3. Detailed information on statement of profit and loss and OCI items
3.1 Rental income
The potential rental income increased by kCHF 529 compared to the same period of the previous year due to the acquisition of a new investment property in Zurich-Oerlikon in April 2019. The decline of TCHF 89 in the vacancy loss is mainly due to a new letting in Berne, which has been generating rental income since June 2019. As a result, rental income increased by around 16% or CHF 628 thousand year-on-year.
3.2 Real estate expenses
Two-thirds of the real estate expenses derive from external property management, insurance and non recoverable services charges relating to vacant letting areas.
3.3 Personnel expenses
Personnel expenses decreased by TCHF 109 compared to the same period of the previous year. This is due in particular to a decrease in other personnel expenses. This item includes expenses for effective and flat-rate expenses of employees and members of the Board of Directors, premiums for directors' liability insurance, costs for recruiting new employees and expenses for further training and education of existing employees.
3.4 Administrative expenses
Administrative expenses before other income decreased by kCHF 224 or 27% compared to the same period last year. On the one hand, this is in connection with the company's goal of further optimizing administrative expenses, and on the other hand, many one-off expenses in the previous year - particularly in the area of legal and tax consulting expenses - incurred in connection with the definitive assessment of real estate gains taxes and legal advice for the simplification of the corporate structure.