Notes to the Consolidated Financial Statements
1. Basic information
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
|Other long-term debt||13.2||12.0|
|Total long-term debt before reclassification||773.0||831.9|
|Short-term portion of long-term debt||-11.5||-21.2|
|Total long-term debt||761.5||810.7|
A bond for MCHF 300 was issued in April 2020 to refinance the drawings on the existing credit facility. The bond for MEUR 325 was repaid in December 2020. In this connection, Geberit made use of its early-redemption right. The bond was originally due to expire in March 2021.
As at the end of 2020, the four outstanding bonds are as follows: A bond for MCHF 300 (fair value as at 31 December 2020: MCHF 304.1) with a term of 2.5 years and a coupon of 0.35% due 2022, a bond for MCHF 150 (fair value as at 31 December 2020: MCHF 152.0) 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 2020: MCHF 126.7) with a term of 5.5 years and a coupon of 0.1% due 2024, and a bond for MCHF 125 (fair value as at 31 December 2020: MCHF 130.8) with a term of 9.5 years and a coupon of 0.6% due 2028.
Revolving credit facility
A firmly committed credit line of MCHF 500 is 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 2020. A commitment fee – recorded as financial expenses – was charged in respect of the undrawn portion.
The credit facility of MCHF 500 is secured by a guarantee issued by Geberit AG. The credit facility contains conditions typical for syndicated financing.
Other long-term debt
As at 31 December 2020, the Group had MCHF 13.2 of other long-term debt (PY: MCHF 12.0). This debt incurred an effective interest rate of 5.9% (PY: 6.0%).
Of the total long-term debt outstanding as at 31 December 2020, MCHF 44.5 was denominated in EUR (PY: MCHF 397.2) and MCHF 699.9 in CHF (PY: MCHF 400.5).