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3 Financial income and financial expense

In CHF million   1.1.–31.3.2017   1.1.–31.3.2016
Interest income   4   6
Interest expense   (40)   (45)
Net interest expense   (36)   (39)
Foreign exchange losses   (4)   (4)
Change in fair value of interest rate swaps   (1)   (26)
Other financial income and expense, net   (8)   (10)
Financial income and financial expense, net   (49)   (79)