8 Annual impairment testing of investments and loans

As of 31 December 2022, 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 1.4 million for loans (previous year: CHF 0.1 million). With regard to the investments, the analysis led to a reversal of value allowances of CHF 16.3 million (previous year: CHF 13.1 million) and a new valuation allowance of CHF 10.7 million (previous year: CHF 6.6 million).