18 Financial liabilities
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(CHF million) |
|
31.12.2022 |
|
31.12.2021 |
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Non-current debentures |
|
1,214.2 |
|
1,648.9 |
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Non-current liabilities to banks |
|
123.3 |
|
111.8 |
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Non-current lease liabilities |
|
156.5 |
|
68.8 |
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Non-current liabilities from concession agreements |
|
5.9 |
|
24.0 |
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Other non-current financial liabilities |
|
20.4 |
|
20.4 |
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Non-current financial liabilities |
|
1,520.3 |
|
1,873.9 |
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|
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|
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Current debentures |
|
400.0 |
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0.0 |
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Current liabilities to banks |
|
12.3 |
|
7.7 |
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Current lease liabilities |
|
9.1 |
|
7.5 |
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Current liabilities from concession agreements |
|
0.7 |
|
0.7 |
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Other current financial liabilities |
|
0.8 |
|
0.9 |
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Current financial liabilities |
|
422.9 |
|
16.8 |
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|
|
|
|
|
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Total financial liabilities |
|
1,943.2 |
|
1,890.7 |
The CHF 400.0 million debenture maturing in April 2023 was reclassified out of non-current and into current financial liabilities.
The increase in lease liabilities is due in particular to the recognition of lease liabilities totalling CHF 83.5 million in connection with the right-of-use asset relating to the land on which Noida International Airport, New Delhi, India will be built and operated in future (see note 9, Right-of-use assets).
The decline in non-current liabilities from concession agreements relates to the prepayment of the future fixed concession payments in Florianópolis, which were made at very favourable discounted terms (see also note 6, Finance result).
Composition of non-current financial liabilities as at the reporting date:
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as at 31.12.2022 |
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as at 31.12.2022 |
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as at 31.12.2021 |
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Financial liabilities |
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Nominal value |
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Carrying amount |
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Carrying amount |
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Duration |
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Interest rate |
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Interest payment date |
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(CHF million) |
|
(CHF million) |
|
(CHF million) |
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|
|
|
Debenture (2023) |
|
n/a |
|
n/a |
|
399.9 |
|
2013 – 2023 |
|
1.500% |
|
17.4. |
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Debenture (2024) |
|
300.0 |
|
299.7 |
|
299.4 |
|
2020 – 2024 |
|
0.700% |
|
22.5. |
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Debenture (2027) |
|
200.0 |
|
199.7 |
|
199.6 |
|
2020 – 2027 |
|
0.100% |
|
30.12. |
|
Debenture (2029) |
|
350.0 |
|
350.4 |
|
350.6 |
|
2017 – 2029 |
|
0.625% |
|
24.5. |
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Debenture (2035) |
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365.0 |
|
364.5 |
|
399.4 |
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2020 – 2035 |
|
0.200% |
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26.2. |
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Non-current liabilities to banks |
|
144.4 |
|
123.3 |
|
111.8 |
|
n/a |
|
n/a |
|
n/a |
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Non-current lease liabilities |
|
555.2 |
|
156.5 |
|
68.8 |
|
until 2039 |
|
0.000% |
|
n/a |
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Non-current liabilities from concession agreements |
|
7.9 |
|
5.9 |
|
24.0 |
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until 2047 |
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n/a |
|
n/a |
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Other non-current financial liabilities |
|
0.0 |
|
20.4 |
|
20.4 |
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until 2035 |
|
0.000% |
|
n/a |
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Total non-current financial liabilities |
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|
|
1,520.3 |
|
1,873.9 |
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|
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|
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 288.8 million (see note 24.1 a) Financial risk management, ii) Liquidity risk).
The maturities of financial liabilities are shown in the table below:
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(CHF million) |
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31.12.2022 |
|
31.12.2021 |
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Due date up to 1 year |
|
422.9 |
|
16.8 |
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Due date from 1 to 5 years |
|
499.3 |
|
699.3 |
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Due date in more than 5 years |
|
1,021.0 |
|
1,174.6 |
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Total financial liabilities |
|
1,943.2 |
|
1,890.7 |
Financial liabilities changed as follows as a result of cash and non-cash changes:
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31.12.2021 |
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Cash flows (+) |
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Cash flows (–) |
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Non-cash changes |
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31.12.2022 |
||||
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(CHF million) |
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Increase(+)/decrease(–) |
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Foreign exchange movements |
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Value changes |
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||||
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Debentures |
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1,648.9 |
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0.0 |
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–26.6 |
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–400.0 |
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0.0 |
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–8.1 |
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1,214.2 |
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Non-current liabilities to banks |
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111.8 |
|
2.9 |
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0.0 |
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2.6 |
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5.4 |
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0.6 |
|
123.3 |
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Non-current lease liabilities |
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68.8 |
|
0.0 |
|
0.0 |
|
86.5 |
|
–8.3 |
|
9.5 |
|
156.5 |
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Non-current liabilities from concession agreements |
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24.0 |
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0.0 |
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–9.5 |
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–5.9 |
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2.5 |
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–5.2 |
|
5.9 |
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Other non-current financial liabilities |
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20.4 |
|
0.0 |
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0.0 |
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0.0 |
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0.0 |
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0.0 |
|
20.4 |
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Non-current financial liabilities |
|
1,873.9 |
|
2.9 |
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–36.1 |
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–316.8 |
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–0.4 |
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–3.2 |
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1,520.3 |
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Debentures |
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0.0 |
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0.0 |
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0.0 |
|
400.0 |
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0.0 |
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0.0 |
|
400.0 |
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Current liabilities to banks |
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7.7 |
|
0.0 |
|
–10.7 |
|
14.3 |
|
0.3 |
|
0.7 |
|
12.3 |
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Current lease liabilities |
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7.5 |
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0.0 |
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–8.9 |
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10.4 |
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0.0 |
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0.1 |
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9.1 |
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Current liabilities from concession agreements |
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0.7 |
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0.0 |
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–0.7 |
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0.7 |
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0.0 |
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0.0 |
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0.7 |
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Other current financial liabilities |
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0.9 |
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0.0 |
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0.0 |
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0.0 |
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–0.1 |
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0.0 |
|
0.8 |
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Current financial liabilities |
|
16.8 |
|
0.0 |
|
–20.3 |
|
425.4 |
|
0.2 |
|
0.8 |
|
422.9 |
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Total financial liabilities |
|
1,890.7 |
|
2.9 |
|
–56.4 |
|
108.6 |
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–0.2 |
|
–2.4 |
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1,943.2 |
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|
31.12.2020 |
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Cash flows (+) |
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Cash flows (–) |
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Non-cash changes |
|
31.12.2021 |
||||
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(CHF million) |
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Increase(+)/decrease(–) |
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Foreign exchange movements |
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Value changes |
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||||
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Debentures |
|
1,648.5 |
|
0.0 |
|
0.0 |
|
0.0 |
|
0.2 |
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0.2 |
|
1,648.9 |
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Non-current liabilities to banks |
|
109.9 |
|
5.0 |
|
0.0 |
|
5.5 |
|
–9.4 |
|
0.8 |
|
111.8 |
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Non-current lease liabilities |
|
75.8 |
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0.0 |
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0.0 |
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–7.0 |
|
0.0 |
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0.0 |
|
68.8 |
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Non-current liabilities from concession agreements |
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21.7 |
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0.0 |
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–0.3 |
|
4.3 |
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–1.7 |
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0.0 |
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24.0 |
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Other non-current financial liabilities |
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20.4 |
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0.0 |
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0.0 |
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0.0 |
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0.0 |
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0.0 |
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20.4 |
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Non-current financial liabilities |
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1,876.3 |
|
5.0 |
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–0.3 |
|
2.8 |
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–10.9 |
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1.0 |
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1,873.9 |
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Current liabilities to banks |
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64.0 |
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0.0 |
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–68.0 |
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12.1 |
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–0.6 |
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0.2 |
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7.7 |
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Current lease liabilities |
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7.5 |
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0.0 |
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–7.5 |
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7.5 |
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0.0 |
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0.0 |
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7.5 |
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Current liabilities from concession agreements |
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1.5 |
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0.0 |
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–0.5 |
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–0.2 |
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–0.1 |
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0.0 |
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0.7 |
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Other current financial liabilities |
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2.1 |
|
0.8 |
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0.0 |
|
–2.1 |
|
0.1 |
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0.0 |
|
0.9 |
|
Current financial liabilities |
|
75.1 |
|
0.8 |
|
–76.0 |
|
17.3 |
|
–0.6 |
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0.2 |
|
16.8 |
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Total financial liabilities |
|
1,951.4 |
|
5.8 |
|
–76.3 |
|
20.1 |
|
–11.5 |
|
1.2 |
|
1,890.7 |
Overview of lease liabilities
The lease liabilities shown below include the leases listed in note 9, Right-of-use assets. The interest rate on future lease liabilities is mostly 0.0% (leases at the Zurich site) or 9.0% (leases in Noida, India).
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|
(CHF million) |
|
31.12.2022 |
|
31.12.2021 |
|
Future minimum lease payments |
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|
|
|
|
Due within 1 year |
|
9.1 |
|
7.5 |
|
Due between 1 and 5 years |
|
32.0 |
|
28.9 |
|
Due in more than 5 years |
|
523.2 |
|
40.0 |
|
Total future minimum lease payments |
|
564.3 |
|
76.4 |
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Future interest payments |
|
398.7 |
|
0.1 |
|
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Present value of lease liabilities |
|
165.6 |
|
76.3 |
|
Due within 1 year |
|
9.1 |
|
7.5 |
|
Due between 1 and 5 years |
|
31.9 |
|
28.8 |
|
Due in more than 5 years |
|
124.6 |
|
40.0 |
