14 Financial debts
| In CHF million | 2024 | 2023 1 | ||
|---|---|---|---|---|
| Current financial debts | ||||
| Financial debts – related parties | 10 | 5 | ||
| Bank loans and overdrafts | 8 | 17 | ||
| Derivatives | 18 | 20 | ||
| Liabilities towards non-controlling interests | 113 | 156 | ||
| Other current financial debts | 78 | 25 | ||
| Total current financial debts | 227 | 223 | ||
| Non-current financial debts | ||||
| Liabilities towards non-controlling interests | 69 | 26 | ||
| Other non-current financial debts | 23 | 22 | ||
| Total non-current financial debts | 92 | 48 | ||
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1 See note 2.2 for information on the change in presentation
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Other current and non-current financial debts mainly comprise deferred purchase considerations from business combinations.
Changes in financial debts are as follows:
| 2024 | 2023 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In CHF million | Current financial debts | Non-current financial debts | Total | Current financial debts | Non-current financial debts | Total | ||||||
| December 31, reported | 223 | 48 | 271 | 457 | 167 | 624 | ||||||
| Change in presentation1 | 19 | 19 | ||||||||||
| January 1, adjusted | 223 | 48 | 271 | 476 | 167 | 643 | ||||||
| Cash inflow from increase in financial debts | 3 | – | 3 | – | – | – | ||||||
| Cash outflow from repayment of financial debts | –10 | – | –10 | –408 | – | –408 | ||||||
| Other cash flows | –20 | – | –20 | –20 | – | –20 | ||||||
| Non-cash items | ||||||||||||
| Reclassifications | 32 | –32 | – | 129 | –129 | – | ||||||
| Business combinations | – | – | – | 1 | – | 1 | ||||||
| Disposal of subsidiary | –3 | – | –3 | – | – | – | ||||||
| Derivatives | –2 | – | –2 | 1 | – | 1 | ||||||
| Liabilities towards non-controlling interests | –69 | 69 | – | 31 | – | 31 | ||||||
| Others | 69 | 8 | 77 | 14 | 12 | 26 | ||||||
| Exchange differences | 4 | –1 | 3 | –1 | –2 | –3 | ||||||
| December 31 | 227 | 92 | 319 | 223 | 48 | 271 | ||||||
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1 See note 2.2 for information on the change in presentation
|
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On June 5, 2023, the 5-year bond tranche 2018–2023 with a coupon of 0.25% amounting to CHF 400 million reached its maturity and was repaid.
Other cash flows comprise payments of deferred purchase considerations from business combinations disclosed in cash flow from investing activities, see note 23 for further information. Other non-cash items mainly include changes in deferred purchase considerations from business combinations and transactions with non-controlling interests, see note 22.
Liabilities towards non-controlling interests
Liabilities towards non-controlling interests arise from written put options. Initially, they are measured at the present value of the redemption amount. Subsequent annual remeasurements are recognized in retained earnings without any impact on the income statement.
Liabilities towards non-controlling interests in the amount of CHF 156 million represent liabilities towards the non-controlling interests of XJ-Schindler Elevator Co. Ltd., China (XJ-Schindler), and Volkslift-Schindler Elevator Co. Ltd., China (previous year: CHF 156 million).
As part of the transaction with the non-controlling interests of XJ-Schindler, the Group has derecognized liabilities towards non-controlling interests recognized in prior years, see note 22 for further information. As a consequence of new contractual agreements, the Group has recognized additional liabilities towards non-controlling interests of XJ-Schindler. If contractually agreed call options are not exercised by Schindler in the future, the non-controlling interests have the right to sell part or all of their remaining shares to Schindler, starting from September 2029. Starting from September 2024 onwards, the non-controlling interests of Volkslift-Schindler Elevator Co. Ltd. have the right to sell part of their remaining shares to Schindler, see note 27 for further information.