4.3 Acquisitions and disposals of consolidated companies

 

1st half 2024

1st half 2023

CHF 1,000

Acquisitions

 

 

Disposals

Acquisitions

Disposals

 

Total

Real Estate Services 2)

Others

Total

Total

Total

Cash and cash equivalents

147

–8,315

–28

–8,343

-

-

Trade and other current receivables

327

–24,467

–106

–24,573

-

-

Tangible fixed assets

71

–7,256

-

–7,256

-

-

Intangible assets 1)

260

–6,343

-

–6,343

-

-

Other non-current assets

0

–680

–10

–690

-

-

Trade and other current liabilities

–128

20,638

35

20,672

-

-

Non-current liabilities

–42

609

-

609

-

-

Non-controlling interests

-

-

54

54

-

-

Net assets acquired/disposed

636

–25,815

–56

–25,871

-

-

Goodwill (recognised in equity)

806

–95,218

-

–95,218

-

-

Recognised income from disposal of subsidiaries

-

–122,158

–30

–122,188

-

-

Purchase/selling prices

1,442

–243,192

–86

–243,278

-

-

Cash and cash equivalents acquired/disposed

–147

8,315

28

8,343

-

-

Cash outflow on acquisitions

1,294

 

 

 

-

 

Cash inflow from disposals

 

–234,877

–58

–234,935

 

-

1) Acquired intangible assets relate to previously unrecognised intangible assets relevant to the acquisition of control.

2) On 24 June 2024, the entire Real Estate Services segment, consisting of the companies Privera AG, hauswartprofis AG, Rohr AG, analysis lab SA, Aatest AG, Home Service Aktiengesellschaft and Valores AG, was sold. The discontinued operation (including AGD AG, which was sold on 26 March 2024) generated – up to the disposal date – revenue of CHF 89.9 million (1st half 2023: CHF 90.2 million) and an operating profit (EBIT) of CHF 8.8 million (1st half 2023: CHF 8.9 million).

Transactions in 1st half 2024

On 11 January 2024, Hauswartprofis AG acquired 100% of the shares in the facility services company Olbara AG, Olten, and merged it into the acquiring company. The acquired company contributed revenue of CHF 0.8 million in the 1st half 2024. Prior to the acquisition date, the company generated revenue of CHF 0.0 million in the current year.

On 26 March 2024, all shares held (53%) in AGD Renovationen AG, Neuenhof, were sold.

On 24 June 2024, 100% of the shares in the following Real Estate Services segment companies were sold:

  • –Privera AG, Muri bei Bern
  • –hauswartprofis AG, Mägenwil
  • –Rohr AG, Hausen (AG)
  • –analysis lab SA, Bienne
  • –Aatest AG, Lenzburg
  • –Home Service Aktiengesellschaft,
    Hauswartung Gartenpflege, Zurich
  • –Valores AG, Mägenwil

Group internal mergers in 1st half 2024

As at 1 January 2024, the following Group companies were merged:

  • –ProLabo Sàrl, Sion, has been merged into analysis lab SA, Bienne.
  • –Marvi Holding SA, Geneva, has been merged into Investis Properties SA, Baar.

TRANSACTIONS IN 1ST HALF 2023

none.

Accounting principles

Companies acquired by the Investis Group are included in the consolidated financial statements from the date of obtaining control. The net assets previously recognised by the acquired subsidiary are revalued at the acquisition date using uniform Group accounting principles and are then consolidated. Intangible assets not previously recognised for an acquired subsidiary that are relevant to the acquisition of control are identified and recognised. Any difference between the higher purchase price and the net assets acquired (goodwill) is offset against retained earnings. Where an offset takes place with retained earnings, the impact of this theoretical capitalisation and amortisation over the estimated useful life of five years is disclosed separately in the notes. In a business acquisition achieved in stages (including transactions with minorities), the goodwill is determined on each separate transaction and offset against retained earnings.

Companies sold are excluded from the scope of consolidation as of the date on which the Group ceases to have control, with any gain or loss (after goodwill recycling) recognised in the operating result.