2.2Financial assets and financial receivables
in CHF mn | 2025 | 2024 |
Bond funds | 17.5 | 17.3 |
Other current financial assets | 0.1 | 0.1 |
Current financial assets | 17.6 | 17.4 |
Receivables from loans | 2.4 | 10.4 |
Other current financial receivables | 12.8 | 15.6 |
Current financial receivables | 15.2 | 26.0 |
Other investments | 69.2 | 58.6 |
Non-current loans to third parties | 152.6 | 147.0 |
Other non-current financial assets | 2.7 | 3.0 |
Non-current financial assets | 224.6 | 208.7 |
Current financial assets remained almost at their prior-year level, while current financial receivables declined mainly as a result of offsetting with the dividend from JobCloud to Ringier. In addition, the short-term portion of the loan in the amount of CHF 6.0 million granted to General Atlantic SC B.V. was repaid.
Non-current financial assets increased by CHF 15.9 million in the financial year. This increase was due to the retention of accrued interest income on non-current loans along with other investments in new participations (Metabrain Inc., Oxford Dataplan Limited, Particula GmbH, Pliant GmbH and Predicti ApS) as well as existing participations (Everon AG and Sinpex GmbH). Furthermore, both positive and negative valuation adjustments of net CHF –0.8 million were recognised in the reporting year, which are recorded in other comprehensive income/(loss). The participation in Caeleste AG was sold at a loss of CHF 0.2 million, recorded under other comprehensive income/(loss). See also “Financial instruments” in Note 3.4.
Current financial assets
Current financial assets include marketable securities, time, sight and demand deposits with an original maturity of more than three months but not more than 12 months, as well as current derivative financial instruments.
Publicly traded marketable securities are measured at quoted market prices as of the balance sheet date. Securities that are not publicly traded are measured at estimated fair value. Time, sight and demand deposits are measured at nominal value. For these items, as for marketable securities, both realised and unrealised price differences are recognised in the income statement. This does not include unrealised price differences arising from derivative financial instruments, which are referred to as accounting hedges.
Non-current financial assets
Non-current financial assets include other investments, non-current loans, non-current derivative financial instruments and other non-current financial assets.
Other investments (less than 20% of the voting rights) are stated at fair value. If these are equity instruments, unrealised gains/losses – net after taxes – are recognised as other comprehensive income/(loss) directly in equity until realised. If they are not equity instruments, they are treated at fair value and all changes in the measurement of assets are recognised in net income/(loss).
Non-current loans are measured at amortised cost.
Non-current derivative financial instruments (“fair value through profit and loss”) are measured at fair value. Both realised and unrealised price differences are recognised in the income statement, with the exception of those for derivative financial instruments, which are designated as cash flow hedges.
Other non-current financial assets (“fair value through other comprehensive income”) are also measured at fair value. Unrealised gains – net after taxes – are recognised as other comprehensive income. Impairment losses are recognised in the income statement.