Divisions generate higher operating profit

Real Estate division

Allreal’s rental income in the Real Estate division increased by 2.0 percent from CHF 200.4 million in 2020 to CHF 204.4 million in the reporting period. Commercial real estate generated rental income of CHF 160.3 million, compared with CHF 163.8 million in 2020, while residential real estate generated rental income of CHF 44.1 million, compared with CHF 36.6 million in 2020. The expansion of the portfolio in Western Switzerland means that the share of total rental income accounted for by residential real estate will continue to increase in the financial year 2022.

As at the end of 2021, the average term of fixed-term leases for commercial real estate was 5.7 years – a significant increase. Only 12 percent of rental agreements are due to expire and be up for renewal within the next two years.

The fact that the vacancy rate remains very low is testament to Allreal’s excellent work in the areas of portfolio and real estate management. It went up only slightly from 1.4 percent in 2020 to 1.6 percent in 2021.

Real estate expenses amounted to CHF 27.8 million, compared with CHF 27.9 million in 2020. The expense rate in terms of total rental income was 13.6 percent, down from 13.9 percent in 2020. Owing to low losses of earnings and stable real estate expenses, Allreal’s net yield – at 4.0 percent – was high.

Changes in the portfolio and its positive performance led to the market value of the property portfolio increasing from CHF 4.53 billion in 2020 to CHF 5.11 billion in 2021 – a year-on-year increase of CHF 580.4 million. Within the Real Estate division, Allreal recorded a net profit excluding revaluation effect of CHF 123.4 million, up from CHF 118.6 million in 2020.

Projects & Development division

In the financial year 2021, earnings from Allreal’s Projects & Development division were considerably higher than in the previous year (CHF 53.4 million, up from CHF 46.6 million in 2020). The company benefited strongly from positive one-off effects resulting from the sale of development real estate.

The market situation for the Realisation department was challenging. The impact of the coronavirus was particularly evident in inefficiencies in the construction process. Nevertheless, Allreal managed to complete practically all the projects that were terminated in the period under review at the handover stage on time and to the required quality.

The Development department manages projects for Allreal’s own portfolio and for third parties up to the planning application stage in close cooperation with the Realisation department. The potential construction volume of the work carried out stands at around CHF 1.9 billion. This means that the department takes a key strategic position within the company because it contributes substantially to the targeted expansion of investment real estate and the capacity utilisation of the Realisation department.

The volume of projects completed by the Realisation department decreased by 5.6 percent to CHF 343.2 million in the year under review. Of this volume, third-party projects accounted for 78.6 percent and inhouse projects for 21.4 percent.

The secured order backlog as at the end of the year amounted to around CHF 694 million, corresponding to capacity utilisation for around two years.

The Projects & Development division recorded a net profit of CHF 13.8 million in the period under review, compared with CHF 7.8 million in the previous year.

Key figures






in %1



Total sales2

 CHF million 547.6 563.8 


Operating profit (EBIT) incl. revaluation gains CHF million 246.6 225.3 


Net profit incl. revaluation effect3

 CHF million 182.6 167.2 


Operating profit (EBIT) excl. revaluation gains CHF million 182.3 170.1 


Net profit excl. revaluation effect3

 CHF million 133.3 124.7 


Cash flow from operating activities CHF million 164.4 61.8 


Return on equity incl. revaluation effect3



 7.3 7.0 


Return on equity excl. revaluation effect3



 6.5 6.2 


Equity ratio on cut-off date 


 44.1 48.4 


Net Gearing4 on cut-off date 


 103.7 88.6 


Average interest rate on financial liabilities on cut-off date 


 0.61 0.71 


Average duration of financial liability on cut-off date months 44 49 


Sales Projects & Development division CHF million 




Earnings from Projects & Development division5

 CHF million 53.4 46.6 


Gross margin third-party projects Projects & Development division6



 9.1 12.0 


Employees on cut-off date full-time
 243 206 



Earnings per share incl. revaluation effect3



 11.43 10.52 8.7

Earnings per share excl. revaluation effect3



 8.34 7.84 6.4
Net asset value (NAV) per share before deferred tax on cut-off date 


 177.25 169.40 4.6
Net asset value (NAV) per share after deferred tax on cut-off date 


 154.85 151.75 2.0
Profit distribution per share7 


 7.00 6.75 3.7
Share price on cut-off date 


 202.00 203.50 –0.7

Dividend/Profit distribution yield8



 3.5 3.3 0.2
Valuation on cut-off date        

Market capitalisation9

 CHF million 3 337.5 3 235.6 3.1

Enterprise value10

 CHF million 5 989.8 5 374.1 11.5

*Should no further particulars be given, values referring to the income statement concern the full year and balance sheet value the cut-off dates 31.12.2021 and 31.12.2020.

1Changes in number and percentage values are shown as an absolute difference

2Income from rental of investment real estate plus completed project volume in the Projects & Development division

3Revaluation effects correspond to gains from the revaluation of investment real estate less deferred taxes on revaluation

4Borrowings minus cash and marketable securities as a percentage of equity

5Income from realisation Projects & Development, Sales Development, capitalised company-produced assets and various revenues minus direct expenses from realisation Projects & Development and Sales Development

6Earnings from realisation Projects & Development as a percentage of income from realisation Projects & Development

7Board of Directors proposal of CHF 7.00 per share for the financial year 2021

8Yield corresponds to the distribution per share as a percentage of the share price on the cut-off dateg

9Share price at balance sheet date multiplied by the number of outstanding shares

10Market capitalisation plus net finance debts