22 Borrowings
|
|
|
2024 |
||||
|
millions of CHF |
|
Non-current borrowings |
|
Current borrowings |
|
Total |
|
Balance as of January 1 |
|
247.3 |
|
31.5 |
|
278.7 |
|
Cash flow from proceeds |
|
– |
|
16.4 |
|
16.4 |
|
Cash flow for repayments |
|
– |
|
–37.7 |
|
–37.7 |
|
Changes in amortized costs |
|
0.9 |
|
– |
|
0.9 |
|
Currency translation differences |
|
– |
|
0.0 |
|
0.0 |
|
Total borrowings as of December 31 |
|
248.2 |
|
10.2 |
|
258.4 |
|
|
|
2023 |
||||
|
millions of CHF |
|
Non-current borrowings |
|
Current borrowings |
|
Total |
|
Balance as of January 1 |
|
246.9 |
|
155.1 |
|
402.0 |
|
Cash flow from proceeds |
|
– |
|
33.6 |
|
33.6 |
|
Cash flow for repayments |
|
– |
|
–157.2 |
|
–157.2 |
|
Transaction costs related to loans and borrowings |
|
–0.4 |
|
– |
|
–0.4 |
|
Changes in amortized costs |
|
0.8 |
|
– |
|
0.8 |
|
Currency translation differences |
|
– |
|
–0.1 |
|
–0.1 |
|
Total borrowings as of December 31 |
|
247.3 |
|
31.5 |
|
278.7 |
In 2021, the group arranged two committed syndicated credit facilities (A and B) for a total amount of CHF 400.0 million, both maturing in September 2028.
- Facility A: syndicated term loan for an amount of CHF 250.0 million. As of December 31, 2024 and as of December 31, 2023, the facility was fully utilized.
- Facility B: syndicated revolving credit facility for an amount of CHF 150.0 million. The credit facility can be drawn until 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, 2024, CHF 10.0 million of the facility was drawn, compared with CHF 30.0 million as of December 31, 2023.
The committed syndicated credit facilities (A and B) are dependent on a financial covenant that defines the interest margin and the maximum leverage allowed for the group.
The group complied with the financial covenant as of December 31, 2024 and December 31, 2023 and expects to comply with it for 12 months after the reporting date.
Net debt must not exceed three times the pro-forma EBITDA (EBITDA adjusted on a pro-forma basis for permitted acquisitions and disposals); this leverage ratio is tested on a half-yearly basis. If the group has closed one or more permitted acquisitions of more than CHF 75.0 million, the ratio must not exceed 3.75 times pro-forma EBITDA for the two testing dates following the acquisition.
The average interest rate for borrowings in CHF in 2024 is 3.2%, down from 3.3% in 2023. This rate is determined by taking a weighted average of the borrowed amounts, using the interest rates applicable at the time of each borrowing, and does not include the impact of interest rate swaps.
Borrowings by currency
|
|
|
2024 |
||||
|
|
|
millions of CHF |
|
in % |
|
Interest rate |
|
CHF |
|
258.2 |
|
99.9 |
|
3.2% |
|
EUR |
|
0.1 |
|
0.0 |
|
3.5% |
|
USD |
|
0.1 |
|
0.1 |
|
3.5% |
|
Total as of December 31 |
|
258.4 |
|
100.0 |
|
|
|
|
|
2023 |
||||
|
|
|
millions of CHF |
|
in % |
|
Interest rate |
|
CHF |
|
277.5 |
|
99.6 |
|
3.3% |
|
EUR |
|
1.2 |
|
0.4 |
|
3.3% |
|
USD |
|
0.0 |
|
0.0 |
|
0.0% |
|
Total as of December 31 |
|
278.7 |
|
100.0 |
|
|