18 Financial liabilities
|
(CHF million) |
|
31.12.2021 |
|
31.12.2020 |
|
Non-current debentures |
|
1,648.9 |
|
1,648.5 |
|
Non-current liabilities to banks |
|
111.8 |
|
109.9 |
|
Non-current lease liabilities |
|
68.8 |
|
75.8 |
|
Non-current liabilities from concession agreements |
|
24.0 |
|
21.7 |
|
Other non-current financial liabilities |
|
20.4 |
|
20.4 |
|
Non-current financial liabilities |
|
1,873.9 |
|
1,876.3 |
|
|
|
|
|
|
|
Current liabilities to banks |
|
7.7 |
|
64.0 |
|
Current lease liabilities |
|
7.5 |
|
7.5 |
|
Current liabilities from concession agreements |
|
0.7 |
|
1.5 |
|
Other current financial liabilities |
|
0.9 |
|
2.1 |
|
Current financial liabilities |
|
16.8 |
|
75.1 |
|
|
|
|
|
|
|
Total financial liabilities |
|
1,890.7 |
|
1,951.4 |
As at 31 December 2020, current liabilities to banks included a fixed advance of CHF 60.0 million under the operating credit facilities. This was repaid on schedule in March 2021.
Composition of non-current financial liabilities as at the reporting date:
|
|
|
as at 31.12.2021 |
|
as at 31.12.2021 |
|
|
|
|
|
|
|
|
|
Financial liabilities |
|
Nominal value |
|
Carrying amount |
|
Duration |
|
Interest rate |
|
Early amortisation |
|
Interest payment date |
|
|
|
(CHF million) |
|
(CHF million) |
|
|
|
|
|
|
|
|
|
Debenture (2023) |
|
400.0 |
|
399.9 |
|
2013 – 2023 |
|
1.500% |
|
no |
|
17.4. |
|
Debenture (2024) |
|
300.0 |
|
299.4 |
|
2020 – 2024 |
|
0.700% |
|
no |
|
22.5. |
|
Debenture (2027) |
|
200.0 |
|
199.6 |
|
2020 – 2027 |
|
0.100% |
|
no |
|
30.12. |
|
Debenture (2029) |
|
350.0 |
|
350.6 |
|
2017 – 2029 |
|
0.625% |
|
no |
|
24.5. |
|
Debenture (2035) |
|
400.0 |
|
399.4 |
|
2020 – 2035 |
|
0.200% |
|
no |
|
26.2. |
|
Non-current liabilities to banks |
|
123.4 |
|
111.8 |
|
n/a |
|
n/a |
|
yes |
|
n/a |
|
Non-current lease liabilities |
|
68.9 |
|
68.8 |
|
until 2039 |
|
0.000% |
|
no |
|
n/a |
|
Non-current liabilities from concession agreements |
|
24.4 |
|
24.0 |
|
until 2047 |
|
n/a |
|
no |
|
n/a |
|
Other non-current financial liabilities |
|
20.4 |
|
20.4 |
|
until 2035 |
|
0.000% |
|
no |
|
n/a |
|
Total non-current financial liabilities |
|
|
|
1,873.9 |
|
|
|
|
|
|
|
|
External financing is subject to standard guarantees and covenants, which were complied with as at the reporting date.
In addition, unused credit facilities at the reporting date amounted to a total of CHF 287.7 million (see note 24.1 a) Financial risk management, ii) Liquidity risk).
The maturities of financial liabilities are shown in the table below:
|
(CHF million) |
|
31.12.2021 |
|
31.12.2020 |
|
Due date up to 1 year |
|
16.8 |
|
75.1 |
|
Due date from 1 to 5 years |
|
699.3 |
|
764.6 |
|
Due date in more than 5 years |
|
1,174.6 |
|
1,111.7 |
|
Total financial liabilities |
|
1,890.7 |
|
1,951.4 |
Financial liabilities changed as follows as a result of cash and non-cash changes:
|
|
|
31.12.2020 |
|
Cash flows (+) |
|
Cash flows (–) |
|
Non-cash changes |
|
31.12.2021 |
||||
|
(CHF million) |
|
|
|
|
Increase(+)/decrease(–) |
|
Foreign exchange movements |
|
Value changes |
|
||||
|
Debentures |
|
1,648.5 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.2 |
|
0.2 |
|
1,648.9 |
|
Non-current liabilities to banks |
|
109.9 |
|
5.0 |
|
0.0 |
|
5.5 |
|
–9.4 |
|
0.8 |
|
111.8 |
|
Non-current lease liabilities |
|
75.8 |
|
0.0 |
|
0.0 |
|
–7.0 |
|
0.0 |
|
0.0 |
|
68.8 |
|
Non-current liabilities from concession agreements |
|
21.7 |
|
0.0 |
|
–0.3 |
|
4.3 |
|
–1.7 |
|
0.0 |
|
24.0 |
|
Other non-current financial liabilities |
|
20.4 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
20.4 |
|
Non-current financial liabilities |
|
1,876.3 |
|
5.0 |
|
–0.3 |
|
2.8 |
|
–10.9 |
|
1.0 |
|
1,873.9 |
|
Current liabilities to banks |
|
64.0 |
|
0.0 |
|
–68.0 |
|
12.1 |
|
–0.6 |
|
0.2 |
|
7.7 |
|
Current lease liabilities |
|
7.5 |
|
0.0 |
|
–7.5 |
|
7.5 |
|
0.0 |
|
0.0 |
|
7.5 |
|
Current liabilities from concession agreements |
|
1.5 |
|
0.0 |
|
–0.5 |
|
–0.2 |
|
–0.1 |
|
0.0 |
|
0.7 |
|
Other current financial liabilities |
|
2.1 |
|
0.8 |
|
0.0 |
|
–2.1 |
|
0.1 |
|
0.0 |
|
0.9 |
|
Current financial liabilities |
|
75.1 |
|
0.8 |
|
–76.0 |
|
17.3 |
|
–0.6 |
|
0.2 |
|
16.8 |
|
Total financial liabilities |
|
1,951.4 |
|
5.8 |
|
–76.3 |
|
20.1 |
|
–11.5 |
|
1.2 |
|
1,890.7 |
|
|
|
31.12.2019 |
|
Cash flows (+) |
|
Cash flows (–) |
|
Non-cash changes |
|
31.12.2020 |
||||
|
(CHF million) |
|
|
|
|
Increase(+)/decrease(–) |
|
Foreign exchange movements |
|
Value changes |
|
||||
|
Debentures |
|
750.4 |
|
900.0 |
|
–1.9 |
|
0.0 |
|
0.0 |
|
0.0 |
|
1,648.5 |
|
Non-current liabilities to banks |
|
105.3 |
|
28.7 |
|
0.0 |
|
1.6 |
|
–25.9 |
|
0.2 |
|
109.9 |
|
Non-current lease liabilities |
|
78.4 |
|
0.0 |
|
0.0 |
|
–2.6 |
|
0.0 |
|
0.0 |
|
75.8 |
|
Non-current liabilities from concession agreements |
|
25.3 |
|
0.0 |
|
0.0 |
|
2.4 |
|
–5.7 |
|
–0.3 |
|
21.7 |
|
Other non-current financial liabilities |
|
0.0 |
|
20.4 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.0 |
|
20.4 |
|
Non-current financial liabilities |
|
959.4 |
|
949.1 |
|
–1.9 |
|
1.4 |
|
–31.6 |
|
–0.1 |
|
1,876.3 |
|
Debentures |
|
299.9 |
|
0.0 |
|
–300.0 |
|
0.0 |
|
0.0 |
|
0.1 |
|
0.0 |
|
Current liabilities to banks |
|
2.4 |
|
141.5 |
|
–82.5 |
|
2.8 |
|
–0.2 |
|
0.0 |
|
64.0 |
|
Current lease liabilities |
|
6.2 |
|
0.0 |
|
–6.8 |
|
8.1 |
|
0.0 |
|
0.0 |
|
7.5 |
|
Current liabilities from concession agreements |
|
1.1 |
|
0.0 |
|
0.0 |
|
0.9 |
|
–0.1 |
|
–0.4 |
|
1.5 |
|
Other current financial liabilities |
|
41.9 |
|
0.0 |
|
–40.0 |
|
0.8 |
|
–0.6 |
|
0.0 |
|
2.1 |
|
Current financial liabilities |
|
351.5 |
|
141.5 |
|
–429.3 |
|
12.6 |
|
–0.9 |
|
–0.3 |
|
75.1 |
|
Total financial liabilities |
|
1,310.9 |
|
1,090.6 |
|
–431.2 |
|
14.0 |
|
–32.5 |
|
–0.4 |
|
1,951.4 |
OVERVIEW OF LEASE LIABILITIES
The lease liabilities shown below include the leases listed in note 9, Right-of-use assets. The interest rate on the future lease liabilities is largely 0.0%.
|
(CHF million) |
|
31.12.2021 |
|
31.12.2020 |
|
Future minimum lease payments |
|
|
|
|
|
Due within 1 year |
|
7.5 |
|
7.5 |
|
Due between 1 and 5 years |
|
28.9 |
|
28.3 |
|
Due in more than 5 years |
|
40.0 |
|
47.5 |
|
Total future minimum lease payments |
|
76.4 |
|
83.3 |
|
|
|
|
|
|
|
Future interest payments |
|
0.1 |
|
0.0 |
|
|
|
|
|
|
|
Present value of lease liabilities |
|
76.3 |
|
83.3 |
|
Due within 1 year |
|
7.5 |
|
7.5 |
|
Due between 1 and 5 years |
|
28.8 |
|
28.3 |
|
Due in more than 5 years |
|
40.0 |
|
47.5 |
