Finances

Allreal recorded a significant increase in net operating profit in the first half of 2021. In the Real Estate division, the gratifying result was further strengthened by revaluation gains. The Projects & Development division also performed well thanks to gains on sales. The most important figures and developments are shown below.

Key figures at a glance

    

1st half-year 2021
as at 30.06.2021*

 

1st half-year 2020
as at 31.12.2020*

 

Change
in %1

Group

        

Total sales2

 CHF million 262.3 278.7 –5.9
Operating profit (EBIT) incl. revaluation gains CHF million 148.4 113.8 30.4

Net profit incl. revaluation effect3

 CHF million 111.3 86.4 28.8
Operating profit (EBIT) excl. revaluation gains CHF million 106.6 86.1 23.8

Net profit excl. revaluation effect3

 CHF million 79.1 63.0 25.6
Cash flow CHF million 94.1 68.2 38.0

Return on equity incl. revaluation effect3

 

%

 9.3 7.4 1.9

Return on equity excl. revaluation effect3

 

%

 8.0 6.4 1.6
Equity ratio on cut-off date 

%

 48.1 48.4 –0.3
Net Gearing4 on cut-off date 

%

 90.8 88.6 2.2
Average interest rate on financial liabilities on cut-off date 

%

 0.66 0.71 –0.05
Average duration of financial liability on cut-off date months 44 49 –5
Sales Projects & Development division CHF million 160.5 178.6 –10.1

Earnings from Projects & Development division5

 CHF million 37.5 24.6 52.4

Gross margin third-party projects Projects & Development division6

 

%

 11.4 13.8 –2.4
Employees on cut-off date full-time
equivalents
 203 206 –3
Share        

Earnings per share incl. revaluation effect3

 

CHF

 7.03 5.43 29.5

Earnings per share excl. revaluation effect3

 

CHF

 5.00 3.96 26.3
Net asset value (NAV) per share before deferred tax on cut-off date 

CHF

 170.70 169.40 0.8
Net asset value (NAV) per share after deferred tax on cut-off date 

CHF

 151.80 151.75 0.0
Share price on cut-off date 

CHF

 182.20 203.50 –10.5
Valuation on cut-off date        

Market capitalisation7

 CHF million 2 879.0 3 235.6 – 11.0

Enterprise value8

 CHF million 5 056.4 5 374.1 –5.9

*Should no further particulars be given, values referring to the income statement concern the first half-year, and balance sheet values the cut-off dates 30 June 2021 and 31 December 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 gains refer 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

7Share price at balance sheet date multiplied by the number of outstanding shares

8Market capitalisation plus net finance debts

Real estate at a glance

    

1st half-year 2021
as at 30.06.2021*

 

1st half-year 2020
as at 31.12.2020*

 

Change
in %1

Yield-producing properties        
Residential real estate on cut-off date2 number 22 21 1
Commercial real estate on cut-off date3 number 43 45 –2
Market value on cut-off date CHF million 4 457.3 4 428.5 0.7
Rental income from investment real estate CHF million 101.8 100.1 1.7
Vacancy rate4 % 1.5 1.5 0.0
Real estate expenses CHF million –10.0 –13.2 –24.2
Real estate expenses 

in % of
rental income

 9.9 13.2 –3.3
Gross yield5 

%

 4.6 4.7 –0.1
Net yield6 

%

 4.2 4.1 0.1
Investment real estate under construction        
Buildings on cut-off date number 1 1 0
Market value on cut-off date CHF million 122.9 96.8 27.0
Investment volume CHF million 173.0 80.2 115.7
Development real estate        
Book value development reserves on cut-off date CHF million 142.2 179.7 –20.9
Estimated investment volume development reserves CHF million 334.9 515.2 –35.0
Book value buildings under construction on cut-off date CHF million 42.0 44.0 –4.5
Estimated investment volume buildings under construction CHF million 88.0 74.3 18.4
Book value completed real estate on cut-off date CHF million 0.0 0.0 

*Should no further particulars be given, values referring to the income statement concern the first half-year, and balance sheet values the cut-off dates 30 June 2021 and 31 December 2020.
 

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

2The accruals in the case of residential real estate are a result of the reclassification of the Grünhof site, Zurich Aussersihl, in that the majority of properties on the site are now for residential rather than commercial use

3The disposals in the case of commercial real estate are a result of the reclassification of the Grünhof site, Zurich Aussersihl, as residential real estate, as well as the reclassification of the property at Bellerivestrasse 36, Zurich Riesbach, as investment real estate under construction

4As a percentage of target rental income, cumulative as at cut-off date

5Rental income from investment real estate as a percentage of continued market value of yield-producing properties as at 1 January

6Rental income from investment real estate as a percentage of continued market value of yield-producing properties as at 1 January