3. Financial risk management
Currency risk
The Group holds assets denominated in currencies other than the Swiss franc, the functional currency. It is therefore exposed to currency risk, as the value of the securities denominated in other currencies will fluctuate due to changes in exchange rates. Depending on the market situation the Group could use foreign currency options and/or forward contracts to reduce the currency risk.
The following exchange rates have been used for the preparation of these condensed consolidated interim financial statements:
|
Currency |
|
30.06.2021 |
|
31.12.2020 |
|
USD |
|
0.92500 |
|
0.88520 |
|
ANG |
|
0.51966 |
|
0.49730 |
|
EUR |
|
1.09672 |
|
1.08134 |
|
GBP |
|
1.27940 |
|
1.21000 |
Fair values
The following table presents the Group’s assets that are measured at fair value (in CHF 1 000):
|
30.06.2021 |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Assets |
|
|
|
|
|
|
|
|
|
Securities |
|
|
|
|
|
|
|
|
|
– Shares |
|
4 347 013 |
|
– |
|
– |
|
4 347 013 |
|
– Derivative instruments |
|
– |
|
– |
|
2 252 |
|
2 252 |
|
Total assets |
|
4 347 013 |
|
– |
|
2 252 |
|
4 349 265 |
|
|
|
|
|
|
|
|
|
|
|
31.12.2020 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Securities |
|
|
|
|
|
|
|
|
|
– Shares |
|
3 952 504 |
|
– |
|
– |
|
3 952 504 |
|
– Derivative instruments |
|
– |
|
– |
|
2 155 |
|
2 155 |
|
Total assets |
|
3 952 504 |
|
– |
|
2 155 |
|
3 954 659 |
The table below summarizes the transactions in level 3 instruments (in CHF 1 000):
|
|
|
01.01.–30.06.2021 |
|
01.01.–30.06.2020 |
|
Opening balance |
|
2 155 |
|
2 355 |
|
Purchases/Sales/Reclassification |
|
– |
|
– |
|
Gains/(losses) included in net gain/loss from securities |
|
97 |
|
(49) |
|
Closing balance |
|
2 252 |
|
2 306 |
|
Gains/(losses) on level 3 instruments included in net gain/loss from securities |
|
97 |
|
(49) |
The level 3 instrument was allocated as part of a corporate action in 2019. There were no transfers between level 1, 2 and 3 during the reporting period.
For assets and liabilities carried at amortised cost, their carrying values are a reasonable approximation of fair value.