Multi-year overview
Key financial figures (in CHF million) | 2019 | 2018 | 2017 | 2016 | 2015 | ||
Total sales | 545.1 | 549.9 | 603.4 | 671.7 | 793.9 | ||
Earnings from rental and sale of investment real estate | 178.6 | 172.2 | 154.6 | 154.5 | 164.2 | ||
Earnings from real estate management services | – | 3.2 | 4.2 | 4.7 | 6.1 | ||
Earnings from Projects & Development division | 66.3 | 52.6 | 66.7 | 84.0 | 78.8 | ||
Completed project volume Projects & Development division | 340.7 | 351.9 | 420.0 | 493.7 | 612.9 | ||
Operating profit (EBIT) incl. revaluation gains | 328.8 | 235.6 | 187.5 | 265.6 | 193.2 | ||
Operating profit (EBIT) excl. revaluation gains | 189.7 | 175.0 | 165.7 | 180.6 | 177.4 | ||
Net profit incl. revaluation effect | 234.8 | 161.0 | 129.2 | 173.6 | 121.9 | ||
Net profit excl. revaluation effect | 134.6 | 115.6 | 113.3 | 112.2 | 109.7 | ||
Cash flow from operating activities | 199.6 | 82.6 | 172.2 | 246.7 | 33.7 | ||
Cash flow from investing activities | –33.8 | –135.4 | –372.8 | 17.2 | 22.7 | ||
Cash flow from financing activities | –176.6 | 55.3 | 217.3 | –265.9 | –64.9 | ||
Total assets as at 31 December | 4 793.2 | 4 609.5 | 4 359.6 | 3 992.9 | 4 136.0 | ||
Market value of investment real estate on 31 December | 4 375.9 | 4 194.71 | 3 956.6 | 3 574.5 | 3 525.2 | ||
Balance sheet value development real estate as at 31 December | 167.2 | 147.6 | 116.5 | 165.7 | 295.5 | ||
Net yield investment real estate (%) | 4.3 | 4.4 | 4.3 | 4.4 | 4.2 | ||
Projects & Development division (%) | 13.3 | 13.0 | 13.1 | 10.3 | 10.4 | ||
Average interest rate on financial liabilities (%) | 1.33 | 1.48 | 1.53 | 1.67 | 2.15 | ||
Average remaining term of financial liabilities (months) | 56 | 52 | 49 | 36 | 52 | ||
Return on equity incl. revaluation effect (%) | 10.2 | 7.3 | 6.0 | 8.5 | 6.2 | ||
Return on equity excl. revaluation effect (%) | 6.8 | 5.9 | 5.9 | 5.9 | 5.9 | ||
Share of equity on 31 December (%) | 49.4 | 48.1 | 49.3 | 52.3 | 48.2 | ||
Net gearing on 31 December (%) | 83.2 | 91.5 | 87.2 | 75.7 | 88.0 | ||
Market capitalisation on 31 December | 3 058.6 | 2 432.1 | 2 622.5 | 2 410.3 | 2 125.5 | ||
Share (in CHF) | 2019 | 2018 | 2017 | 2016 | 2015 | ||
Earnings per share incl. revaluation effect | 14.78 | 10.13 | 8.11 | 10.90 | 7.66 | ||
Earnings per share excl. revaluation effect | 8.47 | 7.28 | 7.11 | 7.04 | 6.89 | ||
Payout per share | 6.752 | 6.50 | 6.25 | 5.75 | 5.75 | ||
Net asset value (NAV) per share before deferred taxes on 31 December | 165.00 | 152.85 | 146.5 | 140.9 | 133.0 | ||
Net asset value (NAV) per share after deferred taxes on 31 December | 149.00 | 139.65 | 135.2 | 131.0 | 125.4 | ||
Market price high | 197.70 | 168.10 | 187.8 | 152.1 | 149.2 | ||
Market price low | 155.90 | 149.50 | 146.8 | 128.2 | 126.6 | ||
Market price on 31 December | 192.40 | 153.10 | 164.8 | 151.3 | 133.6 | ||
Cash yield payout (%) | 3.5 | 4.2 | 3.8 | 3.8 | 4.3 | ||
Payout ratio (%) | 90.5 | 94.6 | 98.7 | 98.0 | 95.9 |
1 Market value as at 01.01.2019, including initial application of IFRS 16
2 Proposal of the Board of Directors to the annual general meeting of 24 April 2020 in the form of an ordinary dividend of CHF 3.50 per share plus repayment of reserves from contribution of capital amounting to CHF 3.25 per share