At CHF 67.2 million, Allreal’s net profit was higher in the first half of 2024 than in the previous year.
The revaluation of Allreal’s properties was positive at CHF 6.7 million. Rental income from the portfolio rose by 2.3%. At 1.5% on the balance sheet date, the vacancy rate was again lower than at the end of the year, and the net yield was high at 3.9%. Income from business activities in the Development & Realisation segment was up thanks to increased sales of condominiums.
The gross margin for third-party projects increased to over 13%. Allreal is well positioned financially, generates stable income thanks to its portfolio and has the ability to control by itself when investments have to be made via its own pipeline of developments. This is how we will continue to build value for our shareholders.
1st half-year | 1st half-year |
| ||
| Group | CHF million | |||
| Total sales2 |
| 229.5 | 251.5 | –8.7 |
| Operating profit (EBIT) incl. revaluation gains |
| 98.3 | 69.0 | 42.5 |
| Net profit incl. revaluation effect3 |
| 67.2 | 44.3 | 51.7 |
| Operating profit (EBIT) excl. revaluation gains |
| 91.6 | 95.1 | –3.7 |
| Net profit excl. revaluation effect3 |
| 60.5 | 66.7 | –9.3 |
| Cash flow |
| 47.6 | 27.6 | 72.5 |
| Return on equity incl. revaluation effect3 | % | 5.3 | 3.5 | 1.8 |
| Return on equity excl. revaluation effect3 | % | 5.7 | 6.3 | –0.6 |
| Equity ratio on balance sheet date | % | 43.5 | 44.5 | –1.0 |
| Net gearing4 on balance sheet date | % | 110.5 | 105.3 | 5.2 |
| Net financial debt5 | CHF million | 2 758.7 | 2 679.1 | 3.1 |
| Average interest rate on financial liabilities on balance sheet date | % | 1.35 | 1.30 | 0.05 |
| Average duration of financial liability on balance sheet date | months | 39 | 40 | –1 |
| Sales Realisation division |
| 118.5 | 143.0 | –17.1 |
| Earnings from Development & Realisation segment6 |
| 21.3 | 17.6 | 21.0 |
| Gross margin third-party projects Realisation division7 | % | 13.4 | 9.9 | 3.5 |
| Employees on balance sheet date | full-time equivalents | 214 | 228 | –14 |
| Share | CHF |
|
|
|
| Earnings per share incl. revaluation effect3 |
| 4.07 | 2.68 | 51.9 |
| Earnings per share excl. revaluation effect3 |
| 3.66 | 4.04 | –9.4 |
| Net asset value (NAV) per share before deferred tax on balance sheet date |
| 174.39 | 177.02 | –1.5 |
| Net asset value (NAV) per share after deferred tax on balance sheet date |
| 151.21 | 154.16 | –1.9 |
| Share price on balance sheet date |
| 153.80 | 150.40 | 2.3 |
| Valuation on balance sheet date | CHF million |
|
|
|
| Market capitalisation8 |
| 2 539.4 | 2 483.1 | 2.3 |
| Enterprise value9 |
| 5 298.1 | 5 162.2 | 2.6 |
* Should no further particulars be given, values referring to the income statement concern the first half-year, and balance sheet values the balance sheet dates 30 June 2024 and 31 December 2023.
1 Changes in number and percentage values are shown as an absolute difference
2 Income from rental of investment properties plus completed project volume in the Realisation division
3 Revaluation gains refer to gains from the revaluation of investment properties less deferred taxes on revaluation
4 Borrowings minus cash and marketable securities as a percentage of equity
5 Borrowings minus cash and marketable securities
6 Income from Realisation, sales Development, capitalised own developments and various revenues minus direct expenses from Realisation and sales Development
7 Earnings from Realisation as a percentage of income from Realisation division
8 Share price at balance sheet date multiplied by the number of outstanding shares
9 Market capitalisation plus net finance debts
1st half-year | 1st half-year |
| ||
| Investment properties |
| |||
| Residential properties on balance sheet date | number | 36 | 36 | – |
| Commercial properties on balance sheet date | number | 42 | 42 | – |
| Market value on balance sheet date | CHF million | 5 023.1 | 5 016.3 | 0.1 |
| Rental income from investment properties | CHF million | 111.0 | 108.5 | 2.3 |
| Vacancy rate2 | % | 1.5 | 1.7 | –0.2 |
| Real estate expenses | CHF million | –13.2 | –10.5 | 25.7 |
| Real estate expenses | in % of rental income | 11.9 | 9.7 | 2.2 |
| Gross yield3 | % | 4.5 | 4.4 | 0.1 |
| Net yield4 | % | 3.9 | 4.0 | –0.1 |
| Investment properties under construction |
|
|
| |
| Buildings on balance sheet date | number | 4 | 4 | – |
| Market value on balance sheet date | CHF million | 70.6 | 61.0 | 15.7 |
| Investment volume | CHF million | 54.5 | 54.5 | – |
| Development properties | CHF million |
|
|
|
| Book value development reserves on balance sheet date |
| 443.3 | 439.4 | 0.9 |
| Estimated investment volume development reserves |
| 1 512.9 | 1 524.9 | –0.8 |
| Book value buildings under construction on balance sheet date |
| 37.5 | 32.4 | 15.7 |
| Estimated investment volume buildings under construction |
| 97.4 | 85.4 | 14.1 |
| Book value completed properties on balance sheet date |
| 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 balance sheet dates 30 June 2024 and 31 December 2023.
1 Changes in number and percentage values are shown as an absolute difference
2 As a percentage of target rental income, cumulative as at balance sheet date
3 Rental income from investment properties as a percentage of continued market value of rented investment properties as at 1 January
4 Rental earnings from investment properties as a percentage of continued market value of rented investment properties as at 1 January