Notes to the Consolidated Financial Statements
1. Basic information and principles of the report
2. Changes in Group structure
3. Summary of significant accounting policies
4. Risk assessment and management
5. Management of capital
6. Trade accounts receivable
7. Other current assets and current financial assets
9. Property, plant and equipment
10. Other non-current assets and non-current financial assets
11. Goodwill and intangible assets
12. Short-term debt
13. Other current liabilities and provisions
14. Longterm debt
|Lease liabilities (see Note 26)||69.2||0.0|
|Other long-term debt||12.0||11.7|
|Total long-term debt before reclassification||831.9||832.8|
|Short-term portion of long-term debt||-21.2||-149.7|
|Total long-term debt||810.7||683.1|
A bond of MCHF 150 became due in April 2019. To refinance this, two new bonds of MCHF 125 each were issued in April 2019.
As at the end of 2019, the four outstanding bonds are as follows: a bond for MCHF 150 (fair value as at 31 December 2019: MCHF 153.0) with a term of eight years and a coupon of 0.3% due 2023, a bond for MCHF 125 (fair value as at 31 December 2019: MCHF 128.2) with a term of 5.5 years and a coupon of 0.1% due 2024, a bond for MCHF 125 (fair value as at 31 December 2019: MCHF 131.6) with a term of 9.5 years and a coupon of 0.6% due 2028, and a bond for MEUR 325 (fair value as at 31 December 2019: MEUR 327.6) with a term of six years and a coupon of 0.688% due 2021.
Revolving credit facility
A firmly committed credit line of MCHF 500 has been available to the Group since November 2017. The credit line has a term of five years (due in 2022) as well as two renewal options of one additional year each. The interest rate is variable and based on the LIBOR plus a fixed margin. An additional fee is charged if this credit line is drawn down. The credit facility had not been drawn down by the end of 2019. A commitment fee – recorded as financial expenses – was charged in respect of the undrawn portion.
The MEUR 325 bond and the MCHF 500 credit facility are secured by guarantees from Geberit AG. The credit facility contains conditions typical for syndicated financing.
Other long-term debt
As at 31 December 2019, the Group had MCHF 12.0 of other long-term debt (PY: MCHF 11.7). This debt incurred an effective interest rate of 6.0% (PY: 6.0%).
Of the total long-term debt outstanding as at 31 December 2019, MCHF 397.2 was denominated in EUR (PY: MCHF 533.4) and MCHF 400.5 in CHF (PY: MCHF 149.7).