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Half-Year Report 2021

Corporate Communication HY 2021 Results

PRESENTATION OF THE HALF-YEAR RESULTS 2021

NOTES to the consolidated financial statements

Notes to the consolidated financial statements

Notes to the consolidated financial statements

SIGNIFICANT ACCOUNTING AND VALUATION POLICIES

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.

1. Acquisitions of consolidated companies

1. Acquisitions of consolidated companies

 

1st half 2021

1st half 2020

In CHF 1,000

 

 

Acquisitions

Disposals

Acquisitions

Disposals

 

Rohr AG

Others

Total

Total

Total

Total

Cash and cash equivalents

2,863

120

2,984

-

488

-

Trade and other current receivables

5,752

434

6,186

-

370

-

Investment properties and properties held for sale

8,900

-

8,900

-

1,626

-

Tangible fixed assets and intangible assets

3,588

570

4,158

-

519

-

Other non-current assets

22

10

32

-

60

-

Trade and other current liabilities

–3,346

–419

–3,765

-

–457

-

Non-current liabilities

–1,110

-

–1,110

-

–13

-

Non-controlling interests

 

347

347

-

–134

-

Net assets acquired/disposed of

16,669

1,062

17,732

-

2,459

-

Goodwill (recognised in/derecognised from equity)

13,544

10,170

23,714

-

2,910

-

Purchase/selling prices

30,214

11,232

41,446

-

5,368

-

Cash and cash equivalents acquired/disposed of

–2,863

–120

–2,984

-

–487

-

Unpaid purchase price consideration

-

–2,000

–2,000

 

-

 

Purchase price consideration for acquisitions in prior years

-

-

-

 

149

 

Cash outflow on acquisitions

27,351

7,898

35,249

 

5,031

 

Cash outflow on buyout of non-controlling interests

-

1,213

1,213

 

-

 

Cash inflow from disposals

 

 

 

-

 

-

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

2. Segment reporting

2. Segment reporting

SEGMENT INFORMATION 1ST HALF 2021

 

In CHF 1,000

Properties

Real Estate Services

Corporate

Eliminations

Investis Group

Revenue 1)

29,173

74,401

-

–1,888

101,686

Direct expenses

–8,688

–5,321

-

1,888

–12,121

Personnel expenses

–297

–52,122

–1,909

-

–54,328

Other operating expenses

–852

–8,677

–651

-

–10,180

Operating profit before revaluations, disposal of properties and subsidiaries, depreciation and amortisation

19,337

8,281

–2,560

-

25,058

 

 

 

 

 

 

Income from revaluations

131,156

 

 

 

131,156

Income from disposal of properties

239

 

 

 

239

Operating profit before depreciation and amortisation (EBITDA)

150,732

8,281

–2,560

-

156,453

 

 

 

 

 

 

Depreciation and amortisation

–16

–1,749

–45

-

–1,810

Operating profit (EBIT)

150,715

6,532

–2,605

-

154,643

 

 

 

 

 

 

Total segment assets as at 30 June 2021 2)

1,681,083

47,088

20,287

–979

1,747,479

Total segment liabilities as at 30 June 2021 2)

12,540

19,857

816,235

–979

847,652

 

 

 

 

 

 

Headcount as at 30 June 2021

5

2,326

12

 

2,343

FTE as at 30 June 2021

5

1,526

11

 

1,542

FTE (full-time equivalent, average over the period)

5

1,329

11

 

1,345

1) Revenue is generated exclusively in Switzerland.

2) The assets and liabilities shown under “Corporate” include the corporate items from the balance sheet and the financial assets/liabilities and tax assets/liabilities of the Investis Group.

SEGMENT INFORMATION 1ST HALF 2020

 

In CHF 1,000

Properties

Real Estate Services

Corporate

Eliminations

Investis Group

Revenue 1)

29,041

62,063

-

–1,887

89,217

Direct expenses

–8,108

–4,000

-

1,891

–10,218

Personnel expenses

–585

–43,405

–1,826

-

–45,816

Other operating expenses

–745

–8,022

–785

–4

–9,556

Operating profit before revaluations, disposal of properties and subsidiaries, depreciation and amortisation

19,603

6,636

–2,611

-

23,628

 

 

 

 

 

 

Income from revaluations

35,896

 

 

 

35,896

Income from disposal of properties

3,633

 

 

 

3,633

Operating profit before depreciation and amortisation (EBITDA)

59,131

6,636

–2,611

-

63,156

 

 

 

 

 

 

Depreciation and amortisation

–18

–1,224

–56

-

–1,298

Operating profit (EBIT)

59,113

5,412

–2,666

-

61,858

 

 

 

 

 

 

Total segment assets as at 30 June 2020 2)

1,491,311

31,426

29,989

–1,297

1,551,430

Total segment liabilities as at 30 June 2020 2)

22,245

15,317

755,821

–1,297

792,086

 

 

 

 

 

 

Headcount as at 30 June 2020

9

1,343

13

 

1,365

FTE as at 30 June 2020

9

1,030

10

 

1,049

FTE (full-time equivalent, average over the period)

10

1,018

10

 

1,038

1) Revenue is generated exclusively in Switzerland.

2) The assets and liabilities shown under “Corporate” include the corporate items from the balance sheet and the financial assets/liabilities and tax assets/liabilities of the Investis Group.

3. Revenue from letting of properties

3. Revenue from letting of properties

DURATION OF EXISTING FIXED LEASES OF COMMERCIAL PROPERTIES

The duration of existing fixed leases of commercial properties was:

 

Annualised rental income as at

In CHF 1,000

30.06.2021

31.12.2020

Less than one year

977

1,778

1–5 years

1,147

1,176

More than 5 years

4,564

79

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:

Share of annualised rental income (%) as at

30.06.2021

31.12.2020

Alaïa SA

5.4%

n.a.

ATHOMESWITZERLAND Sàrl

1.2%

1.3%

Hospice général

1.1%

1.2%

Globe Plan et Cie SA

0.4%

0.4%

Duca S.A.

0.4%

0.4%

Clamac SA

n.a.

1.1%

4. Income from disposal of properties

4. Income from disposal of properties

In CHF 1,000

1st half 2021

1st half 2020

Sales proceeds, net

2,162

26,075

Investment costs

–1,922

–10,463

Gross profit from disposal of properties

239

15,613

Accumulated valuation gains

-

–11,980

Total income from disposal of properties

239

3,633

of which income from disposal of properties held for sale

100

–677

of which income from disposal of residential properties

-

4,309

of which income from disposal of commercial properties

139

-

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.

5. Financial result

5. Financial result

In CHF 1,000

1st half 2021

1st half 2020

Income from disposal of financial assets

2,613

-

Interest income

80

179

Share of results of associates

-

2

Other financial income

15

6

Total financial income

2,708

187

 

 

 

Interest expenses

–1,655

–1,871

Share of results of associates

–13

–17

Other financial expenses

–440

–141

Total financial expenses

–2,108

–2,029

 

 

 

Total financial result

600

–1,842

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.

6. Earnings per share

6. Earnings per share

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

 

 

1st half 2021

1st half 2020

Shares issued as at 1 January

 

12,800,000

12,800,000

Effects in holding of treasury shares

 

–65,143

–79,813

Weighted average number of shares as at 30 June

 

12,734,857

12,720,187

EARNINGS PER SHARE

 

 

1st half 2021

1st half 2020

Net profit attributable to Investis Holding SA shareholders

in CHF 1,000

132,322

51,143

Weighted average number of shares

 

12,734,857

12,720,187

Earnings per share (basic/diluted)

in CHF

10.39

4.02

7. Properties held for sale

7. Properties held for sale

In CHF 1,000

1st half 2021

1st half 2020

Acquisition costs as at 1 January

21,501

40,965

Changes in scope of consolidation

-

1,626

Increases

29

2,378

Disposals

–1,922

–7,557

Acquisition costs as at 30 June

19,608

37,412

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.

8. Investment properties

8. Investment properties

In CHF 1,000

Residential properties

Commercial properties

Properties under construction

Total investment properties

Market value as at 1 January 2020

1,260,330

127,713

8,765

1,396,808

 

 

 

 

 

Acquisition costs as at 1 January 2020

637,456

121,574

8,765

767,796

Increases

2,404

7,215

10,797

20,416

Disposals

–2,905

-

-

–2,905

Acquisition costs as at 30 June 2020

636,954

128,789

19,563

785,307

 

 

 

 

 

Revaluation as at 1 January 2020

622,874

6,139

-

629,013

Gains on valuations

54,001

1,218

-

55,220

Losses on valuations

–6,440

–12,884

-

–19,324

Disposals

–11,980

-

-

–11,980

Revaluation as at 30 June 2020

658,456

–5,527

-

652,928

Market value as at 30 June 2020

1,295,410

123,262

19,563

1,438,235

 

 

 

 

 

Market value as at 1 January 2021

1,365,595

75,153

27,706

1,468,454

 

 

 

 

 

Acquisition costs as at 1 January 2021

660,481

80,975

27,706

769,162

Changes in scope of consolidation

-

8,900

-

8,900

Increases

30,615

4,018

5,212

39,845

Reclassifications

-

32,654

–32,654

-

Acquisition costs as at 30 June 2021

691,096

126,547

263

817,906

 

 

 

 

 

Revaluation as at 1 January 2021

705,114

–5,822

-

699,292

Gains on valuations

136,264

3,790

-

140,054

Losses on valuations

–1,168

–7,731

-

–8,899

Revaluation as at 30 June 2021

840,210

–9,763

-

830,448

Market value as at 30 June 2021

1,531,306

116,785

263

1,648,354

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.

9. Financial liabilities

9. Financial liabilities

In CHF 1,000

30.06.2021

31.12.2020

Current bank loans

115,000

-

Current bonds

100,000

240,000

Current financial liabilities

215,000

240,000

 

 

 

Bonds

435,000

320,000

Non-current financial liabilities

435,000

320,000

Total financial liabilities

650,000

560,000

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:

ISIN

CH 0337645516

CH 0361533224

CH 0419041519

CH 0589030979

Trading currency

CHF

CHF

CHF

CHF

Issuing volume

100 million

180 million

140 million

115 million

Listing

SIX Swiss Exchange

SIX Swiss Exchange

SIX Swiss Exchange

SIX Swiss Exchange

Coupon

0.55%

0.75%

0.05%

0.25%

Tenor

5 years

5 years

4 years

4 years

Payment date

15 Nov 2016

3 Oct 2017

9 Oct 2019

15 Feb 2021

Redemption date

15 Nov 2021

3 Oct 2022

9 Oct 2023

14 Feb 2025

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

In CHF 1,000

30.06.2021

31.12.2020

Due within the first year

215,000

240,000

Due within the second year

180,000

180,000

Due within the third year

140,000

140,000

Due within the fourth year

115,000

-

Total interest-bearing financial liabilities

650,000

560,000

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%).

10. Events after the balance sheet date

10. Events after the balance sheet date

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.

11. Group companies

11. Group companies

 

 

 

30.06.2021

31.12.2020

 

 

Domicile

Original currency

Share capital in CHF 1,000

Ownership interest 1)

Ownership interest 1)

Footnote

Investis Holding SA

Zurich

CHF

1,280

n. a.

n. a.

C

 

 

 

 

 

 

 

Properties

 

 

 

 

 

 

Investis Properties SA

Lens

CHF

1,650

100%

100%

C

Domus Angelo S.à.r.l.

Luxembourg

EUR

200

100%

100%

C

Alaïa Invest SA

Lens

CHF

100

100%

100%

C

OR omiresidences Sàrl

Lens

CHF

20

100%

100%

C

 

 

 

 

 

 

 

Real Estate Services

 

 

 

 

 

 

Privera AG

Muri bei Bern

CHF

4,000

100%

100%

C

Hauswartprofis AG

Mägenwil

CHF

200

100%

100%

C

SoRenova SA

Lens

CHF

100

100%

100%

C

Rohr AG

Hausen (AG)

CHF

100

100%

 

C

SEA lab – Safety and Environmental Analysis SA

Bienne

CHF

100

100%

 

C

ProLabo Sàrl

Sion

CHF

20

100%

80%

C

AGD Renovationen AG

Neuenhof

CHF

500

53%

53%

C

 

 

 

 

 

 

 

Corporate

 

 

 

 

 

 

Investis Investments SA

Lens

CHF

1,000

100%

100%

C 2)

Investis Management SA

Lens

CHF

100

100%

100%

C

Investis SA

Lens

CHF

100

100%

100%

C

Servicis AG

Zurich

CHF

50

100%

100%

C

RedPapillons SA

Morges

CHF

100

47%

47%

E

Insite Management SA

Echandens

CHF

120

42%

42%

E

PlanYourMove SA

Ecublens (VD)

CHF

215

41%

 

E

Polytech Ventures Holding SA

Ecublens (VD)

CHF

214

33%

33%

E

LM Properties SA

Ecublens (VD)

CHF

100

33%

33%

E

PropTech Partners SA

Pully

CHF

144

30%

30%

E

C) Consolidated

E) Financial investment included in the consolidated financial statements using the equity method.

1) Ownership interest is equal to voting rights.

2) Company held directly by Investis Holding SA.

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