8.4 Financial instruments
The following tables summarize all financial instruments held at December 31, 2024, and 2023, grouped according to the categories defined in the material accounting policies. In addition, the tables provide information regarding the fair value hierarchy of IFRS 13. The carrying amounts of financial instruments measured at amortized cost approximate fair values due to their mainly short-term nature.
CHF million | December 31, 2023 | December 31, 2024 |
|---|---|---|
Cash and banks | 134.8 | 102.2 |
Time deposits with original maturities of up to three months | 0.8 | 1.0 |
Time deposits with original maturities of more than three months | 0.2 | 0.2 |
Trade receivables | 138.8 | 106.4 |
Other current receivables | 13.2 | 6.2 |
Long-term receivables from customers | 3.9 | 1.8 |
Other non-current assets | 0.4 | 1.7 |
Financial assets at amortized cost | 292.1 | 219.5 |
Other financial assets1 | 1.5 | 1.3 |
Derivative financial instruments (positive fair values)1 | 11.7 | 3.5 |
Financial assets at fair value through profit and loss (mandatorily) | 13.2 | 4.8 |
Marketable securities2 | 0.1 | 0.1 |
Other financial assets3 | 0.5 | 0.5 |
Financial assets at fair value through other comprehensive income | 0.6 | 0.6 |
Financial assets | 305.9 | 224.9 |
1Measured at fair values which are based on directly or indirectly observable input parameters (level 2).
2Measured at fair values which are based on quoted prices in active markets (level 1).
3Measured at fair values which are based on unobservable inputs (level 3).
CHF million | December 31, 2023 | December 31, 2024 |
|---|---|---|
Trade payables | 101.5 | 102.4 |
Other current liabilities | 109.6 | 67.0 |
Bank debt | 114.8 | 92.5 |
Current lease liabilities | 6.5 | 8.7 |
Other current financial debt | 1.9 | 3.7 |
Fixed-rate bonds1 | 174.6 | 169.5 |
Non-current lease liabilities | 29.3 | 53.3 |
Other non-current financial debt | 0.0 | 6.0 |
Financial liabilities at amortized cost | 538.2 | 503.1 |
Derivative financial instruments (negative fair values)2 | 18.3 | 2.4 |
Financial liabilities at fair values through profit and loss (mandatorily) | 18.3 | 2.4 |
Financial liabilities | 556.5 | 505.5 |
1The fair value of the fixed-rate bonds as disclosed in note 5.3 is based on a quoted price in an active market (level 1).
2Measured at fair values which are based on directly or indirectly observable input parameters (level 2).
There were no transfers among the categories and the valuation techniques have been applied consistently.
Financial instruments measured at level 2 consist mainly of derivatives held for hedging purposes entered into with reputable financial institutions. The fair value of these instruments is determined with the help of valuation techniques that use foreign exchange rates and interest rates as observable input parameters. At December 31, 2024, contract values of all outstanding forward exchange contracts amounted to CHF 377.4 million (December 31, 2023: CHF 657.2 million).