Key figures at a glance
1st half-year 2017 | 1st half-year 2016 | Change in %1 | ||||||
Group | ||||||||
Total sales2 | CHF million | 293.6 | 348.9 | –15.8 | ||||
Operating profit (EBIT) incl. revaluation gains | CHF million | 94.4 | 110.4 | –14.4 | ||||
Net profit incl. revaluation effect | CHF million | 66.0 | 69.8 | –5.4 | ||||
Operating profit (EBIT) excl. revaluation gains | CHF million | 85.7 | 100.1 | –14.4 | ||||
Net profit excl. revaluation effect | CHF million | 59.3 | 61.4 | –3.4 | ||||
Cash flow | CHF million | 96.4 | 181.4 | –46.9 | ||||
Return on equity incl. revaluation effect (annualised) | % | 6.3 | 7.1 | –0.8 | ||||
Return on equity excl. revaluation effect (annualised) | % | 6.3 | 6.6 | –0.3 | ||||
Equity ratio on cut-off date | % | 51.9 | 52.3 | –0.4 | ||||
Net gearing3 on cut-off date | % | 77.1 | 75.7 | +1.4 | ||||
Average interest rate on financial liabilities on cut-off date | % | 1.69 | 1.67 | +0.02 | ||||
Average duration of financial liabilities | months | 52 | 36 | +16 | ||||
Sales Projects & Development division | CHF million | 203.8 | 260.2 | –21.7 | ||||
Earnings from Projects & Development division4 | CHF million | 37.4 | 49.8 | –24.9 | ||||
Operating margin Projects & Development division5 | % | 38.8 | 48.8 | –10.0 | ||||
Employees on cut-off date | number of full-time | 261 | 276 | –15 | ||||
Share | ||||||||
Earnings per share incl. revaluation effect | CHF | 4.14 | 4.38 | –5.5 | ||||
Earnings per share excl. revaluation effect | CHF | 3.72 | 3.85 | –3.4 | ||||
Net asset value (NAV) per share before deferred taxes on cut-off date | CHF | 140.55 | 140.90 | –0.2 | ||||
Net asset value (NAV) per share after deferred taxes on cut-off date | CHF | 130.20 | 131.00 | –0.5 | ||||
Share price on cut-off date | CHF | 173.50 | 151.30 | +14.7 | ||||
Valuation on cut-off date | ||||||||
Market capitalisation6 | CHF million | 2 763.8 | 2 410.3 | +14.7 | ||||
Enterprise value (EV)7 | CHF million | 4 363.8 | 3 989.6 | +9.4 |
* Should no further particulars be given, values referring to the income statement concern the 1st half-year and balance sheet value the cut-off dates on 30.06.2017 or as at 31.12.2016
1 Changes in quantum and percentage values shown as absolute difference
2 Income resulting from rental of investment real estate and real estate management services plus completed project volume Projects & Development division
3 Financial liabilities minus cash as percentage of equity
4 Income from realisation Projects & Development, sales development, capitalised company-produced assets and diverse income minus direct expenses for realisation Projects & Development and sales development
5 EBIT excl. revaluation and restoration of value adjustments on projects as percentage of profit from business activity (balance of operating income, direct operating expenses, capitalised company-produced assets and earnings from sale of investment real estate)
6 Stock price at balance sheet date multiplied by the number of outstanding shares
7 Market capitalisation plus net debts