Consolidated Financial Statements of the Repower Group

Consolidated cash flow statement

 

 

2017

2016

CHF thousand

 

 

 

 

Note

 

 

Group earnings

 

19,999

–1,021

Income taxes

14

–363

–4,673

Share of earnings from associates and joint ventures

5

3,406

3,284

Dividends from associates and joint ventures

17

49

Net financial income

13

14,143

27,812

Depreciation/amortisation, impairment and reversal of impairment of tangible and intangible assets

11/12

45,382

30,194

Gain/loss on the disposals of tangible and intangible assets

 

–1,402

–10,188

Gain/loss on the sales of group companies

 

–2,727

Change in non-current provisions (without interest)

 

–2,448

411

Other non-cash income and expenses

 

1,979

–1,711

Other financial cash outflow and inflow

 

–13,378

–7,344

Income taxes paid

 

1,506

–4,050

Cash flow from operating activities before change in net current assets

 

68,824

30,036

 

 

 

 

Changes

 

 

 

Inventory

 

–7,559

835

Trade accounts receivable

 

–47,248

8,056

Other receivables (without income taxes)

 

14,531

625

Prepaid expenses and accrued income

 

672

1,960

Positive replacement values of held for trading positions

 

42,596

–45,176

Negative replacement values of held for trading positions

 

–37,817

65,610

Current provisions

 

225

–3,653

Trade accounts payable

 

11,474

29,281

Other current liabilities (without taxes)

 

–1,087

–6,414

Deferred income and accrued expenses

 

–1,970

–3,547

Change in net current assets

 

–26,183

47,577

 

 

 

 

Cash flow from operating activities

 

42,641

77,613

 

 

2017

2016

CHF thousand

 

 

 

 

Note

 

 

 

 

 

 

Payments for investments in tangible assets

15

–23,766

–24,948

Payments received from sales of tangible assets

 

13,309

16,813

Payments for additions of current and non-current financial assets

 

–120,550

–189,300

Payments received from disposals of current and non-current financial assets

 

70,778

195,814

Payments for additions of intangible assets

16

–3,101

–3,722

Payments received from disposals of group companies (less cash and cash equivalents disposed of)

 

4,612

21,537

Payments for additions of investments in associates and joint ventures

17

–100

Payments received from disposals of investments in associates and joint ventures

17

3,877

Dividends received from third parties

 

303

203

Interest received

 

281

406

Cash flow from investing activities

 

–58,134

20,580

 

 

 

 

Capital increase

 

171,263

Transaction costs of capital increase

 

–3,820

Increase in financial liabilities

 

115,128

386

Repayment of financial liabilities

 

–34,504

–330,535

Dividend payments

 

–552

–275

Refund of unclaimed dividends

 

9

Purchase/sale of treasury shares

 

12

–14

Purchase of minorities

 

–133

Sale of minorities

 

5,745

2,046

Capital increase at minorities

 

494

Interest paid

 

–8,258

–17,855

Cash flow from financing activities

 

77,571

–178,434

 

 

 

 

Effect of currency translation

 

14,230

528

Change in cash and cash equivalents

 

76,308

–79,713

Cash and cash equivalents at 1 January

 

318,171

397,884

Cash and cash equivalents at 31 December

26

394,479

318,171

Since the beginning of 2017 the consolidated financial statements have been prepared in accordance with Swiss GAAP FER. The comparative figures were adjusted retroactively to reflect the change to Swiss GAAP FER.

Payments of TCHF 4,612 received from disposals of group companies relate to a payment on account received on an adjustment in the purchase price for Repower’s high-voltage grid, which was transferred to Swissgrid in 2013. The payment on account received was classified as a liability.

Prior to the liquidation of group company SEI S.p.A. during the 2016 financial year, the shareholders waived the claims vis-à-vis the company and thus provided it with TCHF 8,934 in finance not affecting cash flows from the group’s point of view.