Condensed consolidated balance sheet
|CHF m||31.12.2011||31.12.2010||Change in %|
|Non-current assets||5 178||2 416||114|
|Intangible assets||1 762||269||555|
|Property, plant, and equipment||2 494||1 669||49|
|Other non-current assets||702||341||106|
|Deferred income tax assets||192||119||61|
|Current assets||3 901||3 494||12|
|Trade receivables||1 134||985||15|
|Other assets and receivables||417||993||– 58|
|Cash and cash equivalents||1 199||716||67|
|Non-current assets held for sale||2||11||– 82|
|Total asset||9 081||5 921||53|
|EQUITY AND LIABILITIES|
|Shareholders´equity||2 933||1 759||67|
|Total equity||3 026||1 806||68|
|Non-current liabilities||2 904||2 153||35|
|Financial debts||1 835||1 305||41|
|Retirement benefit obligations||538||443||21|
|Deferred income tax liabilities||289||85||240|
|Provision for non-current liabilities||242||320||- 24|
|Current liabilities||3 151||1 962||61|
|Financial debts||1 139||240||374|
|Provision for current liabilities||364||310||17|
|Trade and other payables||1 325||1 170||13|
|Current income tax liabilities||323||242||33|
|Total equity and liabilities||9 081||5 921||53|
Balance sheet structure changed significantly due to expansion
As of 31 December 2011, the Clariant Group’s total assets of CHF 9.081 billion were significantly higher than the value a year earlier of CHF 5.921 billion. The increase was based on first-time consolidation of the assets and goodwill of the companies acquired in 2011, namely Süd-Chemie, Prairie Petro-Chem, Octagon Process, and Italtinto. Exchange rate effects also resulted in significant changes in various balance sheet items.
Cash and cash equivalents totaled CHF 1.199 billion at the end of 2011, compared with CHF 716 million twelve months earlier. The change within the reporting period is based on the issue of two bonds totaling CHF 300 million in May and July 2011, the issue of two certificates of indebtedness totaling EUR 365 million and CHF 400 million from an acquisition bridge facility, as well as outflows of liquidity associated with the acquisitions mentioned above. By contrast, the total cash position including near cash assets decreased to CHF 1.234 billion year on year, from CHF 1.419 billion, due to acquisitions.
Clariant Group's total equity increased to CHF 3 026 million at the end of 2011 mainly due to the capital increase totaling CHF 1 111 million required for the Süd-Chemie acquisition. The equity ratio of 33.3 percent was above the prior-year level of 30.5 percent.
The Süd-Chemie transaction was also responsible for most of the increase in net financial debt from CHF 126 million at the end of 2010 to CHF 1 740 million as of 31 December 2011. This item includes current and non-current liabilities, cash and cash equivalents, and near cash assets. The gearing ratio, which compares the level of net financial debt to equity, therefore rose to 58 percent from 7 percent as of 31 December 2010.
Broadly based financing
Clariant also had a very sound financial basis as of the end of 2011. The company relies on different types of financing instruments. In May the company issued two bonds in the Swiss franc domestic bond market: one with a nominal value of CHF 150 million that was increased by CHF 50 million in July, with a coupon of 2.75 percent and a four-and-a-half-year maturity (2015); and the other with a nominal value of CHF 100 million, a coupon of 3.125 percent and a six-year maturity (2017). By issuing two certificates of indebtedness in October 2011 totaling EUR 365 million with maturities ranging between three and four-and-a-half years, Clariant continued to improve the maturity profile of its borrowed funds.