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Glossary

Definition of alternative performance measures

Cash yield
Distribution per share as a percentage of the share price at the end of the period.

Earnings per share (EPS) excluding revaluations and deferred taxes
Profit (attributable to shareholders of Swiss Prime Site AG) less revaluations and deferred taxes, divided by the weighted average number of outstanding shares.

EPRA NDA (net disposal value)
Determines equity per share based on a sales scenario. Deferred taxes are therefore recognised as they are under Swiss GAAP FER.

EPRA NRV (net reinstatement value)
Determines equity per share based on the assumption that no properties are ever sold. The NAV is therefore adjusted for deferred taxes and the necessary incidental purchase expenses are added back. Captures the value of the assets that would be needed to rebuild Swiss Prime Site.

EPRA NTA (net tangible asset)
Determines equity per share on the assumption that properties are bought and sold in the same volumes as before. Some of the deferred taxes will therefore be crystallised through sales. However, based on our Company performance to date and our planning, the share of sales is low. Besides expected sales, intangible assets (in our case, mainly IT systems) are fully excluded from the NTA.

Equity ratio
Total shareholders’ equity as a percentage of balance sheet total.

Interest-bearing financial liabilities
Current and non-current financial liabilities less derivative financial instruments (other non-current financial liabilities).

Loan-to-value (LTV) ratio of the real estate portfolio
Current and non-current financial liabilities as a percentage of the property portfolio at fair value.

NAV (net asset value) after deferred taxes per share
Equity (attributable to shareholders of Swiss Prime Site AG) divided by the number of shares issued on the balance sheet date (excluding treasury shares).

NAV (net asset value) before deferred taxes per share
Equity (attributable to shareholders of Swiss Prime Site AG) plus deferred tax liabilities, divided by the number of shares issued at the balance sheet date (excluding treasury shares).

Net property yield
Real estate income as a percentage of the property portfolio at fair value as at the balance sheet date.

Operating result before depreciation and amortisation (EBITDA)
Operating result before financial result and taxes (EBIT) plus depreciation on tangible assets and amortisation on intangible assets.

Operating result (EBIT) excluding revaluations
Operating result before financial result and taxes (EBIT) excluding revaluation of investment properties.

Profit excluding revaluations and deferred taxes
Profit less revaluations of investment properties and deferred taxes.

Return on equity (ROE)
Profit (attributable to shareholders of Swiss Prime Site AG) divided by the average equity (attributable to shareholders of Swiss Prime Site AG).

Return on equity (ROE) excluding revaluations and deferred taxes
Profit (attributable to shareholders of Swiss Prime Site AG) less revaluations and deferred taxes, divided by the average equity (attributable to shareholders of Swiss Prime Site AG).

Return on invested capital (ROIC)
Profit (attributable to shareholders of Swiss Prime Site AG) plus financial expenses divided by the average balance sheet total.

Return on invested capital (ROIC) excluding revaluations and deferred taxes
Profit (attributable to shareholders of Swiss Prime Site AG) plus financial expenses less revaluations and deferred taxes, divided by the average balance sheet total.

Vacancy rate
Rental income from vacancies as a percentage of target rental income from the rental of investment properties.

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