Annual Report 2020

3.5 Financial liabilities

CHF million

Bonds

Loans payable

Lease liabilities

Total

Non-current financial liabilities at 1 January 2020

818

311

46

1,175

Current financial liabilities at 1 January 2020

 

126

6

132

Financial liabilities at 1 January 2020

818

437

52

1,307

Proceeds from financial liabilities

 

13

3

16

Repayment of financial liabilities

 

– 102

– 9

– 111

Unwinding of discount

 

 

2

2

Currency translation differences

 

– 2

 

– 2

Financial liabilities at 31 December 2020

818

346

48

1,212

Non-current financial liabilities at 31 December 2020

675

196

42

913

Current financial liabilities at 31 December 2020

143

150

6

299

CHF million

Bonds

Loans payable

Lease liabilities

Total

Non-current financial liabilities at 31 December 2018

817

490

 

1,307

Current financial liabilities at 31 December 2018

149

46

 

195

Financial liabilities at 31 December 2018

966

536

0

1,502

Impact of change in accounting standard (first-time application of IFRS 16)

 

– 35

60

25

Financial liabilities at 1 January 2019

966

501

60

1,527

Proceeds from financial liabilities

 

53

2

55

Repayment of financial liabilities

– 149

– 110

– 9

– 268

Unwinding of discount

1

1

2

4

Reclassified to “Liabilities held for sale”

 

 

– 1

– 1

Currency translation differences

 

– 8

– 2

– 10

Financial liabilities at 31 December 2019

818

437

52

1,307

Non-current financial liabilities at 31 December 2019

818

311

46

1,175

Current financial liabilities at 31 December 2019

126

6

132

Bonds outstanding at the reporting date

CHF million

Maturity

Earliest repayment date

Effective interest rate %

Carrying amount at 31 Dec 2020

Carrying amount at 31 Dec 2019

Alpiq Holding Ltd. CHF 144 million face value, 2 1/4 % fixed rate

2011 / 2021

20 Sept 2021

2.401

143

143

Alpiq Holding Ltd. CHF 145 million face value, 3 % fixed rate

2012 / 2022

16 May 2022

3.060

145

145

Alpiq Holding Ltd. CHF 141 million face value, 2 1/8 % fixed rate

2015 / 2023

30 Jun 2023

2.123

141

141

Alpiq Holding Ltd. CHF 260 million face value, 2 5/8 % fixed rate

2014 / 2024

29 Jul 2024

2.712

259

259

Electricité d’Emosson SA CHF 130 million face value, 1 3/8 % fixed rate

2017 / 2022

2 Nov 2022

1.441

130

130

Relative to face value, the weighted interest rate issued at the reporting date on bonds listed on the SIX Swiss Exchange was 2.35 % (previous year: 2.34 %), and 3.52 % (3.53 %) on loans payable. The latter also includes project financing facilities denominated in euros. The weighted average rate of interest on the bonds and loans payable amounts to 2.67 % (2.72 %).

Accounting policies

The accounting policies for financial liabilities are disclosed in note 3.2 and note 3.6.

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