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17 Non-current financial liabilities

17 Non-current financial liabilities
        31.12.2015 31.12.2014
           
  Currency Due date Nominal interest rate    
Private placement CHF 10.04.2017 3.625% 15,000 15,000
Private placement CHF 28.03.2018 3.660% 25,000 25,000
Private placement CHF 20.03.2023 3.625% 10,000 10,000
Private placement CHF 28.06.2030 2.500% 20,000 20,000
Bank loan CHF 11.12.2020 3.100% 10,000 10,000
Bank loan 1) CHF 04.07.2016 3.360% 50,000 50,000
Bank loan 2) CHF 31.03.2017 variable 1,090 1,177
Loans       131,090 131,177
           
Bond par value CHF 18.11.2016 2.500% - 200,000
Net expenditures CHF     - -337
Bond par value CHF 20.07.2022 2.375% 115,000 115,000
Net expenditures CHF     -1,432 -1,671
Bonds       113,568 312,992
           
Registered note EUR 08.08.2034 3.400% 91,014 101,002
Net expenditures EUR     -4,260 -4,915
Registered note EUR 18.03.2027 1.920% 37,923 -
Net expenditures EUR     -830 -
Registered note       123,847 96,087
           
Investment loan 3) CHF 31.12.2020 no interest 850 1,063
Loan (minority interest)4) CHF 31.12.2070 no interest 9,219 9,295
Interest rate swap CHF 11.12.2020   1,713 1,701
Interest rate swap CHF 28.06.2024   4,832 4,613
Interest rate swap CHF 01.07.2031   6,344 5,789
Interest rate swap CHF 18.11.2031   6,362 4,883
Other financial liability EUR 31.12.2021 no interest 711 971
Loan (minority interest) EUR 30.06.2027 3.900% 34,864 -
Liabilities for financial leasing CHF   2.500% 88 153
Other financial liabilities       64,983 28,468
Total       433,488 568,724
           
Financial liabilities are carried in the following currencies:          
Swiss francs       274,066 471,666
Euro (translated)       159,422 97,058

With the exception of interest rate swaps, all non-current financial liabilities fall into the category other financial liabilities and are recognised at amortised cost using the effective interest method. The weighted average interest rate based on the nominal value on the balance sheet date was 2.91 per cent (previous year: 2.98 per cent). The fair value of non-current financial liabilities amounted to TCHF 509,429 (previous year: TCHF 634,217).

Repower has fully complied with all credit and loan agreements.

1) On the balance sheet date the TCHF 50,000 bank loan due on 4 July 2016 had already been refinanced until 4 July 2026 with the existing lender. For this reason the loan is still recognised under non-current financial liabilities.2) Mortgage assignments were pledged as security for the bank loan of TCHF 1,090 (previous year: TCHF 1,177). The fixed assets pledged in this connection are disclosed in Note 7.

3) Mortgage assignments were pledged as security for the investment loan of TCHF 850 (previous year: TCHF 1,063). The fixed assets pledged in this connection are disclosed in Note 7.

4) In the 2011 financial year the minority shareholders of Repartner Produktions AG granted an interest-free loan of TCHF 15,925 commensurate with their interests to finance the expansion of Repower's Taschinas hydropower plant in GrĂ¼sch. The terms of the loan stipulate repayment on a straight-line basis originally over 59 years as well as pro-rata compensation based on the EBIT generated by the Taschinas power plant. Financial liabilities are to be recognised at the time they are acquired at fair value. Since no market price is available, this is determined on the basis of the present value of expected future cash flows. The interest rate applied is 2.7 per cent. The interest rate advantage for the interest-free shareholder loan amounted to TCHF 8,004 and was classified as a hidden contribution which was taken into account at Group level as a capital increase in non-controlling interests. Over the course of 2012 other partners were acquired for Repartner Produktions AG that also granted the company interest-free loans. Entry into the partnership was with retrospective effect and under the same terms and conditions as the previous partners. The additionally granted loan amount at the beginning of the year totalled TCHF 1,356.

In the 2014 financial year the interest-free loan was adjusted by TCHF 315.

At the end of 2015 the liability component of the interest-free loan amounted to TCHF 9,295 (previous year: TCHF 9,368); it is amortised using the effective interest method, with the short-term portion recognised under current financial liabilities in the amount of TCHF 76 (previous year: TCHF 73).