8. Financial Instruments, Fair Value and Hierarchy Levels
The following table shows the carrying amounts and fair values (FV) of financial instruments recognized in the consolidated balance sheet, analyzed by types and hierarchy levels at year-end:
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December 31, 2021 |
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December 31, 2020 |
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CHF million |
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Note |
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Level1 |
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Carrying amount |
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Fair value |
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Carrying amount |
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Fair value |
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Financial assets |
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Fair value through profit or loss |
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Derivative assets |
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2 |
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0.9 |
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0.9 |
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1.5 |
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1.5 |
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Short-term financial assets |
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2 |
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– |
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– |
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150.0 |
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150.0 |
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Investments third parties |
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|
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3 |
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0.3 |
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0.3 |
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– |
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– |
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Total |
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1.2 |
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151.5 |
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Derivatives used for hedging |
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Derivative assets |
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1 |
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9.2 |
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9.2 |
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7.6 |
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7.6 |
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Derivative assets |
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2 |
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13.7 |
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13.7 |
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14.4 |
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14.4 |
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Total |
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22.9 |
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22.0 |
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Other financial assets at amortized cost |
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Cash and cash equivalents |
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937.2 |
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–1 |
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848.4 |
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–1 |
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Accounts receivable |
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895.3 |
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–1 |
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825.0 |
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–1 |
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Other receivables2 |
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86.5 |
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–1 |
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89.9 |
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–1 |
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Marketable securities and short-term financial assets |
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250.3 |
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–1 |
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251.7 |
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–1 |
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Total |
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2,169.3 |
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2,015.0 |
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Total financial assets |
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2,193.4 |
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2,188.5 |
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Financial liabilities |
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Fair value through profit or loss |
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Derivative liabilities |
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2 |
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0.1 |
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0.1 |
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1.1 |
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1.1 |
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Total |
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0.1 |
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1.1 |
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Derivatives used for hedging |
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Derivative liabilities |
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1 |
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1.6 |
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1.6 |
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1.2 |
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1.2 |
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Derivative liabilities |
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2 |
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12.0 |
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12.0 |
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7.3 |
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7.3 |
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Total |
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13.6 |
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8.5 |
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Other financial liabilities at amortized costs |
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Bonds |
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1 |
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997.8 |
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1,012.9 |
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997.4 |
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1,029.9 |
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Other non-current liabilities |
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6.0 |
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–1 |
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6.6 |
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–1 |
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Accounts payable |
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237.9 |
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–1 |
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187.4 |
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–1 |
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Other accounts payable |
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103.8 |
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–1 |
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115.6 |
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–1 |
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Bank and other borrowings |
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15.4 |
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–1 |
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3.9 |
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–1 |
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Total |
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1,360.9 |
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1,310.9 |
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Total financial liabilities |
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1,374.6 |
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1,320.5 |
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Since the position “marketable securities and short-term financial assets” as of December 31, 2021, predominantly consists of a fixed deposit (CHF 250.0 million) at a bank with a good rating (in prior year CHF 250.0 million), the risk for impairment is considered negligible and therefore no expected loss allowance is provided for this position.
The position “other receivables” mainly represents indirect tax receivables such as VAT, receivables against insurances or other authorities, thus the impairment risk for this position is as well assessed as immaterial.
The following table shows the changes in financial liabilities due to financing activity for the year:
CHF million |
|
2021 |
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2020 |
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|---|---|---|---|---|---|---|---|---|
Opening Balance as at January 1 |
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1,459.5 |
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1,483.1 |
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Proceeds from borrowings |
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15.0 |
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0.9 |
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Proceeds from the issuance of bond |
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– |
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498.9 |
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Total proceeds from financial liabilities |
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15.0 |
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499.8 |
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Repayments of borrowings |
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– 2.9 |
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– 2.5 |
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Repayments of bonds |
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– |
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– 499.9 |
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Repayments of lease liabilities |
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– 73.0 |
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– 65.3 |
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Total repayments of financial liabilities |
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– 75.9 |
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– 567.7 |
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Currency translations and exchange differences |
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2.9 |
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– 34.0 |
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Changes in lease liabilities1 |
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82.7 |
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78.3 |
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Other |
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– 2.0 |
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– |
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Closing balance as at December 31 |
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1,482.2 |
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1,459.5 |
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Bonds non-current |
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997.8 |
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997.4 |
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Lease liabilities non-current |
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398.9 |
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390.1 |
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Lease liabilities current |
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70.1 |
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68.1 |
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Bank and other borrowings |
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15.4 |
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3.9 |
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