Notes to the financial statements: C. Notes
1 Net sales
|
|
2017 |
2016 |
|
CHF thousand |
|
|
|
|
|
|
|
Net sales |
613,259 |
545,256 |
|
Revenue from energy sales |
606,342 |
544,816 |
|
Gains on held-for-trading positions |
6,917 |
440 |
2 Depreciation/amortisation and impairment
|
|
2017 |
2016 |
|
CHF thousand |
|
|
|
|
|
|
|
Depreciation/amortisation and impairment |
–26,792 |
–35,994 |
|
Depreciation of tangible assets |
–15,358 |
–15,220 |
|
Amortisation of intangible assets |
–6,215 |
–6,744 |
|
Amortisation of financial assets and investments |
–10 |
–4 |
|
Impairment of tangible assets |
–510 |
–7,833 |
|
Impairment of financial assets and investments |
–4,699 |
–6,193 |
3 Extraordinary, non-recurring or prior-period income
|
|
2017 |
2016 |
|
CHF thousand |
|
|
|
|
|
|
|
Extraordinary, non-recurring or prior period income |
17,210 |
24,997 |
|
Gains on disposals of assets |
3,648 |
12,963 |
|
Other extraordinary, non-recurring or prior period income 1) |
13,562 |
12,034 |
1) In the year under review this item consisted primarily of the release of reversion provisions (the previous year it had consisted primarily of the sale of assets and the reversal of impairments following the repayment of loans).
4 Extraordinary, non-recurring or prior period expenses
|
|
2017 |
2016 |
|
CHF thousand |
|
|
|
|
|
|
|
Extraordinary, non-recurring or prior period expenses |
–801 |
–10,821 |
|
Loss on disposals of assets under construction |
–350 |
–311 |
|
Loss on disposals of assets |
–335 |
–166 |
|
Other extraordinary, non-recurring or prior period expenses |
–116 |
–10,344 |
5 Cash and cash equivalents and current assets listed at the stock exchange
|
|
31.12.2017 |
31.12.2016 |
|
CHF thousand |
|
|
|
|
|
|
|
Cash and cash equivalents and current assets listed at the stock exchange |
432,812 |
286,926 |
|
Cash and cash equivalents |
332,721 |
197,386 |
|
Energy trading |
307 |
456 |
|
Positive replacement values of held for trading positions |
99,784 |
89,084 |
6 Current securities and other financial instruments not listed at the stock exchange
|
|
31.12.2017 |
31.12.2016 |
|
CHF thousand |
|
|
|
|
|
|
|
Current securities and other financial instruments not listed at the stock exchange |
20,000 |
35,000 |
|
Fixed- term deposits (maturity within 12 months) |
20,000 |
35,000 |
7 Trade accounts receivable
|
|
31.12.2017 |
31.12.2016 |
|
CHF thousand |
|
|
|
|
|
|
|
Trade accounts receivable |
262,269 |
230,004 |
|
Third parties |
215,041 |
181,672 |
|
Participants and management bodies |
15,846 |
17,518 |
|
Investments |
31,382 |
30,814 |
8 Other receivables
|
|
31.12.2017 |
31.12.2016 |
|
CHF thousand |
|
|
|
|
|
|
|
Other receivables |
8,222 |
8,824 |
|
Third parties |
6,929 |
8,824 |
|
Investments |
1,293 |
- |
9 Inventories and non-invoiced services
|
|
31.12.2017 |
31.12.2016 |
|
CHF thousand |
|
|
|
|
|
|
|
Inventories and non-invoiced services |
11,590 |
8,064 |
|
Inventories |
8,345 |
4,112 |
|
Non-invoiced services |
3,245 |
3,952 |
10 Financial assets
|
|
31.12.2017 |
31.12.2016 |
|
CHF thousand |
|
|
|
|
|
|
|
Financial assets |
245,709 |
147,184 |
|
Securities |
2,542 |
2,551 |
|
Fixed-term deposits >12 months 1) |
40,000 |
32,217 |
|
Non-current receivables third parties |
822 |
- |
|
Loans to investments 2) |
202,345 |
112,416 |
1) The previous year’s fixed-term deposits with due date >12 months of TCHF 32,217 are disclosed in the year under review in cash and cash equivalents. The deposit can be terminated within 3 months.
2) Loans to investments include a loan of which TCHF 350 has been subordinated.
11 Intangible assets
|
|
31.12.2017 |
31.12.2016 |
|
CHF thousand |
|
|
|
|
|
|
|
Intangible assets |
21,549 |
23,693 |
|
Concessions and reversion waiver compensation 1) |
18,100 |
20,965 |
|
Rights of use 1) |
1,136 |
- |
|
Software |
1,756 |
2,497 |
|
Intangible assets under development |
557 |
231 |
1) In the year under review concessions and rights of use were reclassified from tangible assets to intangible assets.
12 Trade accounts payable
|
|
31.12.2017 |
31.12.2016 |
|
CHF thousand |
|
|
|
|
|
|
|
Trade accounts payable |
239,621 |
200,191 |
|
Third parties |
210,675 |
168,118 |
|
Participants and management bodies |
10,078 |
15,306 |
|
Investments |
18,868 |
16,767 |
13 Current interest-bearing liabilities
|
|
|
31.12.2017 |
31.12.2016 |
|
|
CHF thousand |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
Duration |
|
|
|
|
|
|
|
|
|
Current interest-bearing liabilities |
|
|
27,029 |
15,000 |
|
|
|
|
|
|
|
Loans |
|
|
25,000 |
15,000 |
|
Private placement |
3.625% |
2008-2017 |
- |
15,000 |
|
Private placement |
3.660% |
2008-2018 |
25,000 |
- |
|
|
|
|
|
|
|
Other current interest-bearing liabilities |
|
|
2,029 |
- |
|
Investments |
|
|
2,029 |
- |
14 Other current liabilities
|
|
31.12.2017 |
31.12.2016 |
|
CHF thousand |
|
|
|
|
|
|
|
Other current liabilities |
121,998 |
86,379 |
|
Third parties |
115,407 |
66,426 |
|
Participants and management bodies |
5,768 |
12,748 |
|
Investments |
823 |
7,205 |
|
|
|
|
|
Other current liabilities |
121,998 |
86,379 |
|
Negative replacement values of held for trading positions |
94,904 |
76,458 |
|
Other current liabilities |
27,094 |
9,921 |
15 Non-current interest-bearing liabilities
|
|
|
31.12.2017 |
31.12.2016 |
|
|
CHF thousand |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
Duration |
|
|
|
|
|
|
|
|
|
Non-current interest-bearing liabilities |
|
|
392,378 |
232,685 |
|
|
|
|
|
|
|
Loans |
|
|
138,510 |
115,000 |
|
Loan |
2,500% |
2010-2030 |
20,000 |
20,000 |
|
Private placement |
3,660% |
2008-2018 |
- |
25,000 |
|
Private placement |
3,625% |
2008-2023 |
10,000 |
10,000 |
|
Bank loan |
1.698% |
2017-2024 |
29,255 |
- |
|
Bank loan |
1.922% |
2017-2025 |
29,255 |
- |
|
Bank loan 1) |
1.820% |
2006-2026 |
50,000 |
50,000 |
|
Bank loan |
3.100% |
2005-2020 |
- |
10,000 |
|
|
|
|
|
|
|
Bonds |
|
|
117,926 |
117,685 |
|
Bond |
2.375% |
2010-2022 |
115,000 |
115,000 |
|
Registered bond |
3.400% |
2014-2034 |
2,926 |
2,685 |
|
|
|
|
|
|
|
To investments |
|
|
135,942 |
- |
1) The agreement for the TCHF 50,000 bank loan was renewed on 30 April 2017. The new rate of interest is 1.82% (previous year: 2.07%).
16 Other non-current liabilities
|
|
31.12.2017 |
31.12.2016 |
|
CHF thousand |
|
|
|
|
|
|
|
Other non-current liabilities |
46,398 |
42,876 |
|
|
|
|
|
Connection fees and grid cost contributions |
4,552 |
- |
|
Connection fees and grid cost contributions 1) |
4,552 |
- |
|
|
|
|
|
Other non-current liabilities |
41,846 |
42,876 |
|
Third parties 2) |
359 |
691 |
|
Investments |
41,487 |
42,185 |
1) Connection fees and grid cost contributions were recognised in profit or loss until the 2016 financial year. From 1 January 2017 these revenues have been classified as a liability and charged to revenue over a useful life of 35 years.
2) Includes an interest-free investment loan running from 2007 to 2020. Mortgage assignments were pledged as security; see further notes to the financial statements, contingent liabilities, sureties, guarantee obligations and pledges in favour of third parties.
17 Provisions
|
|
31.12.2017 |
31.12.2016 |
|
CHF thousand |
|
|
|
|
|
|
|
Provisions |
28,810 |
44,387 |
|
For reversion waiver compensation |
- |
13,400 |
|
For contract risks |
9,978 |
10,581 |
|
Other risks 1) |
18,832 |
20,406 |
1) Other risks include the value of interest rate swaps amounting to TCHF 12,351 (previous year: TCHF 19,736). Taken individually, the other items are immaterial.
18 shareholders’ Equity
|
|
31.12.2017 |
31.12.2016 |
|
CHF thousand |
|
|
|
|
|
|
|
Shareholders' equity |
737,163 |
711,814 |
|
|
|
|
|
Share capital |
7,391 |
7,391 |
|
Share capital 1) 7,390,968 registered shares at a par value of CHF 1 per share |
7,391 |
7,391 |
|
|
|
|
|
Reserves |
663,433 |
664,534 |
|
Legal capital reserves |
|
|
|
Capital reserves 1) 2) |
184,335 |
185,442 |
|
Legal reserve from retained earnings |
17,123 |
17,123 |
|
Other reserves 3) |
461,975 |
461,969 |
|
|
|
|
|
Retained earnings |
66,354 |
39,910 |
|
Retained earnings carried forward |
41,018 |
36,631 |
|
Net income for the year |
25,336 |
3,279 |
|
|
|
|
|
Treasury shares |
–15 |
–21 |
1) On 5 July 2016, and with an addendum dated 14 July 2016, a rights issue was held to increase the company’s capital by TCHF 171,263 (nominal value TCHF 3,983, capital reserves TCHF 165,571). Transaction costs of TCHF 1,709 arising in connection with the rights issue were deducted from the premium. The existing bearer shares and participation certificates were converted into unified registered shares. On 31 December 2017 the share capital consisted of 7,390,968 registered shares, each with a nominal value of CHF 1.00.
2) In a letter dated 12 June 2017 the Federal Tax Administration (FTA) confirmed the amount of TCHF 184,335 for the capital reserves. Part of the transaction costs of TCHF 1,107, related to the rights issue held in 2016, has been transferred to retained earnings carried forward.
3) In the year under review the increase of TCHF 6 in other reserves is attributable to gains and losses from the sale of treasury shares. The previous year the general meeting of shareholders of 12 May 2016 approved a transfer of TCHF 100,000 from other reserves to retained earnings.
Share capital
Significant shareholders as defined by the Swiss Code of Obligations (OR) 663c (share of capital and voting rights):
|
|
31.12.2017 |
31.12.2016 |
|
|
|
|
|
Elektrizitätswerke des Kantons Zürich (EKZ) |
29.83% |
28.32% |
|
Canton Graubünden |
21.96% |
21.96% |
|
UBS Clean Energy Infrastructure KGK (UBS-CEIS) |
18.88% |
18.88% |
|
Axpo Holding AG, Baden |
12.69% |
12.69% |
Treasury shares
|
|
2017 |
2016 |
||
|
|
Number of shares |
Carrying value in CHF |
Number of shares |
Carrying value in CHF |
|
|
|
|
|
|
|
Initial balance at 1 January |
382 |
20,714 |
- |
- |
|
Purchases |
2,637 |
152,507 |
3,442 |
167,750 |
|
Disposals |
–2,763 |
–157,856 |
–3,060 |
–147,037 |
|
End balance at 31 December |
256 |
15,365 |
382 |
20,714 |
In the year under review Repower AG bought 2,637 shares at an average price of CHF 57.83 and sold 2,763 shares at an average price of CHF 57.13.
The prior year Repower AG bought 3,442 shares at an average price of CHF 48.74 and sold 3,060 shares at an average price of CHF 50.48.