- Letter to Shareholders
- Interim consolidated financial statements 2024
- 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 material accounting policies
- 3 Change in scope of consolidation: Acquisition through business combination
- 4 Revenue from contracts with customers and reconciliation to segment information
- 5 Segment information by business segments
- 6 Operating expenses by nature
- 7 Income taxes
- 8 Shareholders’ equity and employee participation plans
- 9 principal exchanges rates
- 10 Financial instruments and fair value disclosures
- 11 Subsequent events
- Global
10 FINANCIAL INSTRUMENTS AND FAIR VALUE DISCLOSURES
10.1 CLASSES OF FINANCIAL INSTRUMENTS
| 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 instruments (FVTPL) |
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Currency forwards | - | 3,845 | - | - | 3,845 | - | - | - | - |
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Financial instruments measured at fair value through profit or loss (FVTPL) |
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Convertible bonds | - | 3,458 | - | - | 3,458 | - | - | - | - |
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Contingent consideration | - | - | - | - | - | (613) | - | - | (613) |
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Financial instruments measured at fair value through OCI (FVOCI) |
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Unquoted equity investment | - | - | - | 3,901 | 3,901 | - | - | - | - |
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Financial instruments measured at amortized costs1 |
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Cash and cash equivalents | 132,965 | - | - | - | 132,965 | - | - | - | - |
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Time deposits | - | 230,000 | - | - | 230,000 |
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| - |
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Receivables | - | - | 159,464 | - | 159,464 | - | - | - | - |
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Rent and other deposits | - | - | 960 | 1,349 | 2,309 | - | - | - | - |
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Current bank liabilities | - | - | - | - | - | (6) | - | - | (6) |
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Payables and accrued expenses | - | - | - | - | - | - | (121,597) | - | (121,597) |
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Bond | - | - | - | - | - | - | - | (249,784) | (249,784) | (243,000) |
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Other |
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Lease liabilities | - | - | - | - | - | (12,234) | - | (54,070) | (66,304) |
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Total financial instruments | 132,965 | 237,303 | 160,424 | 5,250 | 535,942 | (12,853) | (121,597) | (303,854) | (438,304) |
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Reconciling items2 | - | - | 11,269 | - | 11,269 | - | (25,441) | - | (25,441) |
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Balance at December 31, 2023 | 132,965 | 237,303 | 171,693 | 5,250 | 547,211 | (12,853) | (147,038) | (303,854) | (463,745) |
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- The carrying amount of financial instruments measured at amortized costs (except for 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 2024 | Current financial liabilities | Trade | Non- | Total liabilities 2024 | Fair value disclosure |
CHF 1,000 |
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Derivatives not designated as hedging instruments (FVTPL) |
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Currency forwards | - | 997 | - | - | 997 | (3,754) | - | (51) | (3,805) |
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Financial instruments measured at fair value through profit or loss (FVTPL) |
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Convertible bonds | - | 5,496 | - | - | 5,496 | - | - | - | - |
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Contingent consideration | - | - | - | - | - | (790) | - | - | (790) |
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Financial instruments measured at fair value through OCI (FVOCI) |
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Unquoted equity investment | - | - | - | 2,416 | 2,416 | - | - | - | - |
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Financial instruments measured at amortized costs1 |
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Cash and cash equivalents | 108,280 | - | - | - | 108,280 | - | - | - | - |
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Time deposits | - | 230,000 | - | - | 230,000 | - | - | - | - |
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Receivables | - | - | 143,489 | - | 143,489 | - | - | - | - |
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Rent and other deposits | - | - | 1,022 | 1,309 | 2,331 | - | - | - | - |
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Current bank liabilities | - | - | - | - | - | (1) | - | - | (1) |
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Payables and accrued expenses | - | - | - | - | - | - | (106,251) | - | (106,251) |
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Bond | - | - | - | - | - | - | - | (249,916) | (249,916) | (245,400) |
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Other |
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Lease liabilities | - | - | - | - | - | (11,504) | - | (54,127) | (65,631) |
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Total financial instruments | 108,280 | 236,493 | 144,511 | 3,725 | 493,009 | (16,049) | (106,251) | (304,094) | (426,394) |
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Reconciling items2 | - | - | 13,165 | - | 13,165 | - | (26,489) | - | (26,489) |
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Balance at June 30, 2024 | 108,280 | 236,493 | 157,676 | 3,725 | 506,174 | (16,049) | (132,740) | (304,094) | (452,883) |
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- The carrying amount of financial instruments measured at amortized costs (except for 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.
10.2 FAIR VALUE MEASUREMENT AND DISCLOSURES
Position | Disclosure (note) | Fair value hierarchy | Data source | Valuation technique used / model |
Currency forwards | 10.1 | Level 2 | Financial data supplier | (Forward rate - [spot rate +/- SWAP points]) * amount |
Convertible bonds | 10.3 | Level 3 | n/a | Value of the straight bond plus value of conversion option |
Unquoted equity investment | 10.3 | Level 3 | n/a | Market sales multiples |
Contingent | 3 | Level 3 | n/a | Discounted cash flow method |
Bond | 10.1 | Level 1 | Financial data supplier | Market value available at SIX (security symbol TEC21) |
There have been no transfers between the levels in 2023 and 2024.
10.3 CONVERTIBLE BONDS AND UNQUOTED EQUITY INVESTMENT (LEVEL 3)
| Convertible bonds | Unquoted equity investment |
CHF 1,000 |
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Balance at January 1, 2024 | 3,458 | 3,901 |
Acquisition | 1,779 | - |
Change in fair value recognized in other comprehensive income | - | (1,635) |
Translation differences | 259 | 150 |
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Balance at June 30, 2024 | 5,496 | 2,416 |
Convertible bonds – The fair value is largely dependent on the variable conversion ratio and the underlying share of the issuer.
Unquoted equity investment – The most significant input factor is the forecasted sales of the investment.
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