3 Financial result
| In CHF million | 2021 | 2020 | ||
|---|---|---|---|---|
| Financial income | ||||
| Gains on foreign exchange | 261 | 252 | ||
| Losses on foreign exchange | –257 | –250 | ||
| Gain on sale of investments | 22 | – | ||
| Other financial income | 40 | 39 | ||
| Total financial income | 66 | 41 | ||
| Financial expenses | ||||
| Investments write-down | 17 | 25 | ||
| Other financial expenses | 17 | 9 | ||
| Total financial expenses | 34 | 34 | ||
Gains and losses on foreign exchange result primarily from hedging of transaction-related risks for Group companies. Other financial income mainly comprises interest income from Group companies. Other financial expenses consist of interest expenses to Group companies and third parties.