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Financial result

in CHF 000   2021   2020
Interest income   1 461   98
Gains from sale of investments   778 672   43
Currency exchange gains   6 300   4 403
Financial income from IAS 19   300   362
Other financial income   11 957   323
Financial income   798 691   5 229
Interest expense   (829)   (668)
Interest expense from leases   (910)   (1 037)
Currency exchange losses   (6 683)   (4 633)
Financial expense from IAS 19   (111)   (92)
Loss from the sale of investments     (18 734)
Other financial expense   (604)   (667)
Financial expense   (9 137)   (25 832)
Total   789 554   (20 603)

The financial result for 2021 amounts to CHF 789.6 million (previous year: CHF -20.6 million). The integration of the 100 per cent stake in TX Markets AG (without the investment in JobCloud AG) into the new SMG Swiss Marketplace Group AG joint venture, and the subsequent recognition of the 41 per cent stake as an associated investment, resulted in financial income of CHF 778.5 million. This arises from the difference between the market value of the recognised stake in SMG Swiss Marketplace Group AG and the equity transferred with the deconsolidation of TX Markets AG (without the investment in JobCloud AG) (see Note 1 “Changes to the group of consolidated companies”). The sale of Gowago AG resulted in an insignificant gain from sale of investments. The previous year had recorded a disposal loss of CHF 18.7 on the sale of Olmero AG and Trendsales ApS.

Net interest amounts to CHF -0.3 million (previous year: CHF -1.6 million), with the main change from the previous year attributable to the interest income associated with the loan to General Atlantic SC B.V. (see Note 19 “Financial assets”). Exchange rate effects amount to CHF -0.4 million net (previous year: CHF -0.2 million), while net financial income in accordance with IAS 19 amounts to CHF 0.2 million (previous year: CHF 0.3 million).

Other financial income includes compensation from legal proceedings involving Trendsales ApS in the amount of CHF 11.8 million, where TX Group AG has acted as the plaintiff (Group & Ventures segment).