21 Assets and related liabilities classified as held for sale

Million CHF

2014

2013

Cash and cash equivalents

1

0

Other current assets

29

88

Property, plant and equipment

194

464

Intangible assets

19

64

Other long-term assets

40

141

Assets classified as held for sale

283

756

 

 

 

Short-term liabilities

25

115

Long-term provisions

8

92

Other long-term liabilities

0

6

Liabilities directly associated with assets classified as held for sale

33

213

 

 

 

Net assets classified as held for sale

249

543

On January 5, 2015, based on binding agreements dated October 2014, Group Holcim and Cemex announced the successful closure of their series of transactions in Europe, as detailed below.

In Germany, Holcim will purchase a cement plant, two grinding stations and one slag granulator as well as various aggregates locations and ready-mix plants from Cemex in the western part of the country, which will be combined with Holcim’s existing Northern German operations. In Spain, Holcim and Cemex will no longer form a joint organization as initially planned and communicated. Instead, Cemex will purchase Holcim’s Gador cement plant and Yeles grinding station, while Holcim will keep its remaining operations in Spain, as well as its aggregates and ready-mix positions. Cemex will buy Holcim (Česko) a.s. which is involved in the cement, aggregates and ready-mix businesses.

As a result of these transactions, Cemex pays Group Holcim CHF 54 million (EUR 45 million) in cash.

As per September 30, 2013, the assets and liabilities of the operations in Spain and Czech Republic were classified as held for sale based on a Memorandum of Understanding, which had foreseen, in contrast to the binding agreements mentioned above, that Holcim and Cemex would combine their entire Spanish operations in cement, ready-mix and aggregates, giving Holcim a shareholding of 25 percent of the combined entity. The scope of the transaction for Germany and the Czech Republic in the binding agreement remains unchanged.

As a result of the above, those assets and liabilities which will not be sold have been reclassified as per December 31, 2014, back to their respective balance sheet positions while, as per September 30, 2014, they were classified as held for sale. In addition, a catch-up of depreciation covering the period while those assets were classified as held for sale was made and reflected as a depreciation charge in the fourth quarter 2014. The comparatives have not been reclassified or re-presented in any way.