Reporting
Reporting
Reporting
Reporting
Allreal’s net operating profit rose year-on-year in the first half of 2022. In the Real Estate division, rental income increased significantly thanks to the portfolio expansion in Western Switzerland and low vacancy rates. The Projects & Development division benefited from gains on sales and improved gross margin in third-party business, recording a stable result. The most important figures and developments are shown below.
1st half-year 2022 | 1st half-year 2021 | Change | ||||||
Group | ||||||||
Total sales2 | CHF million | 262.3 | 262.3 | 0.0 | ||||
| Operating profit (EBIT) incl. revaluation gains | CHF million | 101.8 | 148.4 | –31.4 | ||||
Net profit incl. revaluation effect3 | CHF million | 82.7 | 111.3 | –25.7 | ||||
| Operating profit (EBIT) excl. revaluation gains | CHF million | 100.7 | 106.6 | –5.5 | ||||
Net profit excl. revaluation effect3 | CHF million | 81.8 | 79.1 | 3.4 | ||||
| Cash flow | CHF million | 73.9 | 94.1 | –21.5 | ||||
Return on equity incl. revaluation effect3 | % | 6.5 | 9.3 | –2.8 | ||||
Return on equity excl. revaluation effect3 | % | 7.8 | 8.0 | –0.2 | ||||
| Equity ratio on cut-off date | % | 44.1 | 44.1 | 0.0 | ||||
| Net Gearing4 on cut-off date | % | 107.3 | 103.7 | 3.6 | ||||
| Average interest rate on financial liabilities on cut-off date | % | 0.63 | 0.61 | 0.02 | ||||
| Average duration of financial liability on cut-off date | months | 41 | 44 | –3 | ||||
| Sales Projects & Development division | CHF million | 155.5 | 160.5 | –3.1 | ||||
Earnings from Projects & Development division5 | CHF million | 34.9 | 37.5 | –6.9 | ||||
Gross margin third-party projects Projects & Development division6 | % | 11.2 | 11.4 | –0.2 | ||||
| Employees on cut-off date | full-time equivalents | 242 | 243 | –1 | ||||
| Share | ||||||||
Earnings per share incl. revaluation effect3 | CHF | 5.01 | 7.03 | –28.7 | ||||
Earnings per share excl. revaluation effect3 | CHF | 4.95 | 5.00 | –1.0 | ||||
| Net asset value (NAV) per share before deferred tax on cut-off date | CHF | 175.10 | 177.25 | –1.2 | ||||
| Net asset value (NAV) per share after deferred tax on cut-off date | CHF | 152.85 | 154.85 | –1.3 | ||||
| Share price on cut-off date | CHF | 157.80 | 202.00 | –21.9 | ||||
| Valuation on cut-off date | ||||||||
Market capitalisation7 | CHF million | 2 607.5 | 3 337.5 | –21.9 | ||||
Enterprise value8 | CHF million | 5 317.8 | 5 989.8 | –11.2 |
*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 2022 and 31 December 2021.
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
1st half-year 2022 | 1st half-year 2021 | Change | ||||||
| Yield-producing properties | ||||||||
| Residential real estate on cut-off date | number | 42 | 42 | 0 | ||||
| Commercial real estate on cut-off date | number | 45 | 45 | 0 | ||||
| Market value on cut-off date | CHF million | 4 963.6 | 4 954.6 | 0.2 | ||||
| Rental income from investment real estate | CHF million | 106.8 | 101.8 | 4.9 | ||||
| Vacancy rate2 | % | 1.5 | 1.5 | 0 | ||||
| Real estate expenses | CHF million | –10.8 | –10.0 | 8.0 | ||||
| Real estate expenses | in % of | 10.1 | 9.9 | 0.2 | ||||
| Gross yield3 | % | 4.3 | 4.6 | –0.3 | ||||
| Net yield4 | % | 3.9 | 4.2 | –0.3 | ||||
| Investment real estate under construction | ||||||||
| Buildings on cut-off date | number | 3 | 3 | 0 | ||||
| Market value on cut-off date | CHF million | 164.5 | 151.1 | 8.9 | ||||
| Investment volume | CHF million | 195.6 | 192.6 | 1.6 | ||||
| Development real estate | ||||||||
| Book value development reserves on cut-off date | CHF million | 346.9 | 417.4 | –16.9 | ||||
| Estimated investment volume development reserves | CHF million | 993.6 | 1 072.9 | –7.4 | ||||
| Book value buildings under construction on cut-off date | CHF million | 34.2 | 17.4 | 96.6 | ||||
| Estimated investment volume buildings under construction | CHF million | 52.1 | 40.5 | 28.6 | ||||
| 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 2022 and 31 December 2021.
1Changes in number and percentage values are shown as an absolute difference
2As a percentage of target rental income, cumulative as at cut-off date
3Rental income from investment real estate as a percentage of continued market value of yield-producing prop-erties as at 1 January
4Rental earnings from investment real estate as a percentage of continued market value of yield-producing properties as at 1 January