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 31.12.2015 | 1 003.5 | 6.0 | 306.0 | 662.3 | 1 777.8 |
As at 30.06.2016 | 686.5 | 131.0 | 301.0 | 489.3 | 1 607.8 |
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of which with repayment/redemption | 3.0 | 131.0 | 301.0 | 489.3 | 924.3 |
Repayment p.a. | 3.0 | 3.0 | 3.0 | 3.0 | – |
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 2016–2024 0.625% bond issued at an issue price of 100.000% (CHF 150.0 million) was paid up on 12 May 2016. In addition to the interest rate of 0.625% actually payable, the expense – corresponding to an effective interest rate of 0.68% – is also deferred in the earnings statement. On the same date, a 2.50% bond (CHF 150 million) was paid back at 100%.
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 |
2.00% bond issue 2013–23.09.2020 | 150.0 | 149.3 | 162.2 | 149.2 | 160.4 |
1.25% bond issue 2014–02.04.2019 | 125.0 | 124.8 | 129.1 | 124.7 | 129.0 |
1.375% bond issue 2015–31.03.2025 | 100.0 | 100.5 | 108.6 | 100.5 | 103.4 |
0.75% bond issue 2015–31.03.2021 | 120.0 | 120.4 | 123.5 | 120.5 | 122.3 |
0.625% bond issue 2016–10.05.2024 | 150.0 | 149.4 | 154.0 | – | – |
Fixed-rate mortgages | 277.8 | 277.8 | 287.2 | 296.8 | 307.3 |
During the period under review CHF 0.2 million was spent on the amortisation of the issuing costs for the bonds (1st half-year 2015: CHF 0.2 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 31.12.2015 |
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Borrowings | 1 005.0 | 6.0 | 306.0 | 460.8 | 1 777.8 |
Effect of interest rate swaps | –735.0 | 200.0 | 250.0 | 285.0 | 0.0 |
Total | 270.0 | 206.0 | 556.0 | 745.8 | 1 777.8 |
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Total in % | 15.2 | 11.6 | 31.3 | 41.9 | 100.0 |
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As at 30.06.2016 |
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Borrowings | 686.5 | 131.0 | 301.0 | 489.3 | 1 607.8 |
Effect of interest rate swaps | –635.0 | 150.0 | 200.0 | 285.0 | 0.0 |
Total | 51.5 | 281.0 | 501.0 | 774.3 | 1 607.8 |
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Total in % | 3.2 | 17.5 | 31.2 | 48.1 | 100.0 |
Financial liabilities by interest lock-in periods are classified 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 2016, fixed advances amounting to CHF 685.0 million and fixed-rate mortgages amounting to CHF 277.8 million (at nominal values) are in place, all of which were taken out with Swiss banks or insurance companies.
The average interest rate of all financial liabilities as at 30 June 2016 is 2.14% (31 December 2015: 2.15%).
The average interest lock-in period for all financial liabilities as at 30 June 2016 is 61 months (31 December 2015: 52 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.