14. Long-term debt
|
|
2024 |
|
2023 |
|---|---|---|---|---|
|
|
MCHF |
|
MCHF |
Bonds |
|
1,297.6 |
|
1,247.5 |
Credit facility |
|
0.0 |
|
0.0 |
Lease liabilities |
|
52.7 |
|
52.7 |
Other long-term debt |
|
15.8 |
|
14.5 |
Total long-term debt before reclassification |
|
1,366.1 |
|
1,314.7 |
Short-term portion of long-term debt (CHF bond and lease liabilities) |
|
-240.1 |
|
-138.6 |
Total long-term debt |
|
1,126.0 |
|
1,176.1 |
Bonds
|
|
Maturity |
|
Interest rate |
|
Principal |
|
Fair value 31.12.2024 |
|
Fair value 31.12.2023 |
|---|---|---|---|---|---|---|---|---|---|---|
|
|
date |
|
in % |
|
MCHF |
|
MCHF |
|
MCHF |
|
|
|
|
|
|
|
|
|
|
|
5.5yr CHF |
|
17.10.2024 |
|
0.10 |
|
125.0 |
|
0.0 |
|
123.5 |
2.5yr CHF |
|
26.09.2025 |
|
2.25 |
|
225.0 |
|
227.6 |
|
227.6 |
4.0yr CHF |
|
14.09.2026 |
|
1.50 |
|
200.0 |
|
203.5 |
|
200.7 |
5.5yr CHF |
|
29.09.2027 |
|
0.75 |
|
150.0 |
|
151.1 |
|
146.8 |
9.5yr CHF |
|
17.10.2028 |
|
0.60 |
|
125.0 |
|
125.3 |
|
120.7 |
7.0yr CHF |
|
14.09.2029 |
|
1.75 |
|
200.0 |
|
209.9 |
|
205.2 |
7.0yr CHF |
|
10.09.2031 |
|
1.13 |
|
175.0 |
|
178.9 |
|
0.0 |
9.5yr CHF |
|
27.09.2032 |
|
2.30 |
|
225.0 |
|
248.2 |
|
238.5 |
Total bonds |
|
|
|
|
|
|
|
1,344.5 |
|
1,263.0 |
Revolving credit facility
A firmly committed credit line of MCHF 500 has been available to the Group since November 2023. The credit line originally had a term of five years with two extension options of one additional year each, whereby the first option has already been exercised. Hence, the credit line will now mature in November 2029. The margin is based on the Group’s external credit rating. The interest rate is variable and based on the SARON (for drawdowns in CHF), or Euribor (for drawdowns in EUR) plus the applicable margin. An additional fee is charged if this credit line is drawn down. The credit facility had not been drawn down by the end of 2024. A commitment fee – recorded as financial expenses – was charged in respect of the undrawn portion.
The credit facility of MCHF 500 is secured by a guarantee issued by Geberit AG. The credit facility contains conditions typical for syndicated financing.
Other long-term debt
As at 31 December 2024, the Group had MCHF 15.8 of other long-term debt (PY: MCHF 14.5). This debt incurred an effective interest rate of 5.9% (PY: 5.9%).
Currency mix
Of the total long-term debt outstanding as at 31 December 2024, MCHF 38.5 was denominated in EUR (PY: MCHF 37.6) and MCHF 1,073.4 in CHF (PY: MCHF 1,124.1).