9 Borrowings
|
|
|
2025 |
||||
|
millions of CHF |
|
Non-current borrowings |
|
Current borrowings |
|
Total |
|
Balance as of January 1 |
|
248.2 |
|
10.2 |
|
258.4 |
|
Cash flow from proceeds |
|
– |
|
15.5 |
|
15.5 |
|
Cash flow for repayments |
|
– |
|
–25.2 |
|
–25.2 |
|
Changes in amortized costs |
|
0.5 |
|
– |
|
0.5 |
|
Currency translation differences |
|
– |
|
–0.0 |
|
–0.0 |
|
Total borrowings as of June 30 |
|
248.7 |
|
0.5 |
|
249.1 |
|
|
|
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 |
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 June 30, 2025 and as of December 31, 2024, 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 June 30, 2025, the facility was not drawn, compared with CHF 10.0 million drawn as of December 31, 2024.
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 June 30, 2025 and December 31, 2024 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 proforma EBITDA for the two testing dates following the acquisition.