Financial Statements of Repower AG, Brusio

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.