Key figures comparison

Income statement

(in CHF million)   2017   2016   2015   2014   2013
Total sales   603.4   671.7   793.9   1 036.4   1 242.3
Earnings from rental and sale of investment real estate   154.6   154.5   164.2   137.2   146.2
Earnings from real estate management services   4.2   4.7   6.1   6.6   6.8
Earnings from Projects & Development division   66.7   84.0   78.8   102.8   110.7
Completed project volume Projects & Development division   420   493.7   612.9   870.6   1087.0
Operating profit (EBIT) incl. revaluation gains   187.5   265.6   193.2   170.9   192.8
Operating profit (EBIT) excl. revaluation gains   165.7   180.6   177.4   176.8   184.7
Net profit incl. revaluation effect   129.2   173.6   121.9   104.4   121.8
Net profit excl. revaluation effect   113.3   112.2   109.7   109.1   116.1

Financial statement

(in CHF million)   2017   2016   2015   2014   2013
Total assets as at 31 December   4 359.6   3 992.9   4 136.0   4 108.2   3 994.7
Market value of investment real estate on 31 December   3 956.6   3 574.5   3 525.2   3 513.6   3 445.8
Balance sheet value development real estate as at 31 December   116.5   165.7   295.5   301.2   382.5
Equity   2 150.7   2 086.8   1 994.1   1 954.0   1 969.3
Short-term liabilities   649.3   780.7   1 125.4   1 283.8   1 388.7

Consolidated cash flow statement

(in CHF million)   2017   2016   2015   2014   2013
Cash flow from operating activities   172.2   246.7   33.7   158.5   157.6
Cash flow from investing activities   –372.8   17.2   22.7   –198.5   –116.3
Cash flow from financing activities   217.3   –265.9   –64.9   46.9   –42.4
Change in cash   16.7   –2.0   –8.5   6.9   –1.1

Key figures per share: income statement

in CHF   2017   2016   2015   2014   2013
Earnings per share incl. revaluation effect   8.11   10.90   7.66   6.56   7.66
Earnings per share incl. revaluation effect   7.11   7.04   6.89   6.85   7.29
Payout per share   6.251   5.75   5.75   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   2017   2016   2015   2014   2013
Net asset value (NAV) per share before deferred taxes on 31 December   146.45   140.90   132.95   129.10   130.90
Net asset value (NAV) per share after deferred taxes on 31 December  

135.15

   131.00   125.35   122.55   123.80
Market price high   187.80   152.10   149.20   138.20   141.60
Market price low   146.80   128.20   126.60   120.20   120.80
Market price on 31 December   164.80   151.30   133.60   137.10   123.50