- Annual Report
- Overview
- Foreword from the Chairman of the Board of Directors and CEO
- 2025 strategy
- Market Switzerland
- Market Italy
- Other segments and activities
- Sustainability
- Corporate Governance
- Basic principles
- Group structure and shareholders
- Capital structure
- Board of Directors
- Executive Board of the Repower Group
- Shareholders' rights of participation
- Change of control and defensive measures
- Auditor
- Information policy
- Implementation of the ordinance against excessive compensation in listed stock companies
- Events after the balance sheet date
- Board of Directors
- Executive Board
- Compensation report
- Financial Report
- Consolidated financial statements of the Repower Group
- Comments on the consolidated financial statements
- Consolidated income statement
- Consolidated statement of comprehensive income
- Consolidated balance sheet
- Changes in consolidated shareholders equity
- Consolidated cash flow statement
- Notes
- 1 Total operating revenue
- 2 Personnel expenses
- 3 Depreciation/amortisation and impairment
- 4 Financial result
- 5 Income taxes
- 6 Result per share
- 7 Tangible assets
- 8 Intangible assets
- 9 Disclosures of interests in other entities
- 10 Other financial assets
- 11 Inventories
- 12 Receivables
- 13 Securities and other financial instruments
- 14 Positive/negative replacement values for held-for-trading positions
- 15 Cash and cash equivalents
- 16 Share capital
- 17 Non-current financial liabilities
- 18 Pension fund obligation
- 19 Other provisions
- 20 Other current liabilities
- 21 Current financial liabilities
- 22 Prepaid expenses and accrued income/deferred income and accrued expenses
- 23 Transactions with related parties
- 24 Additional disclosures on financial instruments
- Fair value hierarchy
- 25 Business combinations, disposals and liquidations
- 26 Assets and liabilities held for sale
- 27 Segment reporting
- 28 Contingent liabilities and warranty liabilities
- 29 Obligations under leasing arrangements
- 30 Events occurring after the balance sheet date
- Notes to the consolidated financial statements
- Consolidated accounting principles
- Summary of accounting and valuation principles
- Consolidation
- Accounting and valuation principles
- Capital and enterprise value management
- Risk management and financial risk management
- Estimation uncertainty
- Report of the auditors on the consolidated financial statements
- Financial statements of Repower AG
- Income statement
- Balance sheet
- Notes to the financial statements
- 1 Net sales
- 2 Depreciation/amortisation and impairment
- 3 Extraordinary, non-recurring or prior period income
- 4 Extraordinary, non-recurring or prior period expenses
- 5 Cash and cash equivalents and current assets with a stock exchange price
- 6 Trade receivables
- 7 Other receivables
- 8 Inventories and non-invoiced services
- 9 Financial assets
- 10 Intangible assets
- 11 Trade creditors
- 12 Short-term interest-bearing liabilities
- 13 Other current liabilities
- 14 Long-term interest-bearing liabilities
- 15 Other long-term liabilities
- 16 Provisions
- 17 Shareholders equity
- Share capital
- Treasury shares
- Other information
- Appropriation of retained earnings
- Report of the auditors on the financial statements
- Consolidated financial statements of the Repower Group
- Graphs
- Organisation Chart
- Archive
- Focus on the customers
Notes to the consolidated financial statements
2) Summary of accounting and valuation principles
Preparation of financial statements
The consolidated financial statements of the Repower Group have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements provide a true and fair view of the assets, liabilities, financial position and profit or loss of the Repower Group and comply with Swiss law.
The reporting currency for the consolidated financial statements is the Swiss franc (CHF). With the exception of items designated otherwise, all figures are rounded to the nearest thousand Swiss francs (TCHF).
The consolidated financial statements were prepared on the basis of historical costs, with the exception of specific positions such as replacement values in respect of held-for-trading positions, part of inventories, and securities and other financial instruments, for which IFRS requires other valuation methods. These are explained in the following accounting and valuation principles.
The accounting and valuation principles used correspond to the principles applied in the previous year.
Significant new and revised accounting and valuation principles
New and revised standards and interpretations applicable for the first time for the 2015 financial year are listed in the following table and are assessed in quantitative terms if they have a significant impact on the consolidated financial statements of the Repower Group.
| Standard/interpretation | Content | Applicable for annual periods beginnig on |
|---|---|---|
| IAS/IFRS | Annual Improvements Cycle 2010–2012 | 01.07.2014 |
| IAS/IFRS | Annual Improvements Cycle 2011–2013 | 01.07.2014 |
| IAS 19 | Clarification concerning the Accounting of employee contributions for defined benefit plans | 01.07.2014 |
The revised IAS 19 Employee Benefits is to be applied for the 2015 financial year. The amended standard offers the option of measuring pension fund obligation without applying risk sharing. Repower has not made use of this option. The 2010-12 and 2011-13 improvements cycles have no material impact on Repower's financial reporting.
The Repower Group is currently analysing and assessing the impact of the following new or revised standards and interpretations whose adoption in the Repower Group's consolidated financial statements is not yet compulsory. They will be adopted no later than the financial year beginning on the date given in the table.
| Standard/ interpretation | Summary of future requirements | Possible effects on the consolidated financial statement |
|---|---|---|
| IFRS 9 | IFRS 9 Financial Instruments replaces the existing guidance in IAS 39 Financial Instruments: Recognition and Measurement. It contains revised guidance on classifying and measuring financial liabilities, including a new expected loss impairment model for financial assets and new general hedge accounting rules. It also carries over from IAS 39 the requirements for recognition and derecognition of financial assets and financial liabilities. The new standard is effective for annual periods beginning on or after 1 January 2018. It is applied retrospectively. Early adoption is permitted. | The Repower Group is currently analysing this standard and the related interpretations and expects to see a change in its reporting at the present time. |
| IFRS 15 | IFRS 15 Revenue from Contracts with Customers specifies in a single standard whether, when, how and in what amount an IFRS reporter will recognise revenue. The underlying rules are represented in a five-step model. The standard still contains guidance on specific themes such as warranties, options to acquire additional goods or services, breakage, loyalty schemes or licensing, guidance on the costs of obtaining and fulfilling a contract, and on the question of when such costs are to be capitalised. The standard also contains new, comprehensive rules related to the disclosures that must be made. The new standard supersedes several standards and interpretations, including IAS 11 Construction Contracts and IAS 18 Revenue. It applies to annual reporting periods beginning on or after 01 January 2018. It is applied retrospectively or on the basis of simplified transitional rules. Early adoption is permitted. | The Repower Group is currently analysing this standard and expects to see a change in its reporting at the present time. |
| IFRS 16 | IFRS 16 Leases, published on 13 January 2016, primarily contains changes in accounting by lessees. In future, lessees will recognise a right-of-use asset and a lease liability. A lessee may elect not to separate non-lease components from lease components for short lease terms (less than 12 months) and underlying assets with a low value. There will be more stringent disclosure requirements for both lessees and lessors. IFRS 16 applies to annual reporting periods beginning on or after 1 January 2019. It must be applied with full or modified retrospective effect. Early application is possible if IFRS 15 Revenue from Contracts with Customers is applied.. | The Repower Group is currently analysing this standard and expects to see a change in its reporting at the present time. The fact that in future more or less all facts relating to leases will have to be presented in the balance sheet might result in changes in financial figures. |
In addition to the new or amended standards presented here, for the sake of completeness the following table details further new or amended standards that, as things stand at present, will have no significant impact.
| Standard/interpretation | Content | Applicable for annual periods beginnig on | Type of application |
|---|---|---|---|
| Various | Annual Improvements Cycle 2012–2014 | 01.01.2016 | retrospective/prospective |
| IAS 1 | Amendments to IAS 1 due to the disclosure initiative | 01.01.2016 | retrospective |
| IAS 7 | Amendments to IAS 7 due to the disclosure initiative | 01.01.2017 | prospective |
| IAS 12 | Amendments to IAS 12 concerning unrealised losses related to recognised assets measured at fair value | 01.01.2017 | retrospective |
| IAS 16/38 | Amendments concerning the Clarification of Acceptable Methods of Depreciation and Amortisation | 01.01.2016 | prospective |
| IAS 16/41 | Amendments concerning the Definition of Bearer Plants | 01.01.2016 | retrospective |
| IAS 27 | Amendments concerning the Equity Method in Separate Financial Statements | 01.01.2016 | retrospective |
| IFRS 11 | Amendments concerning the Accounting for Acquisitions of Interests in Joint Operations | Not defined yet | prospective |
Change in presentation
In 2015 Repower revised the presentation of the cash flow statement and financial results in the interests of improved comparability. The changes in the presentation (restatement) better reflect industry practice. Prior-year information has been adapted to the modified structure. This affects both the consolidated cash flow statement and the cash flows of SET S.p.A. presented in Note 9. In the consolidated cash flow statement interest received (TCHF 2,620), dividends received from associates (TCHF 652) and interest paid (TCHF -16,741) will now be allocated to cash flow from investing or financing activities rather than to cash flow from operating activities. Cash flows of TCHF 188 (including TCHF 158 for other dividends) were reclassified from cash flow from operating activities to cash flow from investing activities. The calculation of cash flow from operating activities is now done on the basis of income before taxes, and income taxes paid are recognised as a separate item within cash flow from operating activities. SET S.p.A.'s cash flow from operating activities increased by TCHF 3,936, cash flow from investing activities declined by TCHF 21, and cash flows from financing activities increased by TCHF 3,957.
Correction of error in previous year
In the course of reviewing the cash flow statement and the presentation of financial income, an error was discovered in the consolidated cash flow statement. Losses of TCHF 2,942 resulting from exchange rate fluctuations were allocated to cash flow from operating activities instead of to translation differences. This has been corrected. In Repower's view this error is not material.
In the previous year, positive and negative replacement values of TCHF 21,977 were netted at the level of Trading Italy. However, it is not certain whether this netting would be enforceable in the event of bankruptcy. The netting of TCHF 21,977 erroneously done on the previous year's balance sheet has been corrected. As a result, both positive replacement values held-for-trading positions and negative replacement values held-for-trading positions have increased by the same amount. In Repower's view this error is not material.