14. Long-term debt
|
|
2023 |
|
2022 |
|---|---|---|---|---|
|
|
MCHF |
|
MCHF |
Bonds |
|
1,247.5 |
|
948.1 |
Credit facility |
|
0.0 |
|
0.0 |
Lease liabilities |
|
52.7 |
|
61.9 |
Other long-term debt |
|
14.5 |
|
13.4 |
Total long-term debt before reclassification |
|
1,314.7 |
|
1,023.4 |
Short-term portion of long-term debt |
|
-138.6 |
|
-163.1 |
Total long-term debt |
|
1,176.1 |
|
860.3 |
Bonds
|
|
Maturity |
|
Interest rate |
|
Principal |
|
Fair value 31.12.2023 |
|
Fair value 31.12.2022 |
|---|---|---|---|---|---|---|---|---|---|---|
|
|
date |
|
in % |
|
MCHF |
|
MCHF |
|
MCHF |
|
|
|
|
|
|
|
|
|
|
|
5.5yr CHF |
|
17.10.2024 |
|
0.10 |
|
125.0 |
|
123.5 |
|
121.4 |
2.5yr CHF |
|
26.09.2025 |
|
2.25 |
|
225.0 |
|
227.6 |
|
0.0 |
4.0yr CHF |
|
14.09.2026 |
|
1.50 |
|
200.0 |
|
200.7 |
|
198.8 |
5.5yr CHF |
|
29.09.2027 |
|
0.75 |
|
150.0 |
|
146.8 |
|
140.8 |
9.5yr CHF |
|
17.10.2028 |
|
0.60 |
|
125.0 |
|
120.7 |
|
114.7 |
7.0yr CHF |
|
14.09.2029 |
|
1.75 |
|
200.0 |
|
205.2 |
|
194.1 |
9.5yr CHF |
|
27.09.2032 |
|
2.30 |
|
225.0 |
|
238.5 |
|
0.0 |
Total bonds |
|
|
|
|
|
|
|
1,263.0 |
|
769.8 |
Revolving credit facility
The firmly committed credit line, which had been available to the Group since November 2017, was renewed in November 2023. Like its predecessor, the new credit line amounts to MCHF 500 and has also a term of five years (due in 2028) as well as it has again two extension options of one additional year each. In contrast to the previous credit line, the margin is no longer fixed, but based on the Group’s external credit rating. The interest rate continues to be variable and is based on the SARON (for drawdowns in CHF), respectively 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 2023. 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 2023, the Group had MCHF 14.5 of other long-term debt (PY: MCHF 13.4). 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 2023, MCHF 37.6 was denominated in EUR (PY: MCHF 40.9) and MCHF 1,124.1 in CHF (PY: MCHF 799.6).