13 Derivative financial instruments
2025 | 2024 | 2025 | 2024 | |||
in CHF million | Notional amount | Notional amount | Derivative financial assets | Derivative financial liabilities | Derivative financial assets | Derivative financial liabilities |
Current | ||||||
Forward foreign exchange contracts | 1,178.7 | 1,599.1 | 1.9 | 4.2 | 19.5 | 2.3 |
– cash flow hedges recognized in OCI | 78.5 | 641.4 | 0.3 | 1.8 | 1.3 | 0.5 |
– not designated as hedging instruments | 1,100.0 | 957.7 | 1.6 | 2.4 | 5.7 | 1.8 |
Foreign exchange call options | - | 576.5 | - | - | 12.5 | - |
– cash flow hedges recognized in OCI | - | 576.5 | - | - | 12.5 | - |
Non-current | ||||||
Forward foreign exchange contracts | 115.0 | 50.4 | 0.3 | 1.4 | 0.7 | 0.4 |
– cash flow hedges recognized in OCI | 111.6 | 48.7 | 0.3 | 1.2 | 0.7 | 0.4 |
– not designated as hedging instruments | 3.4 | 1.7 | - | 0.2 | - | - |
Interest rate swaps | 388.0 | 96.2 | 0.2 | 0.3 | - | 0.8 |
– cash flow hedges recognized in OCI | 388.0 | 96.2 | 0.2 | 0.3 | - | 0.8 |
Total derivatives | 1,293.7 | 1,649.5 | 2.4 | 5.9 | 20.2 | 3.5 |
In 2025 and 2024, the ineffectiveness was immaterial.
In 2024, SoftwareOne entered into a foreign currency call option at a fair value at inception of CHF 13.5 million to hedge foreign currency risks relating to NOK 7.2 billion in connection with the purchase price for the acquisition of Crayon. The option was designated as a cash flow hedge. At the beginning of June 2025, SoftwareOne restructured the hedging instrument into a plain vanilla currency swap. The option’s fair value of CHF 14.2 million was offset against the recorded financial liability for the option premium, which amounted to CHF 13.5 million. The resulting cash inflow of CHF 0.7 million is reported under acquisition of businesses in cashflow from investing activities. The corresponding amount accumulated in OCI was reclassified from the hedging reserve to the consideration for the net assets acquired together with the effects of the plain vanilla currency swap that SoftwareOne had entered into in June 2025, refer to Note 3 Change in the scope of consolidation.
In prior year, the group recognized unrealized losses in the amount of CHF –1.0 million and tax effect of CHF 0.2 million in OCI during the period.