Business transactions with related parties are based on standard commercial contractual forms and conditions. All transactions are included in the 2019 and 2018 consolidated financial statements. There are loans and services from and to related parties. The respective balances are reported separately in these financial statements (see Note 10 and Note 15).

The consolidated income statement 2019 contains rental revenue amounting to CHF 0.7 million (2018: CHF 1.4 million) from the letting of three hotels in Fribourg, Rothrist and Sion to companies controlled until 27 June 2019 by Stéphane Bonvin.

In 2018, the commercial property “Chemin Lambien” in Sion was sold for CHF 5.1 million to, and financial assets of related parties amounting to CHF 15.0 million were fully repaid by a company controlled by Stéphane Bonvin.