Key figures at a glance
2018 31.12.2018* | 2017 31.12.2017* | Change | ||||||
Group | ||||||||
Total sales2 | CHF million | 549.9 | 603.4 | –8.9 | ||||
Operating profit (EBIT) incl. revaluation gains | CHF million | 235.6 | 187.5 | +25.7 | ||||
Net profit incl. revaluation effect | CHF million | 161.0 | 129.2 | +24.6 | ||||
Operating profit (EBIT) excl. revaluation gains | CHF million | 175.0 | 165.7 | +5.6 | ||||
Net profit excl. revaluation effect | CHF million | 115.6 | 113.3 | +2.0 | ||||
Cash flow | CHF million | 82.6 | 172.2 | –52.0 | ||||
Return on equity incl. revaluation effect | % | 7.3 | 6.0 | +1.3 | ||||
Return on equity excl. revaluation effect | % | 5.9 | 5.9 | – | ||||
Equity ratio on cut-off date | % | 48.1 | 49.3 | –1.2 | ||||
Net gearing3 on cut-off date | % | 91.5 | 87.2 | +4.3 | ||||
Average duration of financial liability | % | 1.48 | 1.53 | –0.05 | ||||
Average interest rate on financial liabilities on cut-off date | months | 52 | 49 | +3 | ||||
Sales Projects & Development division | CHF million | 351.9 | 420.0 | –16.2 | ||||
Earnings from Projects & Development division4 | CHF million | 52.6 | 66.7 | –21.1 | ||||
Gross margin third-party projects Projects & Development division5 | % | 13.0 | 13.1 | –0.1 | ||||
Employees on cut-off date | full-time equivalents | 216 | 259 | –43 | ||||
Share | ||||||||
Earnings per share incl. revaluation effect | CHF | 10.13 | 8.11 | +24.9 | ||||
Earnings per share excl. revaluation effect | CHF | 7.28 | 7.11 | +2.4 | ||||
Net asset value (NAV) per share before deferred tax on cut-off date | CHF | 152.85 | 146.45 | +4.4 | ||||
Net asset value (NAV) per share after deferred tax on cut-off date | CHF | 139.65 | 135.15 | +3.3 | ||||
Profit distribution per share6 | CHF | 6.50 | 6.25 | +4.0 | ||||
Share price on cut-off date | CHF | 153.10 | 164.80 | –7.1 | ||||
Dividend/Profit distribution yield7 | % | 4.2 | 3.8 | +0.4 | ||||
Valuation on cut-off date | ||||||||
Market capitalisation8 | CHF million | 2 432.1 | 2 622.5 | –7.3 | ||||
Enterprise value9 | CHF million | 4 463.4 | 4 497.4 | –0.8 |
* Should no further particulars be given, values referring to the income statement concern the full year and balance sheet value the cut-off dates 31.12.2018 resp. 31.12.2017
1 Changes in quantum and percentage values shown as absolute difference
2 Sales resulting from rental of investment real estate plus completed project volume Projects & Development division
3 Finance liabilities minus cash and marketable securities as percentage of equity
4 Income from realisation in Projects & Development, Sales Development, capitalised company-produced assets and various revenues minus direct expenses from realisation in Projects & Development, Sales Development
5 Earnings from realisation Projects & Development in percent of income from realisation Projects & Development
6 Board of Directors proposal of CHF 6.50 per share for the 2018 financial year
7 Yield corresponds to the distribution per share in percent of the market price on the cut-off date
8 Stock price at balance sheet date multiplied by the number of outstanding shares
9 Market capitalisation plus net finance debts