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6 Investments in associates and partner plants

6 Investments in associates and partner plants
    2010 2011
  CHF thousands    
       
  Carrying amounts at 1 January 41,071 51,784
  Investments (equity increase / acquisition of holding) 12,656 1,550
  Disposals - -2,940
  Dividends -315 -337
  Effect of currency translations -3,818 -401
  Share of the results 2,190 -2,687
  Impairment - -6,965
  Carrying amounts at 31 December 51,784 40,004

The increase in the 2010 financial year was particularly a result of the acquisition of a 39 per cent stake in Aerochetto S.r.l.

The decrease this year is mainly linked to the project company SüdWestStrom StadtKraftWerk Brunsbüttel GmbH & Co. KG which is headquartered in Pinneberg. Repower owns a stake in this project company via Elbe Finance Holding GmbH & Co. KG which has its headquarters in Dortmund. Repower reduced its stake in the project company from 51 per cent to 36 per cent on 28 February 2011. The resultant income amounted to TCHF 808, which is recorded under “Other operating income”. The transaction resulted in a cash inflow of TCHF3,739. Due to the lack of investment security and continued uncertainty about the overall energy policy conditions in Germany, management concluded in the course of the annual impairment tests that the Brunsbüttel project is not realisable in the foreseeable future and project participation thus needs to be subject to unscheduled depreciation to a value of zero. This represents an amount of TCHF 6,965 which is contained in the statement of comprehensive income in the share of results from associates and partner plants of TCHF 9,652.

Key figures for associates 2010 Gross values 2011 Gross values 2010 Repower share 2011 Repower share
         
Assets 147,867 142,514 54,529 52,377
Liabilities -93,020 -93,050 -36,232 -36,035
Income 23,289 29,963 7,046 9,578
Expenses -21,274 -35,488 -6,270 -11,424
Profit/loss 2,015 -5,525 776 -1,846
         
Key figures for partner plants 2010 Gross values 2011 Gross values 2010 Repower share 2011 Repower share
         
Non-current assets 854,058 843,336 65,913 55,304
Current assets 164,161 131,055 13,367 10,014
Non-current liabilities -531,261 -518,062 -36,088 -35,241
Current liabilities -110,985 -90,552 -9,705 -6,415
Income 344,882 374,163 25,095 27,294
Expenses -312,491 -382,399 -23,681 -28,135
Profit/loss 32,391 -8,236 1,414 -841