Financial Statements of Repower AG, Brusio

Notes to the financial statements: D. Further notes

Net release of hidden reserves

In the reporting year, hidden reserves of TCHF 7,193 were released (previous year: none).

Employee information

In the year under review and the previous year Repower AG had more than 250 full-time positions on annual average.

Direct and indirect shareholdings

Direct participations

Company

Head office

Currency

Issued capital

Share of equity and votes in %

 

 

 

31.12.2017

31.12.2016

31.12.2017

31.12.2016

 

 

 

 

 

 

 

Ovra electrica Ferrera SA

Trun

CHF

3,000,000

3,000,000

49.00%

49.00%

SWIBI AG

Landquart

CHF

500,000

500,000

76.58%

76.68%

Alvezza SA in Liquidation

Disentis

CHF

500,000

500,000

62.00%

62.00%

Elbe Beteiligungs AG in Liquidation

Poschiavo

CHF

1,000,000

0.00%

100.00%

Lagobianco SA

Poschiavo

CHF

1,000,000

1,000,000

100.00%

100.00%

Repartner Produktions AG 1)

Poschiavo

CHF

20,000,000

20,000,000

51.00%

57.00%

Swisscom Energy Solutions AG

Ittigen

CHF

13,342,325

13,342,325

35.00%

35.00%

Kraftwerk Morteratsch AG 2)

Pontresina

CHF

500,000

500,000

10.00%

10.00%

Repower Deutschland GmbH

Dortmund

EUR

11,525,000

25,000

100.00%

100.00%

Repower Italia S.p.A.

Milan

EUR

2,000,000

2,000,000

100.00%

100.00%

MERA S.r.l.

Milan

EUR

100,000

100,000

100.00%

100.00%

EL.IT.E. S.p.A.

Milan

EUR

3,888,500

3,888,500

46.55%

46.55%

Repower Trading Česká republika s.r.o. v likvidaci 3)

Prague

CZK

3,000,000

100.00%

S.C. Repower Vanzari Romania S.R.L. 3)

Bucharest

RON

165,000

100.00%

Repower Serbia d.o.o. – u likvidaciji 3)

Belgrade

EUR

20,000

100.00%

Repower Hrvatska d.o.o. u likvidaciji 3)

Zagreb

HRK

366,000

100.00%

1) Sale of 6% of the direct and indirect participations in Repartner Produktions AG to a new partner.

2) Repower AG holds 10% of the share capital and 35.7% of the voting rights of Kraftwerk Morteratsch AG.

3) In the year under review Repower Vanzari Romania S.R.L and the other companies in Eastern Europe were liquidated.

Indirect participations

Company

Head office

Currency

Issued capital

Share of equity and votes in %

 

 

 

31.12.2017

31.12.2016

31.12.2017

31.12.2016

 

 

 

 

 

 

 

Repower Wind Deutschland GmbH 1)

Dortmund

EUR

25,000

57.00%

Repartner Wind GmbH 2)

Dortmund

EUR

25,000

25,000

51.00%

57.00%

Repower Wind Lübbenau GmbH 1)

Dortmund

EUR

25,000

57.00%

Repower Vendita Italia S.p.A.

Milan

EUR

4,000,000

4,000,000

100.00%

100.00%

SET S.p.A.

Milan

EUR

120,000

120,000

61.00%

61.00%

Energia Sud S.r.l.

Milan

EUR

1,500,000

1,500,000

100.00%

100.00%

SEA S.p.A.

Milan

EUR

120,000

120,000

100.00%

100.00%

REC S.r.l.

Milan

EUR

10,000

10,000

100.00%

100.00%

Immobiliare Saline S.r.l.

Milan

EUR

10,000

10,000

100.00%

100.00%

REV S.r.l.

Milan

EUR

10,000

10,000

100.00%

100.00%

Energia Eolica Pontremoli S.r.l. 3)

Milan

EUR

50,000

100.00%

Aerochetto S.r.l.

Catania

EUR

2,000,000

2,000,000

39.00%

39.00%

1) In the year under review Repower Wind Deutschland GmbH and Repower Wind Lübbenau GmbH were merged into Repartner Wind GmbH.

2) After the merger Repower Wind Prettin GmbH was renamed Repartner Wind GmbH.

3) In the year under review the company Energia Eolica Pontremoli S.r.l. was liquidated.

Contingent liabilities, sureties, guarantee obligations and pledges in favour of third parties

Joint liability for VAT group taxation SWIBI AG, Lagobianco SA, Repartner Produktions AG and Ovra electrica Ferrera SA.

To the benefit of group companies, letters of intent and financing agreements amounting to EUR 171 million (equivalent to CHF 200 million) were concluded (previous year: EUR 176 million, equivalent to CHF 189 million).

Guarantees in favour of third parties amounting to CHF 0.5 million and EUR 3.0 million (corresponds to CHF 4.0 million) were provided (prior year: CHF 0.4 million and EUR 2.6 million (corresponds to CHF 3.2 million)).

Total assets ceded or pledged to secure own liabilities

Nominal value of mortgage assignment: CHF 2.55 million, of which TCHF 425 used (previous year: TCHF 637).

During the year under review receivables included CHF 3.0 million in pledges lodged in the context of business, specifically trading operations (prior year: CHF 2.7 million).

Lease liabilities

The maturities of lease liabilities that do not mature or cannot be terminated within twelve months break down as follows:

 

31.12.2017

31.12.2016

CHF thousand

 

 

 

 

 

Lease liabilities

9,463

10,872

Within 1 year

1,269

1,570

2-5 years

3,937

4,306

Over 5 years

4,257

4,996

Pension fund liability

On the balance sheet date there is a liability to the pension fund of TCHF 420 (prior year: TCHF 410).

Related parties

Receivables and liabilities vis-à-vis direct or indirect participants and management bodies and vis-à-vis undertakings in which there is a direct or indirect participation are shown separately in the notes to the financial statements. Management bodies and participants are the members of the board of directors and shareholders (Note 18) of Repower AG and the auditors.

Events occurring after the balance sheet date

In January 2018 Repower successfully completed the early repurchase of a portion of its outstanding CHF 115,000,000 2.375 per cent bond maturing on 20 July 2022 (ISIN CH0109152725). Bonds with a total nominal value of CHF 18,555,000 were repurchased for CHF 19,807,463 and destroyed.

The financial statements were approved for publication by the board of directors on 5 April 2018. They are subject to the approval of the annual general meeting, which will take place on 16 May 2018.

Disclosures in accordance with Art. 663c of the Swiss Code of Obligations
at 31 December of the financial year:

Board of directors

Shares in 2017

Shares in 2016

 

 

 

Dr Urs Rengel (from 21.06.16)

400

400

Peter Eugster, vice-chairman (from 21.06.16)

1,200

600

Executive board

Shares in 2017

Shares in 2016

 

 

 

Kurt Bobst, CEO

150

150

Felix Vontobel

240

240

Fabio Bocchiola

5

There are no other items which require disclosure.