Selected Key Figures

25.9 million

Net income excluding revaluation and special
effects as at December 31, 2020

Income statement

  20202019
Property income TCHF 57 782 54 481 6.1%

Operating revenue1

TCHF 140 394 120 378 16.6%

Operating expenses

TCHF 90 825 66 960 35.6%

Operating income before depreciation and revaluation

TCHF 49 569 53 418 -7.2%

Revaluation of investment properties (net)

TCHF -2 224 19 552 -111.4%

Income from sale of investment properties

TCHF 0 998 -100.0%

Operating income EBIT

TCHF 43 749 70 549 -38.0%

Net income

TCHF 32 260 76 046 -57.6%

Net income excluding revaluation and special effects2

TCHF 25 866 31 373 -17.6%
Result from sale of promotional properties after tax3 TCHF 8 351 6 792 23.0%

Balance Sheet

  31.12.202031.12.2019

Total assets

TCHF 1 626 245 1 654 946 -1.7%

Interest-bearing debt

TCHF 591 770 597 443 -0.9%

- Interest-bearing debt in % of Total assets

  36.4% 36.1%
- Average rate of interest of the interest-bearing dept (period) 1.3% 1.4%
- Average maturity of the interest-bearing debt YEARS 4.3 5.2

Shareholders’ equity

TCHF 915 457 905 637 1.1%

- Equity ratio

  56.3% 54.7%
- Return on equity4 3.5% 8.7%

Employees

  31.12.202031.12.2019

Headcount

FTE 128.1 139.6 -8.2%

Share

  20202019

Closing price

CHF 2 030 2 330 -12.9%

Market capitalization5

TCHF 1 035 300 1 188 300 -12.9%

Earnings per series B registered share6

CHF 63.25 149.11 -57.6%

Earnings per series B registered share
excl. revaluation and special effects 2, 6

CHF 50.72 61.52 -17.6%
Distribution per series B registered share8 CHF 34.00 31.00 9.7%
Special dividend promotional profit from Aglaya per series B registered share8 CHF 10.00 13.00 -23.1%

NAV at market value per series B registered share B5, 7

CHF 1 926.36 1 923.87 0.1%

Portfolio

  31.12.202031.12.2019

Investment properties

TCHF 1 534 432 1 478 364 3.8%

Investment properties under construction

TCHF 9 794 31 402 -68.8%

Undeveloped plots

TCHF 2 524 2 524 0.0%

Total real estate portfolio

TCHF 1 546 750 1 512 290 2.3%

Operating properties (market value)7

TCHF 108 110 118 250 -8.6%

Total portfolio

TCHF 1 654 860 1 630 540 1.5%

Vacancy rate investment properties9

  5.0% 3.3%

Gross return investment properties10

  4.1% 4.1%
Weighted average unexpired lease term of rental contracts in portfolio (WAULT) YEARS 6.8 6.8
Average discount rate (nominal) 3.5% 3.6%

1Excluding income from revaluation of investment properties and gains on the sale of investment properties

2Corresponds to net income excluding income from revaluation of investment properties (net), excluding income from the disposal of investment and promotional properties and corresponding deferred taxes as well as the effect of adjustments made to deferred tax rates

3Corresponds to the income from the sale of promotional properties less expenses incurred directly through the sale of promotional properties and corresponding deferred taxes

4In relation to average shareholders' equity

5In relation to number of shares outstanding (series A registered shares converted)

6In relation to number of shares on average outstanding (series A registered shares converted)

7NAV at market value per share includes properties used for operational purposes at market value and corresponding deferred taxes

8Proposed by board of directors

9As at the balance sheet date, as a percentage of projected rental income

10  Projected rental income (annualized) as a percentage of the market value on the balance sheet date