Current financial debt is recognized initially at fair value, net of transaction costs incurred. Financial debt is subsequently stated at amortized cost. Except for the derivatives, there are no current financial liabilities valued at fair value through profit and loss.

A bond issued in 2012 with a nominal value of EUR 500 million and a book value of CHF 537 million per end of 2016 and a bond issued in 2011 with a nominal value of CHF 100 million, will fall due in 2017 and as a consequence were reclassified to current financial debt.

A Certificate of Indebtedness with a nominal value of EUR 123 million and a book value of CHF 134 million, reported as current portion of non-current financial debts in 2015, reached maturity in April 2016 and was repaid.

The fair value of financial debt at banks and other financial institutions approximates its carrying amount due to the short-term nature of these instruments.