Investis Holding SA (“the Company”) is based in Zurich, Switzerland. Its shares have been traded on the SIX Swiss Exchange since 30 June 2016 (IREN). The unaudited consolidated financial statements, prepared as at 30 June 2020, include Investis Holding SA and all its direct or indirect subsidiaries and joint ventures (Investis Group), as well as its shareholdings in associated companies.

The business activity of the Investis Group includes the long-term holding of residential and commercial properties, as well as comprehensive real estate services in the areas of property management and facility services.

In the half-year report 2019, income from disposal of subsidiaries was disclosed as financial income. At the end of the year, income from disposal of subsidiaries was recognised as separate line in income statement within operating result. In order to enhance comparability with the 2019 annual financial statements, prior-year figures have been restated accordingly in the half-year report 2020. The restatement did neither impact the balance sheet nor the statement of changes in equity.

The following tables show the effects on the primary statements and notes:

• –Carmat S.A., Lens
• –Intercapital Development & Management SA, Geneva
• –RGS Immobilier SA, Geneva

• –As at 30.06.2020: Clamac SA, Globe Plan et Cie SA, Hospice Général, Permanent Mission of India to the UN in Geneva, Régie du Rhône SA
  
  
• –As at 31.12.2019: Clamac SA, Globe Plan et Cie SA, Hospice Général, Permanent Mission of India to the UN in Geneva, Régie du Rhône SA
  

For details of the properties sold, see Note 8 and Note 9. 

The weighted average interest expense for interest-bearing financial liabilities amounted to 0.5% (1st half 2019: 0.6%).

In the 1st half 2019, the stake in Polytech Ventures Holding SA was reduced from 50% to 33%, resulting in income from disposal of associates of CHF 3.8 million.

In the 1st half 2019, other financial expenses include CHF 0.4 million for the issuance of bonds.

Due to the release of deferred tax liabilities, total income taxes resulted in an income in the 1st half 2019.

In the 1st half 2019, deferred taxes in the amount of CHF 61.4 million were reversed after the Canton of Geneva voted on 19 May 2019 that the corporate tax reform should be implemented at cantonal level at the beginning of 2020. CHF 54.3 million of the reversed deferred taxes were related to revaluations, CHF 7.1 million to other deferred taxes.

Earnings per share are calculated by dividing net profit attributable to Investis Holding SA shareholders by the weighted average number of outstanding shares entitled to dividends. For both periods under review, there were no dilutive effects.

Increases consisted purchases of buildings and ongoing construction activities in development properties.

In the 1st half 2020, several apartments of “Route de Vermala 43/45” in Crans-Montana, “Route de Crans 89” in Lens, “Gstaadstrasse 6/8” in Saanen and “Avenue Neuve 22” in Ardon, were sold. The shareholding in the proportional consolidated company Raffaele Investissement SA was increased from 50% to 100% in January 2020. Hence, the property “Rue du Prado 19” is thereafter fully consolidated.

In the 1st half 2019, the consolidated Group company La Foncière de la Dixence SA was deconsolidated, together with the project “Route de la Forêt Derrière” in Hérémence. Moreover, several apartments of “Route de Vermala 43/45” in Crans-Montana, “Route de Crans 89” in Lens and “Gstaadstrasse 6/8” in Saanen were sold. The increases relate to the acquisition of “Avenue Neuve 22” in Ardon and to ongoing construction activities in development properties. The properties “Vermala 43/45” in Crans-Montana and “Route de Crans 87” in Lens were reclassified from residential properties (non-current assets, valued at fair value) and subsequently valued at the lower of this value (including construction costs after reclassification) or fair value.

Increases consisted of value-enhancing renovations, purchases of buildings and investments.

In the 1st half 2020, the residential property “Rue de la Mairie 6” in Geneva was disposed of. 

In the 1st half 2019, the four residential properties “Chemin de la Rochette 4” in Montpreveyres, “Avenue de Bussy 22/24” in Moudon, “Chemin de Valentines 25” in Bex, “Rue Juste Olivier 13” in Nyon, one part of the commercial property “Grand Place 12/14” in Lens and the undeveloped plot of land “Route de Vermala” in Crans-Montana were sold. Moreover, the consolidated Group company “Valotel SA” was disposed of, together with three commercial properties “Grand-Places 14” in Fribourg, “Avenue du Grand-Champsec 21” in Sion, “Helblingstrasse 9” in Rothrist and two properties under construction “Heiligkreuzstrasse” in St. Gallen and “Allée de la petite Prairie” in Nyon. The residential properties “Route de Vermala 43/45” in Crans-Montana and “Route de Crans 87” in Lens were reclassified as properties held for sale.

The valuation of investment properties was carried out by CBRE (Geneva) SA in accordance with national and international standards and guidelines.

Bank loans and bonds due for repayment within the next twelve months are reported under current financial liabilities. Current bank loans are unsecured, the respective credit lines are used in the form of short-term fixed advances that are rolled over on a monthly basis.

As at 30 June 2020 and 31 December 2019, no properties were pledged to secure available credit lines. Credit lines with Swiss banks (without securities) totalled CHF 382 million (31.12.2019: CHF 107 million), of which CHF 308 million was unused as at 30 June 2020 (31.12.2019: CHF 93 million).

In the 1st half 2020, the CHF 100 million bond, maturing on 12 June 2020, with a coupon of 0.35%, was repaid on redemption date.

In the 1st half 2019, a CHF 140 million bond maturing on 15 February 2021 was issued on 14 February 2019. The coupon is 0.773%. The proceeds were used to refinance the CHF 140 million bond that expired on 14 February 2019.

As at the balance sheet date, the following bonds are outstanding:

As at the balance sheet date, amounts falling due are as follows:

The interest maturity periods correspond to the above listed maturities. As at 30 June 2020, interest rates lie between 0.05% and 0.77% (31.12.2019: 0.05% and 0.77%).

The Board of Directors approved the consolidated financial statements for publication on 25 August 2020.

No other events occurred between 30 June 2020 and the date of approval of the consolidated financial statements, which would require adjustments to the carrying amounts of the Group’s assets and liabilities as at 30 June 2020 or disclosure in this section.