Segment information

Segment information for the first half-year 2019

CHF million	Real estate	Projects & Development	Total segments	Holding/ eliminations	Total
Income statement
Operating income	102.6	170.4	273.0	0.0	273.0
Profit from intercompany services	–3.9	4.2	0.3	–0.3	0.0
Direct operating expenses	–11.4	–145.7	–157.1	0.0	–157.1
Operating expenses	–1.5	–23.2	–24.7	–0.7	–25.4
Capitalised company-produced assets	0.0	3.4	3.4	0.0	3.4
Earnings from revaluation of investment real estate	29.7	0.0	29.7	0.0	29.7
EBITDA	115.5	9.1	124.6	–1.0	123.6
Depreciation and amortisation	0.0	–1.8	–1.8	0.0	–1.8
Operating profit (EBIT)	115.5	7.3	122.8	–1.0	121.8
Financial income	0.7	0.0	0.7	0.0	0.7
Financial expense	–13.8	–0.7	–14.5	0.0	–14.5
Tax expense	–21.3	–1.1	–22.4	–0.5	–22.9
Net profit	81.1	5.5	86.6	–1.5	85.1
EBITDA excl. revaluation gains	85.8	9.1	94.9	–1.0	93.9
Operating profit (EBIT) excl. revaluation gains	85.8	7.3	93.1	–1.0	92.1
Net profit excl. revaluation effect	59.8	5.5	65.3	–1.5	63.8
Operating margin in percent1	94.1	26.0	78.0	0.0	77.2
Rental income and income from real estate management	102.6	0.0	102.6	0.0	102.6
Completed project volume third-party projects	0.0	147.4	147.4	0.0	147.4
Completed project volume own projects	0.0	31.5	31.5	0.0	31.5
Total sales (according to internal reporting)	102.6	178.9	281.5	0.0	281.5
less sales from intercompany services	0.0	–18.5	–18.5	0.0	–18.5
Total sales to third parties (according to internal reporting)	102.6	160.4	263.0	0.0	263.0
plus reconciliation item external reporting	0.0	9.4	9.4	0.0	9.4
Diverse income	0.0	0.6	0.6	0.0	0.6
Operating income	102.6	170.4	273.0	0.0	273.0
Balance sheet as at 31.12.2019
Non-current assets	4 378.8	15.8	4 394.6	0.0	4 394.6
Current assets	14.4	279.6	294.0	1.3	295.3
Total assets	4 393.2	295.4	4 688.6	1.3	4 689.9
Provisions	0.0	4.2	4.2	0.0	4.2
Other debt (excl. financing and taxes)	49.0	67.5	116.5	0.0	116.5
Financial liabilities	2 022.0	99.8	2 121.8	0.0	2 121.8
Tax liabilities	232.3	6.3	238.6	1.0	239.6
Total debt	2 303.3	177.8	2 481.1	1.0	2 482.1
Total assigned equity2	2 089.9	117.6	2 207.5	0.3	2 207.8
Investment in non-current assets	13.8	0.1	13.9	0.0	13.9

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 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

Segment information for the first half-year 2018

CHF million	Real estate	Projects & Development	Total segments	Holding/ eliminations	Total
Income statement
Operating income	100.9	169.1	270.0	0.0	270.0
Profit from intercompany services	–3.8	4.1	0.3	–0.3	0.0
Direct operating expenses	–8.9	–145.3	–154.2	0.0	–154.2
Operating expenses	–1.8	–24.6	–26.4	–0.7	–27.1
Capitalised company-produced assets	0.0	3.4	3.4	0.0	3.4
Earnings from revaluation of investment real estate	12.9	0.0	12.9	0.0	12.9
EBITDA	99.3	6.7	106.0	–1.0	105.0
Depreciation and amortisation	0.0	–0.1	–0.1	0.0	–0.1
Operating profit (EBIT)	99.3	6.6	105.9	–1.0	104.9
Financial income	0.9	0.0	0.9	0.0	0.9
Financial expense	–14.5	–0.5	–15.0	0.0	–15.0
Tax expense	–19.0	–1.2	–20.2	–0.3	–20.5
Net profit	66.7	4.9	71.6	–1.3	70.3
EBITDA excl. revaluation gains	86.4	6.7	93.1	–1.0	92.1
Operating profit (EBIT) excl. revaluation gains	86.4	6.6	93.0	–1.0	92.0
Net profit excl. revaluation effect	57.7	4.9	62.6	–1.3	61.3
Operating margin in percent1	93.9	24.3	78.0	0.0	77.2
Rental income and income from real estate management	100.9	0.0	100.9	0.0	100.9
Completed project volume third-party projects	0.0	140.1	140.1	0.0	140.1
Completed project volume own projects	0.0	25.9	25.9	0.0	25.9
Total sales (according to internal reporting)	100.9	166.0	266.9	0.0	266.9
less sales from intercompany services	0.0	–15.9	–15.9	0.0	–15.9
Total sales to third parties (according to internal reporting)	100.9	150.1	251.0	0.0	251.0
plus reconciliation item external reporting	0.0	17.5	17.5	0.0	17.5
Diverse income	0.0	1.5	1.5	0.0	1.5
Operating income	100.9	169.1	270.0	0.0	270.0
Balance sheet as at 30.06.2018
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 equity2	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