Annual impairment testing of investments and loans

As of 31 December 2020, the investments and loans were tested for impairment. Their values in use were calculated using the discounted cash flow (DCF) method and the calculation led to no valuation allowance for the loans. With regard to the investments, the analysis led to a valuation allowance of CHF 34.4 million (previous year: CHF 27.3 million).