4.9 Exchange rates

The following main exchange rates were used for currency translation:

31.3.2025

31.3.2024

2024/25

2023/24

Year-end rates

Average rates for the year

AUD 1

0.55

0.59

0.58

0.58

BRL 1

0.15

0.18

0.16

0.18

CAD 1

0.61

0.67

0.64

0.66

CNY 1

0.12

0.13

0.12

0.12

EUR 1

0.95

0.97

0.95

0.96

GBP 1

1.14

1.14

1.13

1.11

JPY 100

0.59

0.60

0.58

0.61

USD 1

0.88

0.90

0.89

0.89

Accounting policies

The consolidated financial statements are expressed in Swiss francs (“CHF”), which is the Groupʼs presentation currency. The functional currency of each Group company is based on the local economic environment to which an entity is exposed, which is normally the local currency.

Transactions in foreign currencies are accounted for at the rates prevailing on the dates of the transactions. The resulting exchange differences are recorded in the local income statements of the Group companies and included in net income.

Monetary assets and liabilities of Group companies, which are denominated in foreign currencies are translated using year-end exchange rates. Exchange differences are recorded as an income or expense. Non-monetary assets and liabilities are translated at historical exchange rates. Exchange differences arising on intercompany loans that are considered part of the net investment in a foreign entity are recorded in other comprehensive income in equity.

When translating foreign currency financial statements into Swiss francs, year-end exchange rates are applied to assets and liabilities, while average annual rates are applied to income statement accounts. Translation differences arising from this process are recorded in other comprehensive income in equity. On disposal of a Group company, the related cumulative translation adjustment is transferred from equity to the income statement.