Selected Key Figures

11.9 million

Net income excluding revaluation and special
effects as at June 30, 2020

Income statement

  H1 2020H1 2019
Property income TCHF 28 195 26 744 5.4%

Operating revenue1

TCHF 105 426 36 721 187.1%

Operating expenses

TCHF 77 115 14 715 424.1%

Operating income before depreciation and revaluation

TCHF 28 311 22 006 28.7%

Revaluation of investment properties (net)

TCHF -13 612 11 513 -218.2%

Income from sale of investment properties

TCHF 0 982 n/a

Operating income EBIT

TCHF 12 883 32 848 -60.8%

Net income

TCHF 8 273 26 084 -68.3%

Net income excluding revaluation and special effects2

TCHF 11 900 15 401 -22.7%
Result from sale of promotional properties after tax3 TCHF 8 351 0 n/a

Balance Sheet

  30.06.202031.12.2019

Total assets

TCHF 1 601 754 1 654 946 -3.2%

Interest-bearing debt

TCHF 587 106 597 443 -1.7%

- Interest-bearing debt in % of Total assets

  36.7% 36.1%
- Average rate of interest of the interest-bearing dept (period) 1.3% 1.4%
- Average maturity of the interest-bearing debt YEARS 4.8 5.2

Shareholders’ equity

TCHF 891 470 905 637 -1.6%

- Equity ratio

  55.7% 54.7%

Employees

  30.06.201931.12.2019

Headcount

FTE 140.2 139.6 0.4%

Share

  H1 2020H1 2019

Closing price

CHF 2 010 1 820 10.4%

Market capitalization4

TCHF 1 025 100 928 200 10.4%

Earnings per series B registered share5

CHF 16.2 51.1 -68.3%

Earnings per series B registered share
excl. revaluation2, 5

CHF 23.3 30.2 -22.7%

NAV at market value per series B registered share B5, 6

CHF 1 895.9 1 821.2 4.1%

Portfolio

  30.06.202031.12.2019

Investment properties

TCHF 1 504 460 1 478 364 1.8%

Investment properties under construction

TCHF 7 811 31 402 -75.1%

Undeveloped plots

TCHF 2 524 2 524 0.0%

Total real estate portfolio

TCHF 1 514 795 1 512 290 0.2%

Operating properties (market value)7

TCHF 118 250 118 250 0.0%

Total portfolio

TCHF 1  633 045 1 630 540 0.2%

Vacancy rate investment properties8

  5.3% 3.3%

Gross return investment properties9

  431% 4.1%
Weighted average unexpired lease term of rental contracts in portfolio (WAULT) YEARS 6.7 6.8
Average discount rate (nominal) 3.6% 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

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

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

6NAV at market value per share includes properties used for operational purposes at market value and corresponding deferred taxes

7Operational properties are revaluated on a yearly basis at financial year-end

8As at the balance sheet date, as a percentage of projected rental income

9Projected rental income (annualized) as a percentage of the market value on the balance sheet date