13Net financial result

In 2023 the general level of interest rates continued to rise while the euro continued to lose value. These interest rate increases, in conjunction with higher fixed-term deposits, led to increased interest income. At the same time, the higher interest rates, particularly in connection with refinancing programmes, led to an increase in interest expenses.

Currency translation in the amount of CHF –12,822 thousand (prior year: CHF –12,137 thousand) stems primarily from Repower AG. This company’s receivables and liabilities are largely recognised in euros, the main currency for the energy business. Owing to fluctuations in the exchange rate between the euro and the Swiss franc, currency gains or losses may occur between the time of arising and the time of falling due. As in the prior year, the gains from forward exchange transactions recognised as financial income in changes in value of securities held for trading have a partially offsetting effect.

Impairment losses of CHF 2,259 thousand include the full write-down of the loan to EVUlution AG of CHF 2,252 thousand (see Note 18).