Notes to the individual financial statements

These financial statements were prepared according to the principles of the Swiss Law on Accounting and Financial Reporting (32nd title of the Swiss Code of Obligations). Where not prescribed by law, the significant accounting and measurement principles applied are described below. It should be noted that to ensure the company's going concern, the company may create and release hidden reserves.

In accordance with Article 961 (1) CO, no further disclosures are made in the notes, cash flow statement and directors' report because Ina Invest Holding Ltd prepares its consolidated financial statements in accordance with Swiss GAAP FER and is listed at the Swiss stock exchange SIX.

This item includes bank deposits with a maximum residual term of 90 days. These are recognised and measured at nominal value.

The investment in Ina Invest Ltd is measured at the lower of acquisition cost or net market value. If there is an indication that the carrying amount may be overstated, it is reviewed and, if necessary, an impairment is recognised.

Treasury shares are recognised at acquisition cost and deducted from equity at the time of acquisition. In case of a resale, the gain or loss is recognised through the income statement as financial income or financial expenses.

Share-based payments paid with equity instruments are measured at their fair value prevailing on the day of the grant and recognised as personnel expenses over the vesting period. The grant date fair value is determined using valuation models that are based on the registered shares’ market rates at grant date.

Any pro rata expenses accrued are deferred as of the balance sheet date. Should treasury shares be used for share-based payments made to Board members and employees, the difference between the acquisition costs and the market value at grant date is recognised as financial expenses or financial income.

This item includes personnel expenses and other operating expenses charged to group companies.

 

 

 

Current receivables from group companies in which the entity holds a direct or indirect investment comprise the dividend resolved on 12 December 2022 in the extraordinary general assembly of Ina Invest Ltd amounting to CHF 11,615 thousand (31 December 2021: 0).

 

 

 

 

The purchase and sale prices of treasury shares always corresponded to market prices. In the reporting period, the average purchase price per share was CHF 19.45 (31 December 2021: CHF 18.66). The average transaction price on the sale of treasury shares was CHF 18.38 per share. The transfer of vested shares was recognised at historical costs, which amounted to CHF 18.62 per share (31 December 2021: CHF 17.25). As at 31 December 2022, the carrying amount corresponded to CHF 185 thousand (31 December 2021: CHF 185 thousand).

The annual average number of full-time equivalents was below 10 for the reporting year and the comparative period.

 

The Board members as well as the CEO and CFO receive shares or options on shares, which are allocated in the framework of their share-based payments. Further explanations in this respect may be found in the notes to the consolidated annual report prepared in accordance with Swiss GAAP FER (note 4.2) as well as the Compensation Report.

The following are the details of the allocation:

The shares were allocated to the members of the Board of Directors on 4 January 2021 and 3 January 2022.

The shares (RSU) were allocated to the CEO and CFO on 15 March 2021 and 15 March 2022.

The expenses from CEO and CFO's share-based payments are recognised over the vesting period. As of the balance sheet date of 31 December 2022, a liability of CHF 88.8 thousand (31 December 2021: CHF 38 thousand) was recognised from this allocation.

Each financial year, Implenia Group may sell up to 5% of its investment in Ina Invest Ltd to Invest Holding Ltd (put option). In doing so, the Company may decide whether it prefers cash or Ina Invest Holding shares in consideration. If Implenia Group exercises the put option, the sales price will equal the implicit market value of Ina Invest Ltd. The implicit market value will be determined based on the share price of Ina Invest Holding Ltd. As at 31 December 2022, the value of the associated contingent liability is estimated at CHF 141,628 thousand (31 December 2021: CHF 122,416 thousand).

There are no significant events after the balance sheet date which could impact the book value of the assets or liabilities or which should be disclosed here.