2.6 Financial liabilities
|in CHF mn||2022||2021|
|Current bank liabilities||0.3||4.7|
|Current financial liabilities from leases||29.3||13.8|
|Other current financial liabilities to third parties||0.4||0.4|
|Other current financial liabilities to associates / joint ventures||–||1.0|
|Other current financial liabilities to related parties||–||0.1|
|Current financial liabilities||30.0||19.9|
|Non-current financial liabilities from leases||135.0||41.4|
|Non-current loans to related parties||2.5||69.6|
|Other non-current financial liabilities to third parties||2.5||2.7|
|Non-current financial liabilities||146.2||113.7|
|Weighted average interest rate|
|due within 1 year||n/a||2.0%|
|due within 1 to 5 years||2.1%||0.4%|
|due beyond 5 years||n/a||n/a|
Financial liabilities increased by CHF 42.6 million from the previous year.
Current bank liabilities have reduced due to the settlement in the amount of CHF 3.0 million and the reduction in the liabilities associated with derivative financial instruments by CHF 1.4 million to CHF 0.3 million. As of the balance sheet date, there were lower liabilities relating to current accounts, which explains the decline in other current financial liabilities to associates/joint ventures.
Non-current loan liabilities vis-à-vis SMG Swiss Marketplace Group AG of CHF 64.2 million were able to be offset against existing receivables.
Both the current and non-current lease liabilities rose considerably by CHF 15.5 million and CHF 93.5 million respectively. This rise affects mainly the out-of-home advertising area as a result of new marketing contracts.
Change in net financial liabilities
|in CHF mn||Cash and cash
|As of 1 January 2021||276.2||0.3||35.9||(19.3)||(73.9)||219.2|
|Addition to/disposal of cash and cash equivalents and current financial assets||195.0||20.0||(3.9)||–||–||211.2|
|Proceeds of financial liabilities||5.8||–||–||(1.0)||(4.8)||–|
|Repayment of financial liabilities||(12.4)||–||–||2.0||10.4||–|
|Repayment of leasing liabilities||(17.3)||–||–||17.3||–||–|
|Additions of consolidated companies||2.3||–||–||–||–||2.3|
|Disposals of consolidated companies||(12.4)||–||–||–||–||(12.4)|
|Other non-cash changes||–||(0.3)||90.9||(19.0)||(45.2)||26.4|
|As of 31 December 2021||436.5||20.0||123.0||(19.9)||(113.7)||445.9|
|As of 1 January 2022||436.5||20.0||123.0||(19.9)||(113.7)||445.9|
|Addition to/disposal of cash and cash equivalents and current financial assets||(87.0)||70.0||(18.8)||–||–||(35.8)|
|Proceeds of financial liabilities||0.4||–||–||(0.0)||(0.4)||–|
|Repayment of financial liabilities||(1.2)||–||–||0.9||0.3||–|
|Repayment of leasing liabilities||(31.1)||–||–||31.1||–||–|
|Additions of consolidated companies||–||–||–||–||–||–|
|Disposals of consolidated companies||(0.2)||–||–||–||–||(0.2)|
|Other non-cash changes||–||(0.9)||(64.9)||(26.6)||(48.2)||(140.6)|
|As of 31 December 2022||316.3||89.1||39.4||(30.0)||(146.6)||268.2|
The non-cash change in current financial receivables results from the offsetting of loan liabilities to SMG Swiss Marketplace Group AG in the amount of CHF 64.2 million. The non-cash changes in financial liabilities are mainly due to the higher liabilities from leasing contracts.
Financial liabilities are initially recognised at the amount paid less transaction costs incurred, and then measured at amortised cost in subsequent periods. Any differences between the amount paid (less transaction costs) and the repayment value are calculated over the repayment period using the effective interest rate method and are recognised in the income statement.
The lease liabilities on the liabilities side in connection with leases come under financial liabilities.
Financial liabilities are classified as current except where the Group has an unlimited entitlement to defer payment of the liability to a date at least twelve months after the balance sheet date.
Borrowing costs that are incurred directly in conjunction with the purchase, construction or completion of an asset that requires a substantial period until being put to its intended use are capitalised as part of the costs of the asset in question. All other borrowing costs are charged to the income statement in the reporting period in which they are incurred.