19 Financial liabilities
|
in CHF 1,000 |
2021 |
2020 |
|
|
|
|
|
Current |
|
|
|
Bank overdrafts |
1,170 |
9,605 |
|
Contingent consideration liabilities |
1,646 |
1,766 |
|
Lease liabilities |
15,939 |
15,198 |
|
Other financial liabilities |
47,206 |
31,723 |
|
|
|
|
|
Total current financial liabilities |
65,961 |
58,292 |
|
|
|
|
|
Non-current |
|
|
|
Contingent consideration liabilities |
6,998 |
8,083 |
|
Lease liabilities |
22,098 |
26,520 |
|
Other financial liabilities |
4,484 |
52,731 |
|
|
|
|
|
Total non-current financial liabilities |
33,580 |
87,334 |
|
|
|
|
|
Total financial liabilities |
99,541 |
145,626 |
Revolving credit loan
The group has access to a CHF 470 million multiple currency revolving credit facility. Of this revolving credit facility, an amount of CHF 470 million was undrawn as at 31 December 2021 and 2020.
Contingent consideration liabilities
In 2015, the customer base (software license business) of CompuCom was acquired. The purchase price is fully based on variable payments depending on future revenues generated from those customers over a period of 10 years. The contingent consideration liability reflects the net present value of the expected payments. These estimates are reviewed at each balance sheet date and adjusted as necessary. Adjustments are booked in finance income or expenses as the case may be. Payments are made monthly.
For further information, refer to explanation of 'Level 3' financial instruments in Note 4.3 Categories of financial instruments and fair value estimation.
Changes in liabilities arising from financing activities
|
|
Changes in financial liabilities |
||||||
|
in CHF 1,000 |
1 January 2021 |
Business acquisitions |
Financing cash flows |
Foreign exchange movement |
Change in fair value |
Other |
31 December 2021 |
|
|
|
|
|
|
|
|
|
|
Bank overdrafts |
9,605 |
– |
–6,699 |
–1,736 |
– |
– |
1,170 |
|
Contingent consideration liabilities |
9,849 |
– |
–1,895 |
77 |
613 |
– |
8,644 |
|
Lease liabilities |
41,718 |
815 |
–17,522 |
–1,127 |
– |
14,153 |
38,037 |
|
Other current financial liabilities |
31,723 |
200 |
–5,283 |
–1,370 |
– |
21,936 |
47,206 |
|
Other non-current financial liabilities |
52,731 |
– |
–10,784 |
–264 |
– |
–37,199 |
4,484 |
|
|
|
|
|
|
|
|
|
|
Total |
145,626 |
1,015 |
–42,183 |
–4,420 |
613 |
–1,110 |
99,541 |
In 2021, SoftwareONE paid the purchase price for the acquisition of the remaining shares of IG Services SAS (TCHF 20,142), which is presented in cashflow from investing activities.
Further effects in column 'Other' are related to additions, disposals and compounding of lease liabilities (TCHF 14,153), the initial recognition of liabilities for the deferred purchase price payments for the acquisition of HeleCloud and Centiq (TCHF 5,283), a reclassification from non-current to current financial liabilities (TCHF: 37,096) and, to a limited extent, accrued interest.
|
|
Changes in financial liabilities |
||||||
|
in CHF 1,000 |
1 January 2020 |
Business acquisitions |
Financing cash flows |
Foreign exchange movement |
Change in fair value |
Other |
31 December 2020 |
|
|
|
|
|
|
|
|
|
|
Bank overdrafts |
4,151 |
– |
6,042 |
–588 |
– |
– |
9,605 |
|
Contingent consideration liabilities |
48,709 |
– |
–2,824 |
–922 |
–5,931 |
–29,183 |
9,849 |
|
Lease liabilities |
38,623 |
1,224 |
–16,984 |
–1,162 |
– |
20,017 |
41,718 |
|
Other current financial liabilities |
9,293 |
572 |
–23,845 |
–239 |
– |
45,942 |
31,723 |
|
Other non-current financial liabilities |
75,184 |
4,274 |
90 |
–485 |
– |
–26,332 |
52,731 |
|
|
|
|
|
|
|
|
|
|
Total |
175,960 |
6,070 |
–37,521 |
–3,396 |
–5,931 |
10,444 |
145,626 |
In 2020, the effect in column 'Other' of contingent consideration liabilities is related to a cash outflow of TCHF 32,601 for the contingent purchase price liability of the COMPAREX acquisition, which was presented in cashflow from investing activities. In addition, a contingent consideration liability for the acquisition of Intelligence Partner to the amount of TCHF 3,417 was recognized.
Further effects in column 'Other' were related to additions and compounding of lease liabilities (TCHF 20,017), the exercise of the call option of InterGrupo (TCHF 20,142), a reclassification from non-current to current financial liabilities (TCHF 25,899) and, to a limited extent, accrued interest.
In the statement of cash flows the change in financial liabilities is presented on a gross basis.