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- | Total assets 2024 | Current financial liabilities | Trade | Non- | Total liabilities 2024 | Fair value disclosure |
CHF 1,000 |
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Derivatives instruments (FVTPL) |
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Currency forwards | - | 150 | - | - | 150 | (4,123) | - | - | (4,123) |
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Financial instruments (FVTPL) |
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Convertible bonds | - | 1,815 | - | 3,629 | 5,444 | - | - | - | - |
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Contingent consideration | - | - | - | - | - | (613) | - | - | (613) |
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Financial instruments measured at fair value through OCI (FVOCI) |
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Unquoted equity investment | - | - | - | 2,352 | 2,352 | - | - | - | - |
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Financial instruments measured at amortized costs1 |
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Cash and cash equivalents | 154,193 | - | - | - | 154,193 | - | - | - | - |
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Time deposits | - | 250,000 | - | - | 250,000 |
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Receivables | - | - | 150,813 | - | 150,813 | - | - | - | - |
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Rent and other deposits | - | - | 1,070 | 1,386 | 2,456 | - | - | - | - |
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Payables and accrued expenses | - | - | - | - | - | - | (95,262) | - | (95,262) |
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Bond | - | - | - | - | - | (249,923) | - | - | (249,923) | (248,600) |
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Other |
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Lease liabilities | - | - | - | - | - | (11,470) | - | (59,952) | (71,422) |
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Total financial instruments | 154,193 | 251,965 | 151,883 | 7,367 | 565,408 | (266,129) | (95,262) | (59,952) | (421,343) |
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Reconciling items2 | - | - | 8,547 | - | 8,547 | - | (27,375) | - | (27,375) |
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Balance at December 31, 2024 | 154,193 | 251,965 | 160,430 | 7,367 | 573,955 | (266,129) | (122,637) | (59,952) | (448,718) |
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- 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.
- 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- | Total assets 2025 | Current financial liabilities | Trade | Non- | Total liabilities 2025 | Fair value disclosure |
CHF 1,000 |
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Derivatives instruments (FVTPL) |
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Currency forwards | - | 5,769 | - | 92 | 5,861 | (434) | - | - | (434) |
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Financial instruments (FVTPL) |
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Convertible bonds | - | 6,344 | - | - | 6,344 | - | - | - | - |
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Contingent consideration | - | - | - | - | - | (282) | - | - | (282) |
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Financial instruments measured at fair value through OCI (FVOCI) |
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Unquoted equity investment | - | - | - | 2,776 | 2,776 | - | - | - | - |
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Financial instruments measured at amortized costs1 |
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Cash and cash equivalents | 255,661 | - | - | - | 255,661 | - | - | - | - |
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Time deposits | - | 135,000 | - | - | 135,000 | - | - | - | - |
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Receivables | - | - | 125,822 | - | 125,822 | - | - | - | - |
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Rent and other deposits | - | - | 799 | 1,195 | 1,994 | - | - | - | - |
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Payables and accrued expenses | - | - | - | - | - | - | (105,880) | - | (105,880) |
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Bond | - | - | - | - | - | (250,056) | - | - | (250,056) | (249,500) |
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Other |
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Lease liabilities | - | - | - | - | - | (10,597) | - | (61,391) | (71,988) |
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Total financial instruments | 255,661 | 147,113 | 126,621 | 4,063 | 533,458 | (261,369) | (105,880) | (61,391) | (428,640) |
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Reconciling items2 | - | - | 13,091 | - | 13,091 | - | (23,246) | - | (23,246) |
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Balance at June 30, 2025 | 255,661 | 147,113 | 139,712 | 4,063 | 546,549 | (261,369) | (129,126) | (61,391) | (451,886) |
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- 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.
- 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 |
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 |
| 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 |
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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) |
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Balance at June 30, 2025 | 6,344 | 2,776 |
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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.