4. Detailed information on statement of profit and loss and OCI items
4.1 Rental income
Rental income decreased by kCHF 259 compared to the previous year. The reason for this is an increase in vacancy due to tenant move out in the Holbeinstrasse property in Zurich. With regards to the pandemic related lockdown, tenants were granted rent reductions of kCHF 45. The amount is included in the position net rent reductions.
The following table shows the 5 main tenants who generated 50.5% of the rental income in the current financial year.
The following table contains a maturity analysis of lease payments. It is categorized by contract terms and illustrates the undiscounted lease payments to be received after the reporting date:
4.2 Real estate expenses
Total real estate expenses increased by kCHF 60 compared to the previous year. The increase is due to higher legal costs and an increase in non-recoverable service charge costs.
4.3 Personnel expenses
Personnel expenses decreased by kCHF 91 or 5% compared to the previous year. This is primarily due to the changes in the management team.
Other personnel expenses include lump-sum expense allowance and travel cost for employees and member of the Board of Directors, fees for directorsʼ and officersʼ insurance, costs for recruting of new employees and expenses for the further training of existing staff.
4.4 Administrative expense
Administrative expenses decreased by kCHF 237 or 21%. In the previous year, there were one-off expenses with regards to the final assessment of real estate gains taxes and legal advice to simplify the corporate structure. In addition, rental expenses decreased by kCHF 96 due to the relocation to own property.
In the previous year, other income mainly related to surpluses from the settlement of an escrow account, which was set up in connection with the sale of the German portfolio in 2017.
4.5 Financial expense and income
Financial expenses mainly relate to interest on the mortgage loan. These have decreased due to the partial repayment of the mortgage during the year.
The previous year was influenced by one-time effects from interest income in connection with a tax refund, as well as currency losses from the the translation of the euro balance in Germany, which was received from the reversal of the escrow account.
4.6 Income taxes
The current tax income in the amount of kCHF 271 results mainly from the release of tax provisions due to the definitive assessments of Züblin Immobilien AG for property gains taxes (for the changes of ownerships in 2009 and 2013) as well as the income taxes for the financial years 2009/2010 to 2012/2013 (cantonal and municipal taxes, direct federal taxes). In the current financial year, the current tax expense relates to an additional payment for the 2017/18 financial year.
As in the previous year, expenses for deferred income taxes amount to kCHF 1,247 (previous year kCHF 1,282).
Overall, income tax expense in the financial year 2020/21 amounted to kCHF 1,257 (previous year kCHF 1,011).
The following table provides a reconciliation of income taxes at the reference tax rate to the income tax reported in the income statement:
Income tax reconciliation
4.7 Earnings per share
Züblin Immobilien Holding AG has no equity instruments which would lead to a dilution.