13 Borrowings
Maturity of the financing (capital lock-up at nominal values)
CHF million | <1 year | 1–3 years | 3–5 years | >5 years | Total |
|
|
|
|
|
|
As at 31.12.2013 | 1 188.5 | <167.5 | 0.0 | 265.3 | 1621.3 |
As at 30.06.2014 | 1 188.1 | 167.5 | 125.0 | 263.8 | 1 744.4 |
| |||||
of which with repayment/redemption | 286.1 | 167.5 | 125.0 | 263.8 | 842.4 |
Repayment p.a. | 3.4 | 0.0 | 0.0 | 3.0 | 6.4 |
The financial liabilities consist of bank loans secured by mortgage (fixed advances and fixed-rate mortgages), a convertible bond and three bond issues. The bank loans in the form of fixed advances are extended on a rolling basis. Apart from the bond issues, only bank loans with contractually agreed remaining terms to maturity greater than twelve months are reported as long-term financial liabilities.
During the reporting period, CHF 125.0 million was paid-up on 2 April 2014 in the form of a 2014–2019 1.25% bond issued at an issue price of 100.486%. In addition to the actual interest rate of 1.25% to be paid, the expense, which corresponds to an effective interest rate of 1.33%, is also deferred to the income statement.
As at the balance sheet date, the bond and convertible bond issues are recog-nised as follows:
CHF million | Repayment | Nominal | Book value as | Book value as |
2.00% bond | 23.09.2020 | 150.0 | 149.0 | 148.9 |
1.25% bond | 02.04.2019 | 125.0 | 124.6 | – |
2.50% bond | 12.05.2016 | 150.0 | 149.5 | 149.3 |
2.125% convertible bond | 09.10.2014 | 199.9 | 198.6 | 195.9 |
During the period under review CHF 3.0 million was spent on the amortisation of the issuing costs for the bonds (1st half-year 2013: CHF 1.7 million).
Maturity of interest rates (interest lock-in period at nominal values)
CHF million | <1 year | 1–3 years | 3–5 years | >5 years | Total |
| |||||
As at 31.12.2013 |
|
|
|
|
|
Borrowings | 1 188.5 | 167.5 | 0.0 | 265.3 | 1621.3 |
Effect of interest rate swaps | –885.0 | 150.0 | 200.0 | 535.0 | 0.0 |
Total | 303.5 | 317.5 | 200.0 | 800.3 | 1621.3 |
| |||||
Total in % | 18.7 | 19.6 | 12.3 | 49.4 | 100.0 |
| |||||
As at 30.06.2014 |
|
|
|
|
|
Borrowings | 1 188.1 | 167.5 | 125.0 | 263.8 | 1 744.4 |
Effect of interest rate swaps | –835.0 | 200.0 | 150.0 | 485.0 | 0.0 |
Total | 353.1 | 367.5 | 275.0 | 748.8 | 1 744.4 |
| |||||
Total in % | 20.2 | 21.1 | 15.8 | 42.9 | 100.0 |
The classification of financial liabilities by interest lock-in periods is done on the basis of the actual date of maturity of the underlying fixed advances and mortgages and the maturity of the bond issue and convertible bond. In calculating the capital lock-up and interest lock-in periods, the respective par values of the bonds and their coupons were taken into account.
As at 30 June 2014, fixed advances amounting to CHF 988.2 million and fixed-rate mortgages amounting to CHF 131.3 million (at nominal values) are in place, all of which were taken out with Swiss banks or insurance companies.
In the next twelve months, one interest rate swap will mature with a value of CHF 50 million at 1.42% in January 2015.
The average interest rate of all financial liabilities as at 30 June 2014 is 2.07% (31 December 2013: 2.13%).
The average interest lock-in period for all financial liabilities as at 30 June 2014 is 51 months (31 December 2013: 56 months).
During the reporting period, the contractual clauses (financial covenants) relating to minimum capitalisation (equity ratio, net gearing, interest coverage ratio and refinancing of properties) agreed upon with the lenders were complied with without exception.