2023
2022
FINANCIALS
Net rental income
m CHF
71.8
68.3
Net gains from property disposal 3)
m CHF
31.6
133.2
Changes in fair value of properties
m CHF
12.0
-1.6
Operating result (EBIT)
m CHF
105.2
191.6
Earnings before taxes (EBT)
m CHF
99.2
185.6
Net income
m CHF
82.5
145.5
Cash flow from operations
m CHF
81.2
4.9
Investment in properties
m CHF
77.1
83.6
Total assets
m CHF
1,400.0
1,456.3
Total properties
m CHF
1,375.3
1,393.5
Financial liabilities
m CHF
381.3
394.9
Shareholders' equity
m CHF
867.3
878.8
Return on equity 1)
9.6%
17.8%
Return on equity excluding changes in fair value of properties 1)
8.6%
18.2%
PORTFOLIO
Number of investment properties
27
29
Number of development properties 3)
16
20
Lettable area
in m2
502,181
517,468
Gross yield 2), 4)
5.6%
5.4%
Net yield 2), 5)
4.9%
4.7%
Vacancy rate investment property portfolio
7.4%
10.0%
Vacancy rate development property portfolio
18.4%
20.2%
Vacancy rate total portfolio
10.7%
13.3%
PERSONNEL
Number of employees
70
65
SHARE
Earnings per share 6)
CHF
44.76
78.18
Earnings per share excluding changes in fair value of properties 7)
CHF
39.99
80.19
Net asset value per share (NAV) 8)
CHF
470.47
476.70
Share price at balance sheet date
CHF
615.00
603.00
Dividend per share 9)
CHF
27.50
50.00
1)
Based on average shareholders' equity during the period, see «Alternative Performance Measures», Annual report 2023, page 138
2)
Figures relate to investment property portfolio at the balance sheet date
3)
Including promotional properties
4)
Effective annual gross rental income in proportion to the market value of the properties at the balance sheet date, see «Alternative Performance Measures», Annual report 2023, page 138
5)
Effective annual gross rental income less all directly attributable property costs (excluding interest expense) in proportion to the market value of the properties at the balance sheet date, see «Alternative Performance Measures», Annual report 2023, page 138
6)
See «Earnings per share», Annual report 2023, page 102
7)
After deducting changes in fair value of properties and associated deferred tax, see «Earnings per share», Annual report 2023, page 102
8)
See «Net asset value per share», Annual report 2023, page 97
9)
2023: Proposal of the Board of Directors; 2022: Payment of an ordinary dividend of CHF 25 an a one-off extraordinary dividend of CHF 25 per share