29 FAIR VALUE MEASUREMENT AND DISCLOSURES
29.1 FAIR VALUE HIERARCHY
To increase consistency and comparability in fair value measurements and related disclosures, IFRS 13 established a fair value hierarchy that categorizes into three levels the inputs to valuation techniques used to measure their value.
Level 1 inputs | Quoted prices (unadjusted) in active markets for identical assets and liabilities that the Group can access at the measurement date. |
Level 2 inputs | Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. |
Level 3 inputs | Unobservable inputs for the asset or liability. |
There have been no transfers between the levels in 2024 and 2025.
29.2 ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS AFTER INITIAL RECOGNITION
The following table shows the valuation techniques used in the determination of fair values for assets and liabilities measured at fair value on a recurring basis after initial recognition:
| Position | Net carrying amount in balance sheet measured at fair value (CHF 1,000) | Level | Data source | Model | Change in fair value recognized in position | |
31.12.2024 | 31.12.2025 | |||||
| Currency forwards | (3,973) | 1,771 | Level 2 | Financial data supplier | (Forward rate–[spot rate +/- SWAP points]) * amount in foreign currency | Financial result (FVTPL) |
| Convertible bonds | 5,444 | 1 | Level 3 | n/a | Value of the straight bond plus value of conversion option | Financial result (FVTPL) |
| Unquoted equity investment | 2,352 | 1,001 | Level 3 | n/a | Market sales multiples | Other comprehensive income (FVOCI) |
| Contingent consideration | (613) | (277) | Level 3 | n/a | Discounted cash flow method | Other operating result |
Instruments with level 3 inputs – details:
Convertible bonds | Unquoted equity investment | |
| CHF 1,000 |
|
|
| Balance at January 1, 2025 | 5,444 | 2,352 |
| Acquisition | 1,661 | 1,094 |
| Change in fair value via income statement | (6,644) | - |
| Change in fair value via other comprehensive income | - | (2,435) |
| Translation differences | (460) | (10) |
|
| |
| Balance at December 31, 2025 | 1 | 1,001 |
|
| |
| Thereof current | 1 | - |
| Thereof non-current | - | 1,001 |
Convertible bonds – The start-up is in the process of being liquidated. No repayment of the loans is expected. Therefore, the fair value has been reduced to 'pro memoria'.
Unquoted equity investments – The existing investment was written-off to ‘pro memoria’ as the entity filed for insolvency. In addition to this, the Group made a new investment of CHF 1.0 million.
29.3 FAIR VALUE DISCLOSURES FOR FINANCIAL INSTRUMENTS MEASURED AT AMORTIZED COST
The carrying amount of financial instruments measured at amortized costs (see note 28.2) is a reasonable approximation of their fair value due to their short-term nature. Bank loans and the bond are the only exception due to their long-term nature. Their fair values are disclosed in the following table.
| Position | Net carrying amount in balance sheet measured at amortized cost (CHF 1,000) | Fair value disclosure (CHF 1,000) | Level | Data source | Model | ||
31.12.2024 | 31.12.2025 | 31.12.2024 | 31.12.2025 | ||||
| Bond | 249,923 | 150,298 | 248,600 | 148,650 | Level 1 | Financial data supplier | Market value available at SIX (ISIN CH474857070) |