- The Stories
- Investor Relations
- Corporate Governance
- 1 Group structure and shareholders
- 2 Capital structure
- 3 Board of Directors
- 4 Management
- 5 Content and method of determining compensation and stock option plans
- 6 Shareholders’ participation rights
- 7 Change of control and defense measures
- 8 Statutory auditors
- 9 Information policy
- 10 Blackout periods
- Compensation Report
- Financial Report 2023
- Chief Financial Officer’s Report
- Five-year consolidated data
- Consolidated financial statements
- Notes to the consolidated financial statements
- 1 Reporting entity
- 2 Summary of material accounting policies
- 3 Scope of consolidation
- 4 Sales – revenue from contracts with customers
- 5 Sales – income from operating lease arrangements (group as lessor)
- 6 Segment information
- 7 Operating expenses by nature
- 8 Research and development
- 9 Other operating result
- 10 Financial result
- 11 Earnings per share
- 12 Employee benefits
- 13 Income taxes
- 14 Cash and cash equivalents
- 15 Other current financial assets
- 16 Trade accounts receivable
- 17 Inventories
- 18 Non-current financial assets
- 19 Property, plant and equipment
- 20 Right-of-use assets (group as lessee)
- 21 Intangible assets and goodwill
- 22 Financial liabilities
- 23 Contract liabilities
- 24 Government grants
- Statutory Auditor´s Report on the Consolidated Financial Statements
- Balance sheet of Tecan Group Ltd.
- Income statement of Tecan Group Ltd.
- Notes to the financial statements of Tecan Group Ltd.
- 1 Reporting entity
- 2 Summary of significant accounting policies
- 3 Investments in subsidiaries
- 4 Bond
- 5 Provision for general business risks
- 6 Shareholders’ equity
- 7 Number of employees
- 8 Number of shares and share options
- 9 Guarantees in favor of third parties
- 10 Liabilities from lease arrangements not included in the balance sheet
- 11 Subsequent events
- 12 Information according to article 663c of the Swiss code of obligations
- Statutory Auditor`s Report on the Financial Statements of Tecan Group Ltd.
- Performance of the Tecan share in 2023
29 FAIR VALUE MEASUREMENT AND DISCLOSURES
29.1 FAIR VALUE HIERARCHY
To increase consistency and comparability in fair value measurements and related disclosures, IFRS 13 established a fair value hierarchy that categorizes into three levels the inputs to valuation techniques used to measure their value.
Level 1 inputs: Quoted prices (unadjusted) in active markets for identical assets and liabilities that the Group can access at the measurement date.
Level 2 inputs: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 inputs: Unobservable inputs for the asset or liability.
29.2 ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS AFTER INITIAL RECOGNITION
The following table shows the valuation techniques used in the determination of fair values for assets and liabilities measured at fair value on a recurring basis after initial recognition:
Position | Net carrying amount in balance sheet measured at fair value | Level | Data source | Model | Change in fair | |
| 31.12.2022 | 31.12.2023 |
|
|
|
|
Currency forwards | 1,515 | 3,845 | Level 2 | Financial data supplier | (Forward rate - [spot rate +/- SWAP points]) * amount in foreign currency | Financial result (FVTPL) |
Convertible bonds | - | 3,458 | Level 3 | n/a | Value of the straight bond plus value of conversion option | Financial result (FVTPL) |
Unquoted equity | 4,225 | 3,901 | Level 3 | n/a | Market sales multiples | Other comprehensive income (FVOCI) |
Instruments with level 3 inputs – details:
| Convertible bonds | Unquoted equity investment |
CHF 1,000 |
|
|
Balance at January 1, 2023 | - | 4,225 |
Acquisition | 3,691 | - |
Change in fair value | - | (68) |
Translation differences | (233) | (256) |
|
|
|
Balance at December 31, 2023 | 3,458 | 3,901 |
Convertible bonds –The convertible bonds were acquired short before year-end 2023. The fair value depends to a large extent on the variable conversion ratio and the underlying share of the issuer.
Unquoted equity investment – End of 2020, the Group acquired an unquoted equity instrument for CHF 4.3 million. Total changes in fair value recognized during the period in other comprehensive income amount to CHF 0.1 million. A decrease in the forecasted sales of 10% would adversely impact the fair value by estimated CHF 0.4 million.
29.3 FAIR VALUE DISCLOSURES FOR FINANCIAL INSTRUMENTS MEASURED AT AMORTIZED COST
The carrying amount of financial instruments measured at amortized costs (see note 28.2) is a reasonable approximation of their fair value due to their short-term nature. Bank loans and the bond are the only exception due to their long-term nature. Their fair values are disclosed in the following table.
Position | Net carrying amount in balance sheet measured at amortized cost (CHF 1'000) | Fair value disclosure | Level | Data source | Model | ||
| 31.12.2022 | 31.12.2023 | 31.12.2022 | 31.12.2023 |
|
|
|
Bank loans | (623) | - | (607) | - | Level 2 | Financial data supplier | The fair value is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. |
Bond | (249,645) | (249,784) | (237,000) | (243,000) | Level 1 | Financial data supplier | Market value available at SIX (security symbol TEC21) |
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