Key figures comparison

Income statement

(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 1087.0 939.6
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

Financial statement

(in CHF million) 2016 2015 2014 2013 2012
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
Equity 2 086.8 1 994.1 1 954.0 1 969.3 1 910.7
Short-term liabilities 780.7 1 125.4 1 283.8 1 388.7 1 384.9

Consolidated cash flow statement

(in CHF million) 2016 2015 2014 2013 2012
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
Change in cash –2.0 –8.5 6.9 –1.1 –45.8

Key figures per share: income statement

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 incl. 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

1 Proposal of the Board of Directors to the annual general meeting of 15 April 2016 by means of repayment of reserves from contribution of capital

Key figures per share: financial statement

in CHF 2016 2015 2014 2013 2012
Net asset value (NAV) per share before deferred taxes on 31 December 140.90 132.90 129.10 130.90 125.80
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