4.3 Financial Liabilities
at 31 December | in CHF thousand | 2025 | 2024 | ||
|---|---|---|---|---|
Interest-bearing borrowings | 214,259 | 228,159 | ||
Interest-bearing borrowings (subordinated) | 8,374 | 8,374 | ||
Other financial liabilities | 21,172 | 26,076 | ||
Total financial liabilities | 243,805 | 262,609 | ||
of which current financial liabilities | 28,318 | 19,006 | ||
of which non-current financial liabilities | 215,487 | 243,603 |
Interest-bearing borrowings decreased due to the contractual repayment of CHF 14,375 thousand of the outstanding credit facility. The subordinated loan is held by the minority shareholder of Flatfox AG and remained unchanged.
Other financial liabilities comprise the non-controlling interest put liability towards the minority shareholder of Flatfox AG. The decrease compared with the prior year is due to the settlement of the contingent consideration relating to the acquisition of moneyland.ch AG and the waiver of the call option by the minority shareholder of Flatfox AG in return for a payment of CHF 1,550 thousand (refer to Note 4.4).
2025 | 2024 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
at 31 December | in CHF thousand | Currency | Maturity year | Nominal value | Nominal interest rate | Effective interest rate | Carrying amount | Carrying amount | |||||||
Credit facility | CHF | 2024-2029 | 215,625 | SARON + Margin | 1.31% | 214,259 | 228,159 | |||||||
Interest-bearing borrowings | 214,259 | 228,159 |
The liabilities arising from financial activities comprise financial liabilities and lease liabilities.
in CHF thousand | 2025 | 2024 | ||
|---|---|---|---|---|
Balance at 1 January | 276,254 | 73,610 | ||
Proceeds from financial liabilities | – | 230,000 | ||
Repayment of financial liabilities | (21,025) | (67,295) | ||
Financing arrangement costs | – | (1,874) | ||
Repayment of lease liabilities | (2,887) | (3,463) | ||
Non-cash changes | 3,309 | 45,276 | ||
resulting from business combinations | 1,745 | 43,165 | ||
resulting from other changes | 1,564 | 2,111 | ||
Balance at 31 December | 255,651 | 276,254 |
Repayment of financial liabilities in 2025 comprises the first credit facility instalment (CHF 14,375 thousand), the moneyland.ch earn-out (CHF 5,100 thousand), and the call option liability (CHF 1,550 thousand).
Non-cash changes resulting from business combinations comprise the fair value adjustment of the call option liability (CHF 1,299 thousand) and the unwinding of the discount on the non-controlling interest put liability measured at amortised cost (CHF 447 thousand).
Non-cash changes resulting from other changes primarily reflect new and extended lease agreements (CHF 1,089 thousand) and the unwinding of the discount on the credit facility measured at amortised cost (CHF 474 thousand).
Accounting Policies
Interest-bearing borrowings are initially recognised at fair value net of directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost with any difference between cost and redemption value recognised in the statement of profit or loss over the period of the borrowings using the effective interest method.