2 Information on the income statement
2.1 Dividend income
The dividend income for the year under review was CHF 157 million (previous year: CHF 174 million).
2.2 Income from services provided to Corporate Companies
The income from Corporate Companies consisted primarily of licensing income for the use of the corporate brand +GF+ as well as income for services provided.
2.3 Financial income
The financial income includes interest income on the loans granted to Corporate Companies and related parties.
2.4 Commission income from Corporate Companies
This position contains commission income from Corporate Companies for issued guarantees.
2.5 Value adjustment on investments
This position includes value adjustments on investments held by Georg Fischer Ltd. The principles for the valuation of investments are found in note 1.4.
2.6 Financial expenses
This position includes interest expense for the outstanding bonds of CHF 400 million as well as losses on foreign currencies. More information on the bonds can be found in note 3.8.
2.7 Other operating expenses
The main expense items relate to external consulting services, marketing expenses, fees for the Board of Directors, and IT costs.
2.8 Direct taxes
This position includes the income taxes of Georg Fischer Ltd, but also the corporation taxes of Georg Fischer BV & Co KG, Singen (Germany), acting as the German fiscal unity parent of GF. Georg Fischer Ltd, as the associate of Georg Fischer BV & Co KG, is liable for German corporation taxes.