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