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Annual impairment testing of investments and loans

As of 31 December 2021, 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 a valuation allowance of CHF 0.1 million for the loans. With regard to the investments, the analysis led to a reversal of value adjustments of CHF 13.1 million (previous year CHF 0.0 million) as well as to a value adjustment of CHF 6.6 million (previous year CHF 34.6 million).