4.4 Property, plant, and equipment
CHF million | Land and buildings | Machinery, plant equip- ment, and tools | IT equipment | Vehicles and furniture | Property, plant, and equipment under con- struction | Right-of-use assets | Total property, plant, and equipment |
|---|---|---|---|---|---|---|---|
Carrying amount at January 1, 2023 | 75.2 | 94.4 | 5.2 | 6.2 | 18.9 | 31.3 | 231.2 |
Additions | 11.0 | 11.8 | 1.5 | 1.6 | 13.9 | 15.9 | 55.7 |
Disposals | – 1.3 | – 0.7 | 0.0 | 0.0 | 0.0 | – 0.1 | – 2.1 |
Depreciation | – 4.0 | – 23.0 | – 2.0 | – 1.9 | 0.0 | – 6.0 | – 36.9 |
Impairment losses1 | – 0.8 | – 0.4 | – 0.1 | – 0.1 | 0.0 | – 4.6 | – 6.0 |
Reclassifications | – 0.3 | 13.5 | 0.1 | 0.4 | – 13.7 | 0.0 | 0.0 |
Currency translation differences | – 5.2 | – 7.0 | – 0.2 | – 0.4 | – 0.7 | – 2.3 | – 15.8 |
Carrying amount at December 31, 2023 | 74.6 | 88.6 | 4.5 | 5.8 | 18.4 | 34.2 | 226.1 |
Cost at December 31, 2023 | 158.5 | 357.9 | 19.0 | 32.3 | 18.4 | 52.9 | 639.0 |
Accumulated depreciation at December 31, 2023 | – 83.9 | – 269.3 | – 14.5 | – 26.5 | 0.0 | – 18.7 | – 412.9 |
Carrying amount at December 31, 2023 | 74.6 | 88.6 | 4.5 | 5.8 | 18.4 | 34.2 | 226.1 |
Acquisitions2 | 5.7 | 1.7 | 0.0 | 0.3 | 0.5 | 0.6 | 8.8 |
Additions | 5.6 | 9.7 | 1.5 | 3.0 | 4.9 | 36.63 | 61.3 |
Disposals | – 0.5 | – 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | – 0.7 |
Depreciation | – 4.0 | – 21.8 | – 2.0 | – 2.0 | 0.0 | – 8.4 | – 38.2 |
Impairment losses | 0.0 | – 0.9 | – 0.1 | – 0.1 | 0.0 | 0.0 | – 1.1 |
Reclassifications | – 8.8 | 19.7 | 0.6 | 1.5 | – 13.0 | 0.0 | 0.0 |
Changes in leases | – | – | – | – | – | – 1.5 | – 1.5 |
Currency translation differences | 1.5 | 1.3 | 0.0 | 0.3 | 0.2 | 0.7 | 4.0 |
Carrying amount at December 31, 2024 | 74.1 | 98.1 | 4.5 | 8.8 | 11.0 | 62.2 | 258.7 |
Cost at December 31, 2024 | 162.8 | 382.7 | 19.6 | 34.4 | 11.0 | 88.2 | 698.7 |
Accumulated depreciation at December 31, 2024 | – 88.7 | – 284.6 | – 15.1 | – 25.6 | 0.0 | – 26.0 | – 440.0 |
Carrying amount at December 31, 2024 | 74.1 | 98.1 | 4.5 | 8.8 | 11.0 | 62.2 | 258.7 |
1In 2023, impairment losses of CHF 6.0 million are included. This is mainly related to the impairment loss on the right-of-use asset of the leased office premises not used any longer due to the closure of the Ingolstadt location (see note 2.2).
2See note 2.1.
3This includes the right-of-use asset of the Campus in Winterthur in the amount of CHF 34.9 million.
No land and buildings are pledged as security for financial debt. At the end of 2024, open purchase commitments in respect of major investments in tangible fixed assets amounted to CHF 0.8 million (December 31, 2023: CHF 1.4 million).
Material accounting policies
Property, plant, and equipment are recognized at historical cost and depreciated on a straight-line basis over the estimated useful life. Depreciation of an asset starts when it is available for use. Historical cost also includes expenditure that is directly attributable to the acquisition. Useful life is determined based on the expected period of utilization of individual assets. The respective ranges are as follows:
Buildings
Machinery and plant equipment
Tools/IT equipment/furniture
Vehicles
20 – 50 years
5 – 15 years
3 – 10 years
3 – 5 years
Assets under construction that are not yet available for use, as well as land, are not depreciated. Value adjustments are recognized if required. Where components of significant assets have differing useful lives, these are depreciated separately.
All gains or losses arising from the disposal of property, plant, and equipment are recognized in the income statement. Cost related to repair and maintenance is charged to the income statement as incurred.
Investment grants received for capital projects are deferred and credited to the income statement on a straight-line basis over the expected useful life of the related assets.
Borrowing costs that are attributable to the acquisition, construction, or production of a qualifying asset are capitalized as a part of the acquisition costs of the qualifying asset.
For accounting policies in relation to right-of-use assets see note 8.3.