Key figures comparison

Income statement

(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

Financial statement

(in CHF million)   2018   2017   2016   2015   2014
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
Equity   2 218.8   2 150.7   2 086.8   1 994.1   1 954.0
Short-term liabilities   599.6   649.3   780.7   1 125.4   1 283.8

Consolidated cash flow statement

(in CHF million)   2018   2017   2016   2015   2014
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
Change in cash   2.5   16.7   –2.0   –8.5   6.9

Key figures per share: income statement

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 share   6.501   6.25   5.75   5.75   5.50

1 Proposal of the Board of Directors to the annual general meeting of 12 April 2019

Key figures per share: financial statement

in CHF   2018   2017   2016   2015   2014
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