Non-current assets
The fire insurance value for property is CHF 53 million (previous year: CHF 51 million).
An additional property insurance covers all the relevant risks of the Repower Group's Swiss companies. The insurance covers the value of property, plant and equipment excluding real estate and land to the value of CHF 1,050 million (previous year: CHF 1,050 million).
Investments
The list on pages 70 to 72 of the consolidated financial statements summarises the main interests held directly or indirectly by Repower AG.
Provision policy
Risks related to delivery and sales contracts are regularly assessed in line with market developments and the necessary provisions recognised or adjusted with the effect on income.
Net release of hidden reserves
In the year under review, hidden reserves decreased by CHF 19.2 million (before deferred taxes; previous year: CHF 50.6 million).
Sureties, guarantee obligations and pledges in favour of third parties
Joint liability for VAT Group taxation with Repower Klosters AG, Repower Immobilien AG, Repower Holding Surselva AG, aurax connecta ag, Repower Consulta AG, Repower Ilanz AG, SWIBI AG, Vulcanus Projekt AG, Elbe Beteiligungs AG, Repower Transportnetz AG, Lagobianco SA, Repartner Produktions AG and Ovra electrica Ferrera SA.
Letters of intent and financing agreements amounting to EUR 303 million (CHF 368 million) were concluded (previous year: EUR 256 million or CHF 320 million).
No other sureties, guarantee obligations, pledge agreements or financial leasing obligations exist.
Information on the risk assessment process and related measures
Repower AG is fully integrated in the risk assessment and management process at Group level. The main risks relevant for Repower AG are directly incorporated at Group level in the Group-wide risk management process, where they are comprehensively managed, controlled and monitored. Explanations on risk assessment at Group level are provided in the Notes to the consolidated financial statements on pages 64 to 67.
Disclosures in accordance with Art. 663bbis of the Swiss Code of Obligations: | ||||||
---|---|---|---|---|---|---|
Board of Directors | Total compensation 2010 | Total compensation 2011 | Compensation1) | Compensation for additional services2) | ||
CHF | ||||||
Dr Eduard Rikli, Chairman | 123,018 | 125,375 | 125,375 | - | ||
Dr Reto Mengiardi, Vice Chairman | Until 04.05.11 | 299,158 | 49,410 | 42,170 | 7,240 | |
Kurt Baumgartner, Vice Chairman3) | From 04.05.11 | 72,000 | 76,000 | 76,000 | - | |
Jörg Aeberhard3) | Until 10.05.10 | 22,317 | - | - | - | |
Placi Berther | From 04.05.11 | - | 37,874 | 35,434 | 2,440 | |
Christoffel Brändli | 38,020 | 35,937 | 35,937 | - | ||
Dr Guy Bühler3) | 70,000 | 76,000 | 76,000 | - | ||
Rudolf Hübscher | 39,239 | 37,188 | 37,188 | |||
Claudio Lardi | From 04.05.11 | - | 28,422 | 28,422 | - | |
Guido Lardi | Until 04.05.11 | 38,020 | 12,827 | 12,827 | - | |
Rolf W. Mathis3) | 39,300 | 37,600 | 37,600 | - | ||
Dr Martin Schmid3) | 51,316 | 87,309 | 87,309 | - | ||
Dr Hans Schulz3) | 39,600 | 39,300 | 39,300 | - | ||
Antonio Taormina3) | 44,600 | 47,900 | 47,900 | - | ||
Michael Wider3) | From 10.05.10 | 16,583 | 33,000 | 33,000 | ||
Total | 893,171 | 724,142 | 714,462 | 9,680 |
1) The compensation amount includes a Board of Directors fee and meeting expenses.
2) Compensation for legal assessment and advice provided in the 2011 financial year. These services were compensated at standard market rates.
3) In line with the instructions of the members of the Board of Directors concerned, the total compensation or Board of Directors fee is transferred to the member's employer.
Disclosures in accordance with Art. 663bbis of the Swiss Code of Obligations: | ||||||
---|---|---|---|---|---|---|
Executive Board | Total compensation 2010 | Total compensation 2011 | Gross salaries (fixed) | Gross salaries (variable) | Retirement provision and other services | |
CHF | ||||||
Kurt Bobst, CEO | 929,989 | 834,533 | 471,081 | 189,606 | 173,846 | |
Other Executive Board members | 3,211,355 | 3,174,157 | 1,648,736 | 696,300 | 829,121 | |
Total | 4,141,344 | 4,008,690 | 2,119,817 | 885,906 | 1,002,967 |
On 1 January 2010 the Executive Board was increased in size from four to six members due to the company's growth.