13 Net financial result

CHF thousand	2021	2020

Financial income	7,355	7,145
Interest income	820	1,252
Dividend income	261	189
Changes in the value of securities held for trading	4,983	1,992
Reversal of impairment financial investments	963	3,072
Gain on early repayment of liabilities	-	488
Other financial income	328	152

Financial expenses	–24,469	–19,123
Interest expense	–9,278	–10,629
Interest accumulated on provisions	–1,636	–226
Changes in securities held for trading	–314	–1,037
Currency translation	–7,815	–1,910
Impairments	–2	–2,813
Loss on premature repayment of liabilities	–2,699	–104
Other financial expenses	–2,725	–2,404

Net financial result	–17,114	–11,978

In 2021 the weakening of the euro against the Swiss franc gained momentum. There were higher currency translation losses than in the previous year. Offsetting this were gains from forward exchange transactions recognised under changes in the value of securities held for trading in financial income.

The reversal of CHF 963 thousand relates to the reversal of the impairment loss for the investment in tiko Energy Solutions AG (prior year: impairment loss of CHF 2,813 thousand recognised), which was sold at its carrying amount in 2021. In 2020 the impairment loss of CHF 3,072 thousand on ENAG Energiefinanzierungs AG was reversed.

Changes in securities held for trading in financial expenses comprises income contributions from interest rate swaps and dual currency deposits (DCDs).

The year’s loss on premature repayment of liabilities consists in particular of the closing of a previously unrecognised interest rate swap of CHF 2,693 thousand held for hedging purposes that was released as part of a refinancing.