- Annual Report
- At a Glance
- A journey through the world of Repower
- Public interest focuses on the energy industry
- Very good operating result – Uncertain conditions
- Market division: Repower in Romania
- Asset division: Green light for Lago Bianco
- Finance Division: Improved risk management
- Corporate Governance
- Basic principles
- Group structure and shareholders
- Capital structure
- Board of Directors
- Executive Board of the Repower Group
- Compensation, shareholdings and loans
- Shareholders' rights of participation
- Changes of control and defensive measures
- Auditors
- Supervision and control instruments vis-à-vis the auditors
- Information policy
- Board of Directors
- Executive Board
- Financial Report
- Consolidated Financial Statements Repower Group
- Comments on the consolidated financial statements
- Consolidated statement of comprehensive income
- Consolidated balance sheet
- Changes in consolidated equity
- Consolidated cash flow statement
- Notes
- 1 Total operating revenue
- 2 Personnel expenses
- 3 Depreciation/amortisation and impairment
- 4 Financial income
- 5 Financial expenses
- 6 Investments in associates and partner plants
- 7 Income taxes
- 8 Earnings per share
- 9 Property, plant and equipment
- 10 Intangible assets
- 11 Other financial assets
- 12 Inventories
- 13 Receivables
- 14 Securities and other financial instruments
- 15 Positive/negative replacement values for held-for-trading positions
- 16 Cash and cash equivalents
- 17 Share capital
- 18 Non–current financial liabilities
- 19 Pension fund obligation
- 20 Provisions
- 21 Other non–current liabilities
- 22 Other current liabilities
- 23 Current financial liabilities
- 24 Prepaid expenses, accruals and deferred income
- 25 Transactions with related parties
- 26 Additional disclosures on financial instruments
- 27 Business combinations and disposals (IFRS 3)
- 28 Segment reporting – Group-wide information
- 29 Contingent liabilities and guarantee obligations
- 30 Obligations related to operating leases
- 31 Risk assessment
- 32 Events occurring after the balance sheet date
- Notes to the consolidated financial statements
- Report of the auditors, consolidated Financial Statements
- 2010 Financial Statements Repower AG
- Income statement
- Balance sheet
- Notes to the financial statements
- 1 Intangible assets
- 2 Financial assets
- 3 Receivables
- 4 Prepaid expenses and accrued income
- 5 Equity
- 6 Provisions
- 7 Non–current liabilities
- 8 Current liabilities
- Other information
- Disclosures in accordance with Art. 663bbis of the Swiss Code of Obligations
- Disclosures in accordance with Art. 663c of the Code of Obligations at 31 December of the financial year
- Appropriation of retained earnings
- Report of the Auditors, Financial Statements
- Consolidated Financial Statements Repower Group
- Grafics
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Repower in Küblis
Repower operates several hydropower plants in Prättigau. This pressure line routes the water to the Küblis station which was recently completely modernised.
Narrower margins in energy trading
Price pressure was still evident on energy markets in 2010. Persistent economic uncertainty in many places and the impact of the financial crisis continued to cause exasperation. The European energy markets are also growing closer together. The liquidity of the markets is increasing and, at the same time, markets are further consolidating. More and more market transparency inevitably results in narrower margins and limits the ways to exploit price differences. In light of this situation and based on the expertise we have accumulated from managing our own assets, when it comes to energy trading, we concentrate on special products and not on standard offerings. This way, we operate closer to physical energy transactions. This also holds true for trading with renewable energies, where we are focusing more on high-quality electricity which is subject to less price volatility. The Repower trading floor relies on the three sites of Poschiavo, Milan and Prague, each of which has specific market knowledge and concentrates on certain areas of trading. Gas trading in Italy, which got underway there in 2009, now makes a significant contribution to the results. Repower has its own gas transport capacities, also making distribution easier. The significance of the balancing energy market also continues to rise in Switzerland due to subsidies for new renewable energies. Our involvement in this market was consolidated in 2010. To the extent that it is technically feasible, we are also making our capacities available to supply balancing energy in Italy. The Repower pumped storage power plant projects, one in Switzerland (“Lago Bianco”) and one in Italy (“Campolattaro”), underscore the important role that we believe this market will play in the future.
Proprietary trading contributed significantly to the result in 2010. We further expanded these activities and were also able to capitalise on our trading experience for optimum deployment of our own power plants.
The chart shows how prices for electricity (blue), gas (red) and CO2 (grey) developed during 2010. Conclusion: volatile electricity prices, with a tendency to increase slightly towards the end of the year.