23 Borrowings

CHF million

Bonds

Bank debts

Lease liabilities

Other borrowings

Total

Borrowings at January 1, 2023

174.9

185.5

263.0

15.5

638.8

Proceeds

–

225.1

–

–

225.1

Repayment

–75.0

–200.8

–30.2

–9.5

–315.5

Cash flows

–75.0

24.3

–30.2

–9.5

–90.4

Assumed through business combination1

–

12.0

37.9

–

49.9

Addition

–

–

26.9

–

26.9

Modification

–

–

–8.5

–

–8.5

Increase in present value

0.1

0.7

–

–

0.8

Currency translation adjustment

–

–1.0

–22.2

–0.3

–23.5

Non-cash changes

0.1

11.7

34.1

–0.3

45.5

Borrowings at December 31, 2023

99.9

221.5

266.9

5.7

594.0

Thereof non-current

99.9

221.5

229.6

0.7

551.8

Thereof current

–

–

37.2

5.0

42.2

  1. 1Refer to note 3.

CHF million

Bonds

Bank debts

Lease liabilities

Other borrowings

Total

Borrowings at January 1, 2022

174.8

164.4

282.3

15.9

637.4

Proceeds

–

48.2

–

–

48.2

Repayment

–

–28.1

–27.5

–0.3

–56.0

Cash flows

–

20.1

–27.5

–0.3

–7.7

Addition

–

–

12.9

–

12.9

Increase in present value

0.1

0.8

–

–

0.9

Currency translation adjustment

–

0.1

–4.8

–

–4.7

Non-cash changes

0.1

1.0

8.2

–

9.2

Borrowings at December 31, 2022

174.9

185.5

263.0

15.5

638.8

Thereof non-current

99.9

163.6

229.3

1.3

494.0

Thereof current

75.0

21.9

33.7

14.2

144.8

On July 4, 2016 Autoneum Holding Ltd issued a fixed-rate bond with a nominal value of CHF 75.0 million, which was listed on the SIX Swiss Exchange (AUH16, ISIN: CH0326213904). The bond carried a coupon rate of 1.125% and had a term of seven years, which was repaid at the final maturity date on July 4, 2023.

On December 8, 2017 Autoneum Holding Ltd issued a fixed-rate bond with a nominal value of CHF 100.0 million, which is listed on the SIX Swiss Exchange (AUT17, ISIN: CH0373476032). The bond carries a coupon rate of 1.125% and has a term of eight years with a final maturity on December 8, 2025. On December 31, 2023 the market value of the bond was CHF 98.5 million (December 31, 2022: CHF 96.0 million).

Autoneum maintains a long-term credit agreement with a banking syndicate in the amount of CHF 350.0 million, whereof CHF 222.8 million was drawn at year-end (December 31, 2022: CHF 164.9 million). The line of credit may partly be used as a guarantee facility. On October 31, 2022 the loan agreement in the amount of CHF 350.0 million with a syndicate of banks led by UBS and Credit Suisse was renewed. The new loan agreement has a final maturity date at October 29, 2028 and replaces the syndicated loan, which was due to run until December 31, 2022. On October 26, 2023 the long-term credit agreement was amended, among other things, with regards to the final maturity date that was extended from October 31, 2027 to October 29, 2028. The interest rate is based on the SARON rate plus an applicable margin, which is determined based on the ratio of net debt to EBITDA. An adjusted ratio of net debt to EBITDA represents the customary financial covenant of that agreement. Compliance with financial covenants is checked on a regular basis and reported to the banking syndicate. In the fiscal years 2023 and 2022, the financial covenants were met at all times.

On January 31, 2023 the Group signed an additional bridge facility agreement with UBS and Credit Suisse in the amount of CHF 150.0 million, initially drawn on March 31, 2023 and with final maturity date on January 31, 2024. At December 31, 2023 the full amount of the bridge facility agreement was repaid.

In addition to the aforementioned bond and the long-term credit agreement, local credit limits and borrowings with individual customary market conditions exist in several countries.

The borrowings are denominated in the following currencies:

CHF million

31.12.2023

31.12.2022

CHF

350.5

368.8

USD

137.8

163.8

EUR

58.6

50.3

CNY

23.7

36.6

Other

23.3

19.3

Total

594.0

638.8