Annual report

Overview

Overview of the year 2017

1.8

billion francs

total operating revenues in 2017
33.8

million francs

operating income (EBIT) in 2017

THE MOST IMPORTANT EVENTS OF 2017

  • Repower recorded a gratifying business result, with total operating revenues of 1.8 billion francs and EBIT of 33.8 million francs.
  • In 2017 Repower continued to position itself even more firmly as a sales and service organisation. This also involved the decision to align its internal organisation in Switzerland and its processes to more concerted service delivery.
  • Developments in 2017 were dominated by an upward correction in prices. Year over year, delivery prices in Switzerland increased around 21 per cent in euro terms, and the price difference between Switzerland and Italy went up several euros per megawatt hour, with a positive impact on the profitability of the portfolio.
  • It was possible to take advantage of major volatility on the European electricity and gas markets in speculative trading, enabling a very gratifying trading result.
  • Repower welcomes voters’ Yes to the Swiss Federal Council’s Energy Strategy 2050, and sees it as an opportunity to position itself in various areas on the basis of its core competencies. Repower is committed to hydropower as a cornerstone of the Swiss electricity supply. For this reason it is focusing its efforts on helping implement Energy Strategy 2050 by maintaining and, where possible, expanding its generation capacity.
  • The Morteratsch hydropower plant near Pontresina, which resumed operation back in 2016, was officially inaugurated in 2017 with an open day. For this project Repower devised an innovative financing and operating model and entered into partnership with an infrastructure fund.
  • Successful implementation of the growth strategy in the sales business and positive economic developments on the economic front helped ensure that developments in the Italian business remained positive. Efforts to substantially expand the offering continued with the addition of energy services, notably electric vehicle-related services.
  • Last year Repower in Italy provided more than 27,000 business customers with electricity and more than 11,000 small and medium-sized enterprises with gas. It delivered a total of 3.5 TWh of electricity and 319 million cubic metres of gas, a 13.9 per cent increase on the previous year.
  • As part of its electric vehicle (EV)-related activities Repower developed the E-LOUNGE, a charging station for electric bikes that can simultaneously be used as a bench to sit on.
  • Digitalisation is also sweeping the energy industry. Repower launched a number of products including EASYASSET (a software solution for asset management) and ENERGYSPACE (a professional web application for energy portfolio and risk management).
  • In the course of the regular refinancing of sections of its renewable generation portfolio, Repower successfully placed two green bonds (Schuldscheindarlehen), issue date 23 January 2017, totalling EUR 50 million. Repower is the first Swiss company to conduct financing in this form. On 20 March 2018, Repower received a Green Bond Pioneer Award at the Climate Bonds Initiative Annual Conference 2018 in London.
  • Last but not least, Repower is presenting its 2017 financial statements for the first time under the new Swiss GAAP FER financial reporting standard. After the delisting of Repower securities from the Swiss stock exchange and the introduction of the standard registered share in 2016, the company has simplified its structures further. Repower remains committed to transparent reporting presenting a true and fair view.

FINANCIAL HIGHLIGHTS

 

2017

2016

2015

2014

2013

 

Swiss GAAP FER

Swiss GAAP FER

IFRS

IFRS

IFRS

CHF million

 

 

 

 

 

 

 

 

 

 

 

Revenue and income

 

 

 

 

 

Total operating revenue

1,847

1,724

1,890

2,273

2,365

Earnings before interest, taxes, depreciation and amortisation (EBITDA)

79

52

41

77

74

Depreciation/amortisation and value adjustments

–45

–30

–109

–51

–224

Earnings before interest and taxes (EBIT)

34

22

–69

26

–150

Group earnings

20

–1

–136

–33

–152

 

 

 

 

 

 

Balance sheet

 

 

 

 

 

Balance sheet total at 31 December

1,822

1,701

1,828

2,126

2,043

Equity at 31 December

769

737

600

766

805

Equity ratio

42%

43%

33%

36%

39%

 

 

 

 

 

 

Further key figures

 

 

 

 

 

Energy gross margin

208

194

178

240

255

Economic value added

–18

–29

–112

–57

–188

Cash flow from operating activities

43

78

17

98

69

Net debt

–2

–9

270

234

328

Net debt factor

0,0

-0,1

4,5

2,6

2,6

FFO/net debt *

< 0%

< 0%

4,1%

26,8%

25,4%

Investments

32

33

31

35

68

Headcount (FTE)

578

563

632

666

707

* Net debt amounts to CHF -2 million (previous year: CHF -9 million), FFO/net debt is therefore lower than -100%.

energy balance sheet

 

2017

2016

Change

 

 

 

 

Electricity business in GWh

 

 

 

Trading

12,493

11,275

11%

Supply/sales

4,182

5,148

–19%

Pumps, own use, losses

291

280

4%

Electricity sales

16,966

16,703

2%

 

 

 

 

Trading

13,280

13,164

1%

Own generation

2,463

2,370

4%

Energy from participations

1,223

1,169

5%

Electricity procurement

16,966

16,703

2%

 

 

 

 

Gas business in 1,000 m3

 

 

 

Sales to end customers

319,037

280,031

14%

Trading (sales)

1,471,048

1,149,441

28%

Gas sales

1,790,085

1,429,472

25%

Consumption of Teverola gas-fired power plant (Italy)

330,365

334,078

–1%

STOCK STATISTICS

Share capital

7,390,968

registered shares

@ CHF

1.00

CHF 7.4 million

 

 

 

 

 

 

 

 

 

 

2017

2016

Prices (CHF) on OTC-X, Berner Kantonalbank

 

 

 

 

 

Registered share

 

 

High

68

57

 

 

 

Low

55

41

Dividends (CHF)

2017 1)

2016

2015

2014

 

 

 

 

 

Registered share

0.00

0.00

0.00

0.00

Bearer share

0.00

0.00

0.00

0.00

Participation certificate (PC)

0.00

0.00

0.00

0.00

1) The 2017 dividend is subject to the decision of the annual general meeting. There are no restrictions or limitations on voting rights.

Repower’S SHAREHOLDER STRUCTURE

HEADCOUNT

at 31 December

2017

2016

 

 

 

Total 1)

599

583

Switzerland

438

423

Italy

161

159

Czech Republic

1

 

 

 

Trainees

30

30

Sales consultants Italy

602

582

1) For the numbers in full-time equivalents (FTEs) see “Financial highlights” table above.