12Financial income and expenses
|
millions of CHF |
|
2023 |
|
2022 |
|
Interest and securities income |
|
18.3 |
|
9.3 |
|
Interest income on employee benefit plans |
|
0.1 |
|
0.4 |
|
Total interest and securities income |
|
18.3 |
|
9.7 |
|
Interest expenses on borrowings and lease liabilities |
|
–24.5 |
|
–24.1 |
|
Interest expenses on employee benefit plans |
|
–5.7 |
|
–3.2 |
|
Total interest expenses |
|
–30.3 |
|
–27.3 |
|
Total interest income / (expenses), net |
|
–11.9 |
|
–17.6 |
|
|
|
|
|
|
|
Fair value changes |
|
5.1 |
|
24.0 |
|
Other financial income (expenses) |
|
2.5 |
|
–1.5 |
|
Currency exchange gains / (losses), net |
|
–17.9 |
|
–6.6 |
|
Total other financial income / (expenses), net |
|
–10.3 |
|
16.0 |
|
|
|
|
|
|
|
Total financial income / (expenses), net |
|
–22.2 |
|
–1.6 |
|
- thereof fair value changes on financial assets at fair value through profit or loss |
|
5.1 |
|
24.0 |
|
- thereof interest income on financial assets at amortized costs |
|
18.3 |
|
9.3 |
|
- thereof other financial expenses |
|
2.5 |
|
–1.5 |
|
- thereof currency exchange gains / (losses), net |
|
–17.9 |
|
–6.6 |
|
- thereof interest expenses on borrowings |
|
–22.1 |
|
–22.1 |
|
- thereof interest expenses on lease liabilities |
|
–2.5 |
|
–2.0 |
|
- thereof interest expenses on employee benefit plans, net |
|
–5.7 |
|
–2.9 |
In 2023, the total financial expenses, net amounted to CHF 22.2 million, compared with CHF 1.6 million in 2022.
The total interest and securities income amounted to CHF 18.3 million (2022: CHF 9.3 million). The increase compared to the prior year is mainly due to higher variable interest rates on deposits.
The line “Fair value changesˮ includes gains from fair value changes of investments in financial instruments classified at fair value through profit or loss amounting to CHF 2.7 million (2022: CHF 8.7 million), with the remainder relating to fair value changes of derivative financial instruments used as hedging instruments to hedge foreign exchange risks.
Currency exchange gains/losses are mainly related to foreign currency differences of non-operating assets and liabilities recorded at the prevailing rate at the time of acquisition (or preceding year-end closing rate) as against the current balance sheet rate. The net currency exchange loss in 2022 includes a positive foreign exchange effect of CHF 21.0 million arising on unhedged intercompany loans to Russian entities prior to their classification as held for sale.