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Financial instruments

  Category   2021   2020
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.