22. Transactions with related parties

Business transactions with related parties are based on standard commercial contractual forms and conditions. All transactions are included in the 2021 and 2020 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.