|Currency||Due date||Interest rate||31.12.2013||31.12.2012|
|Bank loan (SET)1)||EUR||30.06.2014||variable||-||12,080|
|Bank loan (SET)1)||EUR||30.06.2015||5.017%||67,518||66,440|
|Interest rate swaps (SET)1)||EUR||30.06.2014||-||1,268|
|Debenture bond par value||CHF||18.11.2016||2.500%||200,000||200,000|
|Debenture bond par value||CHF||20.07.2022||2.375%||115,000||115,000|
|Investment loan 2)||CHF||31.12.2015||no interest||152||304|
|Investment loan 2)||CHF||31.12.2020||no interest||1,275||1,488|
|Investment loan 2)||CHF||31.12.2015||no interest||47||94|
|Loan (minority interest)3)||CHF||31.12.2070||2.700%||9,060||9,129|
|Loan (minority interest)||EUR||31.12.2014||variable||-||12,151|
|Residual purchase obligation Forze Motrici Pistoia S.r.l.||EUR||31.12.2017||7.650%||1,135||1,117|
|Interest rate swap||CHF||11.12.2020||1,239||-|
|Liabilities for financial leasing 4)||CHF||2.500%||284||668|
|Other financial liabilities||13,192||24,951|
|Financial liabilities are carried in the following currencies:|
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: 3.0 %). The fair value of non-current financial liabilities amounted to TCHF 545,972 (previous year: TCHF 604,467).
Repower has fully complied with all credit and loan agreements.
1) Interest rate swaps are used to hedge the variable-interest rate SET bank loan and hedge accounting applied. The value adjustment of TCHF 1,077 (previous year: TCHF 946), of which TCH 420 apply to minority interests (previous year: TCHF 369), was recognised in the consolidated statement of comprehensive income (fair value adjustment of financial instruments) after taking into account deferred income taxes of TCHF -418 (previous year: TCHF -360), of which TCHF -163 apply to minority interests (previous year: TCHF -140). The maturity dates of the interest rate swaps are the same as the maturity dates for payment of the SET loan interest. Interest rate swaps are subject to hedge accounting and are carried at fair value. The adjustment in value is recorded under other comprehensive income. The interest rate swaps (SET) will expire in 2014 and are disclosed under current financial liabilities at 31 December 2013 (Note 22).
2) Mortgage assignments were pledged as security for the investment loan of TCHF 1,275 (previous year: TCHF 1,488). The fixed assets pledged in this connection are disclosed in Note 7.
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 interests 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 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.
There were no changes in 2013.
At the end of 2013 the liability component of the interest-free loan amounted to TCHF 9,129 (previous year: TCHF 9,196) and is amortised using the effective interest method, with the short-term portion recognised under current financial liabilities in the amount of TCHF 69 (previous year: TCHF 67).
4) The detailed maturities of leasing commitments can be found in Note 30.