Annual Report 2021

Annual Report 2021

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15 Financial instruments

Derivative financial instruments

Where required, the Group hedges foreign currency exchange rate and interest rate risks using derivative financial instruments in accordance with the treasury policy. This policy and the corresponding accounting policies for the Group’s derivative financial instruments are disclosed in Note 3 and Note 4. As at 31 December 2021 and 2020, the following derivative financial instruments were outstanding:

Forward foreign exchange contracts

 

 

Contract values

 

Fair value 31.12.

 

Calculation method

2021

 

MCZK

 

MEUR

 

MDKK

 

MPLN

 

MNOK

 

MGBP

 

MHUF

 

MUSD

 

MCHF

 

 

Foreign exchange contracts

 

-10.0

 

0.0

 

-11.0

 

-50.0

 

-5.0

 

-0.5

 

-110.0

 

-8.2

 

-0.1

 

Mark-to-Market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

MCZK

 

MEUR

 

MDKK

 

MPLN

 

MNOK

 

MGBP

 

MHUF

 

MUSD

 

MCHF

 

 

Foreign exchange contracts

 

-6.0

 

-74.8

 

-8.0

 

-50.0

 

-35.0

 

-4.0

 

0.0

 

-4.4

 

0.4

 

Mark-to-Market

The change in fair value of the instruments is booked in financial result, net.

Hedge accounting

No hedge accounting was applied in 2021 or 2020.

Measurement of financial instruments by categories in accordance with IFRS 9

Based on the relevant balance sheet item of financial instruments, the following table shows an allocation of the balance sheet items to the classification by categories in accordance with IFRS 9. In addition, a fair value measurement hierarchy was introduced for assets and liabilities that are measured at fair value in accordance with IFRS 13. Level 1 contains all financial instruments with quoted prices in active markets. Level 2 contains all financial instruments with inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 3 contains all financial instruments with inputs for determining the assets and liabilities that are not based on observable market data.

 

 

Carrying amount 31.12.2021

 

Financial assets at amortised cost

 

Financial assets at fair value through profit and loss

 

Fair value measurement hierarchy

 

 

MCHF

 

MCHF

 

MCHF

 

 

Financial assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

511.0

 

511.0

 

0.0

 

 

Trade accounts receivable

 

162.9

 

162.9

 

0.0

 

 

Other current assets (see Note 7)

 

104.2

 

104.2

 

0.0

 

 

Other non-current assets

 

6.9

 

6.7

 

0.2

 

Level 2

Derivative financial instruments (see Note 7)

 

0.0

 

0.0

 

0.0

 

Level 2

Total

 

785.0

 

784.8

 

0.2

 

 

 

 

Carrying amount 31.12.2021

 

Financial liabilities at amortised cost

 

Financial liabilities at fair value through profit and loss

 

Fair value measurement hierarchy

 

 

MCHF

 

MCHF

 

MCHF

 

 

Financial liabilities

 

 

 

 

 

 

 

 

Short-term debt (incl. CHF bond)

 

317.8

 

317.8

 

0.0

 

 

Trade accounts payable

 

119.3

 

119.3

 

0.0

 

 

Bonds

 

399.4

 

399.4

 

0.0

 

 

Credit facility

 

0.0

 

0.0

 

0.0

 

 

Long-term lease liabilities

 

53.0

 

53.0

 

0.0

 

 

Other long-term debt

 

13.7

 

13.7

 

0.0

 

 

Derivative financial instruments

 

0.1

 

0.0

 

0.1

 

Level 2

Total

 

903.3

 

903.2

 

0.1

 

 

 

 

Carrying amount 31.12.2020

 

Financial assets at amortised cost

 

Financial assets at fair value through profit and loss

 

Fair value measurement hierarchy

 

 

MCHF

 

MCHF

 

MCHF

 

 

Financial assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

468.6

 

468.6

 

0.0

 

 

Trade accounts receivable

 

195.0

 

195.0

 

0.0

 

 

Other current assets (see Note 7)

 

104.3

 

104.3

 

0.0

 

 

Other non-current assets

 

11.3

 

11.1

 

0.2

 

Level 2

Derivative financial instruments (see Note 7)

 

0.6

 

0.0

 

0.6

 

Level 2

Total

 

779.8

 

779.0

 

0.8

 

 

 

 

Carrying amount 31.12.2020

 

Financial liabilities at amortised cost

 

Financial liabilities at fair value through profit and loss

 

Fair value measurement hierarchy

 

 

MCHF

 

MCHF

 

MCHF

 

 

Financial liabilities

 

 

 

 

 

 

 

 

Short-term debt

 

17.3

 

17.3

 

0.0

 

 

Trade accounts payable

 

94.2

 

94.2

 

0.0

 

 

Bonds

 

698.7

 

698.7

 

0.0

 

 

Credit facility

 

0.0

 

0.0

 

0.0

 

 

Long-term lease liabilities

 

49.6

 

49.6

 

0.0

 

 

Other long-term debt

 

13.2

 

13.2

 

0.0

 

 

Derivative financial instruments

 

0.2

 

0.0

 

0.2

 

Level 2

Total

 

873.2

 

873.0

 

0.2

 

 

Fair value measurement hierarchy:

Level 1: quoted prices in active markets for identical assets
Level 2: observable prices, either directly or indirectly
Level 3: input factors that are not based on observable market data

Maturity analysis of financial instruments

The following table shows the carrying amount of all contractually defined future (not discounted) interest and amortisation payments of derivative and non-derivative financial instruments as at the balance sheet date:

 

 

Carrying amount

 

Maturity

 

 

31.12.2021

 

2022

 

2023

 

2024

 

2025

 

2026 and later

 

 

MCHF

 

MCHF

 

MCHF

 

MCHF

 

MCHF

 

MCHF

Short-term debt (incl. CHF bond)

 

317.8

 

319.7

 

0.0

 

0.0

 

0.0

 

0.0

Trade accounts payable

 

119.3

 

119.3

 

0.0

 

0.0

 

0.0

 

0.0

Bonds

 

399.4

 

1.4

 

151.3

 

125.9

 

0.8

 

127.3

Credit facility

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

Long-term lease liabilities

 

53.0

 

1.4

 

8.2

 

8.2

 

12.1

 

28.8

Other long-term debt

 

13.7

 

0.8

 

5.2

 

4.0

 

2.9

 

3.5

Total non-derivative financial liabilities

 

903.2

 

442.6

 

164.7

 

138.1

 

15.8

 

159.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial assets/liabilities, net

 

0.1

 

22.1

 

0.0

 

0.0

 

0.0

 

0.0

Total derivative financial instruments

 

0.1

 

22.1

 

0.0

 

0.0

 

0.0

 

0.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

903.3

 

464.7

 

164.7

 

138.1

 

15.8

 

159.6

 

 

Carrying amount

 

Maturity

 

 

31.12.2020

 

2021

 

2022

 

2023

 

2024

 

2025 and later

 

 

MCHF

 

MCHF

 

MCHF

 

MCHF

 

MCHF

 

MCHF

Short-term debt

 

17.3

 

17.9

 

0.0

 

0.0

 

0.0

 

0.0

Trade accounts payable

 

94.2

 

94.2

 

0.0

 

0.0

 

0.0

 

0.0

Bonds

 

698.7

 

2.4

 

302.4

 

151.3

 

125.9

 

128.0

Credit facility

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

Long-term lease liabilities

 

49.6

 

1.5

 

8.6

 

6.0

 

6.7

 

32.5

Other long-term debt

 

13.2

 

0.8

 

4.3

 

4.1

 

2.3

 

4.4

Total non-derivative financial liabilities

 

873.0

 

116.8

 

315.3

 

161.4

 

134.9

 

164.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial assets/liabilities, net

 

-0.4

 

106.5

 

0.0

 

0.0

 

0.0

 

0.0

Total derivative financial instruments

 

-0.4

 

106.5

 

0.0

 

0.0

 

0.0

 

0.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

872.6

 

223.3

 

315.3

 

161.4

 

134.9

 

164.9

Additional information to the cashflow statement

The following table shows the reconciliation of the items for which cashflows were or in future will be generated and that are reported as net cash from financing activities in the consolidated statements of cashflows:

 

 

2021

 

 

 

Non-cash movements

 

2020

 

 

Total

 

Cashflows

 

Translation differences

 

Others

 

Total

 

 

MCHF

 

MCHF

 

MCHF

 

MCHF

 

MCHF

Long-term debt (excl. leases)

 

413.1

 

-5.9

 

-0.7

 

-292.2

 

711.9

Short-term debt (excl. leases)

 

305.5

 

-0.2

 

-0.3

 

300.2

 

5.8

Lease liabilities (incl. payables and prepayments)

 

65.1

 

-16.7

 

-1.9

 

22.8

 

60.9

Interest liabilities

 

1.0

 

-5.5

 

0.0

 

5.3

 

1.2

Total

 

784.7

 

-28.3

 

-2.9

 

36.1

 

779.8

In 2021, the position “Others” of lease liabilities contained the non-cash addition of new lease contracts. The position “Others” of short- and long-term debt (excl. leases) contained the reclassification of the short-term portion of the CHF bond (maturity date 20 October 2022).

 

 

2020

 

 

 

Non-cash movements

 

2019

 

 

Total

 

Cashflows

 

Translation differences

 

Others

 

Total

 

 

MCHF

 

MCHF

 

MCHF

 

MCHF

 

MCHF

Long-term debt (excl. leases)

 

711.9

 

294.9

 

-4.6

 

-341.1

 

762.7

Short-term debt (excl. leases)

 

5.8

 

-348.2

 

0.0

 

349.0

 

5.0

Lease liabilities (incl. payables and prepayments)

 

60.9

 

-24.1

 

-1.9

 

17.5

 

69.4

Interest liabilities

 

1.2

 

-9.8

 

0.0

 

8.2

 

2.8

Total

 

779.8

 

-87.2

 

-6.5

 

33.6

 

839.9

In 2020, the position “Others” of short- and long-term debt mainly included the reclassification of the MEUR 325 bond which was repaid early, in December 2020, and of lease liabilities contained the non-cash addition of new lease contracts.