3. Detailed information on statement of profit and loss and OCI items

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3.1 Rental income

in CHF thousands

 

1.4.2021 to 30.9.2021

1.4.2020 to 30.9.2020

 

 

 

 

Potential rental income

 

4 930

5 156

Vacancy

 

–739

–452

Net rent reductions

 

–10

–48

Rental income

 

4 180

4 656

Rental income decreased by kCHF 476 compared to the previous year. The reason for this is a tenant move out in the Holbeinstrasse property in Zurich. In this regard vacancy initially increased by kCHF 496. Through new lettings, vacancy could be reduced by kCHF 209 to kCHF 739 in the reporting period. 

The net rent reductions essentially relate to agreements with tenants for the waiver of rent in connection with the COVID-19 lockdowns.

3.2 Real estate expenses

in CHF thousands

 

1.4.2021 to 30.9.2021

1.4.2020 to 30.9.2020

 

 

 

 

Non recoverable service charges

 

–82

–29

Insurance

 

–45

–41

Marketing costs

 

–17

–19

Property taxes

 

–14

–12

Bad debt provision

 

–13

0

External property management fees

 

–6

–132

Legal fees

 

–8

–4

Other property-related expenses

 

–22

–12

Total real estate expenses

 

–207

–249

Around 60% of the real estate expenses derive from non recoverable services charges relating to vacant letting areas and insurance expenses.The costs for external property management have decreased from kCHF 132 to kCHF 6 due to the insourcing of property management. Only for the property in Oerlikon occure condominium management costs.

3.3 Personnel expenses

in CHF thousands

 

1.4.2021 to 30.9.2021

1.4.2020 to 30.9.2020

 

 

 

 

Wages and salaries

 

–478

–495

Compensation of the board of directors

 

–171

–138

Social security contributions

 

–74

–53

Pension plan expenses

 

–54

–51

Other personnel expenses

 

–64

–49

Total personnel expenses

 

–841

–786

Personnel expenses increased by kCHF 55 or 7% compared to the same period of the previous year. This is mainly the result of personnel changes in the previous year and higher premiums for directors’ liability insurance.

Other personnel expenses include expenses for effective and flat-rate expenses of employees and members of the Board of Directors as well as premiums for directorsʼ liability insurance.

3.4 Administrative expenses

in CHF thousands

 

1.4.2021 to 30.9.2021

1.4.2020 to 30.9.2020

 

 

 

 

Other advisory and investor relations

 

–90

–109

Rent expenses

 

–50

–60

Audit

 

–49

–42

Legal and tax advisory

 

–48

–60

Due diligence expenses

 

–47

–30

Bookkeeping and IT

 

–44

–63

Other taxes

 

–36

–35

Depreciation

 

–23

–26

Valuation

 

–21

–21

Travel expenses

 

–0

–2

Other administrative expenses

 

–37

–37

Administrative expenses

 

–445

–485

Administrative expenses decreased by kCHF 40 or 8% compared to the same period of the previous year.

This was due in particular to reduced consulting costs and IT expenses.

3.5 Financial expenses and income 

in CHF thousands

 

1.4.2021 to 30.9.2021

1.4.2020 to 30.9.2020

 

 

 

 

Financial expenses

 

 

 

Mortgage interest expenses 1

 

–329

–371

Other interest expenses 1

 

–33

0

Currency translation adjustments

 

–8

0

Total financial expenses

 

–371

–371

 

 

 

 

Financial income

 

 

 

Currency translation adjustments

 

0

9

Total financial income

 

0

9

Net financial expenses

 

–371

–362

1 The respective liabilities belong to the category "Financial liabilities at amortized cost".