1 Extraordinary result

In the reporting period, extraordinary income comprised compensation payments of CHF 5.0 million for projects written down in the previous year and income of CHF 1.1 million from the reversal of provisions no longer required.

Both in the reporting period and in the previous year, the items recognised as extraordinary expenses included project costs derecognised, losses on asset disposals, losses on receivables and the share of profit or loss attributable to the equity interest in the co-ownership structure the Circle. In the previous year, extraordinary expenses also included a valuation allowance of CHF 75.0 million on loans to subsidiaries that related primarily to unfavourable exchange rate movements in Brazil (see note 4, Investments and loans).