Menu

8 Financial instruments

Carrying amounts and fair values of financial instruments

The carrying amounts and fair values of financial assets and financial liabilities with their corresponding valuation categories are summarised in the following table. Not reflected therein are cash and cash equivalents, trade receivables and payables as well as other receivables and payables whose carrying amount corresponds to a reasonable estimation of their fair value. The fair value hierarchy encompasses the following three levels:

  • Level 1: stock-exchange quoted prices in active markets for identical assets or liabilities;
  • Level 2: other factors which are observable on markets for assets and liabilities, either directly or indirectly;
  • Level 3: factors that are not based on observable market data.
  Carrying amount   Fair Value

In CHF million
 
Loans and
receivables
 
Available-
for-sale
  At fair
value through
profit or loss
 
Financial
liabilities
 

Level 1
 

Level 2
 

Level 3
                             
31 March 2017
Derivative financial instruments       31       31  
Other assets valued at fair value       62     62    
Available-for-sale financial assets     22       17     5
Financial assets measured at fair value     22   93     79   31   5
                             
Other loans and receivables   244           260  
Financial assets not measured at fair value   244           260  
                             
Derivative financial instruments       61       61  
Financial liabilities measured at fair value       61       61  
                             
Bank loans         576     604  
Debenture bonds         6,123   6,472    
Private placements         739     758  
Finance lease liabilities         512     1,044  
Other interest-bearing financial liabilities         35     35  
Other non-interest-bearing financial liabilities         277     277  
Financial liabilities not measured at fair value         8,262   6,472   2,718  

In addition, as of 31 March 2017, there were available-for-sale financial assets with a carrying amount of CHF 43 million which are valued at acquisition cost.

Level-3 assets consist of investments in various investment funds. The fair value was calculated using a valuation model. In the first three months of 2017, there were no changes to the carrying amount and no reclassifications between the various levels.