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 2021, 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.

CONSOLIDATION AND ACCOUNTING PRINCIPLES

The unaudited interim consolidated financial statements of Investis Holding SA have been prepared in accordance with Swiss GAAP FER 31 “Complementary recommendation for listed companies” and comply with Swiss law and the special provisions for real estate companies specified in article 17 of the SIX Swiss Exchange’s Directive on Financial Reporting. They give a true and fair view of the assets, liabilities, cash flows and earnings of Investis Group.

The consolidation and accounting policies applied to the present consolidated financial statements are unchanged from those applied to the 2020 consolidated financial statements.

These interim financial statements do not contain all the information and disclosures required for annual financial reporting and should therefore be read in conjunction with the consolidated financial statements as at 31 December 2020.

REAL ESTATE VALUATION METHOD

The properties held for investment purposes were valued on the basis of the fair value assessments (update valuations) performed by a recognised independent real estate expert (CBRE Geneva SA) as at 30 June 2021 using the discounted cash flow (DCF) method. The valuation method applied for the half-year financial statements for 2021 is unchanged from the previous year.

TRANSACTIONS IN 1ST HALF 2021

On 12 March 2021, Investis Investments SA acquired 100% of the shares in the facility services company Rohr AG, Hausen.

On 18 March 2021, Investis Investments SA acquired 100% of the shares in the facility services company SEA lab – Safety and Environmental Analysis SA, Bienne.

On 3 May 2021, Investis Investments SA redeemed the irrevocable obligation to purchase the remaining 20% of the shares in the already consolidated facility services company ProLabo Sàrl, Sion, and thereafter owns 100% of this company.

TRANSACTIONS IN 1ST HALF 2020

On 10 January 2020, Investis Investments SA increased its shareholding in the proportional consolidated company Raffaele Investissement SA from 50% to 75%. On 17 January 2020, it increased its shareholding further to 100%. Hence, the formerly proportionally consolidated company is thereafter fully consolidated.

On 27 March 2020, Investis Investments SA acquired 80% of the shares in the company ProLabo Sàrl, Sion. The company provides services and analyses concerning building pollutions. The purchase agreement contains an irrevocable obligation to purchase the remaining 20% of the shares latest as per 31 December 2022. The purchase price depends on the operating result of the acquired company in the financial year prior to the execution of the put option by the seller.

GROUP INTERNAL MERGERS IN 1ST HALF 2020

As at 1 January 2020, the following Group companies were merged with Investis Properties SA, Lens:

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

SEGMENT INFORMATION 1ST HALF 2021

SEGMENT INFORMATION 1ST HALF 2020

DURATION OF EXISTING FIXED LEASES OF COMMERCIAL PROPERTIES

The duration of existing fixed leases of commercial properties was:

MOST IMPORTANT TENANTS

The five most important tenants measured according to property income accounted for 8.5% of the annualised rental income (31.12.2020: 4.5%). The five most important tenants were the following:

For details of the properties sold, see Note 7 and Note 8. The income from disposal of commercial properties relates to disposals in prior years.

The weighted average interest expense for interest-bearing financial liabilities amounted to 0.4% (1st half 2020: 0.5%).

In the 1st half 2021, the stake in Flatfox AG (10.8%) was sold, resulting in income from disposal of financial assets of CHF 2.6 million.

In the 1st half 2021, other financial expenses include CHF 0.3 million (1st half 2020: nil) for the issuance of bonds.

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.

WEIGHTED AVERAGE NUMBER OF SHARES

EARNINGS PER SHARE

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

In the 1st half 2021, several apartments of “Route de Crans 89” in Lens, “Gstaadstrasse 6/8” in Saanen and “Avenue Neuve 22” in Ardon, were sold.

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.

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

In the 1st half 2021, the consolidated Group company “Rohr AG” was acquired, together with the commercial property “Obere Holzgasse 8” in Hausen. 

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

As at 30 June 2021 and 2020, 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 daily overdrafts and short-term fixed advances.

As at 30 June 2021 and 31 December 2020, no properties were pledged to secure available credit lines. Credit lines with Swiss banks (without securities) totalled CHF 382 million (31.12.2020: CHF 382 million), of which CHF 267 million was unused as at 30 June 2021 (31.12.2020: CHF 368 million).

In the 1st half 2021, a CHF 115 million bond maturing on 14 February 2025 was issued on 15 February 2021. The coupon is 0.25%. The proceeds were used to refinance the CHF 140 million bond that expired on 15 February 2021.

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.

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 2021, interest rates lie between 0.05% and 0.75% (31.12.2020: 0.05% and 0.77%). The average interest rate of the outstanding financial liabilities as per 30 June 2021 stands at 0.40% (31.12.2020: 0.55%).

The Board of Directors approved the consolidated financial statements for publication on 30 August 2021.

No other events occurred between 30 June 2021 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 2021 or disclosure in this section.