18 Non-current financial liabilities
18 Non-current financial liabilities
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31.12.2010 |
31.12.2011 |
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CHF thousands |
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Currency |
Due date |
Interest |
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Note |
CHF |
10.04.2017 |
3.625% |
15,000 |
15,000 |
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Note |
CHF |
30.03.2018 |
3.660% |
25,000 |
25,000 |
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Note |
CHF |
20.03.2023 |
3.625% |
10,000 |
10,000 |
|
Note |
CHF |
28.06.2030 |
2.500% |
20,000 |
20,000 |
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Bank loan |
CHF |
12.12.2020 |
3.100% |
10,000 |
10,000 |
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Bank loan |
CHF |
04.07.2016 |
3.360% |
50,000 |
50,000 |
|
Bank loan (SET)1) |
EUR |
30.06.2014 |
variable |
62,500 |
36,468 |
|
Bank loan (SET)1) |
EUR |
31.07.2015 |
5.020% |
68,750 |
66,858 |
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Interest rate swaps (SET)1) |
EUR |
30.06.2014 |
|
3,646 |
2,229 |
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Loans |
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|
264,896 |
235,555 |
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Debenture bond par value |
CHF |
18.11.2016 |
2.500% |
200,000 |
200,000 |
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Net expenditures |
CHF |
|
|
-2,195 |
-1,481 |
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Debenture bond par value |
CHF |
20.07.2022 |
2.375% |
115,000 |
115,000 |
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Net expenditures |
CHF |
|
|
-2,775 |
-2,351 |
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Bonds |
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|
310,030 |
311,168 |
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Investment loan |
CHF |
31.12.2015 |
no interest |
758 |
455 |
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Investment loan2) |
CHF |
31.12.2020 |
no interest |
2,125 |
1,700 |
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Investment loan |
CHF |
31.12.2015 |
no interest |
234 |
140 |
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Loan (minority interest)3) |
CHF |
31.12.2070 |
2.700% |
- |
7,865 |
|
Loan (minority interest) |
EUR |
31.12.2014 |
variable |
7,455 |
7,249 |
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Residual purchase obligation 3M Progetti S.r.l. |
EUR |
31.12.2015 |
7.650% |
- |
1,124 |
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Residual purchase obligation Repower Furnizare România S.r.l. |
EUR |
30.06.2015 |
7.500% |
13,997 |
396 |
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Other financial liabilities |
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|
24,569 |
18,929 |
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Total |
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599,495 |
565,652 |
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Financial liabilities are carried in the following currencies |
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Swiss francs |
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443,147 |
451,328 |
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Euros (translated) |
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156,348 |
114,324 |
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 was 3.1 per cent (previous year: 3.4%). The fair value of non-current financial liabilities is TCHF 631,306 (previous year: TCHF 666,496).
Repower has complied with all credit and loan agreements in full.
- span class="superscript">1) Interest rate swaps are agreed and hedge accounting applied to hedge the variable-interest SET bank loan. The value adjustment of TCHF 1,316 (previous year: TCHF 789), of which TCH 513 apply to minority interests (previous year: TCHF 308), was recognised in the consolidated statement of comprehensive income (fair value adjustment of financial instruments) after taking into account deferred income taxes of TCHF -358 (previous year: TCHF -268), of which TCHF -140 apply to minority interests (previous year: TCHF -105). The maturity dates of the interest rate swaps are the same as the maturity dates for the SET loan interest and will generate cash flows, expenses and/or income in the coming years. Interest rate swaps are subject to hedge accounting and are recognised at fair value. The value adjustment is recorded under other income.
- span class="superscript">2) Mortgage assignments were pledged as security for the investment loan of TCHF 1,700 (previous year: TCHF 2,125). The fixed assets pledged in this connection are disclosed in Note 9.
- span class="superscript">3) The minority shareholders of Repartner Produktions AG granted an interest-free loan of TCHF 15,925 commensurate with their share to finance the expansion of Repower's Taschinas hydropower plant in Grüsch. The terms of the loan stipulate repayment on a straight-line basis over 59 years as well as pro-rata compensation based on EBIT generated by the Taschinas power plant. Financial liabilities must be recorded at fair value. Since no market price is available, this is determined on the basis of the present value of future cash flows. The interest rate applied is 2.7 per cent. The interest rate advantage for the interest-free shareholder loan amounts to TCHF 8,004 and was classified as a hidden contribution which was taken into account at Group level as a capital increase in minority interests. The liability component of the interest-free loan amounts to TCHF 7,921 and is recognised over the loan period using the effective interest method, with the short-term part (TCHF 56) recorded under current financial liabilities.