Type of interest and number
| 31.12.2013 | 31.12.2012 | |
|---|---|---|
| Restated | ||
| Subsidiaries | 46 | 47 |
| of which domestic | 14 | 15 |
| of which foreign | 32 | 32 |
| Associates | 6 | 5 |
| of which domestic | 4 | 3 |
| of which foreign | 2 | 2 |
| Joint operations | 1 | 1 |
| of which domestic | 1 | 1 |
| of which foreign | 0 | 0 |
Subsidiaries
List of fully consolidated companies as at 31 December 2013 and 2012
| Company | Head office | Currency | Issued capital | Holding 31.12.2013 | Holding 31.12.2012 | Purpose |
| Repower AG | Poschiavo | CHF | 3,408,115 | - | - | H/G/E |
| Repower Klosters AG | Klosters | CHF | 16,000,000 | 99.94% | 99.88% | C/G |
| Repower Ilanz AG | Ilanz | CHF | 250,000 | 99.66% | 95.63% | C/G |
| aurax connecta ag | Ilanz | CHF | 100,000 | 99.66% | 95.63% | S |
| Repower Holding Surselva AG | Waltensburg | CHF | 5,000,000 | 99.66% | 95.63% | H |
| Ovra electrica Ferrera SA | Trun | CHF | 3,000,000 | 48.83% | 46.86% | G |
| Vulcanus Projekt AG | Poschiavo | CHF | 100,000 | 60.00% | 60.00% | PC |
| SWIBI AG | Landquart | CHF | 500,000 | 76.68% | 99.18% | S |
| Repower Immobilien AG | Poschiavo | CHF | 50,000 | 100.00% | 100.00% | RE |
| Repower Consulta AG | Ilanz | CHF | 700,000 | 99.66% | 95.63% | RE |
| Alvezza SA in Liquidation | Disentis | CHF | 500,000 | 61.79% | 59.29% | RE |
| Elbe Beteiligungs AG | Poschiavo | CHF | 1,000,000 | 100.00% | 100.00% | H |
| Lagobianco SA | Poschiavo | CHF | 1,000,000 | 100.00% | 100.00% | PC |
| Repartner Produktions AG | Poschiavo | CHF | 20,000,000 | 59.00% | 59.00% | G/PC |
| Elbe Finance Holding GmbH & Co KG | Dortmund | EUR | 25,000 | 100.00% | 100.00% | H |
| Elbe Finance Holding Verwaltungs-GmbH | Dortmund | EUR | 25,000 | 100.00% | 100.00% | H |
| Repower Deutschland GmbH | Dortmund | EUR | 25,000 | 100.00% | 100.00% | C |
| Repower Wind Deutschland GmbH | Dortmund | EUR | 25,000 | 59.00% | 59.00% | H |
| Repower Wind Prettin GmbH | Dortmund | EUR | 25,000 | 59.00% | 59.00% | G |
| Repower Wind Lübbenau GmbH | Dortmund | EUR | 25,000 | 59.00% | 59.00% | G |
| Repower GuD Leverkusen Verwaltungs-GmbH | Dortmund | EUR | 25,000 | 100.00% | 100.00% | H |
| Repower GuD Leverkusen GmbH & Co. KG | Dortmund | EUR | 25,000 | 100.00% | 100.00% | PC |
| Repower Holding Italia S.p.A. | Milan | EUR | 55,838,568 | 100.00% | 100.00% | H |
| Repower Italia S.p.A. | Milan | EUR | 2,000,000 | 100.00% | 100.00% | E |
| Repower Vendita Italia S.p.A. | Milan | EUR | 4,000,000 | 100.00% | 100.00% | C |
| Repower Produzione Italia S.p.A. | Milan | EUR | 120,000 | 100.00% | 100.00% | H |
| SET S.p.A. | Milan | EUR | 120,000 | 61.00% | 61.00% | G |
| Energia Sud S.r.l. | Milan | EUR | 1,500,000 | 100.00% | 100.00% | G |
| SEA S.p.A. | Milan | EUR | 120,000 | 100.00% | 100.00% | PC |
| REC S.r.l. | Milan | EUR | 10,000 | 100.00% | 100.00% | PC |
| MERA S.r.l. | Milan | EUR | 100,000 | 100.00% | 100.00% | PC |
| SEI S.p.A. | Milan | EUR | 120,000 | 57.50% | 57.50% | PC |
| Immobiliare Saline S.r.l. | Milan | EUR | 10,000 | 100.00% | 100.00% | RE |
| REV S.r.l. | Milan | EUR | 10,000 | 100.00% | 100.00% | S |
| Forze Motrici Pistoia S.r.l. | Milan | EUR | 13,466 | 100.00% | 100.00% | H |
| Energia Eolica Pontremoli S.r.l. | Milan | EUR | 50,000 | 100.00% | 100.00% | PC |
| Company | Head office | Currency | Issued capital | Holding 31.12.2013 | Holding 31.12.2012 | Purpose |
| Repower Trading Česká republika s.r.o. | Prague | CZK | 3,000,000 | 100.00% | 100.00% | E |
| S.C. Repower Vanzari Romania S.R.L. | Bucharest | RON | 165,000 | 100.00% | 100.00% | E |
| Repower Magyarország Kft. | Budapest | HUF | 50,000,000 | 100.00% | 100.00% | E |
| Repower Serbia d.o.o. Beograd | Belgrade | RSD | 20,000 | 100.00% | 100.00% | E |
| Repower Macedonia DOOEL Skopje | Skopje | MKD | 19,970 | 100.00% | 100.00% | E |
| Repower Slovenskà republika s.r.o. | Bratislava | EUR | 49,791 | 100.00% | 100.00% | E |
| Repower Polska Sp. z.o.o. | Warsaw | PLN | 75,000 | 100.00% | 100.00% | E |
| Repower Adria d.o.o | Sarajevo | BAM | 1,000,000 | 100.00% | 100.00% | E |
| Repower Hrvatska d.o.o. | Zagreb | HRK | 366,000 | 100.00% | 100.00% | E |
| Repower Furnizare România S.r.l. | Bucharest | RON | 45,510,000 | 100.00% | 100.00% | E |
Key:
E Energy business C Customer (supply/sales) RE Real estate GC Grid company
G Generation H Holding or purchase rights S Services PC Project company
The date of the financial statements of the subsidiaries on which the Group financial statements are based is consistent with the date of the consolidated financial statements.
Ovra electrica Ferrera SA, Trun, is a power plant company in which the local community holds a 51 per cent stake. The Repower Group bears full operating responsibility for this company via Repower Holding Surselva AG, and sells 100 per cent of the energy generated on the market. The Repower Group therefore exercises overall control; hence Ovra electrica Ferrera SA is fully consolidated.
Changes in the ownership interests without loss of control
Repower sold 22.5 per cent of its shares in the subsidiary SWIBI AG in the 2013 financial year. It also acquired minority interests in Repower Klosters AG and Repower Holding Surselva AG, which were covered in part by treasury shares. The net cash outflow of TCHF 1,412 is offset against the minority interests totalling TCHF -5,288 and outgoing treasury shares in the amount of TCHF 1. The difference was allocated to the majority shareholder's capital.
In the 2012 financial year, Repower sold another 6 per cent of its shares in Repartner Produktions AG to third-party energy supply companies and adjusted the previous purchase price of the shares. The net cash inflow of TCHF 4,900 was offset against the minority interests of TCHF 4,572. The difference was allocated to the majority shareholder's capital.
Consequences of the loss of subsidiary control
On 3 January 2013 Repower sold Repower Transportnetz AG to Swissgrid AG. The resulting profit/loss is zero. The transaction is described in Note 26. The following overview provides information on the subsidiaries with significant minority interests:
Key figures for subsidiaries with significant minority interests
| 2013 | 2012 | |
|---|---|---|
| SET S.p.A. | SET S.p.A. | |
| Minority interest | 39% | 39% |
| Balance sheet at 31.12. | ||
| Non-current assets | 214,944 | 252,772 |
| Current assets | 28,023 | 32,135 |
| Non-current financial liabilities | -95,070 | -110,946 |
| Other non-current liabilities | -1,811 | -1,637 |
| Current financial liabilities | -30,078 | -24,114 |
| Other current liabilities | -42,542 | -46,680 |
| Share of equity attributable to Repower shareholders and participants | -44,814 | -61,933 |
| Share of equity attributable to minority interests | -28,652 | -39,597 |
| Income statement | ||
| Revenue | 88,475 | 162,504 |
| Expense | -118,936 | -162,815 |
| Share of Group profit attributable to Repower shareholders and participants | -18,581 | -190 |
| Share of Group profit attributable to minority interests | -11,880 | -121 |
| Share of profit or loss and other comprehensive income attributable to Repower shareholders and participants | 1,463 | -34 |
| Share of profit or loss and other comprehensive income attributable to minority interests | 935 | -22 |
| Share of profit or loss and comprehensive income attributable to Repower shareholders and participants | -17,118 | -224 |
| Share of profit or loss and comprehensive income attributable to minority interests | -10,945 | -143 |
| Dividends payment to minority interest | - | - |
| Cash flow from operating activities | 17,587 | -1,772 |
| Cash flow from investing activities | -3,217 | -851 |
| Cash flow from financing activities | -11,080 | -207 |
| Total cash flow | 3,290 | -2,830 |
Associates
Partner plants classified as associates are listed under associated partner plants. The other holdings categorised as associates form the group other associates. Both classes are accounted for using the equity method.
| Associates partner plants | Head office | Currency | Issued capital | Holding | Closing date | Purpose |
| AKEB Aktiengesellschaft für Kernenergie-Beteiligungen | Lucerne | CHF | 90 000 000 | 7.00% | 31.12. | H |
| Kraftwerke Hinterrhein AG | Thusis | CHF | 100 000 000 | 6.50% | 30.09. | G |
| Other associates | Head office | Currency | Issued capital | Holding | Closing date | Purpose |
| EL.IT.E. S.p.A. | Milan | EUR | 3 888 500 | 46.55% | 31.12. | GC |
| Aerochetto S.r.l. | Catania | EUR | 2,000,000 | 39.00% | 31.12. | G |
| Rhiienergie AG | Tamins | CHF | 915,000 | 21.73% | 31.12. | C |
| Swisscom Energy Solutions AG | Ittigen | CHF | 3,969,728 | 35.00% | 31.12. | S |
Key:
G Generation H Holding or purchase rights C Customer (supply/sales)
GC Grid company S Services
Repower's holdings in the AKEB and KHR partner plants only amount to 7 per cent and 6.5 per cent respectively. It does, however, have the binding right of nomination of a mandate and can make use of this guaranteed seat on the Board of Directors to be involved in the financial and business policy decision-making processes of the partner plants.
Investments in associates changed as follows:
Investments in associates
| 2013 | 2012 | |
|---|---|---|
| Restated | ||
| Carrying amounts at 1 January | 39,702 | 39,317 |
| Investments | 1,741 | 332 |
| Dividends | -664 | -260 |
| Effect of currency translations | 205 | -79 |
| Share of the result | -2,654 | 473 |
| Actuarial profit/loss | 338 | -81 |
| Carrying amounts at 31 December | 38,668 | 39,702 |
Repower acquired 35 per cent of Swisscom Energy Solutions AG during the year. The Swisscom subsidiary has developed an innovative solution for intelligent and sustainable electricity consumption management.
The key figures for both partner plants classified as associates are shown individually, while the key figures of other associates are presented together.
Key figures for associates partner plants
| 2013 | 2012 | 2013 | 2012 | |
|---|---|---|---|---|
| Restated | Restated | |||
| Gross values | Gross values | Repower's share | Repower's share | |
| Balance sheet at 31.12. | ||||
| Current assets | 899,188 | 866,138 | 60,895 | 58,752 |
| Non-current assets | 101,499 | 113,801 | 6,723 | 7,750 |
| Pension provisions | -13,610 | -12,933 | -885 | -842 |
| Non-current financial liabilities | -475,000 | -405,000 | -31,775 | -27,150 |
| Other non-current liabilities | -80,342 | -82,847 | -5,624 | -5,799 |
| Current financial liabilities | -15,005 | -75,000 | -1,000 | -5,200 |
| Other current liabilities | -80,590 | -62,840 | -5,389 | -4,160 |
| Income statement | ||||
| Revenue | 333,473 | 328,853 | 22,954 | 22,678 |
| Expense | -263,349 | -244,191 | -18,197 | -16,881 |
| Depreciation and impairments | -68,116 | -65,696 | -4,688 | -4,512 |
| Interest income | 6,201 | 6,169 | 422 | 420 |
| Interest expense | -12,555 | -12,169 | -841 | -821 |
| Income taxes | -2,805 | -3,105 | -183 | -203 |
| Gain or loss | -7,151 | 9,861 | -533 | 681 |
| Other comprehensive income | -5,199 | -1,236 | -338 | -81 |
| Comprehensive income | -12,350 | 8,625 | -871 | 600 |
Key figures for other associates
| 2013 | 2012 | 2013 | 2012 | |
|---|---|---|---|---|
| Restated | Restated | |||
| Gross values | Gross values | Repower's share | Repower's share | |
| Balance sheet at 31.12. | ||||
| Non-current assets | 106,897 | 105,195 | 38,805 | 38,549 |
| Current assets | 26,679 | 28,389 | 9,716 | 10,354 |
| Non-current liabilities | -58,707 | -63,598 | -21,816 | -24,126 |
| Current liabilities | -27,691 | -20,926 | -10,982 | -8,426 |
| Income statement | ||||
| Revenue | 25,136 | 29,336 | 7,789 | 9,793 |
| Expense | -31,337 | -30,262 | -9,910 | -10,001 |
| Gain or loss | -6,201 | -926 | -2,121 | -208 |
| Other comprehensive income | - | - | - | - |
| Comprehensive income | -6,201 | -926 | -2,121 | -208 |
| Joint operations | Head office | Currency | Issued capital | Holding | Closing date | Purpose |
| Grischelectra AG | Chur | CHF | 1,000,000 (20 % paid in) | 11.00% | 30.09. | H |
Key:
H Holding or purchase rights
Grischelectra AG is classified as a joint arrangement. The company's business is selling electricity procurement rights. Based on the interest of 11 per cent and other votes granted through a guaranteed proxy, Repower manages the company together with the Canton of Graubünden. Repower procures 100 per cent of the energy bundled in Grischelectra AG from hydropower in return for reimbursement of the generation costs. From an economic perspective, Repower is indirectly responsible for Grischelectra's liabilities. The holding in Grischelectra was classified as a joint operation. In contrast to the shares held, Repower includes 100 per cent of the company assets, debts, expenses and earnings in its consolidated financial statements.