Audited information

in CHF m

 

Interest rate
in %

 

Term

 

Notional amount

 

Net amount 31.12.2016

 

Net amount 31.12.2015

Certificate of indebtedness

 

mixed

 

2011–2016

 

123 EUR m

 

 

134

Straight bond

 

5.625

 

2012–2017

 

500 EUR m

 

537

 

540

Straight bond

 

3.125

 

2011–2017

 

100 CHF m

 

100

 

100

Straight bond

 

2.500

 

2012–2018

 

250 CHF m

 

250

 

249

Straight bond

 

3.250

 

2012–2019

 

285 CHF m

 

285

 

285

Certificate of indebtedness

 

mixed

 

2015–2020

 

150 EUR m

 

161

 

162

Certificate of indebtedness

 

1.012

 

2016–2020

 

157 EUR m

 

169

 

Certificate of indebtedness

 

6 m EURIBOR +1.05

 

2016–2020

 

55 EUR m

 

59

 

Certificate of indebtedness

 

0.779

 

2016–2021

 

55 EUR m

 

59

 

Certificate of indebtedness

 

3 m LIBOR + 1.5

 

2016–2021

 

166 USD m

 

169

 

Certificate of indebtedness

 

2.618

 

2016–2021

 

111 USD m

 

112

 

Straight bond

 

3.500

 

2012–2022

 

175 CHF m

 

174

 

174

Certificate of indebtedness

 

mixed

 

2015–2023

 

150 EUR m

 

161

 

162

Certificate of indebtedness

 

6 m EURIBOR +1.1

 

2016–2023

 

13 EUR m

 

14

 

Certificate of indebtedness

 

1.137

 

2016–2023

 

27 EUR m

 

28

 

Certificate of indebtedness

 

1.501

 

2016–2023

 

73 EUR m

 

79

 

Straight bond

 

2.125

 

2014–2024

 

160 CHF m

 

160

 

160

Certificate of indebtedness

 

2.010

 

2016–2026

 

15 EUR m

 

16

 

Total straight bonds and certificates of indebtedness

 

 

 

 

 

 

 

2 533

 

1 966

Liabilities to banks and other financial institutions

 

 

 

 

 

 

 

1

 

16

Obligations under finance leases

 

 

 

 

 

 

 

11

 

11

Subtotal

 

 

 

 

 

 

 

2 545

 

1 993

Less: current portion (see )

 

 

 

 

 

 

 

–637

 

–134

Total

 

 

 

 

 

 

 

1 908

 

1 859

 

 

 

 

 

 

 

 

 

 

 

Breakdown by maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017

 

 

654

 

 

 

 

 

 

2018

 

251

 

250

 

 

 

 

 

 

2019

 

285

 

285

 

 

 

 

 

 

2020

 

389

 

162

 

 

 

 

 

 

2021

 

341

 

 

 

 

 

 

 

after 2021
(2015: after 2020)

 

642

 

508

Total

 

 

 

 

 

 

 

1 908

 

1 859

Breakdown by currency

 

 

 

 

 

CHF

 

869

 

968

 

 

 

 

 

 

EUR

 

756

 

888

 

 

 

 

 

 

USD

 

281

 

 

 

 

 

 

 

Others

 

2

 

3

Total

 

 

 

 

 

 

 

1 908

 

1 859

Fair value comparison (including current portion)

 

 

 

 

 

 

 

 

 

 

Straight bonds

 

 

 

 

 

 

 

1 569

 

1 600

Certificates of indebtedness

 

 

 

 

 

 

 

1 026

 

458

Others

 

 

 

 

 

 

 

12

 

27

Total

 

 

 

 

 

 

 

2 607

 

2 085

On 21 April 2016, the certificate of indebtedness issued in 2011 with a notional amount of EUR 123 million reached maturity and was repaid.

On 26 April 2016, Clariant issued four certificates of indebtedness with a total amount of EUR 300 million. These certificates have a term of 4 years (EUR 212 million), 7 years (EUR 73 million) and 10 years (EUR 15 million) respectively. The interest varies between 1.012% and 2.010%.

On 5 August 2016 Clariant issued five certificates of indebtedness with total amounts of EUR 95 million and USD 277 million. These certificates have terms of 5 years (EUR 55 million and USD 277 million) and 7 years (EUR 40 million). The interest varies between 0.779% and 2.618%, while a tranche of EUR 13 million has a variable interest of 6 months EURIBOR plus 1.1% and a tranche in the amount of USD 166 million has a variable interest of 3 months LIBOR plus 1.5%.

On 17 April 2015, Clariant issued four certificates of indebtedness with a total amount of EUR 300 million. These certificates have a term of 5 years (EUR 150 million) and 8 years (EUR 150 million) respectively. For each term there is one certificate with a fixed (based on mid-swap) and one with a floating (based on six months EURIBOR) .

On 9 December 2015, the straight bond issued in 2011 with a notional amount of CHF 200 million reached maturity and was repaid.

Valuation. Non-current financial debt is recognized initially at fair value, net of transaction costs incurred. Financial debt is subsequently stated at amortized cost. There are no long-term financial liabilities valued at fair value through profit and loss.

Fair values of straight bonds are determined by quoted market prices (Level 1 in the fair value hierarchy).

Certificates of indebtedness and other financial debts are recorded at notional amounts, which are a reasonable approximation of the fair values.

Covenants. For the covenants please refer to Financial risk factors.

Exposure of the Group’s borrowings to interest rate changes

  • Bonds: the interest rates of all bonds are fixed.
  • Certificates of indebtedness: the major part of the existing certificates of indebtedness has a fixed coupon.
  • Liabilities to banks and other financial institutions consist of bank loans with fixed interest rates mainly.

Collateral. In 2016 and 2015, no assets were pledged as collateral.

Coupon

The coupon is the annual interest payment on a bond, expressed as a percentage of the par value. VIEW ENTIRE GLOSSARY

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