Financial Report

Real estate portfolio, property income, EBT without revaluation of properties

Real estate portfolio in TCHF

Property income in TCHF

EBT before value change in TCHF

Finanzielle Kennzahlen

in TCHF 31.12.2017 31.12.2016
Property income 55’846 52’438
Revaluation of properties 33’287 19’962
Earnings before interest, taxes, depreciation and amortisation (EBITDA) 73’148 56’037
Net income 57’457 46’374
Cash and cash equivalents 38’920 62’766
Shareholders’ equity 760’693 729’126
Equity ratio 54.4% 54.7%
LTV ratio 37.6% 36.2%
Balance sheet total 1’398’069 1’334’132
Cash flow from operating activities incl. sales promotion 62’066 72’308
Employee headcount 56 49
– thereof building maintenance and administration 18 17

Portfoliokennzahlen

in TCHF 31.12.2017 31.12.2016
Yielding portfolio 901’297 755’511
Property development portfolio 381’364 486’759
Real estate portfolio (number of real estate properties) 111 112
Number of redevelopment properties 44 50
Investments in real estate 58’471 88’756
Annualised rental income (in CHF million) 56.1 54.2
Vacancy rate for investment properties 12.3% 11.7%
Vacancy rate for investment properties
undergoing repositioning¹
36.8% 32.5%
Vacancy rate for redevelopment properties 13.1% 15.2%
  1. Properties Mandachstrasse 50 – 56 ZH and Sternenfeldpark 14 BL
    The property Lorzenparkstrasse 2–16 ZG has been reclassified under investment properties during the reporting period.

EPRA-Kennzahlen

in TCHF 31.12.2017 31.12.2016
EPRA earnings 33’054 30’537
EPRA NAV 834’144 797’268
Equity ratio according to EPRA NAV 59.7% 59.8%
EPRA vacancy rate 14.5% 15.3%
Adjusted EPRA vacancy rate
(excl. investment properties undergoing repositioning)¹
12.3% 11.7%
  1. Properties Mandachstrasse 50–56 ZH and Sternenfeldpark 14 BL.
    The property Lorzenparkstrasse 2 16 ZG has been reclassified under investment properties during the reporting period.

Kennzahlen pro Aktie

in TCHF 31.12.2017 31.12.2016
Earnings per share (EPS) 7.15 5.80
Earnings per share without revaluation of properties 3.01 3.30
Earnings per share without revaluation of properties incl. revaluation of promotion 2.73 3.59
Dividends payout¹ 3.80 3.60
Payout ratio² 139.21% 100.16%
Cash yield³ 3.14% 3.44%
  1. Proposal to the Annual General Meeting on 19 April 2018 for the financial year 2017: distribution out of reserves from capital contributions
  2. Dividends per share compared to earnings per share without revaluation of properties incl. revaluation of promotion. The payout ratio calculated based on the net profit ­without non-cash tax items amounts to 108.70% as per 31 December 2017.
  3. Dividends per share compared to share price at the end of the period