16. Financial liabilities
|
In CHF 1,000 |
31.12.2017 |
31.12.2016 |
|
Amortisation obligations on mortgages |
160 |
322 |
|
Loans from third parties |
5,000 |
5,000 |
|
Current mortgages |
6,532 |
- |
|
Current financial liabilities |
11,692 |
5,322 |
|
|
|
|
|
Mortgages |
9,665 |
225,250 |
|
Bonds |
420,000 |
100,000 |
|
Loans from third parties |
4,916 |
7,089 |
|
Non-current financial liabilities |
434,581 |
332,338 |
|
Total financial liabilities |
446,273 |
337,660 |
Mortgages and fixed advances that are not repaid within twelve months but which are renewed are reported under “Non-current financial liabilities” to reflect the economic reality. Mortgages due for repayment within the next twelve months are reported under short-term financial debt.
In 2017, a CHF 140 million bond maturing on 14 February 2019 was issued on
14 February 2017. The coupon is 0.25%. A further bond of CHF 180 million, maturing on 3 October 2022, with a coupon of 0.75%, was issued on 3 October 2017.
In 2016, a CHF 100 million bond maturing on 15 November 2021 was issued on 15 November 2016. The coupon is 0.55%.
As at the balance sheet date, the following bonds are outstanding:
|
ISIN |
CH 033 764 551 6 |
CH 035 259 586 9 |
CH 036 153 322 4 |
|
Trading currency |
CHF |
CHF |
CHF |
|
Issuing volume |
100 million |
140 million |
180 million |
|
Listing |
SIX Swiss Exchange |
SIX Swiss Exchange |
SIX Swiss Exchange |
|
Coupon |
0.55% |
0.25% |
0.75% |
|
Tenor |
5 years |
2 years |
5 years |
|
Payment date |
15 November 2016 |
14 February 2017 |
3 October 2017 |
|
Redemption date |
15 November 2021 |
14 February 2019 |
3 October 2022 |
Investment properties in the amount of CHF 245.3 million (31.12.2016: CHF 344.3 million) were pledged to secure mortgages.
Unused credit lines totalled CHF 201 million at 31 December 2017 (31.12.2016: CHF 136 million).
As at the balance sheet date, amounts falling due are as follows:
|
In CHF 1,000 |
31.12.2017 |
31.12.2016 |
|
|
|
|
|
Rollover mortgages |
2,594 |
174,736 |
|
Due within the first year 1) |
6,532 |
39,905 |
|
Due within the second year |
145,080 |
- |
|
Due within the third year |
2,151 |
8,780 |
|
Due within the fourth year |
100,000 |
2,151 |
|
Due within the fifth year and beyond |
180,000 |
100,000 |
|
Total mortgages and bonds |
436,357 |
325,572 |
|
|
|
|
|
Loans from third parties 2) |
9,916 |
12,089 |
|
Total other financial liabilities |
9,916 |
12,089 |
|
|
|
|
|
Total financial liabilities |
446,273 |
337,660 |
1) Mortgages due within the first year are reported under non-current liabilities if extensions are planned.
2) Loans from third parties include as at 31 December 2017 unsettled purchase price consideration for the Privera-Group acquisition (September 2014) of CHF 5 million (31.12.2016: CHF 10 million), which is interest free and amortised annually by CHF 5 million. The remaining loans from third parties have no fixed maturity.
Interest maturity periods are as follows (composition until next interest rate adjustment):
|
In CHF 1,000 |
Interest rates as at 31.12.2017 |
31.12.2017 |
31.12.2016 |
|
Up to one year |
|
16,357 |
225,572 |
|
Up to 2 years |
|
140,000 |
- |
|
Up to 3 years |
|
- |
- |
|
Up to 4 years |
|
100,000 |
- |
|
Up to 5 years and beyond |
|
180,000 |
100,000 |
|
Total mortgages and bonds |
0.25%─1.0% |
436,357 |
325,572 |
|
|
|
|
|
|
Loans from third parties |
|
9,916 |
12,089 |
|
Total other financial liabilities |
0.0%─2.5% |
9,916 |
12,089 |
|
|
|
|
|
|
Total financial liabilities |
|
446,273 |
337,660 |
The weighted average interest rate for all mortgages and bonds amounted to 0.7% (2016: 2.0%).