5.9 | 5.4 | 6.2 | 6.0 | ||
Share of equity on 31 December (%) | 52.3 | 48.2 | 47.6 | 49.3 | 48.6 | ||
Net gearing on 31 December (%) | 75.7 | 88.0 | 87.9 | 80.8 | 80.6 | ||
Market capitalisation on 31 December | 2 410.3 | 2 125.5 | 2 185.5 | 1 964.7 | 2 248.3 | ||
Share (in CHF) | 2016 | 2015 | 2014 | 2013 | 2012 | ||
Earnings per share incl. revaluation effect | 10.90 | 7.66 | 6.56 | 7.66 | 6.30 | ||
Earnings per share excl. revaluation effect | 7.04 | 6.89 | 6.85 | 7.29 | 6.76 | ||
Payout per share | 5.751 | 5.75 | 5.50 | 5.50 | 5.50 | ||
Net asset value (NAV) per share before deferred taxes on 31 December | 140.90 | 132.95 | 129.10 | 130.90 | 125.80 | ||
Net asset value (NAV) per share after deferred taxes on 31 December | 131.00 | 125.35 | 122.55 | 123.80 | 119.70 | ||
Market price high | 152.10 | 149.20 | 138.20 | 141.60 | 149.40 | ||
Market price low | 128.20 | 126.60 | 120.20 | 120.80 | 134.00 | ||
Market price on 31 December | 151.30 | 133.60 | 137.10 | 123.50 | 141.10 | ||
Cash yield payout (%) | 3.8 | 4.3 | 4.0 | 4.5 | 3.9 | ||
Payout ratio (%) | 81.7 | 83.6 | 80.4 | 75.6 | 83.4 |
1 Proposal of the Board of Directors to the annual general meeting of 21 April 2017 by means of repayment of reserves from contribution of capital