Financial instruments

	Category	30.06.2022		31.12.2021
in CHF 000		Carrying amount	Fair value	Carrying amount	Fair value
Cash and cash equivalents	1	391.0	391.0	436.5	436.5
Current financial assets		18.6	18.6	20.0	20.0
of which securities	4	18.6	18.6	20.0	20.0
Trade accounts receivable	2	180.9	180.9	228.5	228.5
Current financial receivables	2	27.2	27.2	123.0	123.0
Other non-current financial assets		198.5	187.5	193.5	184.9
of which other investments – equity instruments	3	30.5	30.5	37.4	37.4
of which other investments – no equity instruments	4	0.3	0.3	0.2	0.2
of which loans receivable	2	165.2	154.2	154.3	145.7
of which other non-current financial assets – no equity instruments	2	2.6	2.6	1.6	1.6

Current financial liabilities		2.9	2.9	6.1	6.1
of which forward exchange transactions	6	1.6	1.6	1.7	1.7
of which other current financial liabilities	5	1.4	1.4	4.4	4.4
Trade accounts payable	5	49.0	49.0	66.0	66.0
Other current liabilities	5	7.8	7.8	4.9	4.9
Non-current financial liabilities		11.7	12.6	72.3	72.2
of which bank liabilities and loans	5	8.9	9.8	69.6	69.5
of which forward exchange transactions	5	0.1	0.1	–	–
of which purchase price obligations	6	1.1	1.1	1.1	1.1
of which obligations to purchase own equity instruments	6	0.5	0.5	0.5	0.5
of which other non-current financial liabilities	6	1.2	1.2	1.2	1.2

Categorisation of financial instruments as per IFRS 9
Cash and cash equivalents – at amortised cost	1	391.0	391.0	436.5	436.5
Loans and receivables – at amortised cost	2	375.9	364.9	507.5	498.9
Financial assets – at fair value with value adjustments in other comprehensive income	3	30.5	30.5	37.4	37.4
Financial assets – at fair value with value adjustments in profit or loss	4	18.8	18.8	20.2	20.2
Financial liabilities – at amortised cost	5	(67.1)	(68.0)	(144.9)	(144.9)
Financial liabilities – at fair value with value adjustments in profit or loss	6	(4.3)	(4.3)	(4.4)	(4.4)

The 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 or 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.

Any forward exchange transactions are combined under current financial assets, providing they have a positive fair value. As at 30 June, these amount to CHF –1.7 million net, so no further disclosure is made in respect of them.

Among other things, equity instruments associated with other financial assets and any purchase prices due 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 most important other investment, in quantitative terms, in Joveo Inc., which is recorded in the balance sheet with a value of CHF 9.9 million as of 30 June 2022, the valuation was performed on a DCF basis during the second half of 2021. 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 period can be seen in the table below.

in CHF 000	30.06.2022	31.12.2021
Other investments – as of 1 January	37.5	32.9
Additions	7.0	10.2
Disposals	(13.9)	–
Transfer to associates	–	(9.8)
Valuation increase via other comprehensive income	0.1	4.2
Other investments – as of 30 June / 31 December	30.7	37.5

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.