3 Financial Instruments
The table below presents the carrying amounts and fair values of financial instruments by category. It only includes components of the respective financial statement captions that qualify as financial instruments; accordingly, non-financial components are excluded and the amounts may not fully reconcile with the corresponding captions in the statement of financial position. Fair value information for lease liabilities is not disclosed, as they are exempt from such disclosure requirements.
2026 | 2025 | |||||||
|---|---|---|---|---|---|---|---|---|
at 30 June 2026 and 31 December 2025 | in CHF thousand | Carrying amount | Fair value | Carrying amount | Fair value | ||||
Financial assets | ||||||||
Cash and cash equivalents | 67,653 | 67,653 | 92,664 | 92,664 | ||||
Trade receivables | 36,390 | 36,390 | 31,879 | 31,879 | ||||
Other assets | 8,501 | 8,501 | 15,260 | 15,260 | ||||
Loan receivables | 4,446 | 4,446 | 4,720 | 4,720 | ||||
Other financial assets | 932 | 932 | 914 | 914 | ||||
Measured at amortised cost | 117,922 | 117,922 | 145,437 | 145,437 | ||||
Financial liabilities | ||||||||
Trade payables | 3,512 | 3,512 | 4,675 | 4,675 | ||||
Other liabilities | 6,518 | 6,518 | 9,505 | 9,505 | ||||
Interest-bearing borrowings¹ | 208,478 | 209,624 | 222,633 | 223,999 | ||||
Non-controlling interest put liability¹ | 21,399 | 22,271 | 21,172 | 22,160 | ||||
Measured at amortised cost | 239,907 | 241,925 | 257,985 | 260,339 |
1The fair value for disclosure purposes is level 2 and is derived from current market interest rates available to the Group.
Financial Covenant
The Group’s bank loan is subject to a financial covenant, the breach of which could trigger an event of default. The covenant is tested semi-annually on a rolling basis. At the reporting date, the Group’s leverage ratio was 0.7x (at 31 December 2025: 0.8x), remaining below the covenant threshold of 3.25x.