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SYT » Topics » 20. Non-current financial debts

This excerpt taken from the SYT 20-F filed Mar 16, 2005.

20. Non-current financial debts

(US$ million)   2004 2003 2002
Unsecured bond issues   1,105 1,012 842
Liabilities to banks and other financial institutions   12 5 82
Finance lease obligations   2 2 2
Total (including current portion of non-current financial debt)   1,119 1,019 926
Less: current portion of non-current financial debt (Note 18)   (2 ) (2 ) (1 )
Total   1,117 1,017 925

The weighted average interest rate on the non-current bank and other financial debts was 5.3% per annum, 4.8% per annum and 5.0% per annum in 2004, 2003 and 2002, respectively.

The weighted average interest rate on the combined current and non-current bank and other financial debts was 7.2% per annum, 6.9% per annum and 6.0% per annum in 2004, 2003 and 2002, respectively.

On July 10, 2001, Syngenta issued €800 million 5-year Eurobonds with a coupon rate of 5.5% . At issue, these liabilities had a value of US$677 million. As at December 31, 2004, they are shown at a value of US$1,105 million (2003: US$1,012 million). The market value of the bond at this date was US$1,137 million. Cross-currency swaps were implemented at the time of issue to hedge this exchange movement and the fair value of the swaps is included in the derivative assets and liabilities shown in Notes 11 and 19.

On June 28, 2004 Syngenta relisted the US$2 billion Euro Medium Term Note (EMTN) program, first signed in June 2003. There were no Note issues as of December 31, 2004.

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