19. Financial liabilities
19.1 Bonds
|
|
|
|
Bond type |
Bond with reopening option |
|
Nominal amount |
CHF 100 million |
|
Securities number |
36869774 / ISIN CH0368697741 |
|
Interest rate |
Variable (CHF 3-month LIBOR plus 0.5 %, with floor at 0.00 % and cap at 0.05 %) |
|
Term |
21 June 2017 to 21 June 2019 |
|
Maturity |
21 June 2019 at par value |
The CHF 0.2 million expenses incurred in connection with the issuance of the bond were capitalised under prepayments and accrued income on 21 June 2017. This accrual will be released over the term of the bond. The issue price at 100.8 % led to an agio-revenue of CHF 0.8 million. The realisation of the capitalised agio resulted in an effective interest rate of -0.29 % on the bond.
|
|
|
|
Bond type |
Bond with reopening option |
|
Nominal amount |
CHF 200 million |
|
Securities number |
21492608 / ISIN CH021492608 |
|
Interest rate |
1.625 % |
|
Term |
12 July 2013 to 12 July 2023 |
|
Maturity |
12 July 2023 at par value |
The CHF 2.1 million expenses incurred in connection with the issuance of the bond were capitalised under prepayments and accrued income on 12 July 2013. This accrual will be released over the term of the bond. The actual interest rate on the bond is thereby increased from 1.625 % to 1.72 % per year.
|
|
|
|
Bond type |
Bond with reopening option |
|
Nominal amount |
CHF 100 million |
|
Securities number |
36869775 / ISIN CH0368697758 |
|
Interest rate |
0.5 % |
|
Term |
21 June 2017 to 21 June 2029 |
|
Maturity |
21 June 2029 at par value |
The CHF 0.4 million expenses incurred in connection with the issuance of the bond were capitalised under prepayments and accrued income on 21 June 2017. This accrual will be released over the term of the bond. The issue price at 100.4 % led to an agio-revenue of CHF 0.4 million. The actual interest rate on the bond is thereby increased from 0.50 % to 0.51 % per year.
19.2 Maturing structure of financial liabilities
|
2018 |
Residual terms up to 1 year |
Residual terms 1 to 5 years |
Residual terms over 5 years |
Total |
Thereof secured by real property liens |
Interest rate in % |
|
Bank overdrafts |
21,526 |
93,453 |
36,495 |
151,474 |
7,339 |
0.5 – 9.4 |
|
Finance lease liabilities |
966 |
1,092 |
– |
2,058 |
– |
2.5 – 8.7 |
|
Loans from third parties |
1,909 |
15,978 |
35,751 |
53,638 |
47,312 |
0.0 – 2.0 |
|
Loans from associates |
881 |
– |
– |
881 |
– |
2.0 |
|
Bonds |
100,000 |
200,000 |
100,000 |
400,000 |
– |
0.0 – 1.6 |
|
Total |
125,282 |
310,523 |
172,246 |
608,051 |
54,651 |
– |
Bank loans with residual terms of up to one year are usually set at variable interest rates. Bonds and the major part of the long-term financial debts are set at fixed terms. The bank loans linked to financial covenants such as net equity ratio and net-debt-to-EBITDA ratio were repayed in the year under review.
In the year under review, financial liabilities decreased by CHF 3.7 million. Additional financing was raised in Mexico, Spain and Tunisia. Emmi AG could repay the last Schuldscheine (promissory notes) of the 2011 issue in the amount of EUR 10 million. 67.0 % (previous year: 65.7 %) of the financing is denominated in Swiss francs, mainly through the three bonds in the amount of CHF 400.0 million. 20.1 % (previous year: 22.8 %) of the financial liabilities is denominated in Euro, 7.8 % (previous year: 7.8 %) in US dollars and 5.1 % (previous year: 3.7 %) in other currencies such as Chilean and Mexican peso or Tunisian dinar.
|
2017 |
Residual terms up to 1 year |
Residual terms 1 to 5 years |
Residual terms over 5 years |
Total |
Thereof secured by real property liens |
Interest rate in % |
|
Bank overdrafts |
33,403 |
83,586 |
36,720 |
153,709 |
6,190 |
0.0 – 10.0 |
|
Finance lease liabilities |
1,331 |
1,407 |
– |
2,738 |
– |
2.5 – 9.0 |
|
Loans from third parties |
876 |
11,269 |
38,378 |
50,523 |
47,526 |
0.0 – 5.4 |
|
Loans from associates |
4,733 |
– |
– |
4,733 |
– |
2.0 |
|
Bonds |
– |
100,000 |
300,000 |
400,000 |
– |
0.0 – 1.6 |
|
Total |
40,343 |
196,262 |
375,098 |
611,703 |
53,716 |
– |