Ina Invest : Half-Year Report 2020

HALF

REPORT

YEAR2020

"Environmental awareness, transparency, excellence partnership and vision - we are committed to ourvalues."

Stefan Mächler, Chairman

of the Board of Directors

Dear Shareholders

Ina Invest Holding Ltd. opened 2020's IPO season on the SIX Swiss Exchange when it went public on 12 June this year. An opening price of CHF 24.30 per share paved the way for a market capital­ isation of CHF 215 million. Ina Invest's listing as an independent company marks the arrival of a unique player on the Swiss real estate market. Ina Invest covers the entire value chain, from development and implementation through to operation, with an unwavering focus on the most stringent environmental standards. In all phases of a project, everything we do

is aimed to ensure natural resources are

­respected and preserved while also foster long-term economic growth and social cohesion.

Ina Invest intends to maintain and continu­ ously develop the most sustainable real estate portfolio in Switzerland. We want to achieve these ambitious goals by complet­ ing our initial development portfolio and

making additional acquisitions. Ina Invest is also targeting a growth boost in its development business with the aid of ­flexible options for both equity- and debt-based financing.

Strategic partners

The successful IPO enabled the promise made to Implenia's shareholders to be met, laying the foundations for a successful strategic partnership between Ina Invest and Implenia. Through its close partnership, Ina Invest is benefiting from all the expertise of Switzerland's leading construction and construction services company. This enables us to apply our symbiotic business model

effectively across the entire value chain and thus keep the Company's set-up lean and scalable.

An attractive, highly diversified portfolio

Ina Invest holds a sustainable portfolio of real estate that is currently made up entirely of new construction projects.

With a good level of regional diversification and a balanced mix of uses, the portfolio - 50 of which is residential - features high-quality properties in premium locations in Switzerland's major urban centres, thus offering significant potential for added value.

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Attractive projects in the Lokstadt in Winter­ thur, Tivoli in Neuchâtel and Unterfeld in Baar meet the needs of tomorrow with their mixed-use-site principle. By integrating sustainability holistically along the entire value chain, Ina Invest is creating a unique blueprint for the future. Putting people and their needs at the forefront and keeping a watchful eye on changes and the trends of today and tomorrow, we are expanding our development portfolio with care and pru­ dence. Ina Invest's steadily diminishing risk profile is built on strong portfolio diversifica­ tion, operational excellence and a lean fixed-cost base.

Investing in a stable value

The current investment environment is marked by volatility and negative interest rates, which are curbing people's appetite for risk. In Switzerland's highly fragmented real estate market, Ina Invest represents an attractive investment opportunity thanks to its unique offering. With its diverse portfolio

Ina Invest - Half-Year Report 2020

of real estate, it is recognising the needs of today and promising excellent financial pros­ pects. Completion of the initial development portfolio and the planned additional acquisi­ tions are expected to grow the value of Ina Invest's real estate portfolio by a factor of seven to some CHF 2 billion by 2027. This in­ crease includes additional acquisitions worth CHF 50 million a year on average, to be fi­ nanced via the capital market and the sale of condominium apartments. We believe that investing in sustainable real estate in good locations in Switzerland offers an anchor

of stability in view of the stable cash flows in the housing market and the fact that low interest rates are here to stay.

In the immediate future, Ina Invest will be focusing particularly on successfully marketing the Tender tower block in Winterthur's ­Lokstadt district and on weighing up further lucrative investment opportunities that meet our urbanity and sustainability criteria - i.e. that always put people at the forefront.

Marc Pointet

CEO

Stefan Mächler

Chairman of the Board ofDirectors

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"Ina Invest observes society closely, focuses on their main concerns - and then works towards incorporating their needs as it looks ahead to the future."

Marc Pointet, CEO

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Table of contents

Ina invest is setting sustainable standards

Tender tower block project

Portfolio

Consolidated interim financial report

Notes to the consolidated interim­ financial report

Additional disclosures on real estate

6

9

15

29

35

67

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Ina invest is setting sustainable standards

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Ina Invest is setting the tone in the Swiss real estate industry with unique new approaches. We create residen­ tial, working and living spaces that are consistently developed, executed and operated in line with the highest environmental principles.

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Ina Invest is setting new, sustainable standards in the Swiss real estate industry

Ina Invest is a Swiss real estate company. It was spun off from Implenia and has been operating ­independently since its IPO in June 2020. Putting people at the forefront, we want to break new ground in the Swiss real estate industry.

Ina Invest develops, builds and operates sustainable, high-quality spaces for people to live, work and spend time that are tailored to the needs of current and future generations. From development through to management of our portfolio, we embed the principle of sustainabilityholistically in our core processes and always consider a building's entire life cycle - with a vision to maintain and continuously develop the most sustainable real estate portfolio in Switzerland. We see ourselves as pioneers that set new standards and create space for innovations that stand the test of time.

We are creating a high-quality asset portfolio from the develop­ ment projects. Further acquisitionswill maintain an above-aver­ age development ratio and contribute to our growth. All the real estate in the portfolio is situated in high-quality locations and offers a varied range of uses, focusing on residential. Our trans­ parent, long-term partnership with Impleniaallows us to benefit from the expertise and local network of Switzerland's leading construction and construction services company.

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Tender tower block project

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History reinterpreted: the Tender tower block

Ernst-Jung-Gasse 18, 8400 Winterthur

Spaces for people to live, work and spend time are being developed, built and operated in accordance with the highest environmental principles - Ina Invest is thus setting new standards for current and future generations. One example of this is the Tender tower block project on the Lokstadt site in Winterthur.

Sustainability reinvented

In 2019, Lokstadt became the first site in Winterthur to obtain 2,000-watt certification. This accolade recognises the sustain­ able use of resources and emissions throughout the entire life cycle of site development. In terms of their design and the materi­ als they use, Lokstadt's buildings are designed to emit around 11 % less greenhouse gases than the Swiss average, and even around 90% less during operation.

This "2,000-watt" site will bring people together by combining everyday living and working with an attractive place to spend time and reflecting the values of a society conscious of its respon­ sibilities.

Following the ambitious mixed-use-site principle, Lokstadt will be a close-knit,coarse-grained and contemporarily urban residential development complemented by a variety of ground-floor businesses. The site's industrial past will be given centre stage alongside the sustainable use of resources and cutting harmful emissions.

And, at its heart: Tender, home of the future. The Tender tower block project envisages the construction of a new ten-storey high- rise building housing 39 condominium apartments as well as a commercial unit on the ground floor. The building permit for the construction project was granted in May 2020, and construction began in July 2020 with an estimated completion date of June 2023. Following an initial "teaser" phase, pre-marketing activities began on a relatively small scale in July 2020, targeting people who had already registered their interest. Tender will also be

marketed­ to a wider audience from September 2020 onwards, ­although there are already signs of significant interest.

Striking and unparalleled

With its striking structural shell, the Tender tower block will blaze a trail on the Lokstadt site. Evoking the tender locomotives that were masterpieces of engineering skill, the Tender building com­ memorates the former industrial site with its traditional materials, dynamic volumes and contemporary lines. Through a balanced mix of brick, concrete and a lot of glass, an industrial character is

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being born that will bring the spirit of Lokstadt to life in a modern guise. The Tender tower block's sense of permanence as well as its energy-efficient building services underscore the building's commit­ ment to sustainability. This philosophy will also be reflected in the people who move in here, who will define a new standard of living that strikes a harmonious balance between their own comfort and the needs of the environment.

Well-thought-out floor plans, bright rooms that can be used flexibly and high-quality furnishings and facilities are the hallmarks of the Tender condominium. Most apart­ ments get natural light from both sides and feature a loggia. Residents looking to meet people and generally spend time outside their own four walls can make use of a spacious communal roof terrace with views over the city of Winterthur, while an attractive lobby welcomes residents and visitors into the building.

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Put simply, Ina Invest creates environments that allow development to happen.

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An up-and-coming location

Winterthur rightly deserves to be regarded as an up-and-coming location. According to real estate consultants Wüest Partner, the city is seen as an excellent location for condominium apartments.

Work has been under way since 1990 to transform the former Sulzer premises from an industrial wasteland into a new urban quarter with a sense of flair. Many companies have now moved in and are breathing life into the district. Constant dialogue with society is enabling the needs of stakeholders to be responded to, entirely in keeping with the spirit of the site, which is proving a sustainable success. Thus the Lokstadt site is set to welcome shops, service companies, showrooms, restaurants, co-working spaces and a hotel. The Tender building will bring new residents to enliven Lok­ stadt, making the site more attractive for local businesses in future. Local cultural offerings, arts programmes and higher education courses will encourage residents and visitors to come together.

The entire Lokstadt site is benefiting from its central location and excellent links to the city centre and the public transport system, with the railway station only seven minutes' walk away.

The number of people employed in Winterthur's tertiary sector has risen by 1.9 % since 2015. According to figures from Wüest Partner, more companies moved to the Winterthur region than left it between 2018 and 2019.

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Usage	Value (in CHF m)
					47.9
		18.0
			As of		As of
		31.3.2020	completion

Property area

620 m²

Floor space

4,087 m²

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Portfolio

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Lokstadt, Elefant

Zürcherstrasse 31, 8400 Winterthur

An innovative office building that unites a modern timber structure with historic industrial architecture is being built in the centre of Winterthur. The prop­ erty had already been fully let to SWICA even before the ground-breaking ceremony in autumn 2020, and the project has been developed in close collab­ oration with the insurer ever since planning started.

Usage

Value (in CHF m)

Property area

3,050 m²

Floor space

13,014 m²

	98.9
43.1
As of	As of
31.3.2020	completion

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Lokstadt Hallen

Zürcherstrasse, 8400 Winterthur

Historic production halls will be used in an

inspiring­ variety of ways and become the gate­ way to the ­sustainable and multifaceted Lok­ stadt urban district that is now being created in the centre of Winterthur.

Usage	Value (in CHF m)
Property area	43.2

7,682 m²

Floor space

8,032 m²

0.0

As of	As of
31.3.2020	completion

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Lokstadt, Rocket & Tigerli

Dialogplatz 1 (Rocket), Ernst-Jung-Platz (Tigerli), 8400 Winterthur

The Rocket residential tower block (height: 80-100 metres) is being built as a new landmark of Lokstadt in the centre of Winterthur. The base (Tigerli) will house a new lifestyle hotel with up to 150 rooms.

Usage

Property area

2,325 m²

Floor space

22,039 m²

Value (in CHF m)

	97.7
63.5
As of	As of
31.3.2020	completion

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KIM, Haus Brown and Haus Bodmer

Solarstrasse 11-21, 8404 Winterthur

With KIM Winterthur, a new vibrant and multifaceted neighbourhood with office and residential buildings of different sizes is being created in Neuhegi at a central location near the railway station.

Usage

Value (in CHF m)

Property area

5,913 m²

Floor space

18,610 m²

	89.7
11.5
As of	As of
31.3.2020	completion

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Schaffhauserstrasse

Schaffhauserstrasse 220-224, 8057 Zürich

The existing building on the site is to be replaced by a modern structure with high-quality rental flats. The residential mix will be tailored in line with the specific demand for small urban apartments.

Usage

Value (in CHF m)

Property area

1,798 m²

Floor space

3,418 m²

	44.6
22.6
As of	As of
31.3.2020	completion

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Unterfeld, Construction Area 1B

Nordstrasse 1B, 6340 Baar

The Unterfeld site is one of the last major continuous build­ ing-land reserves in the canton of Zug. It is ­located on the border between Baar and Zug. The development will ­include a 50-metre-high residential tower block on construction site 1B that will be surrounded by extensive green space and will feature attractive rental apartments with views of Lake Zug and the Alps.

Usage

Value (in CHF m)

Property area

5,115 m²

Floor space

8,604 m²

	113.2
39.7
As of	As of
31.3.2020	completion

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Unterfeld, Construction Area 3

Nordstrasse 3, 6340 Baar

The Unterfeld site is one of the last major continuous buil­ding land reserves in the canton of Zug. It is ­located on the border between Baar and Zug. The development will also include a six-storey office building on construction site 3 with flexible-­ use spaces, enjoying a prominent location on the square out­ side the suburban railway station. The building's second main facade will open out onto the district's central square.

Usage

Value (in CHF m)

Property area

4,761 m²

Floor space

13,760 m²

	95.5
24.2
As of	As of
31.3.2020	completion

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BaseLink

Hegenheimermattweg 179, 4123 Allschwil

A major commercial site with an area of around 75,000 m² is being developed in Allschwil in the ­prosperous border region between France, Germany and Switzerland. This development will ultimately lead to the creation of approximately 10,000 new jobs. The site is known as BaseLink and is already partly occupied.

Usage

Value (in CHF m)

Property area

2,949 m²

Floor space

8,466 m²

	38.9
1.1
As of	As of
31.3.2020	completion

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Schwinbach

Zinnhagweg, Auf der Höhe, 4144 Arlesheim

The Schwinbach project in Arlesheim involves the construction of new residential buildings. Four build­ ings with 52 high-quality residential units will be built close proximity to natural surroundings.

Usage

Value (in CHF m)

Property area

8,119 m²

Floor space

5,588 m²

	58.0
19.3
As of	As of
31.3.2020	completion

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Tivoli (Buildings 2 and 4)

Rue de Tivoli, 2000 Neuchâtel

Serrières, a district in the western part of Neu­ châtel, brings to mind the history of the Swiss chocolate maker Suchard, which operated a chocolate factory in this area for 170 years.

Usage

Property area

5,456 m²

Floor space

6,716 m²

Value (in CHF m)

	40.7
2.9
As of	As of
31.3.2020	completion

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Grand Record

Rue du Château (condominium), Route de Genève (rental), 1028 Préverenges

The Grand Record project involves the construction of four new buildings with a total of 76 flats and commercial units. The complex will be located near the Swiss Federal Institute of Technology in Lausanne (EPFL) on one of the last plots of land currently being developed in the centre of Préverenges.

Usage

Property area

11,205 m²

Floor space

6,892 m²

Value (in CHF m)

	76.7
26.1
As of	As of
31.3.2020	completion

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Chemin de l'Echo

Chemin de l'Echo 9, 1213 Onex

This planned residential building is situated in an ideal suburban location outside Geneva, but not too far from the city centre.

Usage

Property area

7,000 m²

Floor space

9,198 m²

Value (in CHF m)

55.8

7.9

As of	As of
31.3.2020	completion

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Les Tattes

Avenue des Grandes-Communes, 1213 Onex

This planned complex is situated in an ideal

­suburban location outside Geneva, but not too far from the city centre.

Usage

Property area

13,220 m²

Floor space

17,740 m²

Value (in CHF m)

	90.3
2.0
As of	As of
31.3.2020	completion

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Consolidated interim ­ financial report

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Consolidated income statement

For the period from 1 April to 30 June

	Iin CHF thousand		Note	2020
	Upward revaluation of investment properties		2.2		3,155
	Downward revaluation of investment properties		2.2		(2,614)
	Net income from revaluation of investment properties	2.2		541
	Real estate costs				(32)
	Staff costs				(49)
	Other operating costs	2.4		(2,349)
	Operating expenses				(2,430)
	Net operating income				(1,889)
	Financial result				(215)
	Consolidated profit before tax				(2,104)
	Income tax				119
	Consolidated profit				(1,985)
	• of which attributable to shareholders of Ina Invest Holding Ltd.				(1,671)
	• of which attributable to minority interests				(314)
	Undiluted and diluted earnings per share (in CHF)	3.3		(0.35)

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Consolidated balance sheet

Assets

	In CHF thousand		Note	30.6.2020	1.4.2020
	Cash and cash equivalents				77,842		1,202
	Securities		4.1		30,000		-
	Promotional properties	2.1		71,469	70,550
	Other current receivables				2,934		-
	Prepaid expenses				32		-
	Total current assets				182,277		71,752
	Investment properties		2.2		168,150		159,771
	Intangible assets		2.2		27,849		27,404
	Total non-current assets				195,999		187,175
	Total assets				378,276	258,927

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Consolidated balance sheet

Equity and liabilities

	In CHF thousand		Note	30.6.2020	1.4.2020
	Financial liabilities		3.1		1,078		20,000
	Other current liabilities				3,229		-
	Deferred income				3,467		34,398
	Total current liabilities				7,774	54,398
	Deferred tax liabilities				38,718		39,208
	Total non-current liabilities				38,718	39,208
	Total liabilities				46,492		93,605
	Share capital		3.3		266		111
	Capital reserves	3.3		192,414	82,715
	Retained earnings		3.3		(1,671)		-
	Equity attributable to shareholders of Ina Invest Holding Ltd.				191,009	82,826
	Minority interests		3.3		140,775		82,496
	Total equity				331,784		165,322
	Total equity and liabilities				378,276	258,927

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Consolidated cash flow statement

For the period from 1 April to 30 June

In CHF thousand		Note	2020
Consolidated profit				(1,985)
Net income from revaluation of investment properties	2.2		(541)
Income tax				119
Financial result				215
Changes to
• Other current receivables and prepaid expenses				(779)
• Other current liabilities and deferred income				328
Cash flow from operating activities				(2,881)
Payments for investments in investment properties		2.2		(2,063)
Payments for investments in securities	4.1		(30,000)
Cash flow from investing activities				(32,063)
Proceeds from capital increase	3.3		113,127
Payments for costs of capital increase				(1,536)
Interest paid				(6)
Cash flow from financing activities				111,585
Net change in cash and cash equivalents				76,640
Cash and cash equivalents as at 1.4.2020				1,202
Cash and cash equivalents as at 30.6.2020				77,842

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Consolidated statement of changes in equity

							Capital		Retained		Shareholders'		Minority
	In CHF thousand	Note		Share capital		reserves		earnings		equity		interests		Total equity
	Total as at 1.4.2020				111		82,715		-		82,826		82,496		165,322
	Consolidated profit				-		-		(1,671)		(1,671)		(314)		(1,985)
	Capital increase		3.3		155		110,589		-		110,744		-		110,744
	Capital increase
	at subsidiaries		3.3		-		(890)		-		(890)		58,593		57,703
	Total as at 30.6.2020		266	192,414	(1,671)	191,009	140,775	331,784

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Notes to the consolidated ­interim financial report

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The Group's business activities comprise developing and implementing real estate and construction projects of all kinds, planning and constructing new buildings and conversions of properties held by Ina Invest, and holding, managing, letting and brokering properties.

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1 General information and principles

1.1 General disclosures

Ina Invest Holding AG (the "Company") is a Swiss company domi­ ciled at Binzmühlestrasse 11, Zurich, Switzerland. The Company's consolidated interim financial report covers the Company and its subsidiaries (referred to collectively as "the Group" or "Ina In­ vest"). The individual companies are termed "group companies".

The Group's business activities comprise developing and imple­ menting real estate and construction projects of all kinds, plan­ ning and constructing new buildings and conversions of proper­ ties held by Ina Invest, and holding, managing, letting and brokering properties.

The consolidated interim financial report was prepared in ac­ cordance with Swiss GAAP FER 31, "Complementary recommen­ dation for listed companies", and provides a true and fair view of the Group's assets, financial situation and earnings. It should be read in conjunction with the consolidated opening balance sheet as at 1 April 2020 as it represents an update to this and, unlike annual financial statements, allows the information reported and disclosures made to be abridged. The consolidated interim finan­

cial report complies with the provisions of Swiss law. The Group discloses the additional information required for real estate companies by the Swiss stock exchange (SIX Swiss Exchange) (Scheme C / Article 17 of SIX Swiss Exchange's Directive on Finan­ cial Reporting).

The consolidated interim financial report has been prepared under the assumption of going concern for the Group's business. Valuations in the consolidated interim financial report are based on historical acquisition or production costs, unless a standard prescribes another valuation basis for an item in the financial statements or another value was used based on an accounting policy choice. This is the case for the investment properties pres­ ented in Note 2.2, which are valued at fair value.

The consolidated interim financial report is presented in Swiss francs (CHF), the Company's functional currency. Unless other­ wise stated, all financial information is presented in Swiss francs, rounded to the nearest thousand.

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1.2 First-time adoption of Swiss GAAP FER

Various development projects, cash and cash equivalents and liabilities were transferred from Implenia Immobilien Ltd. to Ina Invest Ltd. with effect from 1 April 2020. The transfer was carried out by means of an asset transfer agreement. Moreover, the Group was incorporated as at this date with the contribution of 50.1 % of the shares in Ina Invest Ltd. into the Company, and a consolidated opening balance sheet was prepared.

All of the Swiss GAAP FER requirements in force on 1 April 2020 were applied in full.

The assets and liabilities transferred were valued and recognised at fair value as at 1 April 2020. Promotional properties, investment properties and intangible assets (purchase rights for plots of land) were valued in accordance with the principles and key assump­ tions described in the consolidated opening balance sheet

as at 1 April 2020. Different valuation principles applied in the

separate­ financial statements of the group companies gave rise to ­temporary differences in the development projects, which triggered the recognition of deferred taxes.

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1.3 Consolidation principles

The consolidated interim financial report is based on the separate financial statements of all group companies in which the Company holds more than 50 of the voting rights directly or indirectly or controls in another way. These separate financial statements were prepared in accordance with uniform principles as at 30 June 2020. The entity included in the scope of consolidation together with the Company is Ina Invest Ltd.

Implenia Ltd. holds the remaining voting rights and shares in Ina Invest Ltd. (42.5 %; 1 April 2020: 49.9 %). The fall in Implenia Ltd.'s shareholding was due to the capital increase in June 2020. See Note 3.3 for more information on the capital increase.

Subsidiaries are included in the consolidated financial state­ ments from the date on which control is assumed and excluded from the date on which control is relinquished. These dates do not necessarily coincide with the acquisition or disposal date. Capital consolidation is performed according to the purchase method. This involves the group companies' equity being offset against the carrying amount of the parent company's invest­ ment at the time when it is purchased or, as appropriate, at the date of incorporation. Assets and liabilities of the group com­ pany are measured at fair value as at this date in accordance with principles that are consistent throughout the Group. Using the full consolidation method, the assets and liabilities of the consolidated companies were recognised in full in the consoli­ dated interim financial report. Intra-Group assets and liabilities are netted, as are Intra-Group income and expenses.

Share capital

Method of inclusion in

Share of voting rights

andcapital

Company

Registered

Area of

the consolidated interim

name

office

activity

30.6.2020

1.4.2020

financial report

30.6.2020

1.4.2020

Ina Invest AG

Zurich

Real estate

202

100

Full consolidation

57.5 %

50.1 %

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1.4 Seasonality

Seasonality was not a factor during the reporting period. Most of the income for the period comprises net income from revaluation of the investment properties, which does not fluctuate significantly from season to season.

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2 Operating activities

The following section presents additional information on the current and non-current assets relevant to the Group's operating activities. The notes on assets primarily concern promotional and investment properties.

2.1 Promotional properties

Promotional properties include projects involving condominium apartments that are intended for sale at a later date.

The plots of land on which the projects are being built are

completely­ owned by Ina Invest Ltd. at the beginning of a

­project. Ina ­Invest develops the plots of land until it receives

a building ­permit for them and then makes them ready to be built on. ­Construction will begin as soon as most of the condo­ minium apartments have been reserved. A general contractor performs the construction work. Construction-ready projects as at the balance sheet date are carried out by Implenia Group as general­ contractor. In terms of risk and reward, a distinction is

	In CHF thousand	30.6.2020	1.4.2020
	Projects under development		71,469		70,550
	Projects under construction		-		-
	Projects being sold		-		-
	Total promotional properties	71,469	70,550

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made between sold and unsold projects under construction as well as completed projects being sold:

• Projects under construction: During the construction phase, Ina Invest bears the material risks and rewards from the devel­ opment and implementation until the units are sold to an end customer. When units are sold, Ina Invest transfers the fully developed land and the general contractor transfers the work that it has carried out. Ina Invest no longer bears any risks or rewards for these units after the sale. For units not sold, the legal ownership of the work performed by the general contract­ or is transferred to Ina Invest after completion of the construc­ tion activities. Ina Invest is obliged to take over the work carried out during the construction phase.

• Projects being sold: Ina Invest sells units not yet sold by the end of the construction phase as turnkey units to the end customer. Ina Invest acts as seller in this process and bears the material risks and rewards from developing and building these condo­ minium apartments.

The following table shows the change in the number of the

­projects' condominium apartments included in the promotional properties.

For details of the first-time valuation at the date of the consolidat­ ed opening balance sheet as at 1 April 2020, please refer to Note 1.2.

			Projects under		Projects under		Projects
	In units		development		construction		being sold	Total
	Portfolio as at 1.4.2020		174		-		-		174
	Portfolio as at 30.6.2020	174		-		-	174

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Ina Invest - Half-Year Report 2020

Projects under development

Ernst-Jung-Gasse 18 (Lokstadt Tender), 8400 Winterthur

Project description

The 10-story-high Tender tower will hold 39 condominiums and a commercial unit on the ground floor. Residents will have at their disposition recessed loggias and a generously proportioned rooftop terrace with a view of the city of Winter­ thur. Much thought has gone into the layout of the condomin­ iums, offering well-lit rooms that are flexible in their use with high-quality fittings. The building sports an attractive lobby area. The Tender tower with its striking architecture will be a landmark on the Lokstadt site that has been planned to be a 2,000-watt project.

Project status

The building permit was granted on 7 April 2020; it became legally binding in May. Currently, a construction tender is being planned. Construction will start at the beginning of Q3/2020.

Expected date of completion

Q2 2023

Ina Invest - Half-Year Report 2020

Dialogplatz 1 (Lokstadt Rocket),

8400 Winterthur

Project description

By 2025, one of the highest residential towers of Switzerland will exist in the centre of Winterthur. The project Rocket will be the crowning end to the Lokstadt development. The

80-100-metre-high tower will be one of the 3 highest buildings in the city of Winterthur and look over the entire city and its surrounding areas. It is expected that it will contain about

83 apartments and commercial areas on the ground floor. The rooftop will be open to the public.

Project status

The legally binding layout design "Werk 1" is the conceptual basis. The already developed concept will be detailed further in 2020 before a study will be launched in the 2nd half of the year. Construction will start at the beginning of Q1/2023.

Expected date of completion

Q4 2025

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Projects under development

Auf der Höhe 12-18 (Schwinbach), 4144 Arlesheim

Project description

This project is located in Arlesheim, just outside of Basel. The plot of land with an area of 8,119 m2 is not far from the centre of Arlesheim. It is near the well-known Goetheanum in park-like surroundings. The four buildings to be constructed will have a total of 52 condominiums with a total floor space of 5,588 m2. The buildings will be timber constructions and be categorized as Minergie Label P. The project's vision is "Live naturally healthy by the Schwinbach brook in beautiful Arlesheim".

Project status

The application for a building permit was submitted based on a legally binding neighbourhood plan at the beginning of 2020. In view of the objections lodged against this project, the legally binding building permit is expected to come through by the beginning of 2022. Construction should begin in Q2/2023.

Expected date of completion

Q3 2025

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Ina Invest - Half-Year Report 2020

Accounting policies

In the promotional properties presented, each unit is measured at the lower of acquisition cost and fair value less cost to sell. Any impairment identified is expensed directly to the relevant cat­ egory under the "Promotional properties" item. Any value adjust­ ments to the lower fair value less cost to sell as well as any recov­ ery in the value of promotional properties are recognised in the result for the period.

The "Projects under development" category includes plots of land already owned by Ina Invest or down payments on certified land purchases as well as any directly attributable development costs accrued if construction has not yet started.

The costs capitalised for the project are reclassified to the "Pro­ jects under construction" category when construction starts. This category contains plots of land or parts thereof that have not yet been sold and that contain properties whose construction has not yet been completed.

The capitalised acquisition costs of condominium apartments not yet sold include the plot of land on which they stand, the directly attributable development costs and the costs incurred for the construction work done up until that point. Accrued costs owed to the general contractor under the contract for work and services are also recognised in accrued expenses.

Unsold condominium apartments whose construction has been completed are reported under "Projects being sold". Ina Invest sells these units turnkey to end customers, assuming the price and sales risk for them but also receiving the full economic benefit from their sale. Ina Invest undertakes vis-à-vis the general con­ tractor to take over the work that it has performed under its con­ tract for work and services. The capitalised costs comprise the plot of land, the directly attributable development costs and the costs assumed under the contract for work and services.

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2.2 Investment properties

Investment properties comprise plots of land and properties that are expected to be held and managed over a longer period of time. This item includes properties under development, properties under construction and portfolio properties held to let.

Cumulative acquisition costs

			Properties under	Properties under		Portfolio
	In CHF thousand		development	construction		properties	Total
	Portfolio as at 1.4.2020		159,771		-		-		159,771
	Additions		5,057		2,781		-		7,838
	Transfer between categories		(43,120)		43,120		-		-
	Portfolio as at 30.6.2020	121,708		45,901		-	167,609

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Ina Invest - Half-Year Report 2020

Cumulative revaluations

			Properties under	Properties under		Portfolio
	In CHF thousand		development	construction		properties	Total
	Portfolio as at 1.4.2020		-		-		-		-
	Upward revaluation		1,816		1,339		-		3,155
	Downward revaluation		(2,614)		-		-		(2,614)
	Portfolio as at 30.6.2020		-798	1,339		-	541

Carrying amounts of investment properties

			Properties under		Properties under		Portfolio
	In CHF thousand		development		construction		properties	Total
	Portfolio as at 1.4.2020		159,771		-		-		159,771
	Portfolio as at 30.6.2020		120,910		47,240		-		168,150

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Ina Invest - Half-Year Report 2020

For details of the first-time valuation at the date of the opening balance sheet as at 1 April 2020, please refer to Note 1.2. All investment properties are valued at fair value in the valuation below. Property valuations are carried out by Wüest Partner AG, Zurich, an external, independent and qualified valuation expert. The properties are valued in accordance with the discounted cash flow (DCF) method, whereby the fair value of a property is determined by the total of all expected future net income discounted to the present value.

The impact of COVID-19 had already been factored into the property valuations as at 1 April 2020. It was reassessed as at

30 June 2020, and no additional material effects were identified.

The "Properties under development" category includes the Bestandeshallen property on Zürcherstrasse in Winterthur, which has a negative market value of CHF 27,170 thousand as at 30 June 2020 due to cross-site uses (e.g. kindergarten) (1 April 2020: negative market value of CHF 27,060 thousand). These cross-site uses make the surrounding properties more attractive. Implenia Group has therefore entered into a contractual obligation to assume 40 of the cost of the work supplied by the total contrac­ tor up to a maximum of CHF 27,000 thousand excluding VAT. This assumption of costs is subject to conditions regarding timing and specific use and requires a contract for work and services to be

signed between the total contractor and Implenia. The valuation therefore results in a fair value of close to CHF 0 because this would be the arm's length purchase price under these circum­ stances.

The purchase right for the "Rue de Tivoli (B2) and (B4), Neuchâtel" project was exercised on 15 April 2020 for a consideration of CHF 3,224 thousand. As a result of the transaction, the net liabil­ ity of CHF 292 thousand included in intangible assets at the time of the transaction was reclassified under "Investment properties", where the two projects will be reported in future. Following

the transaction, intangible assets now stand at CHF 27,849 thousand (1 April 2020: CHF 27,404 thousand) and comprise purchase rights for plots of land at Schaffhauserstrasse 220,

222 and 224 in Zurich (plot size 1,798 m2) and Rue du Château in Préverenges (plot size 2,763 m2) as at 30 June 2020.

Of the additions to investment properties in the amount of CHF 8,130 thousand, CHF 2,063 thousand led to a cash outflow as at 30 June 2020. The remaining amount capitalised resulted in accrued expenses vis-à-vis Implenia Immobilien Ltd. or liabil­ ities. See Note 3.3 for details of the conversion of accrued ­expenses that existed as at 1 April 2020 and those that were posted additionally­ to equity during the current period.

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Ina Invest - Half-Year Report 2020

Properties under development

Nordstrasse 1B (Unterfeld Süd), 6340 Baar

Project description

The Unterfeld site is one of the last larger building plots for development in the Canton of Zug which is contiguous. It is located on the border between Baar and Zug. It is in the imme­ diate proximity of the city tram stop "Lindenpark" and will become a mixed-use area with living and working spaces, with specially designed leisure areas and with three higher struc­ tures. In total, there will be living space for about 1,000 inhab­ itants and about 2,000 workspaces. As part of the site devel­ opment, embedded in a large green area, a 50-metre-high residential tower with attractive rental apartments with a view onto Lake Zug and the Alps will be built. The ground floor will be oriented towards the adjacent public plaza and will con­ tain uses open to the public.

Project status

At this time, the construction and zoning is still outstanding (the community will vote on this item on 27 September 2020). Construction is scheduled to begin in Q2/2025.

Expected date of completion

Q4 2027

Ina Invest - Half-Year Report 2020

Nordstrasse 3 (Unterfeld Süd), 6340 Baar

Project description

As a further part of the site development, construction site 3 will sport a prominent 6-floor-high office building with flexible spaces, located close to the city tram stop. The second main facade is oriented towards the public plaza. The ground floor is oriented towards both plazas, which will become neighbour­ hood attractions in view of their public use.

Project status

At this time, the construction and zoning is still outstanding (the community will vote on this item on 27 September 2020), construction is scheduled to begin in Q2/2023.

Expected date of completion

Q3 2025

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Properties under development

Zürcherstrasse (Lokstadt Hallen), 8400 Winterthur

Project description

By the end of 2023, the historic production buildings that will have multiple and interesting uses will form the entry point to the sustainable and new to-be-constructed part of town called Lokstadt. The Hallen will be the centrepiece of the site. In order to bring it to life, Bestandeshallen will have a hotel as anchor tenant and gastronomical uses plus rooms for events, co-working and manufacturing. Regardless of the ­currently planned projects for these rooms, Bestandeshallen should remain highly flexible so that they can be adapted to future user needs and changed market conditions.

Project status

Currently, two projects selected from the competitive process are being revised. The jury will decide in Q2/2020 and the project planning will start in mid-Q3/2020. The building permit is expected for the end of Q4/2021. At this time, construction is scheduled to begin in Q1/2022.

Occupancy

• Hotel operator: Three letters of intent are signed
• Co-workingspace: Two letters of intent are under negotiation
• Fitness studio: One letter of intent has been signed

Expected date of completion

Q4 2023

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Ina Invest - Half-Year Report 2020

Properties under development

Zürcherstrasse 31 (Lokstadt Elefant), 8400 Winterthur

Project description

As at the end of 2022, an innovative office building that uses modern timber construction and integrates the historic indus­ trial building will be constructed in the centre of the city of Winterthur. In view of its visibility, flexibility, efficiency, produc­ tivity and modern architecture, this building will be ideal for companies and provide many advantages. Especially the two split-level halls located above each other that offer modern meeting and working opportunities flooded with light are unique. The project was planned in close cooperation with the main user and anchor tenant, SWICA.

Project status

The legally binding building permit was issued on 23 April 2020. Currently, a construction tender has been launched. Construction has started in June 2020.

Occupancy

100% rented to SWICA.

Expected date of completion

Q4 2022

Ina Invest - Half-Year Report 2020

Dialogplatz 1 (Lokstadt Rocket), 8400 Winterthur

Project description

By 2025, one of the highest residential towers of Switzerland will be located in the centre of Winterthur. The project Rocket will be the crowning end to the Lokstadt development. The

80-100-metre-high tower will be one of the 3 highest buildings in the city of Winterthur and look over the entire city and its surrounding areas. It is expected that it will contain about 93 apartments and commercial areas on the ground floor. The rooftop will be open to the public.

Project status

The legally binding layout design "Werk 1" is the conceptual basis. The already developed concept will be detailed further in 2020 before a study will be launched in the 2nd half of the year. Construction will start at the beginning of Q1/2023.

Expected date of completion

Q4 2025

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Properties under development

Ernst-Jung-Platz (Lokstadt Tigerli), 8400 Winterthur

Project description

A new lifestyle hotel with up to 150 rooms will be built in the centre of the city of Winterthur by 2025. Adjacent to the first part of the hotel in the historic production halls, the "Tigerli" building will house the second part of this spectacular hotel. The project Tigerli, together with the 80-100-metre-high tower Rocket will be the crowning finale of the Lokstadt development.

Project status

The legally binding layout design "Werk 1" is the conceptual basis. The already developed concept will be detailed further in 2020 before a study will be launched in the 2nd half of the year. ­Construction will start at the beginning of Q1/2023.

Occupancy

Hotel operator: Letter of intent signed

Expected date of completion

Q4 2025

Ina Invest - Half-Year Report 2020

Solarstrasse 11-21 (KIM, Haus Bodmer and

Haus Brown), 8404 Winterthur

Project description

KIM Winterthur will be a new lively and multifaceted neigh­ bourhood in the Neuhegi district of Winterthur, right next to the railway station. It will sport different-sized office buildings and residential buildings. The two sophisticated office build­ ings "Haus Bodmer" and "Haus Brown" feature a cosmopolitan atmosphere. The buildings' inviting character will make them ringers for international headquarters and offices; however, other commercial uses are also possible due to the flexible building design. In total, about 18,610 m2 will be available

for rent.

Project status

A legally binding building permit was issued on 26 January 2020. Construction is scheduled to begin in Q3/2025 ­(depending on the rentals under lease).

Expected date of completion

Q4 2027

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Properties under development

Hegenheimermattweg 179 (BaseLink Allschwil), 4123 Allschwil

Project description

In Allschwil, on the border of the prosperous three-country region (France-Germany-Switzerland), a new work area with floor space of about 75,000 m2 will offer workspace for about 10,000 ­persons. This new development site is called "BaseLink" and will be used by companies involved in research and development, production as well as administrative and service offices. Com­ bined with an attractive green space concept connecting the buildings, this area will be home to modern and sustainable workplaces in appealing surroundings. The new 3-star-plus business hotel with a total of 215 rooms that are of different sizes will serve as central location for short- term or long-term stays for business travellers to BaseLink. Development is expected to last from 2019 to 2025.

Project status

The legally binding building permit was issued in January 2020. Construction should begin in Q2/2020.

Occupancy

Hotel: A well-known hotel operator has signed the lease for 125 rooms. A lease is still in negotiation­ for the 90-room hotel.

Expected date of completion

Q4 2022

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Ina Invest - Half-Year Report 2020

Properties under development

Chemin de l'Echo 9, 1213 Onex

Project description

This planned residential building is in a good location in a suburb of Geneva, near the city centre. 115 rental apartments with 9,198 m2 floor space will be constructed in leasehold on land held by a foundation. The apartments will have a view onto the Rhone. They are embedded in a public park with garden plots, an elementary school and sports facilities ­nearby. Public transport is conveniently close. The apartments in a so-called development zone provided by the Canton of Geneva are subsidised by the Canton.

Project description

The neighbourhood plan will most likely enter into force in Q3/2021. The building permit will be applied for in Q4/2020 and construction will begin in Q1/2022

Expected date of completion

Q3 2023

Ina Invest - Half-Year Report 2020

Avenue des Grandes-Communes (Les Tattes), 1213 Onex

Project description

This planned residential area is in a good location in a sub­ urb of Geneva, near the city centre. Three buildings with 17,740 m2 floor space will be constructed in leasehold on land held by the municipality of Onex. The apartments will have a view onto the Rhone. The buildings consist of 215 rental apartments in a public park and 1,614 m2 office floor space and a supermarket on the ground floor. Public transport is conveniently close. The apartments in a so-called develop­ ment zone provided by the Canton of Geneva are subsidized by the Canton.

Project status

The neighbourhood project will most likely enter into force in Q3/2021. The building permit will be applied for in Q4/2020 and construction will begin in Q4/2023.

Expected date of completion

Q3 2026

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Properties under development

Rue de Tivoli (Building 2), 2000 Neuchâtel

Project description

In the western part of the city of Neuchâtel there is an area where Suchard, the chocolate giant, used to produce choc­ olate over a period of 170 years. The industrial site will be ­developed into an lively urban area, full of creativity and innovation, sporting five new buildings with a total floor space of about 18,000 m2. The idea is to bring about a social mix

by complimenting uses, such as workspace with residential space for older and younger residents. The site with a view onto Lake Neuchâtel is very well connected and the lake is within walking distance. The building on construction area

2 which measures about 4,000 m2 will house both residential and office space.

Project status

The legally binding neighbourhood plan exists since 17 Febru­ ary 2020. Preliminary studies will take place in 2020, and projects and the building permit procedure will start in 2021. Construction would begin by the end of Q1/2022.

Expected date of completion

Q4 2023

Ina Invest - Half-Year Report 2020

Rue de Tivoli (Building 4), 2000 Neuchâtel

Project description

The building on construction area 4 with a surface of about 1,459 m2 will provide different kinds of housing.

Project status

The legally binding neighbourhood plan exists since 17

­February 2020. Preliminary studies will take place in 2020, and projects and the building permit procedure will start in 2021. Construction would begin by the end of Q1/2022.

Expected date of completion

Q4 2023

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Accounting policies

Items are recognised in the balance sheet for the first time at acquisition costs including directly attributable costs. Borrowing costs directly attributable to the properties under construction are capitalised as interest for building financing. Investments for replace­ ments and expansions are capitalised if they are likely to generate future economic benefits for Ina Invest. This is generally the case if the market value or the value in use increases substantially or if the useful life is significantly extended.

Investment properties are subsequently valued at fair value provided that this can be determined reliably. As a rule, this will be the case as soon as a specific project exists. If the fair value of a property cannot be determined reliably, it will be recognised in the bal­ ance sheet at acquisition cost less any impairment. Changes in the fair value are recognised through profit or loss. The net income from revaluation of the investment properties is attributable to the changes in their fair values.

"Properties under development" comprise undeveloped plots of land and properties where comprehensive work is planned. Construc­ tion, renovation or repurposing plans are prepared for these properties as appropriate. The "Properties under construction" category consists of properties for which a building permit has been granted and construction has already begun. Properties are transferred to this category once construction starts. When a building is (partially) opened, it is transferred to the "Portfolio properties" category, which comprises the properties held and let over the medium to long term.

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2.3 Segment reporting

Ina Invest only operates on the Swiss market at present. The prop­ erty portfolio, comprising promotional and investment properties, is managed as a single entity by the Board of Directors and Man­ agement Board. In accordance with Swiss GAAP FER 31, therefore, the Group thus has a single segment, meaning that no separate segment report is prepared.

2.4 Other operational costs

The other operational costs incurred in the reporting period ­mainly comprise consultancy costs of CHF 1,964 thousand in conjunction with the capital increase, as well as taxes on capital in the amount of CHF 222 thousand and administrative expenses in the amount of CHF 130 thousand.

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Ina Invest - Half-Year Report 2020

3 Financing

The disclosures in this section contain information­ on the financing of the Group through borrowing and equity.

3.1 Financial liabilities

	In CHF thousand	Currency		Interest rate	Term	30.6.2020	1.4.2020
	Loans from related parties		CHF		2.25 %		31.12.21		1,078		20,000
	Total financial liabilities							1,078	20,000
	of which current								1,078		20,000

In the course of the asset transfer as at 1 April 2020, Implenia Ltd. granted Ina Invest Ltd. a loan amounting to CHF 20,000 thousand.

Within the scope of Ina Invest Ltd.'s capital increase on 17 June 2020, CHF 19,126 thousand of this loan was converted into equity in Ina Invest Ltd. The loan amount of CHF 1,078 thousand as at 30 June 2020 comprises the remaining principal of CHF 874 thou­ sand and accrued interest of CHF 204 thousand. This transaction had an impact on the minority interests of Implenia Ltd.; see Note 3.3 for more details.

The loan is reported as a current financial liability due to the lender's option to call it in.

Ina Invest - Half-Year Report 2020

Accounting policies

Financial liabilities are initially recognised at fair value less their directly attributable transaction costs. They are subsequently measured at amortised cost using the effect­ ive interest rate method.

Financial liabilities due within 12 months of the balance sheet date are classified as current.

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3.2 Contingent liabilities

Each financial year, Implenia Ltd. may sell up to 5 % of its invest­ ment in Ina Invest Ltd. for cash or sell Ina Invest Holding Ltd. shares to Ina Invest Holding Ltd. (put option). If Implenia Ltd. exercises the put option, the sale price will equal the implicit

market value of Ina Invest Ltd. The total nominal value of the associated contingent­ liability is estimated at CHF 141,588 ­thousand as at 30 June 2020 (1 April 2020: CHF 82,496 thousand).

Accounting policies

Payment commitments to minority shareholders arising from their put options for the corresponding minority interests are equivalent to contingent liabilities and are therefore not recognised in the ­balance sheet.

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Ina Invest - Half-Year Report 2020

3.3 Equity

Share capital

The share capital of the parent company, Ina Invest Holding, amounts to CHF 265,997 as at 30 June 2020 (1 April 2020: CHF 110,832) and consists of 8,866,560 registered shares with a nominal value of CHF 0.03 each (1 April 2020: 3,694,400 registered shares with a nominal value of CHF 0.03 each). A capital increase was carried out when the Company went public on 12 June 2020, creating 5,172,160 new shares with a nominal value of CHF 0.03 each, which have been fully paid up.

Shareholders are entitled to receive the agreed dividends as well as one vote per share at the Company's Annual General Meeting.

Authorised share capital

In accordance with the Company's Articles of Association, the Board of Directors is entitled to increase the share capital by a maximum of CHF 53,199.36 at any time until 2 June 2022 by issuing up to 1,773,312 registered shares with a nominal value of CHF 0.03 each, which are to be fully paid up.

Several increases, each worth part of this amount, are permitted. The Board of Directors determines the issue amount, the type of contributions, the timing of the issue, the criteria for exercising subscription rights and the time at which a dividend entitlement starts to apply. In the case of a capital increase from authorised capital, the Board of Directors is entitled to withdraw or restrict

Ina Invest - Half-Year Report 2020

shareholders' subscription rights in respect of up to 886,656

­registered shares insofar as certain criteria set out in the Articles of Association are met.

Conditional share capital

In accordance with the Company's Articles of Association, the conditional share capital can be increased by a maximum of CHF 13,299.84 by issuing up to 443,328 registered shares with a nomin­ al value of CHF 0.03 each, which are to be fully paid up. Such an increase is to be carried out by exercising option rights granted to employees or members of the Board of Directors of the Company or group companies.

Capital reserves and minority interests in equity

The capital reserves correspond to the difference between,

on the one hand, the monetary contributions and contributions in kind made by shareholders as valued in accordance with the provisions of Swiss GAAP FER and, on the other, the nominal ­values of the shares received associated with the respective stages of contribution. Valuation differences mean that the

capital­ reserves reported in the consolidated balance sheet are not identical to the capital reserves in accordance with the ­Company's separate financial statements.

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The impact of the capital increase of 12 June 2020 on the ­Company's equity is presented below:

					Capital		Retained	Shareholders'		Minority
	In CHF thousand	Share capital		reserves		earnings	equity		interests		Total equity
	Proceeds from capital increase		155		112,972		-		113,127		-		113,127
	Additional costs of capital increase		-		(2,383)		-		(2,383)		-		(2,383)
	Capital increase	155	110,589		-	110,744		-	110,744

Accounting policies

Directly attributable transaction costs from equity transactions such as capital increases are posted directly to equity as a ­reduction in capital reserves after deducting the associated income tax.

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Ina Invest - Half-Year Report 2020

A capital increase was carried out at Ina Invest Ltd. on 17 June 2020 in which Implenia Ltd. also participated in its capacity as minority shareholder. Implenia Ltd.'s share of voting rights and

capital in Ina Invest Ltd. fell from 49.9 % to 42.5 % as a result of the capital increase. The effect of the transaction on the ­Com­pany's equity is shown in the overview below.

					Capital		Retained	Shareholders'		Minority
	In CHF thousand	Share capital		reserves		earnings	equity		interests		Total equity
	Conversion of deferred income due
	from Implenia Ltd.		-		-		-		-		40,131		40,131
	Conversion of loan
	from Implenia Ltd.		-		-		-		-		19,126		19,126
	Costs of capital increase	-	(1,106)		-	(1,106)	(818)	(1,924)
	Income tax on capital increase costs		-		213		-		213		157		370
	Reallocation	-	3		-	3	(3)		-
	Capital increase at subsidiaries	-	(890)		-	(890)	58,593	57,703

The reallocation was due to the fact that the capital contributions by the Company's shareholders and the minority shareholder did not fully match the new shareholding ratios.

Costs of CHF 9,104 thousand were incurred during the reporting period in respect of capital increases. Of this amount, CHF 7,139 thousand was posted to equity and CHF 1,964 thousand charged

to the income statement. Of the capital increase costs posted to equity, CHF 2,833 thousand was netted directly against the proceeds from the capital increase and thus reported net under Proceeds from capital increase in the cash flow statement.

A total­ of CHF 1,536 thousand of the remaining costs posted to ­equity had already been paid by 30 June 2020.

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Ina Invest - Half-Year Report 2020

3.4 Net asset value (NAV) / Earnings per share

	In CHF thousand	30.6.2020	1.4.2020
	Promotional properties		71,469		70,550
	Investment properties		168,150		159,771
	Intangible assets (purchase rights)	27,849	27,404
	Total value of property portfolio		267,468		257,725
	Cash and cash equivalents		77,842		1,202
	Securities		30,000		-
	Other current receivables		2,934		-
	Prepaid expenses		32		-
	Deferred income		(3,467)		(34,398)
	Other current liabilities		(3,229)		-
	Financial liabilities		(1,078)		(20,000)
	Deferred tax liabilities		(38,718)		(39,208)
	NAV (equity including minority interests)	331,784	165,322
	NAV (equity excluding minority interests)		191,009		82,826
	NAV (equity excluding minority interests) per share (in CHF)		21.54		22.40

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Ina Invest - Half-Year Report 2020

As at 30 June 2020, earnings per share are calculated as follows:

In CHF thousand or as stated

Consolidated profit attributable to shareholders of Ina Invest Holding Ltd.

Weighted average number of outstanding shares

Undiluted and diluted earnings per share (in CHF)

30.6.2020

(1,671)

4,774,302

(0.35)

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Ina Invest - Half-Year Report 2020

4 Other disclosures

This section contains information not already disclosed elsewhere in the consolidated interim financial­ report.

4.1 Securities

The item reported under "Securities" as at 30 June 2020 is a time ­deposit that matures in October 2020.

Accounting policies

Securities classified as current assets are valued at fair value. If they do not have a fair value, then, at most, they will be valued at acquisition cost minus any impairment.

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Ina Invest - Half-Year Report 2020

4.2 Events after the balance sheet date

The Board of Directors approved the consolidated interim financial statements on 18 August 2020.

Exercising purchase right for the project "Schaf­hauserstrasse 220-224, 8057 Zürich"

In July 2020, Ina Invest decided that the purchase right for the

­project "Schaffhauserstrasse 220-224, 8057 Zürich" should be exer­ cised against a liability of CHF 16,000 thousand in the second half of 2020. The purchase right was recognized in the balance sheet in intangible assets as at 30 June 2020. Upon exercising the pur­ chase right, the project will be presented as investment properties.

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Additional disclosures on real estate

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		Balance sheet item		Current value in CHF thousand		Year of construction/ estimated completion date
Nordstrasse 1B (Unterfeld Süd), 6340 Baar		IP		40,030		2,027
Dialogplatz 1 (Lokstadt Rocket), 8400 Winterthur		IP		25,500		2,025
Dialogplatz 1 (Lokstadt Rocket), 8400 Winterthur		PP		34,220		2,025
Ernst-Jung-Gasse 18 (Lokstadt Tender),
8400 Winterthur		PP		18,780		2,023
Auf der Höhe 12-18 (Schwinbach), 4144 Arlesheim		PP		19,390		2,025
Rue de Tivoli (Building 4), 2000 Neuchâtel		IP		47		2,024
Chemin de l'Echo 9, 1213 Onex		IP		8,037		2,023
Total residential properties		146,004
Nordstrasse 3 (Unterfeld Süd), 6340 Baar		IP		24,480		2,025
Zürcherstrasse 31 (Lokstadt Elefant), 8400 Winterthur	IP	47,240	2,022
Solarstrasse 11-21 (KIM, Haus Brown and Haus
Bodmer), 8404 Winterthur		IP		11,160		2,027
Hegenheimermattweg 179 (BaseLink Allschwil),
4123 Allschwil		IP		1,575		2,022
Total commercial properties		84,455
Ernst-Jung-Platz (Lokstadt Tigerli), 8400 Winterthur	IP		5,752		2,025
Zürcherstrasse (Lokstadt Hallen), 8400 Winterthur		IP		0		2,023
Rue de Tivoli (Building 2), 2000 Neuchâtel		IP		2,297		2,024
Avenue des Grandes-Communes (Les Tattes),
1213 Onex		IP		2,032		2,026
Total mixed-use properties		10,081
of which current value of promotional properties				72,390
of which current value of investment properties			168,150

Ownership structure		Plot area in m2		Floor space in m2		Office space as a % of floor space		Residential space as a % of floor space		Hotel space as a % of floor space
SO		5,115		8,604		0		93		0
SO		567		7,824		0		95		0
CO		567		7,824		0		95		0
CO		620		4,087		0		96		0
CO		8,119		5,588		0		97		0
SO		1,459		1,536		0		100		0
BR		20,026		9,198		0		100		0
	36,473	44,661
SO		4,761		13,760		92		0		0
SO		3,050		13,014		97		0		0
SO		5,913		18,610		98		0		0
BR		2,949		8,466		0		0		96
	16,673	53,851
SO		1,191		6,391		0		60		31
SO		7,682		8,032		15		0		44
SO		3,997		5,180		25		75		0
BR		13,220		17,740		4		91		0
	26,090	37,343

Commercial/industrial space as a % of floor space

7

5

5 

4

3

0

0

0

0

0

0

10

6

0

0

Other uses as a % of floor space		Number of parking spaces (not included in floor space)
0		86
0		58
0		58
0		30
0	69

1. 32

1. 100

	433
8		100
3		59
2		102
4		79
	340
0		36
35		0
0		88
5		221
	345

All properties are in the development phase and do not yet generate any rental income.

Ina Invest - Half-Year Report 2020

Key
Balance sheet item:	PP - Promotional properties  IP - Investment properties
Ownership structure:	SO - Sole ownership  JO - Joint ownership
	CO - Condominium ownership  BR - Building rights	68 | 69

Contacts

Contact for investors Marc Pointet, CEO [e-mail] [phone]

Media contact

Silvan Merki, CCO Implenia [e-mail] [phone]

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