23 Borrowings
|
|
|
2021 |
||||
|
millions of CHF |
|
Non-current borrowings |
|
Current borrowings |
|
Total |
|
Balance as of January 1 |
|
239.5 |
|
46.5 |
|
286.0 |
|
Cash flow from proceeds |
|
265.2 |
|
107.6 |
|
372.8 |
|
Cash flow for repayments |
|
–255.1 |
|
–245.9 |
|
–501.0 |
|
Contribution from/to the Sulzer group |
|
–1.4 |
|
97.8 |
|
96.4 |
|
Reclassifications |
|
–10.0 |
|
10.0 |
|
– |
|
Currency translation differences |
|
0.7 |
|
0.4 |
|
1.0 |
|
Total borrowings as of December 31 |
|
238.9 |
|
16.3 |
|
255.2 |
|
|
|
2020 |
||||
|
millions of CHF |
|
Non-current borrowings |
|
Current borrowings |
|
Total |
|
Balance as of January 1 |
|
240.4 |
|
12.1 |
|
252.5 |
|
Cash flow from proceeds |
|
– |
|
37.4 |
|
37.4 |
|
Cash flow for repayments |
|
– |
|
–22.2 |
|
–22.2 |
|
Assumed through business combination |
|
23.0 |
|
– |
|
23.0 |
|
Reclassifications |
|
–19.6 |
|
19.6 |
|
– |
|
Currency translation differences |
|
–4.2 |
|
–0.4 |
|
–4.6 |
|
Total borrowings as of December 31 |
|
239.5 |
|
46.5 |
|
286.0 |
After the spin-off, the group repaid most of the current and non-current borrowings with the Sulzer group. As of December 31, 2021, borrowings with the Sulzer group were reduced to CHF 3.9 million (refer to note 29 for transactions with related parties). The group arranged two committed syndicated credit facilities (facility A and B) for a total amount of CHF 400.0 million, both maturing in September 2026. The credit facilities include two one-year extension options (subject to lenders’ approval).
- Facility A: Syndicated term loan for an amount of CHF 250.0 million. As of December 31, 2021, the facility was fully utilized. As of December 2022, the term loan will be reduced by semiannual instalments of CHF 10.0 million.
- Facility B: Syndicated revolving credit facility for an amount of CHF 150.0 million. The credit facility can be drawn untill one month before maturity and includes a further option to increase the credit facility by CHF 75.0 million (subject to lenders’ approval). As of December 31, 2021, the facility was not used.
Related to the Haselmeier acquisition in 2020, the group assumed non-current borrowings of CHF 23.0 million through business combinations, as disclosed in note 4.
Borrowings by currency
|
|
|
2021 |
||||
|
|
|
millions of CHF |
|
in % |
|
Interest rate |
|
CHF |
|
246.9 |
|
96.7 |
|
1.0% |
|
EUR |
|
8.0 |
|
3.1 |
|
0.3% |
|
GBP |
|
0.4 |
|
0.1 |
|
1.0% |
|
USD |
|
0.0 |
|
0.0 |
|
0.9% |
|
Total as of December 31 |
|
255.2 |
|
100.0 |
|
– |
|
|
|
2020 |
||||
|
|
|
millions of CHF |
|
in % |
|
Interest rate |
|
CHF |
|
17.3 |
|
6.0 |
|
1.0% |
|
EUR |
|
220.7 |
|
77.2 |
|
2.7% |
|
GBP |
|
13.8 |
|
4.8 |
|
2.1% |
|
USD |
|
27.2 |
|
9.5 |
|
2.0% |
|
PLN |
|
6.9 |
|
2.4 |
|
1.3% |
|
Total as of December 31 |
|
286.0 |
|
100.0 |
|
– |