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 |
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As at 31.12.2014 | 1 100.2 | 173.5 | 131.0 | 347.3 | 1 752.0 |
As at 30.06.2015 | 1 007.3 | 6.0 | 131.0 | 610.8 | 1 755.1 |
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of which with repayment/redemption | 469.8 | 6.0 | 131.0 | 610.8 | 1 217.6 |
Repayment p.a. | 3.4 | 0.0 | 0.0 | 0.0 | 3.4 |
The financial liabilities consist of bank loans secured by mortgage (fixed advances and fixed-rate mortgages) and five 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, a 2015–2021 0.75% bond issued at an issue price of 100.808% (CHF 120 million) and a 2015–2025 1.375% bond issued at an issue price of 100.910% (CHF 100 million) were paid up on 31 March 2015. In addition to the actual interest rates of 0.75% and 1.375% to be paid, the expense, which corresponds to an effective interest rate of 0.67% and 1.32%, is also deferred to the income statement.
As at the balance sheet date, the bond issues and fixed-rate mortgages are recognised as follows:
CHF million | Nominal | Book value | Fair value | Book value | Fair value |
1.375% bond issue 2015–31.03.2025 | 100.0 | 100.5 | 102.8 | – | – |
0.75% bond issue 2015–31.02.2021 | 120.0 | 120.5 | 122.0 | – | – |
2.00% bond issue 2013–23.09.2020 | 150.0 | 149.2 | 162.2 | 149.1 | 158.0 |
1.25% bond issue 2014–02.04.2019 | 125.0 | 124.7 | 129.7 | 124.7 | 126.9 |
2.50% bond issue 2011–12.05.2016 | 150.0 | 149.7 | 153.2 | 149.6 | 153.9 |
Fixed-rate mortgages | 273.3 | 273.3 | 284.9 | 229.8 | 239.8 |
During the period under review CHF 0.2 million was spent on the amortisation of the issuing costs for the bonds (1st half-year 2014: CHF 3.0 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 |
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As at 31.12.2014 |
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Borrowings | 1 098.7 | 173.5 | 131.0 | 348.8 | 1 752.0 |
Effect of interest rate swaps | –735.0 | 100.0 | 150.0 | 485.0 | 0.0 |
Total | 363.7 | 273.5 | 281.0 | 833.8 | 1 752.0 |
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Total in % | 20.8 | 15.6 | 16.0 | 47.6 | 100.0 |
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As at 30.06.2015 |
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Borrowings | 1 005.8 | 6.0 | 131.0 | 612.3 | 1 755.1 |
Effect of interest rate swaps | –735.0 | 100.0 | 250.0 | 385.0 | 0.0 |
Total | 270.8 | 106.0 | 381.0 | 997.3 | 1 755.1 |
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Total in % | 15.5 | 6.0 | 21.7 | 56.8 | 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 issues. 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 2015, fixed advances amounting to CHF 836.8 million and fixed-rate mortgages amounting to CHF 273.3 million (at nominal values) are in place, all of which were taken out with Swiss banks or insurance companies.
In the next twelve months, two interest rate swaps will mature with a value of CHF 50 million at 2.14% in September 2015 and at 2.10% in December 2015.
The average interest rate of all financial liabilities as at 30 June 2015 is 2.34% (31 December 2014: 1.93%).
The average interest lock-in period for all financial liabilities as at 30 June 2015 is 58 months (31 December 2014: 50 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.