- Interim Report 2023
- Letter to Shareholders
- Interim consolidated statement of profit or loss
- Interim consolidated statement of profit or loss and other comprehensive income
- Interim consolidated balance sheet
- Interim Consolidated statement of cash flows
- Interim Consolidated statement of changes in equity
- Notes to the consolidated financial statements
- 1 Reporting entity
- 2 Basis of preparation and significant accounting policies
- 3 Revenue from contracts with customers
- 4 Segment information
- 5 Operating expenses by nature
- 6 Income taxes
- 7 Inventories
- 8 Property, plant and equipment and government grants
- 9 Shareholders’ equity and employee participation plans
- 10 Principal exchange rates
- 11 Financial instruments and fair value disclosures
- 12 Subsequent events
- Global
11 FINANCIAL INSTRUMENTS AND FAIR VALUE DISCLOSURES
11.1 CLASSES OF FINANCIAL INSTRUMENTS
| Cash and cash equivalents | Other current financial assets | Trade and other receivables | Non- | Total assets 2022 | Current financial liabilities | Trade | Non- | Total liabilities 2022 | Fair value disclosure |
CHF 1,000 |
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Derivatives not designated as hedging |
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Currency forwards | - | 1,796 | - | - | 1,796 | (281) | - | - | (281) |
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Financial instruments |
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Unquoted equity investment | - | - | - | 4,225 | 4,225 | - | - | - | - |
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Financial instruments measured at amortized costs1 |
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Cash and cash equivalents | 111,441 | - | - | - | 111,441 | - | - | - | - |
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Time deposits | - | 180,000 | - | - | 180,000 | - | - | - | - |
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Receivables | - | - | 157,448 | - | 157,448 | - | - | - | - |
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Rent and other deposits | - | - | 1,022 | 1,374 | 2,396 | - | - | - | - |
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Current bank liabilities | - | - | - | - | - | (1) | - | - | (1) |
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Payables and accrued expenses | - | - | - | - | - | - | (145,441) | - | (145,441) |
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Bank loans | - | - | - | - | - | (623) | - | - | (623) | (607) |
Bond | - | - | - | - | - | - | - | (249,645) | (249,645) | (237,000) |
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Other |
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Lease liabilities | - | - | - | - | - | (13,654) | - | (43,760) | (57,414) |
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Total financial instruments | 111,441 | 181,796 | 158,470 | 5,599 | 457,306 | (14,559) | (145,441) | (293,405) | (453,405) |
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Reconciling items2 | - | - | 10,546 | - | 10,546 | - | (14,917) | - | (14,917) |
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Balance at December 31, 2022 | 111,441 | 181,796 | 169,016 | 5,599 | 467,852 | (14,559) | (160,358) | (293,405) | (468,322) |
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- The carrying amount of financial instruments measured at amortized costs (except for bank loans and bond) is a reasonable approximation of their fair value due to their short-term nature.
- Receivables/payables arising from VAT/other non-income taxes and social security.
| Cash and cash equivalents | Other current financial assets | Trade and other receivables | Non- | Total assets 2023 | Current financial liabilities | Trade | Non- | Total liabilities 2023 | Fair value disclosure |
CHF 1,000 |
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Derivatives not designated as hedging |
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Currency forwards | - | 2,185 | - | - | 2,185 | (73) | - | (6) | (79) |
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Financial instruments |
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Unquoted equity investment | - | - | - | 4,269 | 4,269 | - | - | - | - |
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Financial instruments measured at amortized |
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Cash and cash equivalents | 122,163 | - | - | - | 122,163 | - | - | - | - |
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Time deposits | - | 190,000 | - | - | 190,000 | - | - | - | - |
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Receivables | - | - | 140,768 | - | 140,768 | - | - | - | - |
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Rent and other deposits | - | - | 1,000 | 1,385 | 2,385 | - | - | - | - |
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Current bank liabilities | - | - | - | - | - | (94) | - | - | (94) |
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Payables and accrued expenses | - | - | - | - | - | - | (127,827) | - | (127,827) |
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Bank loans | - | - | - | - | - | (616) | - | - | (616) | (609) |
Bond | - | - | - | - | - | - | - | (249,777) | (249,777) | (240,000) |
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Other |
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Lease liabilities | - | - | - | - | - | (12,917) | - | (36,628) | (49,545) |
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Total financial instruments | 122,163 | 192,185 | 141,768 | 5,654 | 461,770 | (13,700) | (127,827) | (286,411) | (427,938) |
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Reconciling items2 | - | - | 12,070 | - | 12,070 | - | (27,449) | - | (27,449) |
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Balance at June 30, 2023 | 122,163 | 192,185 | 153,838 | 5,654 | 473,840 | (13,700) | (155,276) | (286,411) | (455,387) |
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- The carrying amount of financial instruments measured at amortized costs (except for bank loans and bond) is a reasonable approximation of their fair value due to their short-term nature.
- Receivables/payables arising from VAT/other non-income taxes and social security.
11.2 FAIR VALUE MEASUREMENT AND DISCLOSURES
Position | Note | Level | Data source | Valuation technique used / model |
Currency forwards | 11.1 | Level 2 | Financial data supplier | (Forward rate - [spot rate +/- SWAP points]) * amount in foreign currency |
Unquoted equity investment | 11.3 | Level 3 | n/a | Market sales multiples |
Bank loans | 11.1 | 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 | 11.1 | Level 1 | Financial data supplier | Market value available at SIX (security symbol TEC21) |
There have been no transfers between the levels in 2022 and 2023.
11.3 UNQUOTED EQUITY INVESTMENT (LEVEL 3)
The total changes in fair value recognized during the period in other comprehensive income amount to CHF 0.0 million. A decrease in the forecasted sales of 10% would adversely impact the fair value by estimated CHF 0.4 million.
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