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Financial instruments

  Category   30.06.2021   31.12.2020
in CHF mn       Carrying value   Fair value   Carrying value   Fair value
Cash and cash equivalents   1    284.3   284.3   276.2   276.2
Current financial assets       20.4   20.4   0.3   0.3
of which securities   4    20.0   20.0    
of which forward exchange contracts   4    0.4   0.4   0.3   0.3
Trade accounts receivable   2    179.0   179.0   214.4   214.4
Current financial receivables   2    14.0   14.0   35.9   35.9
Other non-current financial assets       34.6   34.5   36.0   35.8
of which other investments – equity instruments   3    30.9   30.9   32.7   32.7
of which other investments – no equity instruments   4    0.2   0.2   0.2   0.2
of which loans receivable   2    1.2   1.0   0.8   0.6
of which other non-current financial assets – no equity instruments   2    2.3   2.3   2.3   2.3
                     
Current financial liabilities       2.8   2.8   5.4   5.4
of which forward exchange contracts   6    0.0   0.0   0.0   0.0
of which other current financial liabilities   5    2.8   2.8   5.4   5.4
Trade accounts payable   5    33.8   33.8   69.1   69.1
Other current liabilities   5    7.0   7.0   15.2   15.2
Non-current financial liabilities       24.2   24.5   19.7   20.0
of which liabilities to banks and loans   5    21.9   22.1   17.9   18.1
of which forward exchange contracts   5    0.0   0.0    
of which purchase price obligations   6    0.4   0.4    
of which obligations to purchase own equity instruments   6    0.4   0.4   0.4   0.4
of which other non-current financial liabilities   6    1.5   1.5   1.5   1.5
                     
Categorisation of financial instruments as per IFRS 9                    
Cash and cash equivalents – at amortised cost   1    284.3   284.3   276.2   276.2
Loans and receivables – at amortised cost   2    196.5   196.3   253.4   253.3
Financial assets – at fair value with value adjustments in other comprehensive income   3    30.9   30.9   32.7   32.7
Financial assets – at fair value with value adjustments in profit or loss   4    20.5   20.5   0.5   0.5
Financial liabilities – at amortised cost   5    (65.5)   (65.7)   (107.5)   (107.8)
Financial liabilities – at fair value with value adjustments in profit or loss   6    (2.3)   (2.3)   (1.8)   (1.8)

TX Group uses the following measurement hierarchy for determining the fair value of financial instruments:

  • Level 1 Price listings on active markets for identical assets or liabilities to which the TX Group has access on the valuation date.

  • 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 30 June they amount to CHF 0.4 million net and, not therefore being material, no further disclosure is made in respect of them.

Any equity instruments associated with other financial assets and any purchase prices obligation 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 lates 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 30 June 2021, the valuation was performed on a DCF basis during the first half of 2021 (MoneyPark AG) or the second half of 2020 (Joveo Inc.). Any remaining other investments (including their sensitivity) are deemed not to be material for the 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 mn   30.06.2021   31.12.2020
Other investments – as of 1 January   32.9   22.8
Additions     7.5
Disposals 1   (4.8)   (0.2)
Valuation increase via other comprehensive income   3.0   2.7
Other investments – as of 30 June / 31 December   31.1   32.9
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.