Consolidated statement of comprehensive income - 2019 Annual Report

CHF million

2019

2018

Income from renting investment real estate

3.1

204.4

194.8

Income from real estate management services

3.3

0.0

3.2

Income from realisation Projects & Development

3.5

270.0

290.3

Income from sales Development

3.5

57.8

55.2

Diverse income

3.5

0.9

2.7

Operating income

533.1

546.2

Direct expenses for rented investment real estate

3.2

–27.6

–22.6

Direct expenses from realisation Projects & Development

3.5

–234.2

–252.5

Direct expenses from sales Development

3.5

–34.9

–49.7

Direct operating expenses

–296.7

–324.8

Personnel expenses

3.6, 3.11

–41.4

–41.5

Other operating expenses

3.7

–8.5

–11.2

Operating expenses

–49.9

–52.7

Capitalised company-produced assets

3.5

6.7

6.6

Earnings from sale of investment real estate

3.4

1.8

0.0

Higher valuation of yield-producing properties

4.1

183.8

125.1

Lower valuation of yield-producing properties

4.1

–61.7

–78.7

Higher valuation of investment real estate under construction

4.1

17.0

15.2

Lower valuation of investment real estate under construction

4.1

0.0

–1.0

Earnings from revaluation of investment real estate

139.1

60.6

EBITDA

334.1

235.9

Depreciation other property, plant and equipment

4.3

–5.2

–0.1

Depreciation intangible assets

4.5

–0.1

–0.2

Operating profit (EBIT)

328.8

235.6

Financial income

3.8

1.4

1.6

Financial expenses

3.9

–28.2

–30.3

Earnings before tax

302.0

206.9

Tax expenses

5.1

–67.2

–45.9

Net profit

234.8

161.0

Items subsequently restated in profit or loss statement:

Valuation of financial instruments

3.9

8.9

12.1

Deferred taxes resulting from valuation of financial instruments

5.1.1

–1.9

–2.7

Items not subsequently restated in profit or loss statement:

Changes in employee benefits

3.11

11.0

–0.3

Deferred taxes from changes in employee benefits

5.1.3

–1.9

0.1

Other comprehensive income

16.1

9.2

Total comprehensive income

250.9

170.2

Earnings per share in CHF

3.10

14.78

10.13

Diluted earnings per share in CHF

3.10

14.78

10.13

CHF million	Note	2019	2018
Income from renting investment real estate	3.1	204.4	194.8
Income from real estate management services	3.3	0.0	3.2
Income from realisation Projects & Development	3.5	270.0	290.3
Income from sales Development	3.5	57.8	55.2
Diverse income	3.5	0.9	2.7
Operating income		533.1	546.2
Direct expenses for rented investment real estate	3.2	–27.6	–22.6
Direct expenses from realisation Projects & Development	3.5	–234.2	–252.5
Direct expenses from sales Development	3.5	–34.9	–49.7
Direct operating expenses		–296.7	–324.8
Personnel expenses	3.6, 3.11	–41.4	–41.5
Other operating expenses	3.7	–8.5	–11.2
Operating expenses		–49.9	–52.7
Capitalised company-produced assets	3.5	6.7	6.6
Earnings from sale of investment real estate	3.4	1.8	0.0
Higher valuation of yield-producing properties	4.1	183.8	125.1
Lower valuation of yield-producing properties	4.1	–61.7	–78.7
Higher valuation of investment real estate under construction	4.1	17.0	15.2
Lower valuation of investment real estate under construction	4.1	0.0	–1.0
Earnings from revaluation of investment real estate		139.1	60.6
EBITDA		334.1	235.9
Depreciation other property, plant and equipment	4.3	–5.2	–0.1
Depreciation intangible assets	4.5	–0.1	–0.2
Operating profit (EBIT)		328.8	235.6
Financial income	3.8	1.4	1.6
Financial expenses	3.9	–28.2	–30.3
Earnings before tax		302.0	206.9
Tax expenses	5.1	–67.2	–45.9
Net profit		234.8	161.0
Items subsequently restated in profit or loss statement:
Valuation of financial instruments	3.9	8.9	12.1
Deferred taxes resulting from valuation of financial instruments	5.1.1	–1.9	–2.7
Items not subsequently restated in profit or loss statement:
Changes in employee benefits	3.11	11.0	–0.3
Deferred taxes from changes in employee benefits	5.1.3	–1.9	0.1
Other comprehensive income		16.1	9.2
Total comprehensive income		250.9	170.2
Earnings per share in CHF	3.10	14.78	10.13
Diluted earnings per share in CHF	3.10	14.78	10.13