19 Financial liabilities
|
in CHF 1,000 |
2022 |
2021 |
|
|
|
|
|
Current |
|
|
|
Bank overdrafts |
5,178 |
1,170 |
|
Contingent consideration liabilities |
6,011 |
1,646 |
|
Lease liabilities |
14,948 |
15,939 |
|
Other financial liabilities |
17,040 |
47,206 |
|
|
|
|
|
Total current financial liabilities |
43,177 |
65,961 |
|
|
|
|
|
Non-current |
|
|
|
Contingent consideration liabilities |
9,019 |
6,998 |
|
Lease liabilities |
18,122 |
22,098 |
|
Other financial liabilities |
45,234 |
4,484 |
|
|
|
|
|
Total non-current financial liabilities |
72,375 |
33,580 |
|
|
|
|
|
Total financial liabilities |
115,552 |
99,541 |
Revolving credit loan
The group has access to a CHF 660 million (prior year: CHF 470 million) multiple currency revolving credit facility. Of this revolving credit facility, no amount was drawn as of 31 December 2022 and 2021.
Contingent consideration liabilities
The most significant contingent consideration liabilities relate to the acquisition of the customer base of CompuCom, the acquisition of Intelligence Partner and Predica. The contingent consideration liability reflects the fair value of the expected payments. These estimates are reviewed at each reporting date and adjusted as necessary. Adjustments are booked in finance income or expenses. Payments for CompuCom are made monthly, for the other acquisitions payments are made on a yearly basis.
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 2022 |
Business acquisitions |
Financing cash flows |
Foreign exchange movement |
Change in fair value |
Other |
31 December 2022 |
|
|
|
|
|
|
|
|
|
|
Bank overdrafts |
1,170 |
– |
11,981 |
–7,973 |
– |
– |
5,178 |
|
Contingent consideration liabilities |
8,644 |
937 |
–2,542 |
–105 |
167 |
7,929 |
15,030 |
|
Lease liabilities |
38,037 |
– |
–16,368 |
–1,993 |
– |
13,394 |
33,070 |
|
Other current financial liabilities |
47,206 |
581 |
–26,083 |
334 |
– |
–4,998 |
17,040 |
|
Other non-current financial liabilities |
4,484 |
12 |
–650 |
–1,089 |
– |
42,477 |
45,234 |
|
|
|
|
|
|
|
|
|
|
Total |
99,541 |
1,530 |
–33,662 |
–10,826 |
167 |
58,802 |
115,552 |
In 2022, SoftwareOne paid back the promissory loan (TCHF 35,658). The group paid the deferred purchase price for the acquisition of Centiq (TCHF 5,013), which is presented in cashflow from investing activities. In addition, SoftwareOne recorded a financial liability related to swap contracts for which the cashflow was classified as cashflow from investing activities (TCHF 42,559).
Further effects in column 'Other' are related to the initial recognition of liabilities for the contingent consideration liability for the acquisition of Predica (TCHF 8,750), additions, disposals and compounding of lease liabilities (TCHF 13,394) and, to a limited extent, accrued interest.
|
|
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 was presented in cashflow from investing activities.
Further effects in column 'Other' were 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.
In the statement of cash flows the change in financial liabilities is presented on a gross basis.