Allreal reports operating record for 2022

The company speaks of a new operating record thanks to higher rental income, continued low financing costs and one-off tax effects. Rental income rose by 4.8% to CHF 214.2 million, not least as a result of expansion in western Switzerland.

Profit decreases due to lower valuation result

The result including revaluation looks a little different. Although this still reached a positive figure of CHF 16.5 million, it fell far short of the previous year's contribution to earnings (CHF 64.3 million). Therefore, the bottom line is a lower net profit (CHF 154.7 million) than in the previous year (CHF 182.6 million).

Valuation under the sign of lower interest rates and sustainability

The fact that there was significantly less appreciation is also due to the higher interest rates on which the calculation was based - the discount rate, for example, rose by 40 basis points to 4.04%. However, a far more important influencing factor than this effect, which cost the valuation result CHF 52 million, was the inclusion of higher investments for the implementation of the ESG strategy. These impacted the valuation model by CHF 304 million. Both factors together were nevertheless more than offset by higher rental income as a result of indexation.

Dividend constant

The Board of Directors plans to distribute CHF 7.00 to investors, as in the previous year. This figure is made up of an ordinary dividend of CHF 3.50 per share and a payout from the reserves from capital contributions of CHF 3.50 per share, which is tax-free for Swiss private investors.

Forecast: Lower earnings in 2023

For the current financial year, Allreal does not hold out the prospect of another record. An "operating result below the previous year's level" is expected. A lower result for the general contracting business, "noticeably higher net financial expenses" and the absence of positive one-off tax effects are to be expected. The company also expects a slightly higher vacancy rate. (aw)