23. Transactions with related parties
Business transactions with related parties are based on standard commercial contractual forms and conditions. All transactions are included in the 2018 and 2017 consolidated financial statements. There are loans and services from and to related parties. The respective balances from financial receivables are reported separately in these financial statements (see Note 10 and Note 15).
Among the companies controlled by members of the Boards of Directors is the investment firm Be Capital SA, which is controlled by Stéphane Bonvin.
In 2018, the commercial property “Chemin Lambien” in Sion was sold for CHF 5.1 million to a company controlled by Stéphane Bonvin.
In 2018, the financial assets of related parties (2017: CHF 15.0 million) were fully repaid. In 2017, the financial assets were repaid by CHF 15.0 million. As at 31 December 2018 the trade receivables from Be Capital SA amounted to CHF 0.1 million (2017: CHF 0.5 million).
The consolidated income statement contains rental revenue amounting to CHF 1.4 million (2017: CHF 1.6 million) from the letting of three hotels in Fribourg, Rothrist and Sion to companies controlled by Stéphane Bonvin.
In January 2017, the company Be Capital SA sold its 25% shareholding in Alaïa Invest SA to Investis Properties SA for CHF 0.03 million.
In 2017, the residential properties “Chemin du Marquisat 15” in St-Sulpice and “Chamblandes; PPE” in Pully were sold for CHF 10.6 million to companies controlled by Stéphane Bonvin.