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8.13 Participations in group companies

The value of the investment in OF IP Verlag Ltd was adjusted by CHF 100,000 in the current financial year. In the previous year, a capital reduction of CHF 2,499,000 was undertaken in relation to the investment in Orell Füssli Buchhandlungs Ltd and in light of the results of the Industrial Systems Division, the value of the investment in Atlantic Zeiser GmbH was impaired in the amount of CHF 7,483,000.