4.5 Financial liabilities
As of March 31, 2025, the Group has the following bonds/US Private Placement outstanding:
Financial liabilities | Currency | Nominal value | Interest rate | Maturity | ||||
US Private Placement | USD | 180 | 2.84% | July 14, 2025 | ||||
Fixed-rate bond | CHF | 200 | 0.50% | October 6, 2025 | ||||
Fixed-rate bond | CHF | 300 | 0.75% | October 6, 2028 | ||||
Fixed-rate bond | CHF | 200 | 1.05% | February 19, 2029 | ||||
Fixed-rate bond | CHF | 100 | 0.00% | October 11, 2029 | ||||
Fixed-rate bond | CHF | 200 | 1.95% | December 12, 2030 | ||||
Fixed-rate bond | CHF | 250 | 1.40% | February 19, 2032 | ||||
Fixed-rate bond | CHF | 100 | 0.40% | October 11, 2034 |
In April 2024, the Group replaced the existing credit facility in the amount of CHF 250 million with a new facility amounting to CHF 400 million and an option to increase to CHF 500 million. The new agreement is valid until April 2027, with options to extend by additional two years. As of March 31, 2025, the Group did not make us of the facility.
The Group maintains uncommitted credit facilities from various lenders. The credit facilities can be cancelled at short notice. As of March 31, 2025, the Group did not make use of these credit facilities.
Current financial liabilities
CHF million | 31.3.2025 | 31.3.2024 | ||||||||||
Financial liabilities at amortized cost | Financial liabilities at fair value through profit or loss | Total | Financial liabilities at amortized cost | Financial liabilities at fair value through profit or loss | Total | |||||||
Bank debt | 0.2 | 0.2 | 0.2 | 0.2 | ||||||||
Bond / US Private Placement | 363.3 | 363.3 | 4.8 | 4.8 | ||||||||
Deferred payments | 0.4 | 0.4 | 0.3 | 0.3 | ||||||||
Contingent considerations | 9.5 | 9.5 | 12.2 | 12.2 | ||||||||
Other current financial liabilities | 0.4 | 0.4 | 1.3 | 1.3 | ||||||||
Total | 363.9 | 9.9 | 373.8 | 5.3 | 13.4 | 18.8 | ||||||
Unused borrowing facilities | 517.9 | 370.5 | ||||||||||
Non-current financial liabilities
CHF million | 31.3.2025 | 31.3.2024 | ||||||||||||||
Financial liabilities at amortized cost | Financial liabilities at fair value through profit or loss | Non-financial instruments | Total | Financial liabilities at amortized cost | Financial liabilities at fair value through profit or loss | Non-financial instruments | Total | |||||||||
Bonds | 1,148.4 | 1,148.4 | 1,510.5 | 1,510.5 | ||||||||||||
Deferred payments | 1.6 | 1.6 | 1.4 | 1.4 | ||||||||||||
Contingent considerations | 52.5 | 52.5 | 59.2 | 59.2 | ||||||||||||
Other non-current financial liabilities | 0.0 | 3.3 | 3.3 | 0.0 | 5.0 | 5.0 | ||||||||||
Total | 1,150.0 | 52.5 | 3.3 | 1,205.8 | 1,511.9 | 59.2 | 5.0 | 1,576.1 | ||||||||
Besides the bonds, financial liabilities mainly consist of contingent considerations (earn-out agreements) and deferred payments from acquisitions.
Other non-current financial liabilities mainly consist of amounts due in relation to the share appreciation rights (SARs) (refer to Note 7.4).
Analysis of non-current financial liabilities by currency
Analysis by currency CHF million | 31.3.2025 | 31.3.2024 | ||||||||||||||
Bonds | Deferred payments and contingent considerations | Other non-current financial liabilities | Total | Bonds / US Private Placement | Deferred payments and contingent considerations | Other non-current financial liabilities | Total | |||||||||
CHF | 1,148.4 | 2.3 | 1,150.7 | 1,347.4 | 3.9 | 1,351.3 | ||||||||||
EUR | 46.0 | 46.0 | 52.6 | 52.6 | ||||||||||||
CNY | 6.4 | 6.4 | 6.6 | 6.6 | ||||||||||||
USD | 0.9 | 0.9 | 163.1 | 0.0 | 163.1 | |||||||||||
BRL | 0.5 | 0.5 | 1.0 | 1.0 | ||||||||||||
Other | 0.3 | 1.0 | 1.3 | 0.4 | 1.1 | 1.4 | ||||||||||
Total | 1,148.4 | 54.1 | 3.3 | 1,205.8 | 1,510.5 | 60.6 | 5.0 | 1,576.1 | ||||||||
Reconciliation of liabilities arising from financing activities
Liabilities from financing activities CHF million | 2024/25 | |||||||||||
Bank debt | Bonds / US Private Placement | Deferred payments and contingent considerations | Lease liabilities | Other financial liabilities | Total | |||||||
Balance April 1 | 0.2 | 1,515.3 | 73.1 | 279.1 | 6.3 | 1,873.9 | ||||||
Changes through business combinations | (6.2) | 1.3 | (5.0) | |||||||||
Additions to lease liabilities | 50.7 | 50.7 | ||||||||||
Repayment of borrowings | (0.9) | (0.9) | ||||||||||
Repayment of lease liabilities - principal portion | (73.3) | (73.3) | ||||||||||
Repayment of lease liabilities - interest portion | (7.2) | (7.2) | ||||||||||
Exchange differences | (3.7) | (1.7) | (9.2) | (14.6) | ||||||||
Other | (0.0) | 1.0 | (1.2) | 7.2 | (2.6) | 4.4 | ||||||
Balance March 31 | 0.2 | 1,511.7 | 64.0 | 248.6 | 3.7 | 1,828.2 | ||||||
thereof short-term | 0.2 | 363.3 | 9.9 | 68.7 | 0.4 | 442.5 | ||||||
thereof long-term | 1,148.4 | 54.1 | 179.9 | 3.3 | 1,385.7 |
Liabilities from financing activities CHF million | 2023/24 | |||||||||||
Bank debt | Bonds / US Private Placement | Deferred payments and contingent considerations | Lease liabilities | Other financial liabilities | Total | |||||||
Balance April 1 | 0.4 | 1,517.5 | 89.4 | 296.9 | 6.5 | 1,910.7 | ||||||
Changes through business combinations | (8.5) | 6.0 | (2.5) | |||||||||
Additions to lease liabilities | 52.5 | 52.5 | ||||||||||
Repayment of lease liabilities - principal portion | (75.1) | (75.1) | ||||||||||
Repayment of lease liabilities - interest portion | (6.7) | (6.7) | ||||||||||
Exchange differences | (2.4) | (2.6) | (1.2) | (6.2) | ||||||||
Other | (0.2) | 0.2 | (5.2) | 6.7 | (0.3) | 1.3 | ||||||
Balance March 31 | 0.2 | 1,515.3 | 73.1 | 279.1 | 6.3 | 1,873.9 | ||||||
thereof short-term | 0.2 | 4.8 | 12.5 | 74.3 | 1.3 | 93.1 | ||||||
thereof long-term | 1,510.5 | 60.6 | 204.8 | 5.0 | 1,780.9 |
Accounting policies
Financial liabilities are classified as measured at amortized cost or at fair value through profit or loss (FVPL). A financial liability is classified as at FVPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVPL are measured at fair value and net gains and losses, including any interest expense, are recognized in the income statement. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in the income statement.
Derivative financial instruments are initially recognized in the balance sheet at fair value and are remeasured as to their current fair value at the end of each subsequent reporting period.
Bonds are initially measured at fair value and direct transaction costs included. In subsequent accounting periods, they are remeasured at amortized costs applying the effective interest method.
Accounting policies for lease liabilities are included in Note 3.4.