Notes to the Consolidated Financial Statements

1. Basic information and principles of the report

2. Changes in Group structure

3. Summary of significant accounting policies

4. Risk assessment and management

5. Management of capital

6. Trade accounts receivable

7. Other current assets and current financial assets

8. Inventories

9. Property, plant and equipment

10. Other non-current assets and non-current financial assets

11. Goodwill and intangible assets

12. Short-term debt

13. Other current liabilities and provisions

14. Long-term debt

15. Financial instruments

Derivative financial instruments

Where required, the Group hedges foreign currency exchange rate and interest rate risks using derivative financial instruments in accordance with the treasury policy. This policy and the corresponding accounting policies for the Group’s derivative financial instruments are disclosed in Note 3 and Note 4. As at 31 December 2019 and 2018, the following derivative financial instruments were outstanding:

Forward foreign exchange contracts

  Contract values Fair value
31.12.
Calculation
method
2019 MCZK MEUR MDKKMPLN MNOK MGBP MHUF MRON MUSD MCHF  
Foreign exchange contracts -12.0 -102.5 -42.0-68.0 -54.5 -0.7 -100.0 -2.0 -3.3 1.0 Mark-to-Market
                      
              
2018 MCZK MEUR MDKKMPLN MNOK MGBP MHUF MRON MUSD MCHF  
Foreign exchange contracts -10.0 -78.0 -7.0-60.0 -5.0 0.0 0.0 0.0 0.0 0.4 Mark-to-Market

The change in fair value of the instruments is booked in financial result, net.

Hedge accounting

No hedge accounting was applied in 2019 or 2018.

Measurement of financial instruments by categories in accordance with IFRS 9

Based on the relevant balance sheet item of financial instruments, the following table shows an allocation of the balance sheet items to the classification by categories in accordance with IFRS 9. In addition, a fair value measurement hierarchy was introduced for assets and liabilities that are measured at fair value in accordance with IFRS 13. Level 1 contains all financial instruments with quoted prices in active markets. Level 2 contains all financial instruments with inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 3 contains all financial instruments with inputs for determining the assets and liabilities that are not based on observable market data.

  Carrying amount
as at 31.12.2019
Financial assets at
amortised cost
Financial assets at
fair value through
profit and loss
Fair value
measurement
hierarchy
  MCHF MCHF MCHF  
Financial assets        
Cash and cash equivalents 408.1 408.1 0.0  
Marketable securities and other short-term investments 20.0 20.0 0.0  
Trade accounts receivable 193.4 193.4 0.0  
Other current assets (see Note 7) 116.1 116.1 0.0  
Other non-current assets 11.2 11.0 0.2 Level 2
Derivative financial instruments (see Note 7) 1.1 0.0 1.1 Level 2
Total 749.9 748.6 1.3  
  Carrying amount
as at 31.12.2019
Financial liabilities
at amortised cost
Financial liabilities
at fair value through
profit and loss
Fair value
measurement
hierarchy
  MCHF MCHF MCHF  
Financial liabilities        
Short-term debt 26.2 26.2 0.0  
Trade accounts payable 97.2 97.2 0.0  
Bonds 750.7 750.7 0.0  
Credit facility 0.0 0.0 0.0  
Long-term lease liabilities 48.0 48.0 0.0  
Other long-term debt 12.0 12.0 0.0  
Derivative financial instruments 0.1 0.0 0.1 Level 2
Total 934.2 934.1 0.1  
  Carrying amount as at 31.12.2018 Financial assets at amortised cost Financial assets at fair value through profit and loss Fair value measurement hierarchy
  MCHF MCHF MCHF  
Financial assets        
Cash and cash equivalents 282.2 282.2 0.0  
Trade accounts receivable 197.5 197.5 0.0  
Other current assets (see Note 7) 106.9 106.9 0.0  
Other non-current assets 10.5 10.3 0.2 Level 2
Derivative financial instruments (see Note 7) 0.4 0.0 0.4 Level 2
Total 597.5 596.9 0.6  
  Carrying amount as at 31.12.2018 Financial liabilities at amortised cost Financial liabilities at fair value through profit and loss Fair value measurement hierarchy
  MCHF MCHF MCHF  
Financial liabilities        
Short-term debt (CHF bond: MCHF 149.7) 154.3 154.3 0.0  
Trade accounts payable 94.8 94.8 0.0  
Bonds 513.8 513.8 0.0  
Credit facility 157.6 157.6 0.0  
Other long-term debt 11.7 11.7 0.0  
Derivative financial instruments 0.0 0.0 0.0 Level 2
Total 932.2 932.2 0.0  

Fair value measurement hierarchy:

Level 1: quoted prices in active markets for identical assets
Level 2: observable prices, either directly or indirectly
Level 3: input factors that are not based on observable market data

Maturity analysis of financial instruments

The following table shows the carrying amount of all contractually defined future (not discounted) interest and amortisation payments of derivative and non-derivative financial instruments as at the balance sheet date:

  Carrying
amount
  Maturity
  31.12.2019   2020 2021 2022 2023 2024 and later
  MCHF   MCHF MCHF MCHF MCHF MCHF
Short-term debt 26.2   26.9 0.0 0.0 0.0 0.0
Trade accounts payable 97.2   97.2 0.0 0.0 0.0 0.0
Bonds 750.7   3.7 356.3 1.3 151.3 253.8
Credit facility 0.0   0.0 0.0 0.0 0.0 0.0
Long-term lease liabilities 48.0   1.8 11.4 9.0 6.4 30.3
Other long-term debt 12.0   0.7 4.7 3.6 2.6 2.6
Total non-derivative financial liabilities 934.1   130.3 372.4 13.9 160.3 286.7
               
Derivative financial assets/liabilities, net -1.0   146.0 0.0 0.0 0.0 0.0
Total derivative financial instruments -1.0   146.0 0.0 0.0 0.0 0.0
               
Total 933.1   276.3 372.4 13.9 160.3 286.7
  Carrying
amount
  Maturity
  31.12.2018   2019 2020 2021 2022 2023 and later
  MCHF   MCHF MCHF MCHF MCHF MCHF
Short-term debt (incl. CHF bond) 154.3   154.9 0.0 0.0 0.0 0.0
Trade accounts payable 94.8   94.8 0.0 0.0 0.0 0.0
Bonds 513.8   3.0 3.0 368.7 0.5 150.5
Credit facility 157.6   0.1 158.0 0.0 0.0 0.0
Other long-term debt 11.7   0.7 3.8 3.5 2.8 3.3
Total non-derivative financial liabilities 932.2   253.5 164.8 372.2 3.3 153.8
               
Derivative financial assets/liabilities, net -0.4   105.6 0.0 0.0 0.0 0.0
Total derivative financial instruments -0.4   105.6 0.0 0.0 0.0 0.0
               
Total 931.8   359.1 164.8 372.2 3.3 153.8

Additional information to the cashflow statement

The following table shows the reconciliation of the items for which cashflows were or in future will be generated and that are reported as net cash from financing activities in the consolidated statements of cashflows:

  2019   Non-cash movements 2018
  Total Cashflows Translation
differences
Others Total
  MCHF MCHF MCHF MCHF MCHF
Long-term debt (excl. leases) 762.7 89.4 -15.2 5.4 683.1
Short-term debt (excl. leases) 5.0 -150.3 -0.1 1.1 154.3
Lease liabilities (incl. payables and prepayments) 69.4 -16.2 -1.1 86.7 0.0
Interest liabilities 2.8 -7.8 -0.1 8.2 2.5
Total 839.9 -84.9 -16.5 101.4 839.9

In 2019, the position “Others” of lease liabilities contained the non-cash addition of new lease contracts due to the application of IFRS 16.

  2018   Non-cash movements 2017
  Total Cashflows Translation
differences
Others Total
  MCHF MCHF MCHF MCHF MCHF
Long-term debt 683.1 -44.8 -20.9 -141.9 890.7
Short-term debt 154.3 -0.5 -0.2 150.5 4.5
Interest liabilities 2.5 -6.0 -0.1 4.8 3.8
Total 839.9 -51.3 -21.2 13.4 899.0

In 2018, the position “Others” mainly contained the transfer of pension liabilities to long-term debt, the reclassification of long-term debt (due within the next twelve months) to short-term debt and the interest and financing costs booked according to the effective interest rate method to “financial result, net”.

16. Retirement benefit plans

17. Participation plans

18. Deferred tax assets and liabilities

19. Other non-current liabilities and provisions

20. Contingencies

21. Capital stock and treasury shares

22. Earnings per share

23. Other operating expenses, net

24. Financial result, net

25. Income tax expenses

26. Leases

27. Research and development cost

28. Free Cashflow

29. Segment reporting

30. Related party transactions

31. Foreign exchange rates

32. Subsequent events

33. Group companies as of 31 December 2019

Services

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