Notes to the consolidated financial statements
The property portfolio, consisting of investment properties and properties held for sale, is managed as a single entity. The Board of Directors and the Executive Board manage the Investis Group based on the consolidated financial statements. In accordance with Swiss GAAP FER 31, Investis only has one segment, following the sale of all companies in the Real Estate Services segment in the first half of 2024, and no longer publishes segment reporting. As the Investis Group is only active in Switzerland, no information on geographical markets is disclosed.
WEIGHTED AVERAGE NUMBER OF SHARES
1st half 2026 | 1st half 2025 | ||
|---|---|---|---|
Shares issued as at 1 January | 12,800,000 | 12,800,000 | |
Effects in holding of treasury shares | –35,352 | –36,349 | |
Weighted average number of shares as at 30 June | 12,764,648 | 12,763,651 |
EARNINGS PER SHARE
1st half 2026 | 1st half 2025 | ||
|---|---|---|---|
Net profit attributable to Investis Holding SA shareholders | CHF 1,000 | 67,586 | 80,215 |
Weighted average number of shares | 12,764,648 | 12,763,651 | |
Earnings per share (basic/diluted) | CHF | 5.29 | 6.28 |
Accounting principles |
|---|
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. |
Market value | Gross rental income | Vacancy rate | ||||
|---|---|---|---|---|---|---|
CHF million | 30.06.2026 | 31.12.2025 | 30.06.2026 | 31.12.2025 | 30.06.2026 | 31.12.2025 |
Residential properties | 1,781.1 | 1,742.7 | 60.9 | 60.5 | 1.2% | 1.0% |
of which in the Canton of Geneva | 1,203.8 | 1,180.5 | 40.3 | 40.0 | 1.0% | 0.9% |
of which in the Canton of Vaud | 563.6 | 548.8 | 20.1 | 20.1 | 1.6% | 1.2% |
of which in other cantons | 13.7 | 13.5 | 0.4 | 0.4 | 0.0% | 0.0% |
Commercial properties | 501.6 | 492.7 | 25.0 | 25.3 | 4.0% | 4.5% |
of which in the Canton of Geneva | 298.1 | 293.1 | 16.7 | 17.0 | 5.8% | 6.6% |
of which in the Canton of Vaud | 121.3 | 118.4 | 3.5 | 3.5 | 0.4% | 0.6% |
of which in other cantons | 82.3 | 81.2 | 4.8 | 4.8 | 0.7% | 0.0% |
Total investment properties | 2,282.8 | 2,235.4 | 85.9 | 85.8 | 2.0% | 2.0% |
Properties held for sale | 2.7 | 2.7 | 0.0 | 0.0 | 0.0% | 0.0% |
of which in other cantons | 2.7 | 2.7 | 0.0 | 0.0 | 0.0% | 0.0% |
Total property portfolio | 2,285.4 | 2,238.1 | 85.9 | 85.8 | 2.0% | 2.0% |
Accounting principles |
|---|
Investment properties are held for long-term investment purposes with the aim of realising revenues from the letting of properties. Investment properties are accounted for at fair value and as such are not subject to depreciation. The fair values are updated and calculated using the discounted cash flow (DCF) method on a semi-annual basis by an independent property appraiser based on the individual risk profile per property. In accordance with the provisions of Swiss GAAP FER, increases and decreases in fair value are recognised in the income statement in the period in which they occur. Investment properties under construction are recorded at fair value from the date on which their fair value can be reliably determined. Investis has defined the existence of a final construction permit, plus a definite construction project in which costs and revenues can be determined reliably, as mandatory requirements for a reliable market valuation. If the conditions for a reliable assessment of market value are not yet present, investment properties under construction are accounted for at cost. Provided they do not lead to an increase in market value, investments and refurbishments are recorded as an expense in the period in which they are incurred. Investment properties are classified into the categories of residential properties, commercial properties and properties under construction. |
Investment properties intended for sale are classified under current assets. They are recognised at the lower of cost or fair value less cost to sell. The costs of development properties (projects) intended for sale include the plot of land and the directly attributable construction costs in line with the construction progress including interest incurred during the construction phase. Discounts are recorded as a reduction in construction costs. Properties reclassed from investment properties (non-current assets, valued at fair value) are subsequently valued at the lower of this value (including construction costs after reclassification) or fair value less cost to sell. |
Government grants are recognised when there is reasonable assurance that the entity complies with any conditions to the grant and the value can be estimated reliably. Government grants related to assets are offset against the asset. |
CHF 1,000 | Residential properties | Commercial properties | Total investment properties | Properties held for sale | Total property portfolio |
|---|---|---|---|---|---|
Portfolio value as at 1 January 2025 | 1,620,480 | 369,977 | 1,990,457 | 4,791 | 1,995,247 |
Acquisition costs as at 1 January 2025 | 857,000 | 338,005 | 1,195,005 | 4,791 | 1,199,796 |
Increases | 13,907 | 50,257 | 64,163 | - | 64,163 |
Disposals | - | –2,335 | –2,335 | –4,791 | –7,125 |
Reclassifications | –9,439 | - | –9,439 | 11,203 | 1,763 |
Acquisition costs as at 30 June 2025 | 861,467 | 385,927 | 1,247,394 | 11,203 | 1,258,597 |
Revaluation as at 1 January 2025 | 763,480 | 31,972 | 795,451 | - | 795,451 |
Gains on valuations | 55,793 | 16,929 | 72,722 | - | 72,722 |
Losses on valuations | –1,133 | –1,074 | –2,207 | - | –2,207 |
Disposals | - | 704 | 704 | - | 704 |
Reclassifications | –1,763 | - | –1,763 | - | –1,763 |
Revaluation as at 30 June 2025 | 816,377 | 48,531 | 864,908 | - | 864,908 |
Portfolio value as at 30 June 2025 | 1,677,844 | 434,458 | 2,112,302 | 11,203 | 2,123,505 |
Portfolio value as at 1 January 2026 | 1,742,726 | 492,663 | 2,235,389 | 2,683 | 2,238,072 |
Acquisition costs as at 1 January 2026 | 887,729 | 438,550 | 1,326,280 | 2,683 | 1,328,963 |
Increases | 3,561 | 132 | 3,693 | - | 3,693 |
Acquisition costs as at 30 June 2026 | 891,291 | 438,682 | 1,329,973 | 2,683 | 1,332,656 |
Revaluation as at 1 January 2026 | 854,997 | 54,113 | 909,109 | - | 909,109 |
Gains on valuations | 35,895 | 8,908 | 44,803 | - | 44,803 |
Losses on valuations | –1,066 | –54 | –1,120 | - | –1,120 |
Revaluation as at 30 June 2026 | 889,826 | 62,966 | 952,792 | - | 952,792 |
Portfolio value as at 30 June 2026 | 1,781,117 | 501,648 | 2,282,765 | 2,683 | 2,285,448 |
As at 30 June 2026 and 2025, the valuation of investment properties was carried out by CBRE (Geneva) SA in accordance with national and international standards and guidelines.
Increases consisted of value-enhancing renovations, purchases of buildings and investments.
In the 1st half 2026, governmental grants amounting to CHF 0.1 million (1st half 2025: CHF 0.1 million) were received for energy-efficient renovation of residential properties and offset against the corresponding increases.
In the 1st half 2025, the properties “Rue des Vergers 47” in Aproz, “Route de Crans 87” in Lens, one residential unit at “Grand-Place 12/14” in Crans-Montana and one residential unit at “Oberi Märetmattestrasse 3” in Saanen (properties held for sale) were sold. The properties “Route des Briesses 4” and “Route de Grinchon 1” in Crans-Montana were reclassified from residential investment properties to properties held for sale.
duration of existing fixed leases of commercial properties
The duration of existing fixed leases of commercial properties was:
Net rental income as at | ||
|---|---|---|
CHF 1,000 | 30.06.2026 | 31.12.2025 |
Commercial leases maturing within one year | 4,847 | 4,156 |
Commercial leases maturing within 1–5 years | 11,003 | 11,740 |
Commercial leases maturing within more than 5 years | 5,444 | 5,541 |
Commercial leases | 21,294 | 21,437 |
Residential leases | 2,724 | 2,682 |
Total net rental income from commercial properties | 24,018 | 24,118 |
The above totals correspond to a weighted average unexpired lease term (WAULT) of 4.5 years (31.12.2025: 4.8 years).
Most Important Tenants
The five most important tenants measured according to property income accounted for 9.6% of the gross rental income (31.12.2025: 8.1%). The five most important tenants were the following:
Share of gross rental income as at | 30.06.2026 | 31.12.2025 |
|---|---|---|
Alaïa SA | 2.6% | 2.6% |
Hospice général | 2.4% | 1.2% |
Banque Cantonale de Genève | 2.2% | 2.2% |
Corteva Agriscience International Sàrl | 1.2% | n/a |
PHM Group Oy | 1.2% | 1.2% |
Cityus Sàrl | n/a | 0.9% |
CHF 1,000 | 1st half 2026 | 1st half 2025 |
|---|---|---|
Total sales proceeds, net | - | 7,233 |
Investment costs | - | –7,125 |
Gross profit from disposal of properties | - | 107 |
Accumulated valuation gains | - | 704 |
Total income from disposal of properties | - | 812 |
of which income from disposal of properties held for sale | - | 800 |
of which income from disposal of commercial properties | - | 11 |
Cash flows from disposal of properties
The net cash flow from disposal of properties is composed as follows:
1st half 2026 | 1st half 2025 | |||||
|---|---|---|---|---|---|---|
CHF 1,000 | Properties held for sale | Investment properties | Total | Properties held for sale | Investment properties | Total |
Cash flow from disposal of properties | - | - | - | 5,591 | 1,642 | 7,233 |
Taxes paid relating to the sale of investment properties | - | - | - | - | 1,305 | 1,305 |
Net cash flow from disposal of properties | - | - | - | 5,591 | 337 | 5,928 |
of which operating cash flow | - | - | - | 5,591 | - | 5,591 |
of which investing cash flow | - | - | - | - | 337 | 337 |
Accounting principles |
|---|
The result from property sales is recognised in income from disposal of properties. Tax payments directly related to the sale of investment properties are presented in the cash flow from investing activities. |
Lettable area (% sqm) | Building history (year) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Address | Market value (CHFm) | Gross rental income (CHFm) | Net rental income (CHFm) | Vacancy rate | Discount rate (real) | Site area (sqm) | Lettable area (sqm) | Residen- tial | Office | Retail/ trade | Ware-housing | Other | Parking units | Construc- tion | Acquisi- tion | Reno- vation 1) | Owner- ship type 2) |
Rue du Môle 5, Geneva | 19.4 | 0.6 | 0.6 | - | 2.54% | 277 | 1,518 | 85% | - | 15% | - | - | - | 1957 | 2000 | 2014 | 100% |
Rue de la Servette 23, Geneva | 21.4 | 0.8 | 0.8 | 1.6% | 2.50% | 421 | 2,149 | 61% | 16% | 16% | 7% | - | - | 1967 | 1999 | - | 100% |
Rue Charles-Cusin 10, Geneva | 23.4 | 0.8 | 0.7 | 6.3% | 2.31% | 279 | 1,308 | 72% | - | 21% | 7% | - | - | 1970 | 2017 | 2020 | 100% |
Rue de Bâle 28/30, Geneva | 24.2 | 0.8 | 0.8 | - | 2.50% | 1,230 | 3,490 | 47% | 4% | 10% | 39% | - | - | 1963 | 2019 | 2020 | 100% |
Rue des Asters 8, Geneva | 9.7 | 0.3 | 0.3 | - | 2.46% | 302 | 1,115 | 83% | - | 8% | 9% | - | - | 1910 | 2002 | 2022 | 100% |
Rue de Montbrillant 52, Geneva | 14.8 | 0.5 | 0.5 | - | 2.39% | 263 | 1,372 | 87% | 13% | - | - | - | - | 1959 | 1998 | - | 100% |
Rue du Grand-Pré 39, Geneva | 18.1 | 0.6 | 0.6 | 3.2% | 2.50% | 393 | 2,043 | 87% | - | 2% | 11% | - | - | 1962 | 1997 | - | 100% |
Rue Rothschild 60/64, Geneva | 37.0 | 1.2 | 1.2 | 0.4% | 2.88% | 397 | 2,916 | 99% | - | - | 1% | - | 63 | 1961 | 2024 | - | 100% |
Rue Liotard 33, Geneva | 9.7 | 0.3 | 0.3 | - | 2.60% | 331 | 988 | 95% | 5% | - | - | - | - | 1919 | 2025 | - | 100% |
Rue Lamartine 23, Geneva | 39.2 | 1.3 | 1.3 | 3.8% | 2.66% | 2,230 | 3,688 | 74% | 1% | 24% | - | - | 90 | 1964 | 1998 | - | 100% |
Rue de Lyon 65, Geneva | 16.8 | 0.5 | 0.5 | - | 2.50% | 601 | 1,321 | 100% | - | - | - | - | 8 | 1957 | 1998 | - | 100% |
Avenue d'Aïre 47, Geneva | 12.8 | 0.4 | 0.4 | - | 2.50% | 233 | 1,028 | 100% | - | - | - | - | - | 1950 | 2004 | - | 100% |
Rue des Délices 21 bis, Geneva | 18.3 | 0.6 | 0.6 | - | 2.50% | 285 | 1,744 | 100% | - | - | - | - | - | 1935 | 1998 | - | 100% |
Avenue Wendt 3/5, Geneva | 33.6 | 1.1 | 1.1 | - | 2.66% | 939 | 3,006 | 83% | 2% | 13% | 2% | - | 15 | 1950 | 1999 | 2010 | 100% |
Avenue Ernest Pictet 14, Geneva | 35.9 | 1.2 | 1.2 | 0.2% | 2.50% | 356 | 3,522 | 93% | - | 7% | - | - | 59 | 1980 | 2018 | - | 72% |
Rue Daubin 35, Geneva | 13.6 | 0.4 | 0.4 | - | 2.54% | 624 | 1,188 | 100% | - | - | - | - | 11 | 1940 | 2018 | 2020 | 100% |
Avenue Wendt 27, Geneva | 10.4 | 0.3 | 0.3 | - | 2.55% | 1,265 | 1,340 | 100% | - | - | - | - | - | 1955 | 2019 | 2024 | 100% |
Rue Henri-Frédéric-Amiel 8, Geneva | 16.1 | 0.5 | 0.5 | - | 2.55% | 456 | 1,809 | 94% | 4% | 3% | - | - | - | 1919 | 2019 | - | 100% |
Avenue Henri-Dunant 20, Rue Guillaume de Marcossay 21, Geneva | 33.2 | 1.1 | 1.1 | 1.2% | 2.60% | 1,165 | 3,560 | 65% | - | 17% | 18% | - | 3 | 1965 | 1999 | 2008 | 100% |
Boulevard St-Georges 71, Rue des Rois 12, Geneva | 20.8 | 0.7 | 0.7 | - | 2.71% | 371 | 2,089 | 78% | - | 12% | 11% | - | - | 1971 | 2010 | - | 100% |
Rue du Vieux-Billard 12, Geneva | 10.4 | 0.3 | 0.3 | - | 2.50% | 385 | 932 | 100% | - | - | - | - | - | 1957 | 1999 | 2017 | 100% |
Boulevard de la Cluse 35, Geneva | 14.8 | 0.5 | 0.4 | 11.6% | 2.55% | 188 | 915 | 78% | - | 13% | 9% | - | - | 1961 | 2002 | 2009 | 100% |
Rue Goetz-Monin 24, Geneva | 29.8 | 0.9 | 0.9 | - | 2.70% | 728 | 2,313 | 61% | - | 39% | - | - | - | 1947 | 2002 | 2008 | 100% |
Rue de Carouge 72/74, Geneva | 28.7 | 1.0 | 1.0 | - | 2.60% | 904 | 3,667 | 70% | - | 30% | - | - | - | 1970 | 2017 | 2020 | 100% |
Boulevard Carl-Vogt 6, Geneva | 13.3 | 0.5 | 0.4 | 5.7% | 2.66% | 436 | 1,893 | 49% | 3% | 48% | - | - | - | 1960 | 2018 | 2019 | 100% |
Rue des Peupliers 13, Geneva | 5.6 | 0.2 | 0.2 | 13.5% | 2.55% | 147 | 514 | 100% | - | - | - | - | - | 1920 | 2018 | 2022 | 100% |
Rue du Village-Suisse 4, Geneva | 6.0 | 0.2 | 0.2 | - | 2.49% | 145 | 490 | 100% | - | - | - | - | - | 1920 | 2018 | - | 100% |
Avenue Jules-Crosnier 2, Geneva | 26.1 | 0.8 | 0.8 | - | 2.66% | 641 | 2,576 | 87% | - | 13% | - | - | - | 1958 | 2023 | - | 100% |
Rue du Nant 30, Geneva | 25.5 | 0.8 | 0.8 | - | 2.60% | 567 | 2,024 | 95% | - | 5% | - | - | - | 1960 | 1998 | 2019 | 100% |
Avenue Bois-de-la-Chapelle 101, Onex | 22.6 | 0.8 | 0.8 | - | 2.45% | 320 | 2,525 | 98% | - | 2% | - | - | 31 | 1970 | 2001 | - | 100% |
Route de Chancy 40, Petit-Lancy | 7.5 | 0.3 | 0.3 | 1.4% | 2.60% | 804 | 713 | 100% | - | - | - | - | 16 | 1910 | 2018 | 2025 | 100% |
Rue du Village 18 a/b/c/d/e, Vernier | 14.3 | 0.5 | 0.5 | - | 2.55% | 3,692 | 1,551 | 100% | - | - | - | - | 11 | 1970 | 2018 | - | 100% |
Route de Peney 4, Vernier | 9.9 | 0.3 | 0.3 | - | 2.56% | 253 | 1,230 | 100% | - | - | - | - | 15 | 1973 | 2018 | 2024 | 100% |
Avenue Louis-Casaï 80, Cointrin | 15.1 | 0.5 | 0.5 | - | 2.85% | 1,372 | 1,389 | 55% | - | 28% | 17% | - | 10 | 1973 | 2005 | - | 100% |
Avenue François-Besson 16, Meyrin | 13.3 | 0.5 | 0.5 | - | 2.65% | 345 | 1,365 | 100% | - | - | - | - | 8 | 1967 | 2004 | 2020 | 100% |
Chemin du Grand-Puits 62/64/66, Meyrin | 20.4 | 0.7 | 0.7 | - | 2.66% | 749 | 2,416 | 100% | - | - | - | - | 32 | 1974 | 1998 | - | 100% |
Avenue François-Besson 1/3, Meyrin | 29.4 | 1.0 | 1.0 | - | 2.70% | 579 | 3,294 | 91% | 4% | 1% | 4% | - | 55 | 1973 | 2003 | 2008 | 100% |
Rue des Lattes 25/27, Meyrin | 11.8 | 0.4 | 0.4 | 5.2% | 2.45% | 425 | 1,343 | 94% | - | 6% | - | - | 16 | 1975 | 2000 | - | 100% |
Rue des Lattes 63, Meyrin | 15.4 | 0.5 | 0.5 | 5.6% | 2.55% | 213 | 1,745 | 100% | - | - | - | - | 22 | 1975 | 2001 | - | 100% |
Rue des Lattes 57/59, Meyrin | 16.2 | 0.6 | 0.6 | - | 2.55% | 546 | 2,149 | 81% | 14% | 3% | 2% | - | 26 | 1971 | 2025 | - | 100% |
Rue de la Prulay 64/66, Meyrin | 29.1 | 1.0 | 1.0 | - | 2.64% | 3,393 | 3,012 | 97% | - | - | 3% | - | 47 | 1962 | 1998 | 2024 | 100% |
Route de Meyrin 283/285, Meyrin | 19.7 | 0.7 | 0.7 | - | 2.45% | 2,642 | 2,422 | 93% | - | - | 7% | - | 33 | 1994 | 2017 | - | 100% |
Avenue Vaudagne 78/80/82, Meyrin | 14.2 | 0.6 | 0.6 | - | 3.25% | 669 | 2,457 | 100% | - | - | - | - | - | 1964 | 1999 | - | 78% |
Avenue Mategnin 75/77, Meyrin | 14.6 | 0.5 | 0.5 | - | 3.19% | 450 | 2,301 | 100% | - | - | - | - | - | 1968 | 1999 | 2008 | 73% |
Chemin du Vieux-Bureau 98, Meyrin | 14.7 | 0.5 | 0.5 | - | 2.65% | 333 | 1,521 | 98% | - | 2% | - | - | 19 | 1970 | 2017 | 2018 | 100% |
Promenade des Champs-Fréchets 20/24, Meyrin | 16.5 | 0.6 | 0.6 | 0.3% | 2.70% | 467 | 2,458 | 87% | 6% | 7% | - | - | 30 | 1973 | 2024 | - | 100% |
L'Ancienne-Route 77a, Grand-Saconnex | 12.3 | 0.4 | 0.4 | - | 2.52% | 2,452 | 1,151 | 66% | - | 34% | - | - | 18 | 1962 | 1998 | 2016 | 100% |
Route de Ferney 208a/b, Grand-Saconnex | 27.0 | 0.9 | 0.9 | - | 2.65% | 2,910 | 2,654 | 92% | 1% | 5% | 2% | - | 56 | 1959 | 1998 | 2017 | 100% |
Avenue Louis-Casaï 43, Les Avanchets | 16.1 | 0.6 | 0.6 | 0.4% | 2.71% | 1,035 | 1,682 | 91% | - | 9% | - | - | 29 | 1963 | 2004 | 2018 | 100% |
Avenue Louis-Casaï 37, Les Avanchets | 16.8 | 0.6 | 0.6 | - | 2.61% | 1,093 | 1,688 | 91% | 3% | 6% | - | - | 27 | 1963 | 1998 | 2016 | 100% |
Avenue des Cavaliers 7, Chêne-Bougeries | 16.4 | 0.6 | 0.5 | 0.3% | 2.56% | 1,690 | 2,021 | 82% | - | 15% | 3% | - | 12 | 1975 | 2018 | 2023 | 100% |
Route de Mon Idée 65/67, Thônex | 30.6 | 1.0 | 1.0 | - | 2.65% | 1,001 | 2,609 | 100% | - | - | - | - | 33 | 1971 | 2018 | 2023 | 100% |
Chemin des Deux-Communes 13, Thônex | 11.9 | 0.4 | 0.4 | 0.4% | 2.65% | 470 | 1,573 | 99% | - | - | 1% | - | 19 | 1963 | 2019 | - | 100% |
Rue de la Fontenette 11, Carouge | 19.9 | 0.6 | 0.6 | - | 2.50% | 427 | 1,590 | 100% | - | - | - | - | 5 | 1963 | 2000 | 2016 | 100% |
Route des Acacias 20, Rue des Ronzades 1/3, Rue Gustave-Revilliod 14, Les Acacias | 59.7 | 2.0 | 2.0 | 1.2% | 2.43% | 1,857 | 5,672 | 72% | - | 23% | 5% | - | 10 | 1958 | 1997 | 2007 | 100% |
Route des Acacias 28, Les Acacias | 15.8 | 0.5 | 0.5 | - | 2.55% | 570 | 1,480 | 100% | - | - | - | - | 7 | 1959 | 2002 | 2022 | 100% |
Rue Simon-Durand 5, Les Acacias | 9.0 | 0.3 | 0.2 | 23.5% | 2.60% | 306 | 946 | 54% | - | 30% | 16% | - | - | 1960 | 2017 | - | 100% |
Place d'Armes 8, Carouge | 17.1 | 0.6 | 0.6 | - | 2.44% | 250 | 1,198 | 92% | - | 8% | - | - | 8 | 1940 | 2018 | 2022 | 100% |
Route de Certoux 11/15B/15D, Perly | 9.5 | 0.3 | 0.3 | - | 2.65% | 532 | 1,300 | 100% | - | - | - | - | - | 1977 | 2019 | - | 100% |
Route de Certoux 17/17A/19/21, Perly | 25.7 | 0.9 | 0.9 | 0.2% | 2.61% | 1,025 | 3,157 | 98% | - | - | 2% | - | 45 | 1985 | 2019 | - | 100% |
Avenue Théodore-Vernes 20/22, Versoix | 11.2 | 0.4 | 0.4 | - | 2.55% | 512 | 1,061 | 98% | - | - | 2% | - | 4 | 1959 | 2002 | 2017 | 100% |
Grand-Montfleury 38, Versoix | 17.2 | 0.6 | 0.6 | - | 2.67% | 329 | 2,249 | 100% | - | - | - | - | 11 | 1980 | 2018 | - | 100% |
Chemin de Pont-Céard 7, Versoix | 13.8 | 0.5 | 0.5 | 0.3% | 2.60% | 371 | 1,518 | 100% | - | - | - | - | 23 | 1900 | 2024 | - | 100% |
Residential properties – Canton of Geneva | 1,203.8 | 40.3 | 39.9 | 1.0% | 50,641 | 123,958 | |||||||||||
Avenue Alexandre-Vinet 39, Lausanne | 9.8 | 0.3 | 0.3 | - | 2.46% | 597 | 1,125 | 76% | - | 24% | - | - | 5 | 1953 | 2000 | 2005 | 100% |
Avenue d'Echallens 87/89, Lausanne | 6.2 | 0.2 | 0.2 | - | 2.85% | 535 | 822 | 100% | - | - | - | - | - | 1899 | 2015 | 2022 | 100% |
Avenue de Collonges 5, Lausanne | 18.0 | 0.6 | 0.6 | 2.4% | 2.80% | 1,343 | 2,134 | 100% | - | - | - | - | 17 | 1961 | 2024 | - | 100% |
Chemin de Montmeillan 19/21, Lausanne | 14.7 | 0.5 | 0.5 | - | 2.50% | 1,158 | 1,661 | 85% | - | 15% | - | - | 3 | 1966 | 2004 | 2009 | 100% |
Place du Vallon 1, Lausanne | 12.6 | 0.4 | 0.4 | - | 2.55% | 515 | 1,544 | 95% | - | 4% | 1% | - | 4 | 1955 | 2009 | 2018 | 100% |
Chemin du Closelet 4/6/8/10, Lausanne 3) | 31.8 | 1.0 | 1.0 | - | 2.56% | 1,747 | 2,966 | 91% | 1% | 6% | 2% | - | 34 | 1895 | 2005 | 2006 | 100% |
Avenue d'Ouchy 72/74, Lausanne | 6.0 | 0.2 | 0.2 | - | 2.45% | 1,911 | 988 | 100% | - | - | - | - | - | 1907 | 2019 | - | 100% |
Rue de la Combette 22/24, Prilly | 18.6 | 0.7 | 0.7 | - | 2.80% | 2,840 | 2,506 | 100% | - | - | - | - | 15 | 1963 | 2001 | 2024 | 100% |
Avenue de la Rochelle 2/4/6/8, Prilly | 32.2 | 1.1 | 1.1 | - | 2.75% | 4,552 | 4,067 | 100% | - | - | - | - | 29 | 1968 | 2024 | - | 100% |
Avenue de la Rochelle 16/18/20/22, Prilly | 50.9 | 1.7 | 1.6 | 6.5% | 2.80% | 3,524 | 6,839 | 100% | - | - | - | - | 51 | 1967 | 2024 | - | 100% |
Chemin de Château-Sec 9a, Pully | 5.3 | 0.2 | 0.2 | 14.9% | 2.76% | 720 | 670 | 100% | - | - | - | - | 5 | 1960 | 2020 | 2022 | 100% |
Avenue Victor-Ruffy 33, Lausanne | 7.7 | 0.3 | 0.3 | - | 2.50% | 1,097 | 1,120 | 100% | - | - | - | - | 12 | 1952 | 2018 | - | 100% |
Route Aloys Fauquez 122/124, Lausanne | 27.7 | 0.9 | 0.9 | - | 2.60% | 1,447 | 3,472 | 91% | 4% | 4% | 2% | - | 6 | 1968 | 2016 | 2023 | 100% |
Route Aloys Fauquez 60, Lausanne | 9.8 | 0.3 | 0.3 | - | 2.63% | 786 | 1,405 | 62% | - | 23% | 15% | - | 8 | 1962 | 2017 | 2022 | 100% |
Avenue du Censuy 18/20/22/24/26, Renens | 39.2 | 1.4 | 1.4 | - | 2.55% | 6,321 | 6,014 | 91% | - | 6% | 3% | - | 78 | 1972 | 2003 | 2009 | 100% |
Avenue de Florissant 30/32, Renens | 28.3 | 1.0 | 1.0 | - | 2.62% | 9,259 | 3,629 | 92% | 1% | 6% | 1% | - | 70 | 1962 | 2007 | 2018 | 100% |
Rue Neuve 10/12/14, Renens 3) | 7.1 | 0.3 | 0.3 | - | 2.85% | 574 | 1,027 | 57% | 12% | 29% | 2% | - | - | 1900 | 1999 | - | 100% |
Avenue du Tir-Fédéral 79/81, Chavannes-Renens | 28.6 | 1.0 | 1.0 | 3.5% | 2.61% | 2,898 | 3,442 | 100% | - | - | - | - | 44 | 1962 | 1997 | 2007 | 100% |
Avenue du Tir-Fédéral 4, Chavannes-Renens | 3.8 | 0.1 | 0.1 | - | 2.80% | 559 | 603 | 41% | 37% | 22% | - | - | 8 | 1920 | 2021 | - | 100% |
Chemin des Chantres 8a/b, St. Sulpice | 14.7 | 0.5 | 0.4 | 19.0% | 2.61% | 3,118 | 943 | 100% | - | - | - | - | 10 | 2020 | 2020 | - | 100% |
Chemin de Roséaz 8, Bussigny | 9.7 | 0.3 | 0.3 | - | 2.46% | 1,463 | 984 | 100% | - | - | - | - | 16 | 1966 | 2000 | 2008 | 100% |
Rue du Centre 7, Bussigny | 17.1 | 0.6 | 0.6 | - | 2.67% | 2,058 | 1,641 | 100% | - | - | - | - | 29 | 1964 | 2021 | - | 100% |
Grand'Rue 10, Echallens | 2.5 | 0.1 | 0.1 | - | 2.60% | 130 | 357 | 54% | 37% | 9% | - | - | - | 1860 | 2024 | - | 100% |
Chemin des Petits-Esserts 1, Cugy | 5.5 | 0.2 | 0.2 | - | 2.90% | 1,515 | 706 | 100% | - | - | - | - | 16 | 1965 | 2015 | 2025 | 100% |
Route de la Bernadaz 1, Paudex | 4.9 | 0.2 | 0.2 | - | 2.86% | 1,188 | 788 | 76% | - | 24% | - | - | 11 | 1910 | 2020 | - | 100% |
Route de la Bernadaz 3, Paudex | 6.8 | 0.2 | 0.2 | - | 2.75% | 1,431 | 1,005 | 100% | - | - | - | - | 7 | 1962 | 2024 | - | 100% |
Rue de Couvaloup 24, Morges | 13.4 | 0.6 | 0.6 | - | 2.96% | 612 | 1,869 | 50% | 20% | 25% | 5% | - | - | 1964 | 2021 | - | 100% |
Grand-Rue 4, Morges | 3.8 | 0.1 | 0.1 | - | 2.70% | 132 | 456 | 85% | - | 15% | - | - | 0% | 1790 | 2025 | - | 100% |
Rue d'Estuey 13, Etoy | 9.0 | 0.3 | 0.3 | - | 2.65% | 1,940 | 1,106 | 100% | - | - | - | - | 24 | 1990 | 2021 | - | 100% |
Rue du Jura 15, Gland | 9.4 | 0.4 | 0.4 | - | 2.70% | 1,787 | 992 | 100% | - | - | - | - | 15 | 1969 | 2016 | 2017 | 100% |
Chemin des Morettes 7a/7b/9a/9b, Route de Curson 18a/18b, Prangins | 26.1 | 0.9 | 0.9 | 0.1% | 2.69% | 7,423 | 4,130 | 100% | - | - | - | - | 71 | 1971 | 2024 | - | 100% |
Avenue Kiener 1/3, Yverdon-les-Bains | 13.2 | 0.5 | 0.5 | - | 2.46% | 3,900 | 2,080 | 100% | - | - | - | - | 35 | 1991 | 1998 | - | 100% |
Rue du Centre 7, Vevey | 4.4 | 0.2 | 0.2 | - | 2.65% | 143 | 575 | 76% | - | 17% | 7% | - | - | 1920 | 2005 | 2007 | 100% |
Rue des Vaudrès 9/9a/9b, Clarens | 23.7 | 0.9 | 0.9 | 3.0% | 2.75% | 1,997 | 4,895 | 44% | - | 56% | - | - | 53 | 1984 | 2024 | - | 100% |
Avenue des Alpes 38-58, Rue de la Rouvenettaz 8-14, Montreux | 41.1 | 1.6 | 1.6 | - | 2.80% | 3,506 | 8,770 | 74% | 2% | 24% | - | - | 33 | 1909-1912 | 2024 | - | 100% |
Residential properties – Canton of Vaud | 563.6 | 20.1 | 19.8 | 1.6% | 74,726 | 77,331 | |||||||||||
Route de Grinchon 1, Crans-Montana | 8.5 | 0.3 | 0.3 | - | 3.55% | 2,340 | 963 | 100% | - | - | - | - | 16 | 2015 | 2011 | - | 100% |
Chemin de Praty 4, Randogne | 5.2 | 0.2 | 0.2 | - | 4.17% | 1,678 | 610 | 100% | - | - | - | - | 3 | 1950 | 2014 | 2017 | 100% |
Residential properties – Canton of Valais | 13.7 | 0.4 | 0.4 | 0.0% | 4,018 | 1,573 | |||||||||||
Total residential properties | 1,781.1 | 60.9 | 60.2 | 1.2% | 129,385 | 202,862 | 87% | 1% | 9% | 3% | - | 1,655 | |||||
Route de Chancy 65/67, Petit-Lancy | 41.4 | 1.9 | 1.9 | - | 3.55% | 3,241 | 7,630 | - | 64% | 36% | - | - | 167 | 1988 | 2023 | - | 100% |
Avenue des Morgines 12, Petit-Lancy | 136.1 | 7.9 | 7.5 | 5.1% | 3.65% | 12,865 | 21,971 | - | 82% | 13% | 5% | - | 537 | 1977/1989 | 2024 | - | 100% |
Route de Saint-Julien 253/255, Perly | 19.9 | 1.1 | 1.1 | - | 4.22% | 9,099 | 6,018 | - | - | 100% | - | - | 140 | 1982 | 2010 | - | 100% |
Chemin Jean-Baptiste-Vandelle 3/3a/5, Versoix | 39.6 | 2.0 | 2.0 | - | 3.69% | 2,001 | 5,227 | - | 97% | 2% | 1% | - | 70 | 2014 | 2024 | - | 100% |
Route de Suisse 160/162, Versoix | 61.0 | 3.9 | 3.3 | 14.5% | 3.95% | 11,170 | 11,013 | 32% | 38% | 21% | 9% | - | 264 | 2017 | 2025 | - | 100% |
Commercial properties – Canton of Geneva | 298.1 | 16.7 | 15.8 | 5.8% | 38,376 | 51,859 | |||||||||||
Place de la Navigation 4/6, Lausanne | 43.2 | 0.0 | 0.0 | n/a | 2.74% | 1,710 | 3,437 | - | 1% | 7% | 3% | 89% | - | 1906 | 2019 | - | 100% |
Rue de la Borde 3a-d/5c-d, Lausanne | 60.9 | 2.4 | 2.4 | 0.5% | 2.95% | 5,400 | 9,707 | 41% | 27% | 32% | - | - | 165 | 1965 | 2025 | - | 100% |
Chemin de la Chapelle 2, Cheseaux-Lausanne | 7.0 | 0.5 | 0.5 | - | 3.82% | 5,358 | 3,142 | 5% | 53% | 42% | - | - | 43 | 1961 | 2016 | - | 100% |
Rue de Lausanne 35a, Morges | 10.1 | 0.6 | 0.6 | - | 3.31% | 377 | 1,895 | - | 100% | - | - | - | 20 | 2019 | 2019 | - | 100% |
Commercial properties – Canton of Vaud | 121.3 | 3.5 | 3.5 | 0.4% | 12,845 | 18,181 | |||||||||||
Avenue de la Gare 18, Avenue du Théâtre 18, Monthey | 10.0 | 0.6 | 0.6 | - | 4.06% | 1,368 | 4,020 | 51% | 18% | 30% | 1% | - | 31 | 1994 | 2019 | 2023 | 100% |
Route d'Aproz 65, Sion 4) | 33.1 | 2.0 | 2.0 | - | 4.58% | 16,663 | 12,578 | - | - | - | - | 100% | 400 | 2021 | 2021 | - | 100% |
Route de Crans 85, Lens 4) | 4.8 | 0.3 | 0.3 | - | 4.54% | 7,892 | 5,305 | - | - | - | - | 100% | - | 2019 | 2019 | - | 100% |
Rue du Prado 19, Crans-Montana | 1.9 | 0.1 | 0.1 | - | 4.09% | 1,317 | 162 | - | - | 100% | - | - | - | 2013 | 2011 | - | 100% |
Grand Place 12/14, Crans-Montana | 4.5 | 0.2 | 0.2 | 14.8% | 4.72% | 1,415 | 894 | - | 75% | 5% | 20% | - | 3 | 1972 | 2013 | 2015 | 100% |
Route du Rawyl 10, Crans-Montana | 9.1 | 0.6 | 0.6 | - | 4.95% | 1,816 | 2,388 | - | - | - | - | 100% | - | 1955 | 2020 | 2021 | 100% |
Commercial properties – Canton of Valais | 63.5 | 3.8 | 3.8 | 0.9% | 30,471 | 25,347 | |||||||||||
Obere Holzgasse 8/9, Hausen AG | 9.6 | 0.6 | 0.6 | - | 4.55% | 7,374 | 4,031 | - | 36% | 64% | - | - | 103 | 1995 | 2024 | - | 100% |
Alte Bahnhofstrasse 5/7, Mägenwil | 9.2 | 0.5 | 0.5 | - | 3.41% | 7,003 | 2,613 | 2% | 38% | 60% | - | - | 117 | 1911 | 2024 | - | 100% |
Commercial properties – Canton of Argovia | 18.8 | 1.0 | 1.0 | - | 14,377 | 6,644 | |||||||||||
Total commercial properties | 501.6 | 25.0 | 24.0 | 4.0% | 96,069 | 102,031 | 10% | 41% | 24% | 2% | 23% | 2,060 | |||||
Route des Briesses 4, Crans-Montana | 2.7 | 0.0 | 0.0 | - | n/a | 916 | 263 | 100% | - | - | - | - | 3 | 2012 | 2009 | - | 100% |
Properties held for sale | 2.7 | 0.0 | 0.0 | - | 916 | 263 | 100% | - | - | - | - | 3 | |||||
Total property portfolio | 2,285.4 | 85.9 | 84.2 | 2.0% | 2.86% | 226,370 | 305,156 | 3,718 | |||||||||
1)Under Investisʼ ownership.
2)100% = sole ownership, otherwise = condominium.
3)Property recorded in the register of polluted sites. No compulsory surveillance, no obligatory remediation. All other properties not recorded in the register of polluted sites.
4)Building right.
CHF 1,000 | 1st half 2026 | 1st half 2025 |
|---|---|---|
Share of profit of associates | - | 943 |
Share of loss of associates | –20 | - |
Total result from associates | –20 | 943 |
Interest income | 38 | 75 |
Income from disposal of financial assets | 10,176 | - |
Other financial income | 2 | 17 |
Total financial income | 10,216 | 93 |
Interest expenses | –2,863 | –3,260 |
Other financial expenses | –26 | –275 |
Total financial expenses | –2,889 | –3,535 |
Total financial result | 7,307 | –2,499 |
The weighted average interest rate was 0.92% (1st half 2025: 1.10%). The weighted average interest rate of the outstanding financial liabilities as at 30 June 2026 stands at 0.90% (31.12.2025: 0.88%).
In the first half 2026, income from disposal of financial assets relates to the gain on the sale of the minority interests in PHM Group TopCo Oy and in Nexthink SA (see Note 4.1).
Accounting principles |
|---|
The financial result includes the result from associates, interest income and expenses, exchange rate differences, gains and losses on securities and other financial income and expenses. |
CHF 1,000 | 30.06.2026 | 31.12.2025 |
|---|---|---|
Bank loans | 325,000 | 386,000 |
Private placements | 100,000 | 40,000 |
Bonds | 100,000 | 100,000 |
Current financial liabilities | 525,000 | 526,000 |
Bonds | 100,000 | 100,000 |
Non-current financial liabilities | 100,000 | 100,000 |
Total financial liabilities | 625,000 | 626,000 |
As at 30 June 2026 and 31 December 2025, neither properties nor other assets were pledged to secure available credit lines. Credit lines with Swiss banks (without securities) totalled CHF 500 million (31.12.2025: CHF 600 million), of which CHF 175 million was unused as at 30 June 2026 (31.12.2025: CHF 214 million).
In the first half 2025, the CHF 115 million bond, maturing on 14 February 2025, with a coupon of 0.25%, was paid on the redemption date. Furthermore, a CHF 100 million bond, maturing on 14.02.2028, was issued with a coupon of 1.10%.
As at the balance sheet date, the following bonds are outstanding:
ISIN | CH 1357852784 | CH1405472023 |
Trading currency | CHF | CHF |
Issuing volume | 100 million | 100 million |
Listing | SIX Swiss Exchange | SIX Swiss Exchange |
Coupon | 1.45% | 1.10% |
Tenor | 2 years and 2 months | 3 years |
Payment date | 16 Aug 2024 | 14 Feb 2025 |
Redemption date | 16 Oct 2026 | 14 Feb 2028 |
As at the balance sheet date, amounts falling due are as follows:
CHF 1,000 | Due within the first year | Due within the second year | Due within the third year and beyond | 30.06.2026 | Interest rate |
|---|---|---|---|---|---|
Bank loans | 325,000 | - | - | 325,000 | 0-1% |
Private placements | 100,000 | - | - | 100,000 | 0-1% |
Bonds | 100,000 | 100,000 | - | 200,000 | 1-2% |
Total financial liabilities | 525,000 | 100,000 | - | 625,000 | |
CHF 1,000 | Due within the first year | Due within the second year | Due within the third year and beyond | 31.12.2025 | Interest rate |
Bank loans | 386,000 | - | - | 386,000 | 0-2% |
Private placements | 40,000 | - | - | 40,000 | 0-1% |
Bonds | 100,000 | - | 100,000 | 200,000 | 1-2% |
Total financial liabilities | 526,000 | - | 100,000 | 626,000 |
The interest maturity periods correspond to the above-listed maturities. The weighted average interest rate of the outstanding financial liabilities as at 30 June 2026 stands at 0.90% (31.12.2025: 0.88%).
Accounting principles |
|---|
Financial liabilities are stated at nominal value. |
Issuance costs, reduced by the amount of the premium, are charged in full to the income statement upon issue of the bond. |
Bonds due for repayment within the next 12 months are reported under current financial liabilities. |
Theoretical movements in goodwill
1st half 2026 | 1st half 2025 | |||||
|---|---|---|---|---|---|---|
CHF 1,000 | Goodwill from consolidated companies | Goodwill from associated companies | Total | Goodwill from consolidated companies | Goodwill from associated companies | Total |
Theoretical values as at 1 January | - | 3,688 | 3,688 | - | 661 | 661 |
Acquisition costs as at 1 January | 6,038 | 6,935 | 12,973 | 6,038 | 4,106 | 10,144 |
Acquisition costs as at 30 June | 6,038 | 6,935 | 12,973 | 6,038 | 4,106 | 10,144 |
Accumulated amortisation as at 1 January | 6,038 | 3,247 | 9,285 | 6,038 | 3,445 | 9,483 |
Amortisation for the period | - | 421 | 421 | - | 139 | 139 |
Accumulated amortisation as at 30 June | 6,038 | 3,668 | 9,706 | 6,038 | 3,584 | 9,622 |
Theoretical values as at 30 June | - | 3,266 | 3,266 | - | 522 | 522 |
The theoretical capitalisation of the goodwill would affect the results of the consolidated financial statements as follows:
Effect on consolidated income statement
CHF 1,000 | 1st half 2026 | 1st half 2025 |
Net profit as per financial statements | 67,542 | 80,215 |
Amortisation of goodwill | –421 | –139 |
Theoretical net profit including goodwill amortisation | 67,120 | 80,076 |
Effect on consolidated balance sheet
CHF 1,000 | 30.06.2026 | 31.12.2025 |
|---|---|---|
Equity as per financial statements | 1,484,709 | 1,454,002 |
Theoretical value of goodwill | 3,266 | 3,688 |
Theoretical equity when reporting goodwill | 1,487,976 | 1,457,690 |
Accounting principles |
|---|
Goodwill arising from acquisitions of consolidated and associated companies is charged against equity at the date of acquisition. The theoretical amortisation is based on a straight-line method over a useful life of five years. |
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 at the date on which the Group ceases to have control, with any gain or loss (after goodwill recycling) recognised in the operating result. |
If there is any indication of impairment, an impairment test is performed immediately. If the theoretical carrying amount exceeds the recoverable amount, the theoretical impairment loss is disclosed in this note. |
CHF 1,000 | 30.06.2026 | 31.12.2025 |
|---|---|---|
Loans to third parties | 5,517 | 5,517 |
Investments in associates | 7,128 | 7,148 |
Other financial assets | 9,628 | 24,282 |
Total financial assets | 22,273 | 36,948 |
In the first half 2026, in other financial assets, the minority interests in PHM Group TopCo Oy (31.12.2025: CHF 13 million) and Nexthink SA (31.12.2025: CHF 2 million) were sold. The gain on the disposals of CHF 10.2 million is recognised in income from disposal of financial assets (see Note 3.1).
Accounting principles |
|---|
Long-term loans and other long-term receivables are stated at nominal value. |
Investments in associates are all companies on which the Investis Group exerts significant influence but does not have control. This is generally evidenced when the Investis Group holds voting rights and share capital ownership of between 20% and 50% of a company. They are valued and accounted for using the equity method. Goodwill arising from acquisition is charged against equity at the acquisition date. |
Ownership of shares in organisations where Investis has voting rights of less than 20% of the total is recognised as other financial assets at acquisition cost, less any necessary write-downs. |
If there is any indication of impairment, an impairment test is performed immediately. If the carrying amount exceeds the recoverable amount, an impairment loss is recognised in the income statement. |
Investis Holding SA (“the Company”) is based in Zurich, Switzerland. Its shares have been listed on the SIX Swiss Exchange since 30 June 2016 (IREN). The unaudited consolidated financial statements, prepared as at 30 June 2026, include Investis Holding SA and all its direct or indirect subsidiaries (Investis Group) as well as its shareholdings in associated companies.
The Investis Group’s business activity centres on the long-term holding of residential and commercial properties.
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 the Investis Group.
The consolidation and accounting policies applied to the present consolidated financial statements are unchanged from those applied to the 2025 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 2025.
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 2026 using the discounted cash flow (DCF) method. The valuation method applied for the half-year financial statements for 2026 is unchanged from the previous year.
The Board of Directors approved the consolidated financial statements for publication on 25 August 2026.
No other events occurred between 30 June 2026 and the date of approval of the consolidated financial statements, that would require adjustments to the carrying amounts of the Group’s assets and liabilities as at 30 June 2026 or disclosure in this section.
30.06.2026 | 31.12.2025 | |||||
|---|---|---|---|---|---|---|
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 |
Investis Investments SA | Baar | CHF | 1,000 | 100% | 100% | C 2) |
Investis Properties SA | Baar | CHF | 1,650 | 100% | 100% | C |
Alaïa Invest SA | Sion | CHF | 100 | 100% | 100% | C |
Investis Management SA | Baar | CHF | 100 | 100% | 100% | C |
Investis SA | Baar | CHF | 100 | 100% | 100% | C |
Investis Finance AG | Baar | CHF | 50 | 100% | 100% | C |
OR omiresidences Sàrl | Baar | CHF | 20 | 100% | 100% | C |
Insite Management SA | Unteriberg | CHF | 120 | 42% | 42% | E |
PropTech Partners SA | Lausanne | CHF | 166 | 35% | 35% | E |
Polytech Ventures Holding SA | Morges | CHF | 214 | 33% | 33% | E |
RedPapillons SA | Morges | CHF | 128 | 20% | 20% | E |
EMETS SA | Marly | CHF | 125 | 20% | 20% | 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.
Accounting principles |
|---|
The consolidated financial statements comprise the financial statements of Investis Holding SA, Zurich, and all subsidiaries that belonged to the Group during the year and over which Investis Holding SA had the power to govern the financial and operating policies so as to obtain benefits from their activities. At Investis Group, this is achieved when more than 50% of a subsidiary’s share capital or voting rights is unconditionally owned directly or indirectly by Investis Holding SA. These entities are fully consolidated; assets, liabilities, income and expenses are incorporated in the consolidated accounts and all intercompany balances are eliminated. Non-controlling interests are presented as a separate component of the Group’s equity and net profit. |
Capital consolidation is based on the purchase method. |
Associates are all companies on which the Investis Group exerts significant influence but does not have control. This is generally evidenced when the Investis Group holds voting rights and share capital ownership of between 20% and 50% of a company. |