Business transactions with related parties are based on standard commercial contractual forms and conditions. All transactions are included in the 2020 and 2019 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).

In 2020, 100% of the shares of Raffaele Investissement SA were sold by Investis Investments SA for CHF 6.1 million to a company controlled by Stéphane Bonvin.

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