Consolidated balance sheet

As against the previous year’s balance sheet cut-off date, total assets were down by CHF 143.1 million to CHF 3992.9 million, which was essentially due to the significant decline in development real estate balance sheet positions and trade receivables. At the same time, interest-bearing financial liabilities were also lower.

As at 31 December 2016, the market value of the investment real estate amounted to CHF 3574.5 million. The 1.4% increase in the value of the real estate portfolio was attributable to revaluation (2.4 percentage points) and changes in inventory (–1.0 percentage point).

As at the balance sheet cut-off date, the book value of the development real estate amounted to CHF 165.7 million. The reason for the sharp year-on-year decline is the large number of properties whose ownership was transferred to third parties in the year under review (CHF –232.1 million).

Interest-bearing financial assets (prefinanced tenant fit-outs) decreased by CHF 6.6 million to CHF 136.8 million, 91% of which was attributable to the canton of Zurich as the largest debtor.

As at the balance sheet cut-off date, deferred taxes amounted to CHF 157.9 million net, representing a year-on-year increase of CHF 36.7 million, due mainly to the upward valuation of investment real estate and the associated tax effects.

During the period under review, equity increased by CHF 92.7 million to CHF 2.09 billion. Consequently, net asset value (NAV) per share after deferred tax rose by CHF 5.65 to CHF 131.00.