Cash flow PSP Swiss Property AG

Equities

PSPN

CH0018294154

Real Estate Development & Operations

Market Closed - Swiss Exchange Other stock markets 16:31:29 06/02/2026 GMT			5-day change	1st Jan Change
156.60 ^CHF	+0.71%		+1.03%	+9.13%

01-28	UBS Upgrades PSP Swiss Property to Buy, Boosts PT	MT
01-21	PSP Swiss Property sees muted EPS 2026

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Published financial data: PSP SWISS PROPERTY AG

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Rental Revenues	296M	310M	316M	332M	350M
Other Revenues, Total	52.88M	68.09M	97.66M	40.07M	7.08M
Total Revenues	349M	378M	414M	372M	357M
Property Expenses	56.6M	74.29M	96.79M	47.14M	27.86M
Selling General & Admin Expenses, Total	9.19M	9.55M	9.73M	10.61M	11.97M
Depreciation & Amortization - (IS) - (Collected)	1.33M	1.4M	1.3M	1.19M	939K
Other Operating Expenses	12.3M	16.19M	14.74M	16.54M	13.73M
Total Operating Expenses	79.43M	101M	123M	75.49M	54.5M
Operating Income (REIT / Utility Template)	270M	276M	291M	296M	303M
Interest Expense, Total	-13.76M	-11.72M	-12.06M	-23.86M	-34.68M
Interest and Investment Income	266K	240K	112K	750K	417K
Net Interest Expenses	-13.49M	-11.48M	-11.95M	-23.11M	-34.26M
Other Non Operating Income (Expenses)	280K	363K	390K	223K	-12K
EBT, Excl. Unusual Items	257M	265M	280M	274M	268M
Gain (Loss) on Sale of Assets	-	9.46M	-447K	910K	14.09M
Asset Writedown	102M	465M	125M	-161M	171M
EBT, Incl. Unusual Items	358M	740M	404M	113M	453M
Income Tax Expense	66.01M	145M	74.26M	-94.34M	78.4M
Earnings From Continuing Operations	292M	595M	330M	208M	375M
Net Income to Company	292M	595M	330M	208M	375M
Net Income - (IS)	292M	595M	330M	208M	375M
Net Income to Common Incl Extra Items	292M	595M	330M	208M	375M
Net Income to Common Excl. Extra Items	292M	595M	330M	208M	375M
Per Share Items
Net EPS - Basic	6.37	12.97	7.19	4.53	8.17
Basic EPS - Continuing Operations	6.37	12.97	7.19	4.53	8.17
Basic Weighted Average Shares Outstanding	45.87M	45.87M	45.87M	45.87M	45.87M
Net EPS - Diluted	6.37	12.97	7.19	4.53	8.17
Diluted EPS - Continuing Operations	6.37	12.97	7.19	4.53	8.17
Diluted Weighted Average Shares Outstanding	45.87M	45.87M	45.87M	45.87M	45.87M
Normalized Basic EPS	3.5	3.61	3.81	3.73	3.66
Normalized Diluted EPS	3.5	3.61	3.81	3.73	3.66
Dividend Per Share	3.65	3.75	3.8	3.85	3.9
Payout Ratio	56.53	28.13	52.12	83.95	47.09
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	271M	277M	292M	298M	304M
EBITA	270M	276M	291M	296M	303M
EBIT	270M	276M	291M	296M	303M
EBITDAR	271M	278M	293M	-	-
Effective Tax Rate - (Ratio)	18.43	19.54	18.37	-83.3	17.29
Current Domestic Taxes	23.09M	24.13M	37.13M	24.52M	36.54M
Total Current Taxes	23.09M	24.13M	37.13M	24.52M	36.54M
Deferred Domestic Taxes	42.91M	120M	37.13M	-119M	41.86M
Total Deferred Taxes	42.91M	120M	37.13M	-119M	41.86M
Normalized Net Income	160M	166M	175M	171M	168M
Interest Capitalized	1.8M	1.04M	456K	498K	665K
Interest on Long-Term Debt	-	-	-	-	-
Non-Cash Pension Expense	1.16M	-789K	77K	1.25M	1.67M
Supplemental Operating Expense Items
General and Administrative Expenses	6.8M	7.69M	7.42M	-	-
Net Rental Expense, Total	365K	385K	406K	-	-
Imputed Operating Lease Interest Expense	15.97K	12.9K	13.3K	-	-
Imputed Operating Lease Depreciation	349K	372K	393K	-	-
Maintenance & Repair Expenses, Total	15.4M	17.49M	16.86M	14.29M	13.2M
Stock-Based Comp., SG&A Exp. (Total)	2.03M	1.48M	1.9M	1.65M	1.96M
Total Stock-Based Compensation	2.03M	1.48M	1.9M	1.65M	1.96M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Gross Property Plant And Equipment	7.69B	8.52B	8.89B	9.05B	9.54B
Accumulated Depreciation	-4.79M	-5.63M	-6.38M	-6.66M	-7.51M
Net Property Plant And Equipment	7.68B	8.51B	8.89B	9.05B	9.53B
Total Real Estate Assets	7.68B	8.51B	8.89B	9.05B	9.53B
Cash And Equivalents	32.34M	20.38M	20.74M	142M	56.97M
Accounts Receivable, Total	28.29M	14.45M	15.1M	16.06M	15.26M
Other Receivables	3.67M	6.44M	1.5M	8.54M	9.05M
Investment In Debt and Equity Securities	1.74M	867K	14.99M	6.11M	9K
Other Intangibles, Total	1.3M	742K	296K	189K	629K
Other Current Assets, Total	118M	87.52M	28.29M	30.83M	32.31M
Trading Asset Securities, Total	5K	-	400K	229K	-
Deferred Tax Assets Long-Term (Collected)	8.99M	5.03M	2.83M	2.41M	2.12M
Other Long-Term Assets, Total	788M	537M	513M	534M	279M
Total Assets	8.67B	9.18B	9.48B	9.79B	9.92B
Liabilities
Current Portion of Long-Term Debt	430M	175M	440M	450M	350M
Current Portion of Leases	383K	179K	181K	185K	189K
Long-Term Debt	2.63B	2.84B	2.65B	3.01B	3.03B
Long-Term Leases	15.55M	6.88M	6.7M	6.63M	6.49M
Accounts Payable, Total	7.46M	8.58M	16.74M	28.82M	30.28M
Current Income Taxes Payable	6.36M	6.7M	18.21M	17.95M	17.84M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	68.82M	86.38M	80.59M	94.02M	77.1M
Pension & Other Post Retirement Benefits	15.79M	8.82M	5.49M	7.71M	7.89M
Deferred Tax Liability Non-Current	914M	1.03B	1.07B	950M	991M
Other Non Current Liabilities	-	-1K	-1K	-	-
Total Liabilities	4.09B	4.16B	4.29B	4.57B	4.51B
Common Stock, Total	4.59M	4.59M	4.59M	4.59M	4.59M
Retained Earnings	4.08B	4.51B	4.67B	4.7B	4.9B
Comprehensive Income and Other	494M	506M	527M	517M	508M
Total Common Equity	4.58B	5.02B	5.2B	5.22B	5.41B
Total Equity	4.58B	5.02B	5.2B	5.22B	5.41B
Total Liabilities And Equity	8.67B	9.18B	9.48B	9.79B	9.92B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	45.87M	45.87M	45.87M	45.87M	45.87M
ECS Total Common Shares Outstanding	45.87M	45.87M	45.87M	45.87M	45.87M
Book Value / Share	99.83	109.42	113.33	113.82	117.96
Tangible Book Value	4.58B	5.02B	5.2B	5.22B	5.41B
Tangible Book Value Per Share	99.81	109.41	113.33	113.82	117.95
Total Debt	3.07B	3.02B	3.09B	3.47B	3.39B
Net Debt	3.04B	3B	3.07B	3.33B	3.33B
Debt Equivalent of Unfunded Proj. Benefit Obligation	15.79M	8.82M	5.49M	7.71M	7.89M
Debt Equivalent Oper. Leases	2.92M	3.08M	3.25M	-	-
Equity Method Investments, Total	76K	76K	78K	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Finished Goods, Total	113M	85.01M	25.44M	29.79M	27.5M
Full Time Employees	89	90	91	90	77
Part Time Employees	-	-	-	-	38
Accumulated Allowance for Doubtful Accounts (Supple)	-	4.73M	4.18M	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	292M	595M	330M	208M	375M
Depreciation, Depletion & Amortization	774K	841K	849K	1.19M	939K
Total Depreciation, Depletion & Amortization	774K	841K	849K	1.19M	939K
Amortization of Deferred Charges, Total	556K	836K	833K	221K	-
(Gain) Loss On Sale of Asset - (CF)	-	-9.46M	447K	-910K	-14.09M
Total Asset Writedown	-102M	-465M	-125M	161M	-171M
(Income) Loss On Equity Investments - (CF)	-4K	-	-2K	-	-
Stock-Based Compensation (CF)	2.03M	1.48M	1.9M	1.65M	1.96M
Change in Accounts Receivable	-16.59M	13.83M	-687K	-956K	799K
Change In Inventories	3.81M	27.97M	59.64M	10.93M	2.31M
Change in Accounts Payable	3.53M	970K	-2.73M	4.51M	1.43M
Change in Unearned Revenues	-	-	-	17.5M	-18.05M
Change in Other Net Operating Assets (Collected)	-2.51M	20.94M	5.48M	1.81M	-3.78M
Other Operating Activities	27.65M	110M	45.63M	-128M	37.45M
Cash from Operations	210M	297M	316M	277M	213M
Acquisition of Real Estate Assets, Total	-495M	-158M	-282M	-357M	-151M
Sale of Real Estate Assets, Total	3.18M	51.89M	58.86M	3M	112M
Net Sale / Acquisition of Real Estate Assets	-492M	-106M	-223M	-354M	-38.54M
Purchase / Sale of Intangible Assets	-34K	-	-	-193K	-484K
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	1.28M	1.23M	932K	805K	890K
Other Investing Activities, Total	-	-	2K	-	-
Cash from Investing	-491M	-105M	-222M	-354M	-38.14M
Long-Term Debt Issued, Total	1.61B	816M	1.02B	1.21B	716M
Total Debt Issued	1.61B	816M	1.02B	1.21B	716M
Long-Term Debt Repaid, Total	-1.15B	-850M	-935M	-830M	-795M
Total Debt Repaid	-1.15B	-850M	-935M	-830M	-795M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-2.39M	-1.51M	-1.98M	-1.62M	-1.88M
Common Dividends Paid	-165M	-167M	-172M	-174M	-177M
Common & Preferred Stock Dividends Paid	-165M	-167M	-172M	-174M	-177M
Other Financing Activities, Total	-1.05M	-1.14M	-89K	-1.46M	-1.58M
Cash from Financing	294M	-204M	-93.94M	198M	-260M
Miscellaneous Cash Flow Adjustments	-	-	-1K	-	-1K
Net Change in Cash	12.66M	-11.96M	362K	121M	-84.71M
Supplemental Items
Cash Interest Paid	17.55M	13.26M	13.05M	20.87M	34.21M
Cash Income Tax Paid (Refund)	31.32M	26.56M	20.84M	-	37.15M
Net Debt Issued / Repaid	462M	-34.36M	80.12M	375M	-79.49M
Levered Free Cash Flow	96.16M	229M	256M	188M	153M
Unlevered Free Cash Flow	105M	236M	263M	203M	175M
Change In Net Working Capital	66.91M	-60.5M	-77.4M	-14.71M	16.77M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	2.02	1.94	1.95	1.92	1.92
Return on Total Capital	2.29	2.2	2.23	2.18	2.16
Return On Equity %	6.47	12.4	6.46	3.98	7.05
Return on Common Equity	6.47	12.4	6.46	3.98	7.05
Margin Analysis
Gross Profit Margin %	83.79	80.33	76.61	87.33	92.2
SG&A Margin	7.92	7.43	6.82	7.95	8.11
EBITDA Margin %	77.47	73.37	70.59	80.03	85
EBITA Margin %	77.25	73.15	70.39	79.71	84.74
EBIT Margin %	77.25	73.15	70.39	79.71	84.74
Income From Continuing Operations Margin %	83.66	157.53	79.72	55.81	105.01
Net Income Margin %	83.66	157.53	79.72	55.81	105.01
Net Avail. For Common Margin %	83.66	157.53	79.72	55.81	105.01
Normalized Net Income Margin	45.92	43.88	42.25	45.97	46.96
Levered Free Cash Flow Margin	27.54	60.63	61.74	50.53	42.87
Unlevered Free Cash Flow Margin	30	62.5	63.47	54.48	48.94
Asset Turnover
Asset Turnover	0.04	0.04	0.04	0.04	0.04
Fixed Assets Turnover	0.05	0.05	0.05	0.04	0.04
Receivables Turnover (Average Receivables)	14.82	14.49	21.41	21.3	22.35
Inventory Turnover (Average Inventory)	0.61	0.75	1.75	1.71	0.97
Short Term Liquidity
Current Ratio	0.35	0.46	0.12	0.33	0.24
Quick Ratio	0.13	0.15	0.07	0.28	0.17
Operating Cash Flow to Current Liabilities	0.41	1.07	0.57	0.47	0.45
Days Sales Outstanding (Average Receivables)	24.7	25.19	17.05	17.13	16.37
Days Outstanding Inventory (Average Inventory)	595.6	485.66	208.26	213.82	376.3
Average Days Payable Outstanding	28.78	62.77	124.1	188.27	422.93
Cash Conversion Cycle (Average Days)	591.52	448.08	101.21	42.68	-30.25
Long Term Solvency
Total Debt/Equity	67.11	60.17	59.51	66.42	62.64
Total Debt / Total Capital	40.16	37.56	37.31	39.91	38.52
LT Debt/Equity	57.7	56.67	51.05	57.79	56.17
Long-Term Debt / Total Capital	34.53	35.38	32	34.72	34.54
Total Liabilities / Total Assets	47.15	45.34	45.19	46.66	45.48
EBIT / Interest Expense	19.61	23.57	24.16	12.43	8.72
EBITDA / Interest Expense	19.67	23.64	24.23	12.48	8.75
(EBITDA - Capex) / Interest Expense	19.65	23.64	24.23	12.48	8.75
Total Debt / EBITDA	11.36	10.9	10.59	11.65	11.17
Net Debt / EBITDA	11.24	10.82	10.52	11.17	10.98
Total Debt / (EBITDA - Capex)	11.37	10.9	10.59	11.65	11.17
Net Debt / (EBITDA - Capex)	11.25	10.82	10.52	11.17	10.98
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	2.42	8.18	9.57	-10.13	-4.01
Gross Profit, 1 Yr. Growth %	4.74	3.72	4.5	2.43	1.34
EBITDA, 1 Yr. Growth %	6.25	2.46	5.43	1.72	1.96
EBITA, 1 Yr. Growth %	6.27	2.44	5.44	1.77	2.05
EBIT, 1 Yr. Growth %	6.27	2.44	5.44	1.77	2.05
Earnings From Cont. Operations, 1 Yr. Growth %	-35.58	103.71	-44.55	-37.08	80.62
Net Income, 1 Yr. Growth %	-35.58	103.71	-44.55	-37.08	80.62
Diluted EPS Before Extra, 1 Yr. Growth %	-35.58	103.71	-44.55	-37.08	80.62
Normalized Net Income, 1 Yr. Growth %	9.28	3.38	5.5	-2.21	-1.94
Net Property, Plant and Equip., 1 Yr. Growth %	5.82	10.77	4.43	1.8	5.32
Inventory, 1 Yr. Growth %	57.52	-24.56	-70.07	17.1	-7.69
Accounts Receivable, 1 Yr. Growth %	141.71	-48.93	4.53	6.33	-4.98
Total Assets, 1 Yr. Growth %	7.82	5.97	3.28	3.2	1.4
Common Equity, 1 Yr. Growth %	2.9	9.61	3.57	0.43	3.64
Tangible Book Value, 1 Yr. Growth %	2.91	9.62	3.58	0.43	3.63
Cash From Operations, 1 Yr. Growth %	-13.3	41.82	6.37	-12.5	-23.09
Capital Expenditures, 1 Yr. Growth %	-	-	-	-	-
Levered Free Cash Flow, 1 Yr. Growth %	-63.64	137.28	11.54	-26.44	-18.47
Unlevered Free Cash Flow, 1 Yr. Growth %	-62.05	125.36	11.28	-22.85	-13.78
Dividend Per Share, 1 Yr. Growth %	1.39	2.74	1.33	1.32	1.3
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	5.46	5.26	8.88	-0.76	-7.12
Gross Profit, 2 Yr. CAGR %	5.14	4.23	4.11	3.46	1.88
EBITDA, 2 Yr. CAGR %	6.13	4.33	3.93	3.64	1.84
EBITA, 2 Yr. CAGR %	6.15	4.33	3.93	3.59	1.91
EBIT, 2 Yr. CAGR %	6.15	4.33	3.93	3.59	1.91
Earnings From Cont. Operations, 2 Yr. CAGR %	-2.64	14.55	6.28	-40.93	6.6
Net Income, 2 Yr. CAGR %	-2.64	14.55	6.28	-40.93	6.6
Diluted EPS Before Extra, 2 Yr. CAGR %	-2.64	14.55	6.28	-40.93	6.6
Normalized Net Income, 2 Yr. CAGR %	8.62	6.29	4.44	1.58	-2.08
Net Property, Plant and Equip., 2 Yr. CAGR %	6.45	8.27	7.55	3.11	3.55
Inventory, 2 Yr. CAGR %	70.8	9.01	-52.48	-40.8	3.97
Accounts Receivable, 2 Yr. CAGR %	305.65	11.1	-26.94	5.43	0.52
Total Assets, 2 Yr. CAGR %	6.64	6.89	4.62	3.24	2.29
Common Equity, 2 Yr. CAGR %	4.96	6.2	6.55	1.99	2.02
Tangible Book Value, 2 Yr. CAGR %	4.96	6.21	6.56	1.99	2.02
Cash From Operations, 2 Yr. CAGR %	0.51	10.89	22.82	-3.52	-17.97
Capital Expenditures, 2 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 2 Yr. CAGR %	-26.69	-6.94	62.71	-9.42	-22.6
Unlevered Free Cash Flow, 2 Yr. CAGR %	-26.13	-7.52	58.36	-7.35	-18.44
Dividend Per Share, 2 Yr. CAGR %	2.12	2.06	2.03	1.32	1.31
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	3.38	6.36	6.68	2.13	-1.86
Gross Profit, 3 Yr. CAGR %	3.23	4.67	4.32	3.55	2.75
EBITDA, 3 Yr. CAGR %	3.79	4.89	4.7	3.24	3.07
EBITA, 3 Yr. CAGR %	3.79	4.9	4.7	3.2	3.07
EBIT, 3 Yr. CAGR %	3.79	4.9	4.7	3.2	3.07
Earnings From Cont. Operations, 3 Yr. CAGR %	4.37	24.52	-10.05	-10.76	-14.27
Net Income, 3 Yr. CAGR %	4.37	24.52	-10.05	-10.76	-14.27
Diluted EPS Before Extra, 3 Yr. CAGR %	4.37	24.52	-10.05	-10.76	-14.27
Normalized Net Income, 3 Yr. CAGR %	5.76	6.85	6.03	2.17	0.39
Net Property, Plant and Equip., 3 Yr. CAGR %	6.36	7.87	6.97	5.6	3.84
Inventory, 3 Yr. CAGR %	33.66	30.08	-29.15	-35.82	-31.35
Accounts Receivable, 3 Yr. CAGR %	-	103.31	8.87	-17.2	1.84
Total Assets, 3 Yr. CAGR %	5.48	6.42	5.68	4.14	2.62
Common Equity, 3 Yr. CAGR %	4.71	6.48	5.32	4.47	2.54
Tangible Book Value, 3 Yr. CAGR %	4.71	6.49	5.33	4.48	2.54
Cash From Operations, 3 Yr. CAGR %	6.53	12.73	9.36	9.7	-10.55
Capital Expenditures, 3 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 3 Yr. CAGR %	43.52	8.57	-1.14	24.88	-12.58
Unlevered Free Cash Flow, 3 Yr. CAGR %	81.12	7.14	-1.64	24.61	-9.54
Dividend Per Share, 3 Yr. CAGR %	2.39	2.33	1.82	1.79	1.32
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	2.96	0.36	5.55	3.45	0.93
Gross Profit, 5 Yr. CAGR %	2.76	2.56	3.58	4.18	3.34
EBITDA, 5 Yr. CAGR %	3.14	2.79	3.85	4.39	3.58
EBITA, 5 Yr. CAGR %	3.15	2.79	3.85	4.37	3.58
EBIT, 5 Yr. CAGR %	3.15	2.79	3.85	4.37	3.58
Earnings From Cont. Operations, 5 Yr. CAGR %	9.24	34.56	5.13	-7.6	-3.73
Net Income, 5 Yr. CAGR %	9.24	34.56	5.13	-7.6	-3.73
Diluted EPS Before Extra, 5 Yr. CAGR %	9.24	34.56	5.13	-7.6	-3.73
Normalized Net Income, 5 Yr. CAGR %	4.9	4.35	5.23	4.71	2.71
Net Property, Plant and Equip., 5 Yr. CAGR %	4.3	6.23	6.84	5.94	5.59
Inventory, 5 Yr. CAGR %	8.87	7.87	-11.62	-5.06	-17.4
Accounts Receivable, 5 Yr. CAGR %	6.14	-	-	56.34	5.45
Total Assets, 5 Yr. CAGR %	4.99	5.45	5.13	5.13	4.31
Common Equity, 5 Yr. CAGR %	3.42	5.36	5.44	4.66	3.99
Tangible Book Value, 5 Yr. CAGR %	3.41	5.35	5.44	4.67	3.99
Cash From Operations, 5 Yr. CAGR %	2.73	7.69	12.77	5.92	-2.52
Capital Expenditures, 5 Yr. CAGR %	14.96	-	-	-	-
Levered Free Cash Flow, 5 Yr. CAGR %	-7.73	10.19	51.03	0.99	-10.36
Unlevered Free Cash Flow, 5 Yr. CAGR %	-8.33	8.44	71.65	1.09	-8.74
Dividend Per Share, 5 Yr. CAGR %	2.04	2.28	2.25	1.92	1.61