Multi-year overview
Key financial figures (in CHF million) | 2018 | 2017 | 2016 | 2015 | 2014 | ||
Total sales | 549.9 | 603.4 | 671.7 | 793.9 | 1 036.4 | ||
Earnings from rental and sale of investment real estate | 172.2 | 154.6 | 154.5 | 164.2 | 137.2 | ||
Earnings from real estate management services | 3.2 | 4.2 | 4.7 | 6.1 | 6.6 | ||
Earnings from Projects & Development division | 52.6 | 66.7 | 84.0 | 78.8 | 102.8 | ||
Completed project volume Projects & Development division | 351.9 | 420.0 | 493.7 | 612.9 | 870.6 | ||
Operating profit (EBIT) incl. revaluation gains | 235.6 | 187.5 | 265.6 | 193.2 | 170.9 | ||
Operating profit (EBIT) excl. revaluation gains | 175.0 | 165.7 | 180.6 | 177.4 | 176.8 | ||
Net profit incl. revaluation effect | 161.0 | 129.2 | 173.6 | 121.9 | 104.4 | ||
Net profit excl. revaluation effect | 115.6 | 113.3 | 112.2 | 109.7 | 109.1 | ||
Cash flow from operating activities | 82.6 | 172.2 | 246.7 | 33.7 | 158.5 | ||
Cash flow from investing activities | –135.4 | –372.8 | 17.2 | 22.7 | –198.5 | ||
Cash flow from financing activities | 55.3 | 217.3 | –265.9 | –64.9 | 46.9 | ||
Total assets as at 31 December | 4 609.5 | 4 359.6 | 3 992.9 | 4 136.0 | 4 108.2 | ||
Market value of investment real estate on 31 December | 4 159.9 | 3 956.6 | 3 574.5 | 3 525.2 | 3 513.6 | ||
Balance sheet value development real estate as at 31 December | 147.6 | 116.5 | 165.7 | 295.5 | 301.2 | ||
Net yield investment real estate (%) | 4.4 | 4.3 | 4.4 | 4.2 | 4.5 | ||
Projects & Development division (%) | 13.0 | 13.1 | 10.3 | 10.4 | 8.4 | ||
Average interest rate on financial liabilities (%) | 1.48 | 1.53 | 1.67 | 2.15 | 1.93 | ||
Average remaining term of financial liabilities (months) | 52 | 49 | 36 | 52 | 50 | ||
Return on equity incl. revaluation effect (%) | 7.3 | 6.0 | 8.5 | 6.2 | 5.3 | ||
Return on equity excl. revaluation effect (%) | 5.9 | 5.9 | 5.9 | 5.9 | 5.4 | ||
Share of equity on 31 December (%) | 48.1 | 49.3 | 52.3 | 48.2 | 47.6 | ||
Net gearing on 31 December (%) | 91.5 | 87.2 | 75.7 | 88.0 | 87.9 | ||
Market capitalisation on 31 December | 2 432.1 | 2 622.5 | 2 410.3 | 2 125.5 | 2 185.5 | ||
Share (in CHF) | 2018 | 2017 | 2016 | 2015 | 2014 | ||
Earnings per share incl. revaluation effect | 10.13 | 8.11 | 10.90 | 7.66 | 6.56 | ||
Earnings per share excl. revaluation effect | 7.28 | 7.11 | 7.04 | 6.89 | 6.85 | ||
Payout per share1 | 6.501 | 6.25 | 5.75 | 5.75 | 5.50 | ||
Net asset value (NAV) per share before deferred taxes on 31 December | 152.85 | 146.45 | 140.90 | 132.95 | 129.10 | ||
Net asset value (NAV) per share after deferred taxes on 31 December | 139.65 | 135.15 | 131.00 | 125.35 | 122.55 | ||
Market price high | 168.10 | 187.80 | 152.10 | 149.20 | 138.20 | ||
Market price low | 149.50 | 146.80 | 128.20 | 126.60 | 120.20 | ||
Market price on 31 December | 153.10 | 164.80 | 151.30 | 133.60 | 137.10 | ||
Cash yield payout (%) | 4.2 | 3.8 | 3.8 | 4.3 | 4.0 | ||
Payout ratio (%)2 | 94.6 | 98.7 | 98.0 | 95.9 | 107.3 |
1 Proposal of the Board of Directors to the annual general meeting of 12 April 2019
2 In percent of the Real Estate division’s Net profit excl. revaluation effect