CHF million | Real Estate | Projects & Development | Total segments | Holding/ eliminations | Total | |||||
Income statement | ||||||||||
Operating income | 198.0 | 348.2 | 546.2 | 0.0 | 546.2 | |||||
Profit from intercompany services | –7.3 | 7.9 | 0.6 | –0.6 | 0.0 | |||||
Direct operating expenses | –22.6 | –302.2 | –324.8 | 0.0 | –324.8 | |||||
Operating expenses | –3.3 | –48.1 | –51.4 | –1.3 | –52.7 | |||||
Capitalised company-produced assets | 0.0 | 6.6 | 6.6 | 0.0 | 6.6 | |||||
Earnings from revaluation of investment real estate | 60.6 | 0.0 | 60.6 | 0.0 | 60.6 | |||||
EBITDA | 225.4 | 12.4 | 237.8 | –1.9 | 235.9 | |||||
Depreciation and amortisation | 0.0 | –0.3 | –0.3 | 0.0 | –0.3 | |||||
Operating profit (EBIT) | 225.4 | 12.1 | 237.5 | –1.9 | 235.6 | |||||
Financial income | 1.6 | 0.0 | 1.6 | 0.0 | 1.6 | |||||
Financial expense | –28.8 | –1.5 | –30.3 | 0.0 | –30.3 | |||||
Tax expense | –43.3 | –1.6 | –44.9 | –1.0 | –45.9 | |||||
Net profit | 154.9 | 9.0 | 163.9 | –2.9 | 161.0 | |||||
EBITDA excl. revaluation gains | 164.8 | 12.4 | 177.2 | –1.9 | 175.3 | |||||
Operating profit (EBIT) excl. revaluation gains | 164.8 | 12.1 | 176.9 | –1.9 | 175.0 | |||||
Net profit excl. revaluation effect | 109.5 | 9.0 | 118.5 | –2.9 | 115.6 | |||||
Operating margin in percent1 | 94.0 | 23.0 | 77.6 | 0.0 | 76.8 | |||||
Rental income and income from real estate management | 198.0 | 0.0 | 198.0 | 0.0 | 198.0 | |||||
Completed project volume third-party projects | 0.0 | 290.3 | 290.3 | 0.0 | 290.3 | |||||
Completed project volume own projects | 0.0 | 61.6 | 61.6 | 0.0 | 61.6 | |||||
Total sales (according to internal reporting) | 198.0 | 351.9 | 549.9 | 0.0 | 549.9 | |||||
less sales from intercompany services | 0.0 | –36.6 | –36.6 | 0.0 | –36.6 | |||||
Total sales to third parties | 198.0 | 315.3 | 513.3 | 0.0 | 513.3 | |||||
plus reconciliation item external reporting2 | 0.0 | 30.2 | 30.2 | 0.0 | 30.2 | |||||
Diverse income | 0.0 | 2.7 | 2.7 | 0.0 | 2.7 | |||||
Operating income | 198.0 | 348.2 | 546.2 | 0.0 | 546.2 | |||||
Balance sheet as at 31.12.2018 | ||||||||||
Non-current assets | 4 313.0 | 11.9 | 4 324.9 | 0.0 | 4 324.9 | |||||
Current assets | 10.1 | 273.3 | 283.4 | 1.2 | 284.6 | |||||
Total assets | 4 323.1 | 285.2 | 4 608.3 | 1.2 | 4 609.5 | |||||
Provisions | 0.0 | 3.9 | 3.9 | 0.0 | 3.9 | |||||
Other debt (excl. financing and taxes) | 10.1 | 59.4 | 69.5 | 0.0 | 69.5 | |||||
Financial liabilities | 1 972.9 | 99.0 | 2 071.9 | 0.0 | 2 071.9 | |||||
Tax liabilities | 235.1 | 8.8 | 243.9 | 1.5 | 245.4 | |||||
Total debt | 2 218.1 | 171.1 | 2 389.2 | 1.5 | 2 390.7 | |||||
Total assigned equity3 | 2 105.0 | 114.1 | 2 219.1 | –0.3 | 2 218.8 | |||||
Investment in non-current assets | 30.5 | 0.3 | 30.8 | 0.0 | 30.8 |
1 EBIT less revaluation gains in percent of income from business activity (balance of operating income, direct operating expenses, capitalised company-produced assets, and earnings from sale of investment real estate)
2 See 2.7 for an explanation of the reconciliation item
3 Assignment of equity to individual segments corresponds to internal financial reporting guidelines requiring an equity ratio of 40% for the Projects & Development division; financial and tax liabilities will be assigned accordingly