• 19.Financial liabilities
Konzernrechnung emmi Gruppe

19.Financial liabilities

19.1Bonds

 

 

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 was 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. The bond was repaid on 21 June 2019.

 

 

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.

19.2Maturing structure of financial liabilities

2019

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

44,614

130,722

1,912

177,248

13,208

0.5 – 10.6

Finance lease liabilities

796

751

1,547

2.5 – 11.5

Loans from third parties

1,540

2,990

109

4,639

0.0 – 2.0

Bonds

200,000

100,000

300,000

0.0 – 1.6

Total

46,950

334,463

102,021

483,434

13,208

Bank loans are usually set at variable interest rates, whereas bonds are set at fixed terms. There are no financing arrangements in place linked to financial covenants. 

In the year under review, financial liabilities decreased by CHF 124.6 million. The CHF 100 million bond 2017 –2019 was repaid on 21 June 2019. In the US, a financing structure set up in connection with a government grant was reversed in a non-cash transaction. This transaction reduced the amount of loans on the liabilities side by CHF 47.3 million. See also notes 13 and 14. Bank debt increased by CHF 25.8 million, mainly due to acquisitions. 63.0 % (previous year: 67.0 %) of the financing is denominated in Swiss francs, mainly through two bonds in the amount of CHF 300.0 million. 24.5 % (previous year: 20.1 %) of the financial liabilities is denominated in Euro, the financing in US dollars was fully repaid with the reversal of the above mentioned financing structure in the US (previous year: 7.8%). CHF 60.4 million or 12.5 % (previous year: 5.1 %) of the financing is denominated locally in emerging market currencies such as Brazilian real, Chilean and Mexican peso and Tunisian dinar.

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