| 31.12.2011 | 31.12.2012 | |||||
|---|---|---|---|---|---|---|
| CHF thousands | ||||||
| Currency | Due date | Interest | ||||
| Note | CHF | 10.04.2017 | 3.625% | 15,000 | 15,000 | |
| Note | CHF | 30.03.2018 | 3.660% | 25,000 | 25,000 | |
| Note | CHF | 20.03.2023 | 3.625% | 10,000 | 10,000 | |
| Note | CHF | 28.06.2030 | 2.500% | 20,000 | 20,000 | |
| Bank loan | CHF | 11.12.2020 | 3.100% | 10,000 | 10,000 | |
| Bank loan | CHF | 04.07.2016 | 3.360% | 50,000 | 50,000 | |
| Bank loan (SET)1) | EUR | 30.06.2014 | variable | 36,468 | 12,080 | |
| Bank loan (SET)1) | EUR | 31.07.2015 | 5.020% | 66,858 | 66,440 | |
| Interest rate swaps (SET)1) | EUR | 30.06.2014 | 2,229 | 1,268 | ||
| Loans | 235,555 | 209,788 | ||||
| Debenture bond par value | CHF | 18.11.2016 | 2.500% | 200,000 | 200,000 | |
| Net expenditures | CHF | -1,481 | -1,109 | |||
| Debenture bond par value | CHF | 20.07.2022 | 2.375% | 115,000 | 115,000 | |
| Net expenditures | CHF | -2,351 | -2,130 | |||
| Bonds | 311,168 | 311,761 | ||||
| Investment loan2) | CHF | 31.12.2015 | no interest | 455 | 304 | |
| Investment loan2) | CHF | 31.12.2020 | no interest | 1,700 | 1,488 | |
| Investment loan2) | CHF | 31.12.2015 | no interest | 140 | 94 | |
| Loan (minority interest)3) | CHF | 31.12.2070 | 2.700% | 7,865 | 9,129 | |
| Loan (minority interest) | EUR | 31.12.2014 | variable | 7,249 | 12,151 | |
| Residual purchase obligation Forze Motrici Pistoia S.r.l. (formerly: 3M Progetti S.r.l.) | EUR | 31.12.2016 | 7.650% | 1,124 | 1,117 | |
| Residual purchase obligation Repower Furnizare România S.r.l. | EUR | 396 | - | |||
| Leasing commitments4) | CHF | 2.50% | - | 668 | ||
| Other financial liabilities | 18,929 | 24,951 | ||||
| Total | 565,652 | 546,500 | ||||
| Financial liabilities are carried in the following currencies: | ||||||
| Swiss francs | 451,328 | 453,444 | ||||
| Euros (translated) | 114,324 | 93,056 | ||||
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 3.0 per cent (previous year: 3.1%). The fair value of non-current financial liabilities amounted to TCHF 604,467 (previous year: TCHF 631,306).
Repower has fully complied with all credit and loan agreements.
1) Interest rate swaps are agreed and hedge accounting applied to hedge the variable-interest SET bank loan. The value adjustment of TCHF 946 (previous year: TCHF 1,316), of which TCH 369 apply to minority interests (previous year: TCHF 513), was recognised in the consolidated statement of comprehensive income (fair value adjustment of financial instruments) after taking into account deferred income taxes of TCHF -360 (previous year: TCHF -358), of which TCHF -140 apply to minority interests (previous year: TCHF -140). 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.
2) Mortgage assignments were pledged as security for the investment loan of TCHF 1,488 (previous year: TCHF 1,700). The fixed assets pledged in this connection are disclosed in Note 9.
3) In the 2011 financial year 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 originally over 59 years as well as pro-rata compensation based on 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 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 minority 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 retroactive and under the same terms and conditions as the previous partners. The additionally granted loan amount at the beginning of the year is TCHF 1,356.
At the end of 2012 the liability component of the interest-free loan amounts to TCHF 9,196 (previous year: TCHF 7,921) and is recognised over the loan period using the effective interest method, with the short-term part recorded under current financial liabilities in the amount of TCHF 67 (previous year: TCHF 56).
4) The detailed maturities for the leasing commitments can be found in Note 32.