27 Financial liabilities

Million CHF

2014

2013

Current financial liabilities – associates and joint ventures

16

5

Current financial liabilities – third parties

1,428

1,030

Current portion of long-term financial liabilities

1,056

1,884

Derivative liabilities

3

1

Total current financial liabilities

2,502

2,920

 

 

 

Long-term financial liabilities – associates and joint ventures

0

9

Long-term financial liabilities – third parties

9,291

8,776

Derivative liabilities

0

0

Total long-term financial liabilities

9,291

8,785

 

 

 

Total

11,793

11,705

Of which secured

84

95

Details of total financial liabilities

Million CHF

2014

2013

Loans from financial institutions

2,833

1,952

Bonds and private placements

8,589

9,253

Commercial paper notes

272

399

Total loans and bonds

11,694

11,604

Obligations under finance leases (note 28)

96

101

Derivative liabilities (note 29)

3

1

Total

11,793

11,705

“Loans from financial institutions” include amounts due to banks and other financial institutions. Repayment dates vary between one and 16 years (2013: one and 12 years). CHF 1,441 million (2013: 800) is due within one year.

The Group complied with its debt covenants.

Unutilized credit lines totaled CHF 7,105 million (2013: 7,990) at year-end 2014, of which CHF 3,820 million (2013: 4,967) are committed.

Financial liabilities by currency

Currency

 

 

2014

 

 

2013

 

Million CHF

In %

Interest rate1

Million CHF

In %

Interest rate1

1

Weighted average nominal interest rate on financial liabilities at December 31.

USD

3,723

31.6

4.4

3,546

30.3

4.2

CHF

2,826

24.0

2.5

2,819

24.1

2.5

EUR

1,265

10.7

3.1

2,033

17.4

6.1

AUD

850

7.2

4.9

701

6.0

6.0

GBP

772

6.5

7.4

782

6.7

7.1

MXN

506

4.3

4.5

436

3.7

4.3

CAD

448

3.8

3.1

482

4.1

3.1

Others

1,404

11.9

5.8

906

7.7

6.3

Total

11,793

100.0

4.2

11,705

100.0

4.6

Interest rate structure of total financial liabilities

Million CHF

2014

2013

Financial liabilities at fixed rates

6,819

6,567

Financial liabilities at floating rates

4,974

5,138

Total

11,793

11,705

Financial liabilities that are hedged to a fixed or floating rate are disclosed on a post hedge basis.

Information on the maturity of financial instruments is disclosed in the section “Risk management”.

Bonds and private placements as at December 31

Nominal value

Nominal interest
rate

Effective interest
rate

 

Term

Description

Net book value in CHF1

Net book value in CHF1

In million

 

 

 

 

 

2014

2013

1

Includes adjustments for fair value hedge accounting, where applicable.

Holcim Ltd

 

 

CHF

250

3.00%

3.19%

 

2006–2015

Bonds with fixed interest rate

250

250

CHF

400

3.13%

0.25%

 

2007–2017

Bonds swapped into floating interest rates at inception

436

441

CHF

450

4.00%

4.19%

 

2009–2018

Bonds with fixed interest rate

447

446

CHF

475

2.38%

2.64%

 

2010–2016

Bonds with fixed interest rate

473

472

CHF

450

3.00%

2.97%

 

2012–2022

Bonds with fixed interest rate

451

451

CHF

250

2.00%

2.03%

 

2013–2022

Bonds with fixed interest rate

250

250

Aggregate Industries Holdings Limited

 

 

GBP

163

7.25%

4.38%

 

2001–2016

Bonds, partly swapped into floating interest rates

269

262

Holcim GB Finance Ltd.

 

 

GBP

300

8.75%

8.81%

 

2009–2017

Bonds guaranteed by Holcim Ltd

461

441

Holcim Capital Corporation Ltd.

 

 

USD

50

7.65%

7.65%

 

2001–2031

Private placement guaranteed by Holcim Ltd

49

44

USD

65

6.59%

 

 

2002–2014

Private placement guaranteed by Holcim Ltd

0

58

USD

100

6.59%

 

 

2002–2014

Private placement guaranteed by Holcim Ltd

0

89

USD

250

6.88%

7.28%

 

2009–2039

Bonds guaranteed by Holcim Ltd

239

215

USD

250

6.50%

6.85%

 

2013–2043

Bonds guaranteed by Holcim Ltd

240

216

Holcim Capital México, S.A. de C.V.

 

 

MXN

1,500

3.86%

5.06%

 

2012–2015

Bonds guaranteed by Holcim Ltd, with floating interest rates

101

102

MXN

800

3.98%

4.80%

 

2012–2016

Bonds guaranteed by Holcim Ltd, with floating interest rates

54

54

MXN

1,700

7.00%

7.23%

 

2012–2019

Bonds guaranteed by Holcim Ltd

114

115

MXN

2,000

3.68%

3.93%

 

2014–2018

Bonds guaranteed by Holcim Ltd, with floating interest rates

134

0

Holcim Capital (Thailand) Ltd.

 

 

THB

1,220

3.52%

3.62%

 

2010–2015

Bonds guaranteed by Holcim Ltd

37

33

Holcim Finance (Canada) Inc.

 

 

CAD

10

6.91%

6.92%

 

2002–2017

Private placement guaranteed by Holcim Ltd

9

8

CAD

300

3.65%

3.77%

 

2012–2018

Bonds guaranteed by Holcim Ltd

255

250

Holcim Finance (Luxembourg) S.A.

 

 

EUR

600

4.38%

 

 

2004–2014

Bonds guaranteed by Holcim Ltd

0

735

EUR

650

9.00%

 

 

2009–2014

Bonds guaranteed by Holcim Ltd

0

797

EUR

200

6.35%

6.40%

 

2009–2017

Bonds guaranteed by Holcim Ltd

240

245

EUR

500

3.00%

3.11%

 

2014–2024

Bonds guaranteed by Holcim Ltd

596

0

Holcim Finance (Australia) Pty Ltd

 

 

AUD

250

7.00%

7.21%

 

2012–2015

Bonds guaranteed by Holcim Ltd

203

198

AUD

250

6.00%

6.24%

 

2012–2017

Bonds guaranteed by Holcim Ltd

202

197

AUD

200

5.25%

5.52%

 

2012–2019

Bonds guaranteed by Holcim Ltd

161

157

Holcim Overseas Finance Ltd.

 

 

CHF

425

3.38%

3.42%

 

2011–2021

Bonds guaranteed by Holcim Ltd

424

424

Holcim US Finance S.à r.l. & Cie S.C.S.

 

 

USD

200

6.21%

6.24%

 

2006–2018

Private placement guaranteed by Holcim Ltd

198

178

USD

125

6.10%

6.14%

 

2006–2016

Private placement guaranteed by Holcim Ltd

124

111

USD

750

6.00%

6.25%

 

2009–2019

Bonds guaranteed by Holcim Ltd

734

659

EUR

500

2.63%

2.10%

 

2012–2020

Bonds guaranteed by Holcim Ltd, swapped into USD and floating interest rates at inception

621

594

USD

500

5.15%

5.30%

 

2013–2023

Bonds guaranteed by Holcim Ltd

489

440

USD

50

4.20%

4.20%

 

2013–2033

Bonds guaranteed by Holcim Ltd

49

45

ACC Limited

 

 

INR

320

8.45%

 

 

2009–2014

Non-convertible debentures with fixed interest rate

0

5

Holcim (Costa Rica) S.A.

 

 

CRC

10,000

9.80%

10.17%

 

2010–2015

Floating rate bonds

18

18

CRC

8,500

8.30%

 

 

2012–2014

Floating rate bonds

0

15

CRC

8,000

8.70%

8.99%

 

2014–2016

Bonds with fixed interest rate

15

0

Holcim (Maroc) S.A.

 

 

MAD

1,500

5.49%

5.49%

 

2008–2015

Bonds with fixed interest rate

164

163

Holcim (US) Inc.

 

 

USD

33

0.08%

0.08%

 

1999–2032

Industrial revenue bonds – Mobile Dock & Wharf

33

29

USD

25

0.09%

0.09%

 

2003–2033

Industrial revenue bonds – Holly Hill

25

22

USD

27

0.02%

0.02%

 

2009–2034

Industrial revenue bonds – Midlothian

26

24

Total

 

 

 

 

 

8,589

9,253