In the half-year report 2022, taxes paid relating to the disposal of investment properties were disclosed in cash flow from operating activities. At the end of the year, taxes paid relating to the disposal of investment properties were recognised as a separate line in cash flow from investing activities. To enhance comparability with the 2022 annual financial statements, prior-year figures have been restated accordingly in the half-year report 2023. The restatement neither impacts the income statement, balance sheet, the statement of changes in equity nor the notes to the consolidated financial statements.

The following table shows the effects on the statement of cash flows:

CONSOLIDATED STATEMENT OF CASH FLOWS – RESTATED (CONDENSED)

TRANSACTIONS IN 1ST HALF 2022

On 23 March 2022, Investis Investments SA acquired 100% of the shares in the facility services company Aatest AG, Lenzburg.

On 24 June 2022, Investis Investments SA acquired 100% of the shares in the facility services company Home Service Aktiengesellschaft, Hauswartung Gartenpflege, Zurich.

SEGMENT INFORMATION 1ST HALF 2023

SEGMENT INFORMATION 1ST HALF 2022

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 10.1% of the gross rental income (31.12.2022: 10.1%). The five most important tenants were the following:

For details of the properties sold see Note 7 and Note 8. 

CASH FLOWS FROM DISPOSAL OF PROPERTIES

The net cash flow from disposal of properties is composed as follows:

The weighted average interest rate was 0.55% (1st half 2022: 0.35%). The weighted average interest rate of the outstanding financial liabilities as at 30 June 2023 stands at 0.77% (31.12.2022: 0.39%).

Earnings per share are calculated by dividing the 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 of purchases of buildings and ongoing construction activities in development properties.

In the 1st half 2023, a residential unit at “Gstaadstrasse 6/8” in Saanen was sold.

In the 1st half 2022, a retail unit at “Gstaadstrasse 6/8” in Saanen was sold.

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

In the 1st half 2022, the following residential properties were disposed of:

• –Geneva: Rue Antoine-Carteret 5/Rue du Colombier 11/13, Rue Lamartine 13/15a/15b, Rue Lamartine 17a/17b, Rue Liotard 69/71
• –Meyrin: Avenue de Vaudagne 29/31, Rue De-Livron 17/19
• –Carouge: Rue de la Gabelle 3
• –Lausanne: Rue du Maupas 61/63/65/67, Chemin des Lys 14, Avenue des Oiseaux 15/17

As at 30 June 2023 and 2022, the valuation of investment properties was carried out by CBRE (Geneva) SA in accordance with national and international standards and guidelines.

Bonds due for repayment within the next 12 months are reported under current financial liabilities.

As at 30 June 2023 and 31 December 2022, no properties were pledged to secure available credit lines. Credit lines with Swiss banks (without securities) totalled CHF 382 million (31.12.2022: CHF 382 million), of which CHF 282 million was unused as at 30 June 2023 (31.12.2022: CHF 317 million).

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. The weighted average interest rate of the outstanding financial liabilities as at 30 June 2023 stands at 0.77% (31.12.2022: 0.39%).

The Board of Directors approved the consolidated financial statements for publication on 25 August 2023.

No other events occurred between 30 June 2023 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 2023 or disclosure in this section.