13 Net financial result
|
CHF thousand |
2020 |
2019 |
|
|
|
|
|
Financial income |
7,145 |
15,085 |
|
Interest income |
1,252 |
1,142 |
|
Dividend income |
189 |
201 |
|
Changes in the value of securities held for trading |
1,992 |
8,031 |
|
Reversal of impairment financial investments |
3,072 |
4,481 |
|
Gain on early repayment of liabilities |
488 |
1,193 |
|
Other financial income |
152 |
37 |
|
|
|
|
|
Financial expenses |
–19,123 |
–26,758 |
|
Interest expense |
–10,629 |
–10,804 |
|
Interest accumulated on provisions |
–226 |
–775 |
|
Changes in securities held for trading |
–1,037 |
–2,414 |
|
Currency translation |
–1,910 |
–9,885 |
|
Impairments |
–2,813 |
- |
|
Loss on premature repayment of liabilities |
–104 |
- |
|
Other financial expenses |
–2,404 |
–2,880 |
|
|
|
|
|
Net financial result |
–11,978 |
–11,673 |
In 2020 the weakening in the euro was less pronounced, resulting in a year-on-year decline in currency translation losses. In connection with the stabler euro exchange rate and lower hedging volumes, in 2020 gains on forward exchange transactions, recognised in financial income under “changes in securities held for trading”, were lower.
“Changes in securities held for trading” in financial expenses comprises income contributions from interest rate swaps and dual currency deposits (DCDs).
In 2020 the impairment loss of CHF 3,072 thousand on ENAG Energiefinanzierungs AG was reversed (see Note 18).
The reversal of CHF 4,481 thousand in 2019 relates to the reversal of the impairment for the investment and the loan to tiko Energy Solutions AG. The investment with a carrying value of CHF 2,813 thousand in this company at 31 December 2019 was fully impaired in the first half of 2020 on the basis of the company’s updated planning data.
The gains and losses on premature repayment of liabilities relate to the reimbursement of lease and loan liabilities.