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