CHF million | Real Estate | Projects | Total segments | Holding/ eliminations | Total | |||||
Income statement | ||||||||||
Operating income | 204.4 | 328.7 | 533.1 | 0.0 | 533.1 | |||||
Profit from intercompany services | –7.7 | 8.4 | 0.7 | –0.7 | 0.0 | |||||
Direct operating expenses | –27.6 | –269.1 | –296.7 | 0.0 | –296.7 | |||||
Operating expenses | –3.1 | –45.3 | –48.4 | –1.5 | –49.9 | |||||
Capitalised company-produced assets | 0.0 | 6.7 | 6.7 | 0.0 | 6.7 | |||||
Earnings from sale of investment real estate | 1.8 | 0.0 | 1.8 | 0.0 | 1.8 | |||||
Earnings from revaluation of investment real estate | 139.1 | 0.0 | 139.1 | 0.0 | 139.1 | |||||
EBITDA | 306.9 | 29.4 | 336.3 | –2.2 | 334.1 | |||||
Depreciation and amortisation | 0.0 | –5.3 | –5.3 | 0.0 | –5.3 | |||||
Operating profit (EBIT) | 306.9 | 24.1 | 331.0 | –2.2 | 328.8 | |||||
Financial income | 1.4 | 0.0 | 1.4 | 0.0 | 1.4 | |||||
Financial expense | –27.4 | –0.8 | –28.2 | 0.0 | –28.2 | |||||
Tax expense | –61.8 | –4.4 | –66.2 | –1.0 | –67.2 | |||||
Net profit | 219.1 | 18.9 | 238.0 | –3.2 | 234.8 | |||||
EBITDA excl. revaluation gains | 167.8 | 29.4 | 197.2 | –2.2 | 195.0 | |||||
Operating profit (EBIT) excl. revaluation gains | 167.8 | 24.1 | 191.9 | –2.2 | 189.7 | |||||
Net profit excl. revaluation effect | 118.9 | 18.9 | 137.8 | –3.2 | 134.6 | |||||
Operating margin in percent1 | 94.0 | 36.3 | 78.4 | 0.0 | 77.5 | |||||
Rental income and income from real estate management | 204.4 | 0.0 | 204.4 | 0.0 | 204.4 | |||||
Completed project volume third-party projects | 0.0 | 270.0 | 270.0 | 0.0 | 270.0 | |||||
Completed project volume own projects | 0.0 | 70.7 | 70.7 | 0.0 | 70.7 | |||||
Total sales (according to internal reporting) | 204.4 | 340.7 | 545.1 | 0.0 | 545.1 | |||||
less sales from intercompany services | 0.0 | –50.4 | –50.4 | 0.0 | –50.4 | |||||
Total sales to third parties | 204.4 | 290.3 | 494.7 | 0.0 | 494.7 | |||||
plus reconciliation item external reporting2 | 0.0 | 37.5 | 37.5 | 0.0 | 37.5 | |||||
Diverse income | 0.0 | 0.9 | 0.9 | 0.0 | 0.9 | |||||
Operating income | 204.4 | 328.7 | 533.1 | 0.0 | 533.1 | |||||
Balance sheet as at 31.12.2019 | ||||||||||
Non-current assets | 4 516.5 | 21.7 | 4 538.2 | 0.0 | 4 538.2 | |||||
Current assets | 8.5 | 245.5 | 254.0 | 1.0 | 255.0 | |||||
Total assets | 4 525.0 | 267.2 | 4 792.2 | 1.0 | 4 793.2 | |||||
Provisions | 0.0 | 5.5 | 5.5 | 0.0 | 5.5 | |||||
Other debt (excl. financing and taxes) | 58.1 | 76.5 | 134.6 | 0.0 | 134.6 | |||||
Financial liabilities | 1 940.8 | 60.6 | 2 001.4 | 0.0 | 2 001.4 | |||||
Tax liabilities | 265.0 | 17.7 | 282.7 | 0.5 | 283.2 | |||||
Total debt | 2 263.9 | 160.3 | 2 424.2 | 0.5 | 2 424.7 | |||||
Total assigned equity3 | 2 261.1 | 106.9 | 2 368.0 | 0.5 | 2 368.5 | |||||
Investment in non-current assets | 60.7 | 1.1 | 61.8 | 0.0 | 61.8 |
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