9 FINANCIAL INSTRUMENTS AND FAIR VALUE DISCLOSURES

 

9.1 CLASSES OF FINANCIAL INSTRUMENTS

 

Cash and cash ­equivalents

Other ­current financial assets

Trade and other receivables

Non-
current financial assets

Total 

assets

2024

Current financial liabilities

Trade 
and other payables/accrued expenses

Non-
current financial liabilities

Total 

liabilities

2024

Fair value

disclosure 

CHF 1,000

 

 

 

 

 

 

 

 

 

 

Derivatives 
  not designated 
  as hedging 

  instruments (FVTPL)

 

 

 

 

 

 

 

 

 

 

Currency forwards

150

 - 

 - 

150

(4,123)

 - 

 - 

(4,123)

 

 

 

 

 

 

 

 

 

 

 

 

Financial instruments 
  measured at fair value
  through profit or loss

  (FVTPL)

 

 

 

 

 

 

 

 

 

 

Convertible bonds

1,815

 - 

3,629

5,444

 - 

 - 

 - 

 - 

 

Contingent consideration

 - 

 - 

 - 

 - 

 (613) 

 - 

 - 

 (613)

 

 

 

 

 

 

 

 

 

 

 

 

Financial instruments 

  measured at fair value

  through OCI (FVOCI)

 

 

 

 

 

 

 

 

 

 

Unquoted equity 

  investment

 - 

 - 

2,352

2,352

 - 

 - 

 - 

 - 

 

 

 

 

 

 

 

 

 

 

 

 

Financial instruments 

  measured at amortized

  costs1

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

154,193

 - 

 - 

 - 

154,193

 - 

 - 

 - 

 - 

 

Time deposits

250,000 

250,000 

 

 

 

 - 

 

Receivables

 - 

150,813

 - 

150,813

 - 

 - 

 - 

 - 

 

Rent and other deposits

 - 

1,070

1,386

2,456

 - 

 - 

 - 

 - 

 

Payables and accrued

  expenses

 - 

 - 

 - 

 - 

 - 

 (95,262) 

 - 

 (95,262) 

 

Bond

 - 

 - 

 - 

 - 

(249,923)

 - 

-

(249,923) 

(248,600)

 

 

 

 

 

 

 

 

 

 

 

Other    

 

 

 

 

 

 

 

 

 

 

Lease liabilities

 - 

 - 

 - 

 - 

 (11,470) 

 - 

 (59,952) 

 (71,422) 

 

 

 

 

 

 

 

 

 

 

 

 

Total financial instruments

154,193

251,965

151,883

7,367

565,408

(266,129) 

 (95,262) 

(59,952) 

(421,343) 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciling items2

 - 

8,547

 - 

8,547

 - 

 (27,375) 

 - 

 (27,375) 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 

  December 31, 2024

154,193

251,965

160,430

7,367

573,955

(266,129) 

 (122,637) 

 (59,952) 

 (448,718) 

 

  1. The carrying amount of financial instruments measured at amortized costs (except for bond) is a reasonable approximation of their fair value due to their short-term nature.
  2. Receivables/payables arising from VAT/other non-income taxes and social security.

 

Cash and cash ­equivalents

Other ­current financial assets

Trade and other receivables

Non-
current financial assets

Total 

assets

2025

Current financial liabilities

Trade 
and other payables/accrued expenses

Non-
current financial liabilities

Total 

liabilities

2025

Fair value

disclosure 

CHF 1,000

 

 

 

 

 

 

 

 

 

 

Derivatives 
  not designated 
  as hedging 

  instruments (FVTPL)

 

 

 

 

 

 

 

 

 

 

Currency forwards

 - 

5,769

 - 

92

5,861

 (434) 

 - 

-

 (434) 

 

 

 

 

 

 

 

 

 

 

 

 

Financial instruments 
  measured at fair value
  through profit or loss

  (FVTPL)

 

 

 

 

 

 

 

 

 

 

Convertible bonds

 - 

6,344

 - 

 - 

6,344

 - 

 - 

 - 

 - 

 

Contingent consideration

 - 

 - 

 - 

 - 

 - 

 (282) 

 - 

 - 

 (282) 

 

 

 

 

 

 

 

 

 

 

 

 

Financial instruments 

  measured at fair value

  through OCI (FVOCI)

 

 

 

 

 

 

 

 

 

 

Unquoted equity 

  investment

 - 

 - 

 - 

2,776

2,776

 - 

 - 

 - 

 - 

 

 

 

 

 

 

 

 

 

 

 

 

Financial instruments 

  measured at amortized

  costs1

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

255,661

 - 

 - 

 - 

255,661

 - 

 - 

 - 

 - 

 

Time deposits

 - 

135,000 

 - 

 - 

135,000 

 - 

 - 

 - 

 - 

 

Receivables

 - 

 - 

125,822

 - 

125,822

 - 

 - 

 - 

 - 

 

Rent and other deposits

 - 

 - 

799

1,195

1,994

 - 

 - 

 - 

 - 

 

Payables and accrued

  expenses

 - 

 - 

 - 

 - 

 - 

 - 

 (105,880) 

 - 

 (105,880) 

 

Bond

 - 

 - 

 - 

 - 

 - 

(250,056) 

 - 

-

(250,056) 

(249,500) 

 

 

 

 

 

 

 

 

 

 

 

Other    

 

 

 

 

 

 

 

 

 

 

Lease liabilities

 - 

 - 

 - 

 - 

 - 

(10,597) 

 - 

 (61,391) 

 (71,988) 

 

 

 

 

 

 

 

 

 

 

 

 

Total financial instruments

255,661

147,113

126,621

4,063

533,458

(261,369) 

(105,880)

(61,391) 

(428,640) 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciling items2

 - 

 - 

13,091

 - 

13,091

 - 

(23,246)

 - 

(23,246)

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 

  June 30, 2025

255,661

 147,113

139,712

4,063

546,549

(261,369) 

 (129,126) 

 (61,391) 

(451,886) 

 

  1. The carrying amount of financial instruments measured at amortized costs (except for bond) is a reasonable approximation of their fair value due to their short-term nature.
  2. Receivables/payables arising from VAT/other non-income taxes and social security.

9.2 FAIR VALUE MEASUREMENT AND DISCLOSURES

 

Position

Disclosure

(note)

Fair value

hierarchy

Data source

Valuation technique used / model

Currency forwards

9.1 

 Level 2 

 Financial data supplier 

(Forward rate - [spot rate +/- SWAP points]) * amount 
in foreign currency

Convertible bonds

9.3

 Level 3 

 n/a 

Value of the straight bond plus value of conversion option

Unquoted equity

  investment

9.3 

 Level 3 

 n/a 

Market sales multiples 

Contingent 
  consideration

 

 Level 3 

 n/a 

Discounted cash flow method

Bond

9.1 

 Level 1 

 Financial data supplier 

Market value available at SIX (security symbol TEC21)

There have been no transfers between the levels in 2024 and 2025.

 

9.3 CONVERTIBLE BONDS AND UNQUOTED EQUITY INVESTMENT (LEVEL 3)

 

Convertible 

bonds

Unquoted equity

investment

CHF 1,000

 

 

Balance at January 1, 2025

5,444

2,352

Acquisition

 1,724 

1,094

Change in fair value recognized in other comprehensive income

 - 

 (659) 

Translation differences

(824)

(11) 

 

 

 

Balance at June 30, 2025

6,344

 2,776 

 

 

 

Thereof current

6,344

-

Thereof non-current

 - 

2,776

Convertible bonds – The fair value is largely dependent on the variable conversion ratio and the underlying share of the issuer.

Unquoted equity investment – The most significant input factor is the forecasted sales of the investment.