3.3 Financial Assets and Liabilities
Financial Assets
|
in CHF 1'000 |
|
December 31, 2023 |
|
December 31, 2022 |
|
|
|
|
|
|
|
Term deposits |
|
- |
|
25'000 |
|
Derivative financial instruments |
|
1'914 |
|
1'305 |
|
Investments |
|
4'619 |
|
5'174 |
|
Other financial assets |
|
1'312 |
|
1'626 |
|
Total |
|
7'846 |
|
33'106 |
|
|
|
|
|
|
|
of which current financial assets |
|
1'956 |
|
26'305 |
|
of which non-current financial assets |
|
5'890 |
|
6'801 |
Term deposits consist of bank deposits with maturities of more than three but less than twelve months from the date of acquisition. Other financial assets primarily comprise deposits relating to lease agreements for the business premises of various Group companies as well as loans to finance Belimo distribution companies. Investments comprise an immaterial investment as well as a simple agreement for future equity in innovative start-ups in the heating, ventilation, and air-conditioning systems sector. In 2023, an immaterial valuation allowance has been recognized (2022: immaterial valuation allowance).
Financial Liabilities
|
in CHF 1'000 |
|
December 31, 2023 |
|
December 31, 2022 |
|
|
|
|
|
|
|
Bank loans |
|
3'966 |
|
1'109 |
|
Lease liabilities |
|
10'606 |
|
9'675 |
|
Derivative financial instruments |
|
112 |
|
- |
|
Other financial liabilities |
|
138 |
|
688 |
|
Total |
|
14'822 |
|
11'473 |
|
|
|
|
|
|
|
of which current financial liabilities |
|
3'814 |
|
3'495 |
|
of which non-current financial liabilities |
|
11'008 |
|
7'977 |
The changes in financial liabilities were as follows:
|
in CHF 1'000 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
As at January 1 |
|
11'473 |
|
10'768 |
|
|
|
|
|
|
|
Interest paid financial borrowings |
|
-596 |
|
-18 |
|
Interest paid lease liabilities |
|
-342 |
|
-326 |
|
Repayment of financial borrowings |
|
-59'707 |
|
- |
|
Repayment of lease liabilities |
|
-3'824 |
|
-3'840 |
|
Proceeds from financial borrowings |
|
63'669 |
|
- |
|
Cash flow from financing activities |
|
-800 |
|
-4'183 |
|
|
|
|
|
|
|
Non-cash effective movements lease liabilities |
|
5'505 |
|
4'377 |
|
Other non-cash effective movements |
|
-1'229 |
|
214 |
|
Deferred payments for investments in property, plant and equipment |
|
- |
|
404 |
|
Interest expenses financial borrowings |
|
626 |
|
51 |
|
Interest expenses lease liabilities |
|
342 |
|
326 |
|
Translation differences |
|
-1'093 |
|
-484 |
|
Non-cash effective movements |
|
4'150 |
|
4'888 |
|
|
|
|
|
|
|
As at December 31 |
|
14'822 |
|
11'473 |
Interest paid not related to financial liabilities and therefore not included in the table above amounted to CHF 0.3 million (2022: CHF 0.2 million).
Management judgment is required to determine the lease liabilities. Further details regarding lease accounting are described in note Property, Plant and Equipment.
Financial assets are measured at amortized costs, with the exception of investments held at fair value through other comprehensive income as well as investments held at fair value through profit and loss. Derivative financial instruments are measured at fair value through profit and loss with any changes therein recognized in the financial result. Financial assets measured at amortized costs are subject to the impairment requirements of IFRS 9.
Financial liabilities are initially recognized at fair value and subsequently measured at amortized costs using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit and loss. Lease liabilities are initially measured at the present value of the lease payments. Derivative financial instruments are measured at fair value through profit and loss with any changes therein recognized in the financial result.