3 Details on the consolidated balance sheet
3.1 Financial assets and financial liabilities
3.1.1 Fair value of financial instruments
CHF 1 000 |
|
31.12.2021 |
|
31.12.2020 |
|
|
Book value |
|
Book value |
Assets |
|
|
|
|
Financial investments |
|
|
|
|
Investments in own products |
|
28 251 |
|
22 297 |
Investments in own products to fulfill long-term incentive plans |
|
20 287 |
|
19 081 |
Derivative financial instruments |
|
32 |
|
– |
Other investments in equity instruments |
|
1 037 |
|
1 306 |
Financial assets at fair value through profit and loss |
|
49 607 |
|
42 684 |
|
|
|
|
|
Financial investments |
|
|
|
|
Investments in own products |
|
3 528 |
|
989 |
Other investments in equity instruments |
|
– |
|
10 195 |
Financial assets with OCI fair value measurement |
|
3 528 |
|
11 184 |
|
|
|
|
|
Total financial assets at fair value |
|
53 135 |
|
53 868 |
|
|
|
|
|
Liabilities |
|
|
|
|
Other financial liabilities |
|
27 |
|
91 |
Financial liabilities at fair value through profit and loss |
|
27 |
|
91 |
|
|
|
|
|
Total financial liabilities at fair value |
|
27 |
|
91 |
The fair value of other financial instruments measured at amortised cost does not differ significantly from their book value.
3.1.2 Valuation methods of financial instruments
CHF 1 000 |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
31.12.2021 Assets |
|
|
|
|
|
|
|
|
Financial investments |
|
|
|
|
|
|
|
|
Investments in own products |
|
126 |
|
24 188 |
|
7 465 |
|
31 779 |
Investments in own products to fulfill long-term incentive plans |
|
20 287 |
|
– |
|
– |
|
20 287 |
Derivative financial instruments |
|
– |
|
32 |
|
– |
|
32 |
Other investments in equity instruments |
|
635 |
|
– |
|
402 |
|
1 037 |
Financial assets at fair value |
|
21 048 |
|
24 220 |
|
7 867 |
|
53 135 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Other financial liabilities |
|
– |
|
– |
|
27 |
|
27 |
Financial liabilities at fair value |
|
– |
|
– |
|
27 |
|
27 |
CHF 1 000 |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
31.12.2020 Assets |
|
|
|
|
|
|
|
|
Financial investments |
|
|
|
|
|
|
|
|
Investments in own products |
|
2 794 |
|
13 944 |
|
6 548 |
|
23 286 |
Investments in own products to fulfill long-term incentive plans |
|
19 081 |
|
– |
|
– |
|
19 081 |
Other investments in equity instruments |
|
541 |
|
159 |
|
10 801 |
|
11 501 |
Financial assets at fair value |
|
22 416 |
|
14 103 |
|
17 349 |
|
53 868 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Other financial liabilities |
|
– |
|
11 |
|
80 |
|
91 |
Financial liabilities at fair value |
|
– |
|
11 |
|
80 |
|
91 |
No transfer between levels of the fair value hierarchy took place in 2021 or in the previous period.
Level 1 instruments
If a financial instrument is traded in an active market, its fair value is based on listed market prices. In the fair value hierarchy prescribed in IFRS 13, this type of financial instrument is classified as a level 1 instrument. The fair value of these positions corresponds to the current price (e.g. settlement price or closing price) multiplied by the number of units of the financial instruments held.
Level 2 instruments
If there is no active market, the fair value is determined on the basis of valuation models or other generally accepted valuation methods (primarily option pricing and discounted cash flow models). If all the significant inputs can be observed directly or indirectly in the market, the instrument is classified as a level 2 instrument. The valuation models take account of the relevant parameters such as contract specifications, the market price of the underlying asset, foreign exchange rates, yield curves, default risks and volatility.
Level 3 instruments
If at least one significant input cannot be observed directly or indirectly in the market, the instrument is classified as a level 3 instrument. These instruments include private-equity funds and unlisted equity instruments, as well as the contingent purchase price liability. The fair value of private equity funds is determined based on the last available net asset values, less necessary value adjustments according to own assessment. The fair value of unlisted equity instruments is determined primarily based on currently available financial information. Secondarily, depending on the equity security, different multiples based on currently available financial information are used to verify the valuation. If no multiples are applicable, the net asset value is used. The valuation of the contingent purchase price liability is mainly based on the underlying contractual share purchase terms and conditions.
3.1.3 Level 3 financial instruments
CHF 1 000 |
|
31.12.2021 |
|
31.12.2020 |
|
|
Financial investments |
|
Financial investments |
Holdings at the beginning of the year as 1.1. |
|
17 349 |
|
9 318 |
Investments |
|
1 964 |
|
8 274 |
Redemptions/Payments |
|
– 10 947 |
|
– |
Losses recognized in the income statement |
|
– 1 389 |
|
– 216 |
Losses recognized in other comprehensive income |
|
– |
|
– 104 |
Gains recognized in the income statement |
|
104 |
|
77 |
Gains recognized in other comprehensive income |
|
786 |
|
– |
Total book value at balance sheet date |
|
7 867 |
|
17 349 |
Unrealised profit/losses from level 3 instruments which were held on the balance sheet date recorded in the income statement in the period |
|
– 1 285 |
|
– 139 |
Key assumptions for the valuation of level 3 financial instruments vary from investment to investment. The following table shows the effect on the valuation when these assumptions are changed:
Sensitivity analysis |
|
Fair value |
|
Key assumption |
|
Changes in key assumption |
|
Change in fair value in CHF 1 000 |
Private Equity funds |
|
7 867 |
|
Net asset value |
|
+ 5 percentage points |
|
393 |
|
|
|
|
|
|
– 5 percentage points |
|
– 393 |
|
|
31.12.2021 |
|
31.12.2020 |
CHF 1 000 |
|
Other financial liabilities |
|
Other financial liabilities |
Holdings at the beginning of the year |
|
80 |
|
– |
Investments |
|
– |
|
80 |
Payments |
|
– 45 |
|
– |
Gains recognized in the income statement |
|
– 8 |
|
– |
Total book value at balance sheet date |
|
27 |
|
80 |
Unrealised profit/losses from level 3 instruments which were held on the balance sheet date and recorded in the income statement in the period |
|
– |
|
– |
The remaining balance of the contingent purchase price payment from the acquisition of REALWERK AG in 2020 of CHF 0.1 million is included in the balance sheet item «Other financial liabilities» and represents the remaining purchase price liability owed. The valuation is mainly based on the underlying share purchase agreement provisions.
3.1.4 Derivative financial instruments
CHF 1 000 |
|
Positive replacement value |
|
Negative replacement value |
|
Contract volume |
31.12.2021 |
|
|
|
|
|
|
Forward contracts (OTC) 2) |
|
32 |
|
– |
|
5 519 |
Futures 1) |
|
– |
|
– |
|
3 910 |
Total |
|
32 |
|
– |
|
9 429 |
|
|
|
|
|
|
|
31.12.2020 |
|
|
|
|
|
|
Forward contracts (OTC) 2) |
|
– |
|
11 |
|
2 950 |
Futures 1) |
|
– |
|
– |
|
3 851 |
Total |
|
– |
|
11 |
|
6 801 |
1) Level 1: listed on an active market
2) Level 2: valuated on the basis of models with observable input factors
Derivatives are used exclusively for economic hedging purposes and not as speculative investments. However, if derivatives do not meet the criteria for hedge accounting, they are classified as «Financial investments» and recognized at fair value through profit or loss for financial reporting purposes.
3.2 Trade and other receivables
CHF 1 000 |
|
31.12.2021 |
|
31.12.2019 |
Trade receivables |
|
13 445 |
|
15 801 |
Prepayments |
|
475 |
|
561 |
Other receivables |
|
4 301 |
|
1 714 |
Total |
|
18 221 |
|
18 076 |
3.3 Financial investments
CHF 1 000 |
|
31.12.2021 |
|
31.12.2020 |
Investments in own products |
|
31 779 |
|
23 286 |
Investments in own products to fulfill long-term incentive plans |
|
20 287 |
|
19 081 |
Derivative financial instruments |
|
32 |
|
– |
Other investments in equity instruments |
|
1 037 |
|
11 501 |
Total |
|
53 135 |
|
53 868 |
|
|
|
|
|
Current |
|
45 269 |
|
46 713 |
Non-current |
|
7 866 |
|
7 155 |
Total |
|
53 135 |
|
53 868 |
3.4 Other assets
CHF 1 000 |
|
31.12.2021 |
|
31.12.2020 |
Assets related to other employee benefits |
|
16 703 |
|
15 815 |
Assets from pension plans |
|
913 |
|
5 034 |
Other |
|
1 412 |
|
1 443 |
Total |
|
19 028 |
|
22 292 |
|
|
|
|
|
Current |
|
9 462 |
|
8 363 |
Non-current |
|
9 566 |
|
13 929 |
Total |
|
19 028 |
|
22 292 |
3.5 Property and equipment
CHF 1 000 |
|
IT equipment |
|
Right of use |
|
Other fixed assets |
|
Total |
Acquisition cost |
|
|
|
|
|
|
|
|
Balance as of 1.1.2020 |
|
2 267 |
|
9 221 |
|
1 868 |
|
13 356 |
Additions |
|
198 |
|
50 |
|
231 |
|
479 |
Disposals |
|
– 33 |
|
– 790 |
|
– 104 |
|
– 927 |
Balance as of 31.12.2020 |
|
2 432 |
|
8 481 |
|
1 995 |
|
12 908 |
Additions |
|
– |
|
76 |
|
118 |
|
194 |
Disposals |
|
– 109 |
|
– 61 |
|
– 15 |
|
– 185 |
Balance as of 31.12.2021 |
|
2 323 |
|
8 496 |
|
2 098 |
|
12 917 |
|
|
|
|
|
|
|
|
|
Accumulated depreciation |
|
|
|
|
|
|
|
|
Balance as of 1.1.2020 |
|
– 1 543 |
|
– 2 053 |
|
– 1 506 |
|
– 5 102 |
Additions |
|
– 383 |
|
– 2 196 |
|
– 284 |
|
– 2 863 |
Disposals |
|
33 |
|
– |
|
83 |
|
116 |
Foreign currency impact |
|
– |
|
– 27 |
|
– |
|
– 27 |
Balance as of 31.12.2020 |
|
– 1 893 |
|
– 4 276 |
|
– 1 707 |
|
– 7 876 |
Additions |
|
– 289 |
|
– 1 705 |
|
– 137 |
|
– 2 131 |
Disposals |
|
109 |
|
– |
|
15 |
|
124 |
Foreign currency impact |
|
– |
|
– 1 |
|
– |
|
– 1 |
Balance as of 31.12.2021 |
|
– 2 073 |
|
– 5 982 |
|
– 1 829 |
|
– 9 884 |
|
|
|
|
|
|
|
|
|
Net carrying values |
|
|
|
|
|
|
|
|
Balance as of 1.1.2020 |
|
724 |
|
7 168 |
|
362 |
|
8 254 |
Balance as of 31.12.2020 |
|
539 |
|
4 205 |
|
288 |
|
5 032 |
Balance as of 31.12.2021 |
|
250 |
|
2 514 |
|
269 |
|
3 033 |
3.6 Goodwill and other intangible assets
CHF 1 000 |
|
31.12.2021 |
|
31.12.2020 |
Goodwill |
|
41 545 |
|
44 047 |
Other intangible assets |
|
5 953 |
|
8 531 |
Total |
|
47 498 |
|
52 578 |
CHF 1 000 |
|
Total |
Goodwill Acquisition cost |
|
|
Balance as of 1.1.2020 |
|
109 977 |
Foreign currency effect |
|
– 189 |
Balance as of 31.12.2020 |
|
109 788 |
Foreign currency effect |
|
– 476 |
Balance as of 31.12.2021 |
|
109 312 |
|
|
|
Accumulated valuation adjustments |
|
|
Balance as of 1.1.2020 |
|
– 58 307 |
Additions |
|
– 7 434 |
Balance as of 31.12.2020 |
|
– 65 741 |
Additions |
|
– 2 026 |
Balance as of 31.12.2021 |
|
– 67 767 |
|
|
|
Net carrying values |
|
|
Balance as of 1.1.2020 |
|
51 670 |
Balance as of 31.12.2020 |
|
44 047 |
Balance as of 31.12.2021 |
|
41 545 |
The additions to goodwill in the financial year 2019 stem from the acquisition of the 100% investment in adbodmer AG.
Bellevue Group basically examines the value of the goodwill annually, based on the estimated recoverable amount that can be obtained per each single cash-generating unit, or group of such units (depending on allocation). If events or a change of circumstances indicate a possible impairment, the test is carried out more frequently.
The recoverable amount is determined to be the value-in-use and is calculated using the discounted cash flow method. The projected free cash flows for the respective cash-generating units are estimated based on five-year financial plans. The business plans approved by management serve as the basis for these estimates of projected free cash flows. These cash flows are discounted to present value.
The following key parameters and their single components have been taken into account in the discounted cash flow method:
- Income on the average assets under management and the expected return on assets (management and performance fees);
- Transaction-related income;
- Discount rate.
An impairment test was carried out for all CGUs at the end of December 2021. The discount rate used in these calculations was 10.0% (31.12.2020: 10.6%) and the assumed growth rate was between 1% and 2% (31.12.2020: between 1% and 2%).
Based on a projected reduction in the asset under management for the second half of 2021 of CGU StarCapital AG an impairment test was carried out at the end of June 2021. The expected cash flow surpluses compared to the business plan have led to an adjustment of the estimate for the future earnings achievable by StarCapital AG. As a result, the goodwill for StarCapital AG had to be impaired by CHF 2.0 million as of June 30, 2021. This amount corresponds to the amount by which the carrying amount exceeds the recoverable amount. Assuming that the used growth rates of expected cash inflows (which depend primarily on the return on average assets under management and expected investment returns) would be assumed to be 20% lower or the used discount rate 10% higher, this could lead to an additional goodwill impairment of CHF 1.2 million or CHF 1.5 million, respectively. The goodwill allocated to the cash-generating unit StarCapital AG amounts to CHF 11.9 million as of December 31, 2021. The remaining goodwill is attributable to the cash-generating units Bellevue Asset Management AG (CHF 23.8 million) and adbodmer AG (CHF 5.8 million).
At the time of preparation of the consolidated financial statement, Bellevue Group’s management does not assume that a reasonably possible change in a parameter underlying the impairment test would lead to an additional goodwill impairment.
CHF 1 000 |
|
Client base |
|
Brand |
|
Other |
|
Total |
Other intangible assets Acquisition cost |
|
|
|
|
|
|
|
|
Balance as of 1.1.2020 |
|
49 271 |
|
375 |
|
– |
|
49 646 |
Additions |
|
– |
|
– |
|
372 |
|
372 |
thereof changes in the scope of consolidation |
|
– |
|
– |
|
230 |
|
230 |
Foreign currency effect |
|
– 71 |
|
– 1 |
|
– |
|
– 72 |
Balance as of 31.12.2020 |
|
49 200 |
|
374 |
|
372 |
|
49 946 |
Foreign currency effect |
|
– 96 |
|
– |
|
– |
|
– 96 |
Balance as of 31.12.2021 |
|
49 104 |
|
374 |
|
372 |
|
49 850 |
|
|
|
|
|
|
|
|
|
Accumulated valuation adjustments |
|
|
|
|
|
|
|
|
Balance as of 1.1.2020 |
|
– 37 055 |
|
– 302 |
|
– |
|
– 37 357 |
Additions |
|
– 1 799 |
|
– 49 |
|
– 66 |
|
– 1 914 |
Impairment |
|
– 2 144 |
|
– |
|
– |
|
– 2 144 |
Balance as of 31.12.2020 |
|
– 40 998 |
|
– 351 |
|
– 66 |
|
– 41 415 |
Additions |
|
– 1 504 |
|
– 23 |
|
– 93 |
|
– 1 620 |
Impairment |
|
– 862 |
|
– |
|
– |
|
– 862 |
Balance as of 31.12.2021 |
|
– 43 364 |
|
– 374 |
|
– 159 |
|
– 43 897 |
|
|
|
|
|
|
|
|
|
Net carrying values |
|
|
|
|
|
|
|
|
Balance as of 1.1.2020 |
|
12 216 |
|
73 |
|
– |
|
12 289 |
Balance as of 31.12.2020 |
|
8 202 |
|
23 |
|
306 |
|
8 531 |
Balance as of 31.12.2021 |
|
5 740 |
|
– |
|
213 |
|
5 953 |
The other intangible assets are amortized over a period of 5 to 15 years and are included in the impairment test described under «Goodwill» (see above).
As of December 31, 2021, no impairment was recognized in the review of the residual values (as of June 30, 2021, the review of the residual values of the StarCapital AG client base resulted in an impairment of CHF 0.9 million). The discount rate used for this purpose was currently between 10.0% and 11.5% (December 31, 2020: between 10.7% and 12.1%) and the applied growth rate between 1% and 2% (December 31, 2020: between 1% and 2%).
3.7 Trade and other payables
CHF 1 000 |
|
31.12.2021 |
|
31.12.2020 |
Trade payables |
|
659 |
|
799 |
Accrued expenses |
|
64 204 |
|
53 098 |
Other payables |
|
1 423 |
|
1 572 |
Total |
|
66 286 |
|
55 469 |
|
|
|
|
|
Current |
|
50 677 |
|
39 241 |
Non-current |
|
15 609 |
|
16 228 |
Total |
|
66 286 |
|
55 469 |
3.8 Employee benefit plans
There are pension plans for most of the employees at Bellevue Group. These plans provide benefits in the event of death, disability, retirement or termination of employment. There were no unfunded liabilities due to employee pension plans as at the balance sheet date (previous year: no liabilities either). In Switzerland, pension contributions are paid equally by the employer and the employee. The foundation board is composed of an equal number of employee and employer representatives. According to Swiss law and the pension regulations, foundation boards are obliged to act solely in the interest of the foundation and its beneficiaries (active workforce and recipients of pensions). Hence, the employer cannot single-handedly determine the benefits and the funding; all resolutions have to be agreed on by both sides. The members of the foundation board are responsible for defining the investment strategy, for deciding on amendments to the pension regulations, and in particular for determining the funding of the pension benefits.
In the events of death and disability, pension benefits are based on the insured salary. In the event of old age, they are based on pension assets. At the time of retirement, insured persons can choose between a life annuity, which includes a prospective spouse pension, and a lump sum payment. Apart from retirement benefits, pension benefits also include disability and surviving spouse or partner pensions. Furthermore, insured persons can improve their pension situation up to the regulatory maximum by paying in additional amounts, or withdraw money early to acquire property that they occupy themselves. At the time of termination of an employment contract, the vested benefits will be transferred to the pension plan of the new employer or a vested benefits scheme. This type of benefit can result in pension payments fluctuating considerably from year to year.
When determining the benefits, the minimum requirements of the Federal Act on Occupational Old Age, Survivors’ and Invalidity Pension Provision (OPA) and its implementing provisions must be considered. The LOB defines minimum insured salary and minimum retirement assets. The Federal Council determines the minimum interest on these minimum retirement assets at least every two years. In 2021, it amounts to 1% (previous year: 1%).
Due to the nature of the pension plans and the provisions of the OPA, the employer is exposed to actuarial risks. The risks of death, disability and longevity are largely covered by an insurance policy. The major remaining risks include investment risk, interest risk and the risk of the insurer adjusting the premiums.
All employer and employee contributions are determined by the foundation board. The employer is to bear a minimum of 50% of the required contributions. In the case of underfunding, both employer and employee are entitled to pay in amounts to close the funding gap.
CHF 1 000 |
|
31.12.2021 |
|
31.12.2020 |
Consolidated balance sheet |
|
|
|
|
Fair value of plan assets |
|
46 846 |
|
46 875 |
Present value of pension obligations |
|
– 38 747 |
|
– 41 622 |
Assets not available to Company |
|
– 7 186 |
|
– 219 |
Asset/Provision for pension obligation |
|
913 |
|
5 034 |
CHF 1 000 |
|
1.1.–31.12.2021 |
|
1.1.–31.12.2020 |
Pension cost recognised in the income statement |
|
|
|
|
Service cost |
|
|
|
|
Current service cost |
|
– 1 897 |
|
– 1 911 |
Past service cost (plan amendments) 1) |
|
– |
|
4 681 |
Net interest expenses/income |
|
12 |
|
4 |
Administrative expenses |
|
– 72 |
|
– 66 |
Total pension cost for the period |
|
– 1 957 |
|
2 708 |
thereof from continuing operations |
|
– 1 957 |
|
2 893 |
thereof from discontinued operations |
|
– |
|
– 185 |
1) The plan amendment in 2020 is mainly due to the persistently low-interest rate environment as a result of the fact that the conversion rate of the saved retirement capital was reduced by the pension fund.
CHF 1 000 |
|
1.1.–31.12.2021 |
|
1.1.–31.12.2020 |
Revaluation components recorded in other comprehensive income |
|
|
|
|
Actuarial gains/losses |
|
|
|
|
Arising from changes in demographical assumptions |
|
1 093 |
|
– |
Arising from changes in economic assumptions |
|
576 |
|
– 2 607 |
Arising from experience |
|
– 959 |
|
– 847 |
Return on plan assets (excluding amounts included in net interest expenses) |
|
2 380 |
|
3 217 |
Changes in asset ceiling |
|
– 6 967 |
|
– 219 |
Total of amounts recognised in other comprehensive income |
|
– 3 877 |
|
– 456 |
CHF 1 000 |
|
2021 |
|
2020 |
Development of pension obligations |
|
|
|
|
At January 1 |
|
– 41 622 |
|
– 53 425 |
Current service cost |
|
– 1 897 |
|
– 1 911 |
Employee contributions |
|
– 358 |
|
– 265 |
Interest expenses on the present value of the obligations |
|
– 79 |
|
– 131 |
Pension payments and vested benefits |
|
6 142 |
|
4 240 |
Additions from admissions and voluntary contributions |
|
– 1 643 |
|
– 3 321 |
Plan amendments |
|
– |
|
4 681 |
Pension obligations sold as part of acquisitions |
|
– |
|
11 964 |
Actuarial gains/losses |
|
710 |
|
– 3 454 |
At December 31 |
|
– 38 747 |
|
– 41 622 |
|
|
|
|
|
Development of plan assets |
|
|
|
|
At 1 January |
|
46 875 |
|
53 352 |
Interest income |
|
91 |
|
135 |
Plan participants' contribution |
|
358 |
|
265 |
Company contributions |
|
1 713 |
|
1 930 |
Pension payments and vested benefits |
|
– 6 142 |
|
– 4 240 |
Additions from admissions and voluntary contributions |
|
1 643 |
|
3 321 |
Return on plan assets (excluding amounts in net interest) |
|
2 380 |
|
3 217 |
Pension obligations sold as part of acquisitions |
|
– |
|
– 11 039 |
Administration expense |
|
– 72 |
|
– 66 |
At December 31 |
|
46 846 |
|
46 875 |
|
|
|
|
|
Actual return on plan assets |
|
2 471 |
|
3 352 |
CHF 1 000 |
|
31.12.2021 |
|
31.12.2020 |
Allocation of plan assets |
|
|
|
|
Equities |
|
|
|
|
Listed investments |
|
19 139 |
|
18 263 |
Bonds |
|
|
|
|
Listed investments |
|
3 793 |
|
5 005 |
Real estate |
|
|
|
|
Investments in funds |
|
3 484 |
|
2 722 |
Alternative investments |
|
4 717 |
|
4 082 |
Qualified insurance policies |
|
2 750 |
|
2 976 |
Liquidity |
|
12 963 |
|
13 827 |
Total |
|
46 846 |
|
46 875 |
The plan assets allocation as at December 31, 2021, as well as at December 31, 2020, do not include shares of Bellevue Group AG. The foundation board issues investment guidelines for the investment of plan assets. These guidelines include tactical asset allocation and benchmarks for comparing the results with a general investment universe. The plan assets are well diversified. In terms of diversification and security, the Swiss pension plan is subject to the provisions of the OPA. As a rule, bonds receive at least a rating of A.
The foundation board regularly reviews the selected investment strategy as to whether it meets the requirements of the pension plan and whether the risk budget is in line with the demographic structure. Adherence to investment guidelines as well as results achieved by investment advisors are reviewed on a quarterly basis. Furthermore, an external consultancy periodically examines the investment strategy with regard to whether it is effective and appropriate.
Defined-benefit obligations are distributed as follows:
CHF 1 000 |
|
31.12.2021 |
|
31.12.2020 |
Active workforce |
|
35 997 |
|
38 646 |
Pensioners |
|
2 750 |
|
2 976 |
Total |
|
38 747 |
|
41 622 |
The maturity of the obligation is 17.6 years as at December 31, 2021 (previous year: 19.4 years). The expected employer’s contributions for 2022 are estimated at CHF 1.7 million.
|
|
31.12.2021 |
|
31.12.2020 |
Actuarial assumptions |
|
|
|
|
Biometric assumptions |
|
BVG 2020GT |
|
BVG 2015GT |
Life expectancy at the age of 65 |
|
|
|
|
Year of birth |
|
1 956 |
|
1 955 |
Men |
|
22.57 |
|
22.72 |
Women |
|
24.37 |
|
24.76 |
Year of birth |
|
1 976 |
|
1 975 |
Men |
|
24.86 |
|
24.48 |
Women |
|
26.40 |
|
26.51 |
Discount rate |
|
0.31% |
|
0.20% |
Expected rate of salary increases |
|
1.25% |
|
1.00% |
Expected rate of pension increases |
|
0.00% |
|
0.00% |
Interest on pension assets |
|
1.00% |
|
1.00% |
Changes to the present value of a defined-benefit obligation
CHF 1 000 |
|
31.12.2021 |
|
31.12.2020 |
|
|
+ 0.25% |
|
+ 0.25% |
Assumed interest rate |
|
– 1 129 |
|
– 1 592 |
Salary development |
|
205 |
|
263 |
Interest on pension assets |
|
547 |
|
687 |
|
|
|
|
|
|
|
+ 1 year |
|
+ 1 year |
Development of life expectancy |
|
445 |
|
583 |
The most important factors influencing the development of pension obligations are assumed interest rate, salary development, pension index and development of life expectancy.
3.9 Share capital/Conditional capital/Authorized capital
|
|
Number of shares |
|
Par value CHF 1 000 |
Share Capital (registered shares) |
|
|
|
|
Balance as of 1.1.2020 |
|
13 461 428 |
|
1 346 |
Balance as of 31.12.2020 |
|
13 461 428 |
|
1 346 |
Balance as of 31.12.2021 |
|
13 461 428 |
|
1 346 |
|
|
|
|
|
Conditional capital |
|
|
|
|
Balance as of 1.1.2020 |
|
1 000 000 |
|
100 |
Balance as of 31.12.2020 |
|
1 000 000 |
|
100 |
Balance as of 31.12.2021 |
|
1 000 000 |
|
100 |
The purpose of the conditional capital (in total) according to Art. 3a of the Articles of Association is as follows:
- a sum of up to CHF 50 000 through the exercise of option rights granted to shareholders;
- a sum of up to CHF 50 000 through the exercise of option rights granted to employees and the member of the Board of Directors.
The subscription rights of shareholders are excluded. After acquisition, the new registered shares are subject to the transfer restrictions pursuant to Art. 5 of the Articles of Association.
The conditional capital amounts to a maximum of CHF 100 000 as of the balance sheet date, which represents approximately 7.4% of the existing share capital.
No such optional rights had been granted as of the balance sheet date.
|
|
Number of shares |
|
Par value CHF 1 000 |
Authorized capital |
|
|
|
|
Balance as of 1.1.2020 |
|
2 500 000 |
|
250 |
Balance as of 31.12.2020 |
|
– |
|
– |
Balance as of 31.12.2021 |
|
– |
|
– |
At the Annual General Meeting on March 24, 2020, the Board of Directors did not propose any renewal of the authorized capital increase provided for in Art. 3b of the Articles of Association (version of March 20, 2018). The corresponding provision of the Articles of Association was deleted without replacement by means of an amendment to the Articles of Association on May 7, 2020.
3.10 Treasury shares
|
|
Number |
|
CHF 1 000 |
Balance as of 1.1.2020 |
|
70 000 |
|
1 654 |
Purchases |
|
762 206 |
|
16 980 |
Disposals |
|
– 746 064 |
|
– 16 441 |
Balance as of 31.12.2020 |
|
86 142 |
|
2 193 |
Purchases |
|
339 213 |
|
13 948 |
Disposals |
|
– 269 724 |
|
– 10 062 |
Balance as of 31.12.2021 |
|
155 631 |
|
6 079 |