5.Income from associates and joint ventures

In the previous year, income from associates and joint ventures totalling CHF 78.3 million mainly included the (pre-tax) gain made on the sale of the minority stake in “siggi’s” of CHF 79.4 million. Adjusted for this effect, income from associates and joint ventures amounted to CHF -1.1 million. In the year under review, income from associates and joint ventures also amounted to CHF -1.1 million and is thus practically unchanged to the adjusted previous year. Please refer to note 7 for the tax effect of the “siggi’s” transaction.