1.5 Financial result
|in CHF mn||2022||2021|
|Currency exchange gains||13.6||6.3|
|Financial income from IAS 19||1.0||0.3|
|Gains from sale of investments||2.6||778.7|
|Other financial income||0.3||12.0|
|Interest expense from leases||(2.6)||(0.9)|
|Currency exchange losses||(14.5)||(6.7)|
|Financial expense from IAS 19||(0.1)||(0.1)|
|Loss from the sale of investments||(1.2)||–|
|Other financial expense||(3.3)||(0.6)|
Interest income has increased by around CHF 6.4 million, which can be attributed to the increase in loans. In the current year, a disposal profit was achieved through the sale of 0.09 per cent of the shares in SMG Swiss Marketplace Group AG to General Atlantic SC B.V. of CHF 2.2 million, and of CHF 0.3 million through the disposal of the Goldbach Ost Group companies that were no longer operational. In the previous year, this was around CHF 778.5 million due to 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. This value arose 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. Other financial income for 2021 included damages from legal proceedings in connection with Trendsales ApS in the amount of CHF 11.8 million, where TX Group AG was the plaintiff.
Interest expense attributable to leases has risen further due to the significantly increased liability from leases. The loss arising from the sale of investments is due to the dilutive effect of two capital increases and consequent reductions in investments due to employee share programmes at SMG Swiss Marketplace Group AG, amounting to CHF 1.2 million. The increase in other financial expenses is attributable to value adjustments of loans to associates and the valuation of money market investments in particular.