25. Financial liabilities

Million CHF

2015

20141

1

Restated due to changes in accounting policies, see note 2.

Current financial liabilities – associates and joint ventures

15

16

Current financial liabilities – third parties

3,264

1,398

Current portion of long-term financial liabilities

3,544

1,055

Derivative liabilities

43

3

Total current financial liabilities

6,866

2,472

 

 

 

Long-term financial liabilities – third parties

14,859

9,197

Derivative liabilities

66

0

Total long-term financial liabilities

14,925

9,197

 

 

 

Total

21,791

11,669

Of which secured

481

84

Details of total financial liabilities

Million CHF

2015

20141

1

Restated due to changes in accounting policies, see note 2.

Loans from financial institutions

4,886

2,709

Bonds and private placements

15,447

8,589

Commercial paper notes

1,258

272

Total loans and bonds

21,591

11,570

Obligations under finance leases (note 26)

91

96

Derivative liabilities (note 27)

109

3

Total

21,791

11,669

“Loans from financial institutions” include amounts due to banks and other financial institutions. Repayment dates vary between one and 13 years (2014: one and 16 years). CHF 2,821 million (2014: CHF 1,411 million) is due within one year.

The Group complied with its debt covenants.

Unused committed credit lines totaled CHF 6,733 million (2014: CHF 3,801 million) at year-end 2015.

Financial liabilities by currency

 

2015

20141

Currency

Million CHF

In %

Interest rate2

Million CHF

In %

Interest rate2

1

Restated due to changes in accounting policies, see note 2.

2

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

EUR

8,006

36.7

4.4

1,265

10.8

3.1

USD

4,973

22.8

5.3

3,723

31.9

4.4

CHF

2,923

13.4

2.2

2,826

24.2

2.5

CNY

1,276

5.9

5.6

0

0.0

0.0

GBP

715

3.3

7.7

772

6.6

7.4

AUD

679

3.1

4.3

726

6.2

5.4

BRL

506

2.3

10.6

365

3.1

3.9

Others

2,713

12.5

9.0

1,992

17.1

5.4

Total

21,791

100.0

5.1

11,669

100.0

4.1

Interest rate structure of total financial liabilities

Million CHF

2015

20141

1

Restated due to changes in accounting policies, see note 2.

Financial liabilities at fixed rates

10,918

6,781

Financial liabilities at floating rates

10,873

4,887

Total

21,791

11,669

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

 

 

 

 

2015

2014

1

Includes adjustments for fair value hedge accounting, where applicable.

LafargeHolcim Ltd

 

 

CHF

250

3.00%

 

2006–2015

Bonds with fixed interest rate

0

250

CHF

400

3.13%

–0.52%

2007–2017

Bonds swapped into floating interest rates at inception

427

436

CHF

450

4.00%

4.19%

2009–2018

Bonds with fixed interest rate

448

447

CHF

475

2.38%

2.64%

2010–2016

Bonds with fixed interest rate

474

473

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

CHF

250

0.38%

0.41%

2015–2021

Bonds with fixed interest rate

250

0

CHF

150

1.00%

1.03%

2015–2025

Bonds with fixed interest rate

150

0

Lafarge S.A.

 

 

GBP

96

10.00%

9.08%

2009–2017

Bonds with fixed interest rate

155

0

GBP

73

6.63%

6.13%

2002–2017

Bonds with fixed interest rate

115

0

EUR

250

8.50%

7.70%

2009–2017

Private placement with fixed interest rate

298

0

EUR

150

6.85%

6.13%

2009–2017

Private placement with fixed interest rate

181

0

EUR

560

5.50%

4.74%

2009–2019

Bonds with fixed interest rate

701

0

EUR

328

6.25%

5.14%

2010–2018

Bonds, partly swapped into floating interest rate

388

0

EUR

532

5.38%

3.85%

2010–2018

Bonds, partly swapped into floating interest rate

656

0

EUR

500

4.75%

4.19%

2005–2020

Bonds with fixed interest rate

613

0

EUR

332

4.25%

4.21%

2005–2016

Bonds with fixed interest rate

362

0

EUR

300

5.38%

5.04%

2007–2017

Bonds with fixed interest rate

346

0

EUR

477

7.63%

7.12%

2009–2016

Bonds with fixed interest rate

553

0

EUR

50

5.25%

5.03%

2012–2017

Private placement with fixed interest rate

56

0

EUR

24

5.38%

5.04%

2012–2017

Bonds with fixed interest rate

28

0

EUR

256

5.88%

4.28%

2012–2019

Bonds, partly swapped into floating interest rate

324

0

EUR

175

5.00%

4.68%

2012–2018

Private placement with fixed interest rate

202

0

EUR

750

4.75%

4.14%

2013–2020

Bonds with fixed interest rate

930

0

USD

800

6.50%

6.33%

2006–2016

Bonds with fixed interest rate

813

0

USD

600

7.13%

5.90%

2006–2036

Bonds with fixed interest rate

717

0

Aggregate Industries Holdings Limited

 

 

GBP

163

7.25%

4.51%

2001–2016

Bonds, partly swapped into floating interest rates

251

269

Holcim GB Finance Ltd.

 

 

GBP

300

8.75%

8.81%

2009–2017

Bonds guaranteed by LafargeHolcim Ltd

440

461

Holcim Capital Corporation Ltd.

 

 

USD

50

7.65%

7.65%

2001–2031

Private placement guaranteed by LafargeHolcim Ltd

49

49

USD

250

6.88%

7.28%

2009–2039

Bonds guaranteed by LafargeHolcim Ltd

240

239

USD

250

6.50%

6.85%

2013–2043

Bonds guaranteed by LafargeHolcim Ltd

240

240

Holcim Capital México, S.A. de C.V.

 

 

MXN

1,500

3.86%

 

2012–2015

Bonds guaranteed by LafargeHolcim Ltd, with floating interest rates

0

101

MXN

800

4.20%

4.83%

2012–2016

Bonds guaranteed by LafargeHolcim Ltd, with floating interest rates

45

54

MXN

1,700

7.00%

7.23%

2012–2019

Bonds guaranteed by LafargeHolcim Ltd

97

114

MXN

2,000

3.75%

3.98%

2014–2018

Bonds guaranteed by LafargeHolcim Ltd, with floating interest rates

114

134

MXN

1,700

3.93%

4.09%

2015–2020

Bonds guaranteed by LafargeHolcim Ltd, with floating interest rates

97

0

Holcim Capital (Thailand) Ltd.

 

 

THB

1,220

3.52%

 

2010–2015

Bonds guaranteed by LafargeHolcim Ltd

0

37

Holcim Finance (Canada) Inc.

 

 

CAD

10

6.91%

 

2002–2017

Private placement guaranteed by LafargeHolcim Ltd (early repaid in 2015)

0

9

CAD

300

3.65%

 

2012–2018

Bonds guaranteed by LafargeHolcim Ltd (early repaid in 2015)

0

255

Holcim Finance (Luxembourg) S.A.

 

 

EUR

200

6.35%

6.40%

2009–2017

Bonds guaranteed by LafargeHolcim Ltd

216

240

EUR

500

3.00%

3.11%

2014–2024

Bonds guaranteed by LafargeHolcim Ltd

536

596

Holcim Finance (Australia) Pty Ltd

 

 

AUD

250

7.00%

 

2012–2015

Bonds guaranteed by LafargeHolcim Ltd

0

203

AUD

250

6.00%

6.24%

2012–2017

Bonds guaranteed by LafargeHolcim Ltd

181

202

AUD

200

5.25%

5.52%

2012–2019

Bonds guaranteed by LafargeHolcim Ltd

144

161

AUD

250

3.75%

3.90%

2015–2020

Bonds guaranteed by LafargeHolcim Ltd

180

0

Holcim Overseas Finance Ltd.

 

 

CHF

425

3.38%

3.42%

2011–2021

Bonds guaranteed by LafargeHolcim 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 LafargeHolcim Ltd

198

198

USD

125

6.10%

6.14%

2006–2016

Private placement guaranteed by LafargeHolcim Ltd

124

124

USD

750

6.00%

6.25%

2009–2019

Bonds guaranteed by LafargeHolcim Ltd

736

734

EUR

500

2.63%

2.58%

2012–2020

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

556

621

USD

500

5.15%

5.30%

2013–2023

Bonds guaranteed by LafargeHolcim Ltd

490

489

USD

50

4.20%

4.20%

2013–2033

Bonds guaranteed by LafargeHolcim Ltd

49

49

Holcim (Costa Rica) S.A.

 

 

CRC

10,000

9.80%

 

2010–2015

Floating rate bonds

0

18

CRC

8,000

8.70%

8.99%

2014–2016

Bonds with fixed interest rate

15

15

Holcim (Maroc) S.A.

 

 

MAD

1,500

5.49%

 

2008–2015

Bonds with fixed interest rate

0

164

Holcim (US) Inc.

 

 

USD

33

0.04%

0.05%

1999–2032

Industrial revenue bonds – Mobile Dock & Wharf

33

33

USD

25

0.07%

0.09%

2003–2033

Industrial revenue bonds – Holly Hill

25

25

USD

27

0.01%

0.03%

2009–2034

Industrial revenue bonds – Midlothian

26

26

Lafarge India Private Limited

 

 

INR

3,500

9.15%

9.15%

2013–2016

Bonds with fixed interest rate

52

0

Total

 

 

 

 

15,447

8,589

The Group repaid several outstanding bonds in the second semester of 2015. In the third quarter 2015, the Group repurchased a total nominal amount of CHF 2,460 million of outstanding EUR and GBP bonds with maturity dates in the years 2016, 2017, 2018 and 2019. In the fourth quarter 2015, bonds denominated in USD and CAD with an aggregated nominal amount of CHF 518 million were repurchased. These bonds had maturity dates in 2017, 2018 and 2038.