1.5 Financial result
| in CHF mn | 2023 | 2022 | ||
|---|---|---|---|---|
| Interest income | 12.0 | 7.9 | ||
| Currency exchange gains | 3.5 | 13.6 | ||
| Financial income from IAS 19 | 0.7 | 1.0 | ||
| Gains from sale of investments | 0.0 | 2.6 | ||
| Other financial income | 3.7 | 0.3 | ||
| Financial income | 20.1 | 25.3 | ||
| Interest expense | 0.0 | (1.3) | ||
| Interest expense from leases | (4.4) | (2.6) | ||
| Currency exchange losses | (4.5) | (14.5) | ||
| Financial expense from IAS 19 | (0.2) | (0.1) | ||
| Loss from the sale of investments | (0.0) | (1.2) | ||
| Other financial expense | (5.3) | (3.3) | ||
| Financial expense | (14.3) | (23.0) | ||
| Total | 5.7 | 2.3 |
At CHF 5.7 million, the financial result is CHF 3.4 million up on the previous year. Interest income increased by around CHF 4.2 million on account of the increase in the interest rate and income from time deposit investments. The previous year saw profits from the sale of investments, particularly the effect from the sale of 0.9 per cent of SMG shares. Other financial income mainly includes the effect from the change in the valuation of the purchase price due for the non-controlling interests in NEO ADVERTISING SA (see also Note 2.6).
The interest expense fell due to a reduction in financial liabilities by CHF 1.3 million, while the interest expense from leases increased due to significantly higher lease liabilities, particularly associated with the acquisition of Goldbach Neo OOH (formerly Clear Channel Schweiz). The loss from the sale of investments in 2022 resulted from the dilutive effect at SMG Swiss Marketplace Group AG, which was caused by reductions in investments on account of two capital increases associated with employee share programmes. The increase in other financial expense is attributable in particular to the loss totalling CHF 4.0 million from the purchase of non-controlling interests at SMG Swiss Marketplace Group and Karriere.at.