20 Prepaid expenses and other current assets
On September 4, 2010, Holcim Ltd signed a settlement with the Bolivarian Republic of Venezuela agreeing on the terms for Venezuela’s compensation payment for the June 2008 nationalization of Holcim (Venezuela) C.A. and the suspension of the international arbitration procedure before the International Centre for Settlement of Investment Disputes (ICSID) in connection with that nationalization.
The total agreed compensation amount was CHF 611 million (USD 650 million), of which a first down-payment of CHF 244 million (USD 260 million) was received on September 10, 2010 and in the years 2011 to 2013 further payments were received, each amounting to USD 97.5 million (2011: CHF 87 million; 2012: CHF 91 million; 2013: CHF 88 million). In 2014, a final payment of USD 97.5 million (CHF 89 million) was received.
In 2014, CHF 56 million (USD 61 million) was realized through “other financial income”; in 2013, this amounted to CHF 57 million (USD 61 million).