In 2015, the company made a scheduled repayment of € 150 million on a promissory note (German Schuldschein). In addition, around € 50 million was repaid on renminbi-denominated loans.

In 2014, the company took out an investment loan in the amount of € 80 million. Furthermore, long-term financing in the amount of 800 million renminbi (€ 106 million) for the Group’s Chinese subsidiaries was restructured in 2014, with the new loans being utilized to redeem existing loans. Due to first-time full consolidation of Siltronic Silicon Wafer Pte. Ltd. in 2014, a Singapore-dollar-denominated minority shareholder’s loan for an amount equivalent to € 35.8 million led to an increase in financial liabilities.

No collateral exists for the financial liabilities, nor are they secured through liens or similar rights. Some of the liabilities to banks have fixed interest rates and others have variable interest rates. Moreover, some of the liabilities to banks were granted on condition that particular covenants be complied with.

The liabilities to banks comprise the following:

Other financial liabilities comprise the following:

As in the prior year, the euro-denominated investment loans included variable-interest-rate loan amounts. The variable portion amounts to € 280.0 million (2014: € 280.0 million), of which € 200 million falls due before the end of 2016 and € 80 million by mid-2020. In 2015, loan facilities from banks included variable-interest-rate loan amounts of € 38.0 million (2014: € 34.4 million) with a residual term until the end of 2017. The promissory notes (German Schuldscheine) include variable loan amounts of € 39.0 million (2014: € 39.0 million) with a residual term until 2017. As in the prior year, all renminbi-denominated loans have variable interest rates. All the private placements and the minority-shareholder loan have fixed interest rates.

The carrying amounts of the current financial liabilities correspond to the repayment amounts. With the exception of the renminbi-denominated investment loans and a portion of the euro-denominated investment loans totaling € 80 million, all the loans fall due on maturity.

The following table shows the future redemption and interest payments for the bank liabilities and other financial liabilities.

There are also unused long-term lines of credit amounting to € 602.8 million (2014: € 603.5 million), all conditions for the utilization of which have been met.

As of the reporting date, the future minimum lease payments under finance lease agreements amount to:

There are no conditional lease payments from finance leases.

Wacker Chemie AG has capitalized a finance lease for the leased CCGT (combined-cycle gas turbine) power station at its Burghausen site. The lease for the power station is due to expire in 2019 at the latest. WACKER has the right to acquire the power station at a price oriented to book values in accordance with German commercial law. If WACKER acquires this power station, it may not be sold to a third party for five years.

In 2015, a facility for producing hydrogen and steam was taken into operation. WACKER capitalized this facility as a finance lease as it is used solely by WACKER.

WACKER also has leasing agreements for several technical facilities that qualify as finance leases and were capitalized accordingly. Here, too, the Group in some cases has rights of pre-emption and lease rollover options.

The lease agreements serve to simplify the procurement and financing of operating materials and fixed assets. The long-term commitment that they involve, however, leads to a constant future outflow of cash from which the company cannot extract itself.