Gschäftsbericht 2018

108 | Galenica financial statements 2018 Finance Notes to the consolidated financial statements of the Galenica Group 17. Financial assets Accounting principles Non-current financial assets comprise loans, time deposits with a term to maturity of more than twelve months, rental guarantee deposits and derivative financial instruments with a positive fair value and a residual term to maturity of more than twelve months. Other than the derivatives measured at fair value through profit or loss, the financial assets are held to collect contractual cash flows comprising solely principal and interest payments and are therefore measured at amor- tised costs subsequent to initial recognition (refer to note 24.1). Any credit losses on financial assets recognised repre- sent 12 month expected losses and are estimated based on the credit risk of the counterparty. Any impairment is recog- nised in financial expenses. in thousand CHF 2018 2017 Loans 9,522 8,729 Other financial assets 4,386 3,851 Financial assets 13,908 12,580 18. Financial liabilities in thousand CHF 2018 2017 Loans 5,475 4,135 Liabilities to pension funds 22,822 18,595 Bonds 380,638 380,747 Other financial liabilities 1,649 2,813 Financial liabilities 410,584 406,290 – of which current financial liabilities 29,674 24,509 – of which non-current financial liabilities 380,910 381,781 In connection with the separation and listing on the SIX Swiss Exchange on 7 April 2017, Galenica issued two fixed-interest rate bonds for a nominal amount totalling CHF 380.0 million for the purpose of long-term financing in June 2017. One bond of CHF 200.0 million was issued with an annual coupon of 0.50% and a term of 6 years, falling due on 15 June 2023 and the other bond of CHF 180.0 million with an annual coupon of 1.00% and a term of 9½ years, falling due on 15 December 2026. The bonds are traded on the SIX Swiss Exchange under securities no. 36720669 (ISIN CH0367206692) and 36720670 (ISIN CH0367206700) respectively. The bonds closed at 100.45% and 100.40% respectively as at 31 December 2018 (pre- vious year:100.30% and 102.25% respectively). Cash flow from financial liabilities 2018 in thousand CHF 1 January Cash flow from financing activities Addition to scope of consolidation Other changes 31 December Bank loans — (285) 285 — — Loans 4,135 (88) 1,380 48 5,475 Liabilities to pension funds 18,595 4,227 — — 22,822 Bonds 380,747 — — (109) 380,638 Other financial liabilities 2,813 (2,559) — 1,395 1,649 Total 406,290 1,295 1,665 1,334 410,584