18 Financial liabilities
|
in CHF 1,000 |
2023 |
2022 |
|
|
|
|
|
Current |
|
|
|
Bank overdrafts |
375 |
5,178 |
|
Contingent consideration liabilities |
5,302 |
6,011 |
|
Lease liabilities |
13,411 |
14,948 |
|
Other financial liabilities |
121,173 |
17,040 |
|
|
|
|
|
Total current financial liabilities |
140,261 |
43,177 |
|
|
|
|
|
Non-current |
|
|
|
Contingent consideration liabilities |
2,040 |
9,019 |
|
Lease liabilities |
19,336 |
18,122 |
|
Other financial liabilities |
3,375 |
45,234 |
|
|
|
|
|
Total non-current financial liabilities |
24,751 |
72,375 |
|
|
|
|
|
Total financial liabilities |
165,012 |
115,552 |
Revolving credit loan
The group has access to a CHF 660 million (prior year: CHF 660 million) multiple currency revolving credit facility. Of this revolving credit facility, CHF 70 million was drawn as of 31 December 2023 (prior year: CHF 0 million).
Contingent consideration liabilities
The most significant contingent consideration liability relates to the acquisition of 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.
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 2023 |
Business acquisitions |
Financing cash flows |
Foreign exchange movement |
Change in fair value |
Other |
31 December 2023 |
|
|
|
|
|
|
|
|
|
|
Bank overdrafts |
5,178 |
– |
–4,549 |
–254 |
– |
– |
375 |
|
Contingent consideration liabilities |
15,030 |
– |
–2,921 |
–272 |
–895 |
–3,600 |
7,342 |
|
Lease liabilities |
33,070 |
– |
–17,024 |
–2,002 |
– |
18,703 |
32,747 |
|
Other current financial liabilities |
17,040 |
36 |
84,202 |
–7,987 |
– |
27,882 |
121,173 |
|
Other non-current financial liabilities |
45,234 |
– |
–403 |
–3,127 |
– |
–38,329 |
3,375 |
|
|
|
|
|
|
|
|
|
|
Total |
115,552 |
36 |
59,305 |
–13,642 |
–895 |
4,656 |
165,012 |
In 2023, the group paid contingent consideration liabilities for the acquisition of Predica (TCHF 2,709) and Intelligence Partner (TCHF 1,128), which is presented in cashflow from investing activities. In addition, SoftwareOne partially repaid receipts from swap contracts in an amount of TCHF 10,447 which is set off against the financial liability, which was initially recorded in 2022 and reclassed from non-current to current financial liabilities in 2023 (TCHF 38,441). The related cashflow was classified as cashflow from investing activities, for further explanations refer to section 4.1 Financial Risk Factors on Liquidity Risk. Further effects in column 'Other' are related to additions, disposals and compounding of lease liabilities (TCHF 18,703) and, to a limited extent, accrued interest.
|
|
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 was 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' were 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.
In the statement of cash flows the change in financial liabilities is presented on a gross basis.