|in CHF 000||Carrying amount||Market value||Carrying amount||Market value|
|Cash and cash equivalents||1||436 465||436 465||276 153||276 153|
|Current financial assets||19 998||19 998||311||311|
|of which securities||4||19 998||19 998||–||–|
|of which forward exchange transactions||4||–||–||311||311|
|Trade accounts receivable||2||228 535||228 535||214 396||214 396|
|Current financial assets||2||123 019||123 019||35 938||35 938|
|Other non-current financial assets||193 498||184 911||35 963||35 846|
|of which other investments – equity instruments||3||37 360||37 360||32 699||32 699|
|of which other investments – no equity instruments||4||168||168||168||168|
|of which loans||2||154 323||145 736||761||644|
|of which other non-current financial assets – no equity instruments||2||1 647||1 647||2 336||2 336|
|Current financial liabilities||6 089||6 089||5 350||5 350|
|of which forward exchange transactions||6||1 675||1 675||0||0|
|of which other current financial liabilities||5||4 414||4 414||5 350||5 350|
|Trade accounts payable||5||66 027||66 027||69 073||69 073|
|Other liabilities||5||4 895||4 895||15 234||15 234|
|Non-current financial liabilities||72 294||72 245||19 693||19 985|
|of which bank liabilities and loans||5||69 567||69 518||17 855||18 147|
|of which purchase price obligations||6||1 064||1 064||–||–|
|of which obligations to purchase own equity instruments||6||455||455||382||382|
|of which other non-current financial liabilities||6||1 207||1 207||1 456||1 456|
|Categorisation of financial instruments as per IFRS 9|
|Cash and cash equivalents – at amortised cost||1||436 465||436 465||276 153||276 153|
|Loans and receivables – at amortised cost||2||507 524||498 937||253 430||253 313|
|Financial assets – at fair value with value adjustments in other comprehensive income||3||37 360||37 360||32 699||32 699|
|Financial assets – at fair value with value adjustments in profit or loss||4||20 165||20 165||479||479|
|Financial liabilities – at amortised cost||5||(144 904)||(144 855)||(107 512)||(107 804)|
|Financial liabilities – at fair value with value adjustments in profit or loss||6||(4 401)||(4 401)||(1 838)||(1 838)|
TX Group uses the following measurement hierarchy for determining the fair value of financial instruments:
Level 1 Listed prices on active markets for identical assets and liabilities.
Level 2 Fair values calculated on the basis of observable market data. Either listed prices on non-active markets or non-listed prices are used. Such market values may also be derived from prices indirectly.
Level 3 Fair values not calculated on the basis of observable market data.
The forward exchange transactions included under current financial assets are the only financial instruments that are classified as Level 2 in the fair value hierarchy. As of 31 December they amount to CHF -1.7 million net (previous year: 0.3 million) and, not therefore being material, no further disclosure is made in respect of them.
Among other things, equity instruments associated with other financial assets and any purchase price obligations are classified as Level 3 in the fair value hierarchy. Here too, a more detailed disclosure is not made as these are not deemed to be material. Other investments recorded under other non-current financial assets are also classified as Level 3. Investments are mainly made during the start-up phase when no observable market prices are available. A suitable alternative valuation method is therefore applied in order to determine the fair value of the investment. These can include the price paid by third parties during financing rounds, a calculation based on the discounted cash flow (DCF) method or the market price as determined with the help of multiples. Input factors are things like contract details during the financing rounds, including the price paid by third parties, or business plans that contain the latest estimates in respect of trends for revenues and costs. As regards the two other most important investments, in quantitative terms, in MoneyPark AG and Joveo Inc., which are recorded in the balance sheet with a value of CHF 21.5 million as of 31 December 2021, the valuation was performed on a DCF basis or based on the last observable market values. Any remaining other investments (including their sensitivity) are deemed not to be material for TX Group. The valuations of other investments are reviewed on a half-yearly basis. The change in respect of other investments in the reporting year can be seen in the table below.
|in CHF 000||2021||2020|
|Other investments – as of 1.1.||32 866||22 842|
|Additions||10 238||7 482|
|Disposals 1||(9 776)||(177)|
|Valuation increase via other comprehensive income||4 200||2 720|
|Valuation reduction via other comprehensive income||–||–|
|Other investments – as of 31.12.||37 528||32 866|
1 Transfer to associates
All other financial instruments valued at fair value are classified as Level 1 in the fair value hierarchy. There were no transfers between the three levels.
Forward currency contracts
|in CHF 000||2021||2020|
|Contract volume||37 133||29 786|
|Fair value, due||(1 675)||311|
|due within 1 year||(1 675)||311|
|due within 1 to 5 years||–||–|
|due beyond 5 years||–||–|
|Details of cash flow hedges|
|Cash flow hedges recognised directly in other comprehensive income||(1 348)||251|
|Used for hedging as planned||57||886|
|Recognised directly in the income statement||–||–|
Forward euro contracts totalling CHF 37.1 million existed as of the balance sheet date to hedge the foreign currency risk arising from the framework agreements for the purchase of newsprint and magazine paper. The hedging transactions are recognised in the income statement upon realisation, together with the underlying transactions.
Depending on their maturity dates, the fair values of these derivative financial instruments are reported under current or non-current financial receivables or liabilities as appropriate.