12 Borrowings
Maturity of financial liabilities (capital lock-up at nominal values)
CHF million | <1 year | 1–3 years | 3–5 years | >5 years | Total | |||||
As at 31.12.2019 | ||||||||||
Borrowings | 428.0 | 336.3 | 298.0 | 940.0 | 2 002.3 | |||||
Total in % | 21.4 | 16.8 | 14.9 | 46.9 | 100.0 | |||||
As at 30.06.2020 | ||||||||||
Borrowings | 630.2 | 362.8 | 250.0 | 840.0 | 2 083.0 | |||||
Total in % | 30.3 | 17.4 | 12.0 | 40.3 | 100.0 |
The financial liabilities consist of loans secured by mortgage (fixed advances and fixed-rate mortgages) and of bond issues. The bank loans in the form of fixed advances are extended on a rolling basis.
The average interest lock-in period for all financial liabilities decreased to 49 months as at the balance sheet cut-off date (31.12.2019: 56 months).
In the first half of 2020, bond issues in the amount of CHF 10 million were redeemed on the market and offset against the nominal amount of outstanding borrowings. The resultant financial income of CHF 0.4 million was credited to income.
As at the balance sheet date, the bond issues and fixed-rate mortgages are recognised as follows:
CHF million | Effective | Issue | Nominal | Book value As at 30.06.2020 | Fair value | Book value as at 31.12.2019 | Fair value as at 31.12.2019 | |||||||
0.4% bond issue 2019–26.09.2029 | 0.43% | 200.0 | 194.4 | 193.8 | 187.0 | 199.4 | 198.4 | |||||||
0.875% bond issue 2017–30.03.2027 | 0.86% | 160.0 | 158.6 | 158.8 | 161.1 | 160.2 | 166.2 | |||||||
0.75% bond issue 2017–19.05.2026 | 0.76% | 150.0 | 148.3 | 148.2 | 151.1 | 149.9 | 154.7 | |||||||
1.375% bond issue 2015–31.03.2025 | 1.32% | 100.0 | 100.0 | 100.3 | 105.3 | 100.3 | 106.1 | |||||||
0.625% bond issue 2016–15.05.2024 | 0.68% | 150.0 | 149.6 | 149.3 | 152.2 | 149.7 | 154.5 | |||||||
0.5% bond issue 2018–19.04.2023 | 0.55% | 125.0 | 124.1 | 123.9 | 125.4 | 124.8 | 128.2 | |||||||
0.75% bond issue 2015–31.03.2021 | 0.67% | 120.0 | 119.9 | 120.0 | 120.7 | 120.1 | 121.6 | |||||||
–0.35% bond issue 2020–15.01.20212 | –0.34% | 50.0 | 50.0 | 50.1 | 50.1 | – | – | |||||||
2% bond issue 2013–23.09.2020 | 2.12% | 150.0 | 150.0 | 150.0 | 150.6 | 149.9 | 152.7 | |||||||
Fixed-rate mortgages | – | – | 595.8 | 595.8 | 603.8 | 597.3 | 606.6 | |||||||
1 The nominal amount is the issue amount net of redeemed bond issues
2 Private Placement
During the period under review, CHF 0.1 million was spent on the amortisation of the issuing costs for the bonds (1st half-year 2019: CHF 0.1 million).
As at 30 June 2020, fixed advances amounting to CHF 292 million and fixed-rate mortgages amounting to CHF 595.8 million (at nominal values) are in place, all of which were taken out with Swiss banks, insurance companies or pension funds.
The average interest rate of all financial liabilities as at 30 June 2020 is 0.83% (31.12.2019: 0.88%).
During the reporting period, the contractual clauses (financial covenants) relating to minimum capitalisation (equity ratio, net gearing, interest coverage ratio and refinancing of properties) agreed upon with the lenders were complied with without exception.