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.