8. Financial Assets
Audited information- Index
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2018 |
2017 |
|||
As per 1 January |
50 |
71 |
||
Changes in accounting policies (IFRS 9) |
–5 |
— |
||
Additions |
2 |
— |
||
Fair value adjustment |
2 |
— |
||
Reclassified from Investments in associates and joint ventures (see note 7) |
173 |
— |
||
Repayments and disposals |
–6 |
–27 |
||
Exchange rate differences |
–5 |
6 |
||
At 31 December |
211 |
50 |
Financial assets include loans to joint ventures and a number of small-scale participations in companies, mostly in Germany and in Switzerland, engaged in activities closely related to the ones of Clariant.
In December 2018, Clariant sold 5% of it’s 19.7% stake in the company Stahl Lux 2 SA, which was classified as an associate until this time. Subsequent to the transaction the remaining shareholdings were reclassified to Financial Assets.
In 2018, the repayment of loans in the amount of USD 5 million (2017: USD 10 million and EUR 12 million) from associates took place.
While loans are carried at amortized cost participations are valued at fair value through OCI. In the prior financial year the group had designated the equity participations as available for sale, as management intends to hold them for the medium or long term.
In 2018 loans extended amounted to CHF 13 million (2017: CHF 20 million). Participations amounted to CHF 198 in 2018 (CHF 30 million in 2017).