Consolidated statement of comprehensive income

CHF million

Note

  

2016

  

2015
      

Income from renting investment real estate

3.1

  

173.3

  

174.9

Income from real estate management services

3.3

  

4.7

  

6.1

Income from realisation Projects & Development

3.5

  

414.7

  

467.0

Income from sales Development

3.5

  

232.1

  

126.3

Diverse income

3.5

  

0.6

  

0.9

Operating income

   

825.4

  

775.2

Direct expenses for rented investment real estate

3.2

  

–24.4

  

–31.8

Direct expenses from realisation Projects & Development

3.5

  

–372.0

  

–418.6

Direct expenses from sales Development

3.5

  

–197.5

  

–108.3

Direct operating expenses

   

–593.9

  

–558.7

Personnel expenses

3.6, 3.11

  

–49.4

  

–55.5

Other operating expenses

3.7

  

–12.8

  

–13.9

Operating expenses

   

–62.2

  

–69.4

Capitalised company-produced assets

3.5

  

6.1

  

11.5

Earnings from sale of investment real estate

3.4

  

5.6

  

21.1

Higher valuation of yield-producing properties

4.1

  

108.4

  

54.0

Lower valuation of yield-producing properties

4.1

  

–30.1

  

–52.0

Higher valuation of investment real estate under construction

4.1

  

8.6

  

13.8

Lower valuation of investment real estate under construction

4.1

  

–1.9

  

0.0

Earnings from revaluation of investment real estate

   

85.0

  

15.8

EBITDA

   

266.0

  

195.5

Depreciation other property, plant and equipment

4.3

  

–0.4

  

–0.4

Depreciation intangible assets

4.6

  

0.0

  

–1.9

Operating profit (EBIT)

   

265.6

  

193.2

Financial income

3.8

  

1.8

  

1.8

Financial expenses

3.9

  

–39.5

  

–43.6

Earnings before tax

   

227.9

  

151.4

Tax expenses

5.1

  

–54.3

  

–29.5

Net profit

   

173.6

  

121.9
      

Items subsequently restated in profit or loss statement:

      

Valuation of financial instruments

5.4.3

  

17.9

  

1.5

Deferred taxes resulting from valuation of financial instruments

5.4.3

  

–3.9

  

–0.3

Items not subsequently restated in profit or loss statement:

      

Changes in employee benefits

3.11

  

–7.9

  

11.4

Deferred taxes from changes in employee benefits

3.11

  

1.7

  

–2.5

Other comprehensive income

   

7.8

  

10.1

Total comprehensive income

   

181.4

  

132.0

Earnings per share in CHF

3.10

  

10.90

  

7.66

Diluted earnings per share in CHF

3.10

  

10.90

  

7.651

1 figure restated following change in calculation of diluted earnings per share; see 1.3