Audited information

On 1 January 2014, Clariant sold its Detergents & Intermediates business to the Luxembourg-based International Chemical Investors Group (ICIG). The final total consideration of the sale amounts to CHF 23 million split between cash proceeds of CHF 18 million and vendor loan of CHF 5 million and the after-tax loss realized in 2014 on the transaction amounts to CHF 23 million.

On 30 April 2014, Clariant sold its Leather Services business to Stahl Holdings B.V., a Dutch company majority owned by Wendel Group. In the transaction, Clariant received 23% of the shares of Stahl and a cash consideration of CHF 89 million. The disposal loss after tax amounts to CHF 5 million.

The Business Units concerned by these transactions were reported as discontinued operations in the financial reports of 2014 and 2015 after their reclassification to assets held for sale in the balance sheet at the end of 2013.

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Discontinued operations

in CHF m

  

Total discontinued operations1

 

  

2015

  

2014

1

Activities sold in 2014 comprise the Business Units Detergents & Intermediates (sold on 1 January 2014) and Leather Services (sold on 30 April 2014)

2

Of the amount outstanding at the end of 2014, an amount of CHF 14 million was offset against claims made by the purchasers. The remaining amount of CHF 5 million is still outstanding at the end of 2015.

Sales

  

–

  

98

Operating expenses

  

–

  

–83

Restructuring and impairment

  

15

  

–8

Operating result

  

15

  

7

 

  

 

  

 

Financial result and taxes

  

–1

  

–5

Result from discontinued operations after taxes

  

14

  

2

Loss on the disposal of discontinued operations

  

–2

  

–15

Taxes (current and deferred)

  

–

  

–5

Net result from discontinued operations

  

12

  

–18

 

  

 

  

 

Operating cash flows

  

–

  

–19

thereof: payments for restructuring

  

–

  

–2

Investing cash flows

  

–

  

130

thereof: net proceeds from the disposal of discontinued operations

  

–

  

132

Total cash flow

  

–

  

111

 

  

 

  

 

Cash flow from disposals:

  

 

  

 

Gross proceeds

  

–

  

348

Less cash and cash equivalents transferred

  

–

  

–10

Less equity investment

  

–

  

–187

Less outstanding amounts2

  

–

  

–19

Net proceeds from disposal

  

–

  

132

In 2015, Clariant recorded a net profit of CHF 12 million from discontinued operations, mainly resulting from the reversal of provisions that had been set up in the context of the disposal transactions realized by Clariant over the last three years, partially offset by a negative price adjustment on the sale of the Leather Services business of CHF 2 million.

The result of the disposal of discontinued operations in 2014 is as follows:

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in CHF m

  

2014

Total cash proceeds received as of 31 December 2014

  

142

Outstanding amounts

  

19

Equity investment

  

187

Total consideration for the sale

  

348

Net assets sold including disposal-related expenses and cumulated amounts in equity pertaining to the disposal group which were recycled through income statement upon disposal

  

–363

Loss on the disposal of discontinued operations before taxes

  

–15

Taxes (current and deferred)

  

–5

After tax loss on disposal

  

–20

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