|Currency||Due date||Nominal interest rate|
|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|
|Bond par value||CHF||18.11.2016||2.500%||-||200,000|
|Bond par value||CHF||20.07.2022||2.375%||115,000||115,000|
|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|
|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 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 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.
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).