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16Leases

Lease assets

 

 

2023

millions of CHF

 

Land and buildings, leased

 

Machinery and technical equipment, leased

 

Other non-current assets, leased

 

Total

Balance as of January 1

 

73.0

 

4.5

 

12.6

 

90.1

Additions

 

24.4

 

3.8

 

9.3

 

37.5

Depreciation

 

–19.1

 

–2.1

 

–6.3

 

–27.5

Impairments

 

–0.4

 

 

 

–0.4

Remeasurements and contract modifications

 

0.5

 

–0.1

 

–1.3

 

–0.8

Currency translation differences

 

–4.3

 

–0.4

 

–0.9

 

–5.6

Total lease assets as of December 31

 

74.1

 

5.7

 

13.4

 

93.2

 

 

2022

millions of CHF

 

Land and buildings, leased

 

Machinery and technical equipment, leased

 

Other non-current assets, leased

 

Total

Balance as of January 1

 

71.7

 

5.7

 

11.7

 

89.2

Classification as held for sale 1)

 

–0.7

 

 

–0.0

 

–0.7

Additions

 

33.6

 

1.4

 

8.4

 

43.3

Disposals

 

–5.8

 

–0.1

 

–0.6

 

–6.5

Depreciation

 

–20.2

 

–2.5

 

–6.3

 

–29.0

Impairments

 

–1.6

 

 

–0.0

 

–1.7

Remeasurements and contract modifications

 

–0.5

 

 

0.1

 

–0.4

Currency translation differences

 

–3.4

 

–0.0

 

–0.7

 

–4.1

Total lease assets as of December 31

 

73.0

 

4.5

 

12.6

 

90.1

1) In 2022, lease assets with a book value of CHF 0.7 million were included in the Russian disposal group classified as held for sale and fully impaired, reference is made to Note 5. The impairments of CHF 0.7m are recorded in other operating expenses (see note 11).

Lease liabilities

 

 

2023

 

2022

Balance as of January 1

 

89.6

 

88.8

Classification as held for sale

 

 

–0.5

Additions

 

37.5

 

43.3

Interest expenses

 

2.5

 

2.0

Cash flow for repayments – principal portion

 

–28.3

 

–32.1

Cash flow for repayments – interest portion

 

–2.5

 

–2.0

Remeasurements and contract modifications

 

–0.4

 

–6.0

Currency translation differences

 

–5.4

 

–4.0

Total lease liabilities as of December 31

 

93.0

 

89.6

- thereof non-current lease liabilities

 

69.0

 

67.2

- thereof current lease liabilities

 

23.9

 

22.4

The group leases land and buildings used for production, storage or office space. The terms are typically fixed for a period of three to five years. Various lease contracts for buildings contain extension options, providing the group with operational flexibility and planning security. Extension options are included in the measurement of the lease liability and the lease assets only if Management assesses these extension options as reasonably certain to be exercised.

Other leasing disclosures

millions of CHF

 

2023

 

2022

Recognized in the income statement

 

 

 

 

Expenses relating to short-term leases

 

–15.8

 

–13.8

Expenses relating to low-value asset leases, excluding short-term leases of low-value assets

 

–1.5

 

–1.0

Expenses relating to variable lease payments not included in the lease liability

 

–2.7

 

–2.7

Income from subleasing right-of-use assets

 

0.3

 

0.5

Interest expenses on lease liabilities

 

–2.5

 

–2.0

Total recognized in the income statement

 

–22.3

 

–19.0

 

 

 

 

 

Recognized in the statement of cash flows

 

 

 

 

Cash flow for short-term, low-value asset and variable leases (included within cash flow from operating activities)

 

–20.1

 

–17.6

Cash flow from subleasing right-of-use assets (included within cash flow from operating activities)

 

0.3

 

0.5

Cash flow for repayments of interest on lease liabilities (included within cash flow from operating activities)

 

–2.5

 

–2.0

Cash flow for repayments of the principal portion on lease liabilities (included within cash flow from financing activities)

 

–28.3

 

–32.1

Total cash outflow

 

–50.5

 

–51.1