CHF million	Note	2018	2017
Income from renting investment real estate	3.1	194.8	179.2
Income from real estate management services	3.3	3.2	4.2
Income from realisation Projects & Development	3.4	290.3	343.2
Income from sales Development	3.4	55.2	86.4
Diverse income	3.4	2.7	2.4
Operating income		546.2	615.4
Direct expenses for rented investment real estate	3.2	–22.6	–24.6
Direct expenses from realisation Projects & Development	3.4	–252.5	–298.2
Direct expenses from sales Development	3.4	–49.7	–74.6
Direct operating expenses		–324.8	–397.4
Personnel expenses	3.5, 3.10	–41.5	–47.6
Other operating expenses	3.6	–11.2	–11.9
Operating expenses		–52.7	–59.5
Capitalised company-produced assets	3.4	6.6	7.5
Higher valuation of yield-producing properties	4.1	125.1	66.2
Lower valuation of yield-producing properties	4.1	–78.7	–49.8
Higher valuation of investment real estate under construction	4.1	15.2	5.4
Lower valuation of investment real estate under construction	4.1	–1.0	0.0
Earnings from revaluation of investment real estate		60.6	21.8
EBITDA		235.9	187.8
Depreciation other property, plant and equipment	4.3	–0.1	–0.2
Depreciation intangible assets	4.5	–0.2	–0.1
Operating profit (EBIT)		235.6	187.5
Financial income	3.7	1.6	1.7
Financial expenses	3.8	–30.3	–29.2
Earnings before tax		206.9	160.0
Tax expenses	5.1	–45.9	–30.8
Net profit		161.0	129.2
Items subsequently restated in profit or loss statement:
Valuation of financial instruments	3.8	12.1	13.3
Deferred taxes resulting from valuation of financial instruments	5.1.1	–2.7	–3.0
Items not subsequently restated in profit or loss statement:
Changes in employee benefits	3.10	–0.3	24.5
Deferred taxes from changes in employee benefits	5.1.3	0.1	–5.4
Other comprehensive income		9.2	29.4
Total comprehensive income		170.2	158.6
Earnings per share in CHF	3.9	10.13	8.11
Diluted earnings per share in CHF	3.9	10.13	8.11

Consolidated statement of comprehensive income