17. Financial liabilities
|
In CHF 1,000 |
31.12.2018 |
31.12.2017 |
|
Amortisation obligations on mortgages |
- |
160 |
|
Loans from third parties |
- |
5,000 |
|
Current mortgages |
23,480 |
6,532 |
|
Current bonds |
140,000 |
- |
|
Current financial liabilities |
163,480 |
11,692 |
|
|
|
|
|
Mortgages |
2,151 |
9,665 |
|
Bonds |
380,000 |
420,000 |
|
Loans from third parties |
4,001 |
4,916 |
|
Non-current financial liabilities |
386,153 |
434,581 |
|
Total financial liabilities |
549,633 |
446,273 |
Mortgages and bonds due for repayment within the next twelve months are reported under current financial liabilities.
In 2018, a CHF 100 million bond, maturing on 12 June 2020, with a coupon of 0.35%, was issued on 12 June 2018.
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.
As at the balance sheet date, the following bonds are outstanding:
|
ISIN |
CH 033 764 551 6 |
CH 035 259 586 9 1) |
CH 036 153 322 4 |
CH 037 347 679 2 |
|
Trading currency |
CHF |
CHF |
CHF |
CHF |
|
Issuing volume |
100 million |
140 million |
180 million |
100 million |
|
Listing |
SIX Swiss Exchange |
SIX Swiss Exchange |
SIX Swiss Exchange |
SIX Swiss Exchange |
|
Coupon |
0.55% |
0.25% |
0.75% |
0.35% |
|
Tenor |
5 years |
2 years |
5 years |
2 years |
|
Payment date |
15 November 2016 |
14 February 2017 |
3 October 2017 |
12 June 2018 |
|
Redemption date |
15 November 2021 |
14 February 2019 |
3 October 2022 |
12 June 2020 |
1) Refinanced with a coupon of 0.773% for a tenor of 2 years (14 February 2019 – 15 February 2021).
Properties in the amount of CHF 233.7 million (31.12.2017: CHF 245.3 million) were pledged to secure mortgages and available credit lines. Unused credit lines totalled CHF 171 million at 31 December 2018 (31.12.2017: CHF 201 million).
As at the balance sheet date, amounts falling due are as follows:
|
In CHF 1,000 |
31.12.2018 |
31.12.2017 |
|
Rollover mortgages |
18,400 |
2,594 |
|
Due within the first year |
145,080 |
6,532 |
|
Due within the second year |
102,151 |
145,080 |
|
Due within the third year |
100,000 |
2,151 |
|
Due within the fourth year |
180,000 |
100,000 |
|
Due within the fifth year and beyond |
- |
180,000 |
|
Total mortgages and bonds |
545,631 |
436,357 |
|
|
|
|
|
Loans from third parties 1) |
4,001 |
9,916 |
|
Total other financial liabilities |
4,001 |
9,916 |
|
|
|
|
|
Total financial liabilities |
549,633 |
446,273 |
1) Loans from third parties as at 31 December 2018 have no fixed maturity and are interest-free. As at 31 December 2017, they included an unsettled purchase price consideration for the Privera Group acquisition (September 2014) of CHF 5 million, which was interest-free and amortised annually by CHF 5 million, for the last time in 2018.
Interest maturity periods are as follows (composition until next interest rate adjustment):
|
In CHF 1,000 |
Interest rates as at 31.12.2018 |
31.12.2018 |
31.12.2017 |
|
Up to one year |
|
165,631 |
16,357 |
|
Up to 2 years |
|
100,000 |
140,000 |
|
Up to 3 years |
|
100,000 |
- |
|
Up to 4 years |
|
180,000 |
100,000 |
|
Up to 5 years and beyond |
|
- |
180,000 |
|
Total mortgages and bonds |
0.25%─0.73% |
545,631 |
436,357 |
|
|
|
|
|
|
Loans from third parties |
|
4,001 |
9,916 |
|
Total other financial liabilities |
0.0% |
4,001 |
9,916 |
|
|
|
|
|
|
Total financial liabilities |
|
549,633 |
446,273 |
The weighted average interest rate for all mortgages and bonds amounted to 0.5% (2017: 0.7%).