- 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
- Download
Estimation uncertainties
Fixed assets
On each balance sheet date, property, plant and equipment are tested for indications of impairment. If indications of impairment are identified, the recoverable amount is calculated in accordance with the provisions of IAS 36 and, if necessary, an impairment is recognised. Estimates of the useful life and residual value of the asset are reviewed annually based on technical and economic developments, and revised as necessary. Changes to laws or ordinances, particularly relating to the environment and energy, could lead to significant changes in useful lives and thus depreciation periods or value adjustments to parts of assets.
In 2008 the Swiss Electricity Supply Act (StromVG) and the Swiss Electricity Supply Ordinance (StromVV) came into force. Under the StromVG the high-voltage grid (220/380kV) must be transferred to the national grid company (swissgrid) within 5 years. Repower AG's high-voltage networks have been entirely incorporated into Repower Transportnetz AG. As no reliable estimate can currently be made of the value swissgrid will accord the high-voltage network on transfer, the future transfer value is subject to a high degree of uncertainty.
Receivables and liabilities
Trade accounts receivable are measured by applying individual and lump-sum value adjustments to the non-adjusted positions based on their maturity structure and on historical experience. Effective losses on receivables may deviate from this estimate.
In individual countries, invoicing and payment is carried out by the national grid operator and any rulings of the regulator may involve a delay of more than a year. The best possible estimates have been made where indicated. Definitive invoicing, payments and rulings may vary from these estimates and affect the overall results.
Provisions
Provisions are recognised taking into account the best possible estimate of the amount and date of the probable cash outflow.
In Italy, Repower is involved in an investigation by the “Autorità Garante della Concorrenza e del Mercato” (the Italian anti-trust authority) into matters relating to the use of gas-fired combined-cycle power plants. Repower is aiding the authority to the best of its ability in order to clarify the situation as quickly as possible. Based on the current assessment, Repower has no reason to take into account provisions or other obligations in this context.