Type of interest and number
| 31.12.2014 | 31.12.2013 | |
|---|---|---|
| Subsidiaries | 37 | 46 |
| of which domestic | 9 | 14 |
| of which foreign | 28 | 32 |
| Associates | 6 | 6 |
| of which domestic | 4 | 4 |
| of which foreign | 2 | 2 |
| Joint operations | 1 | 1 |
| of which domestic | 1 | 1 |
| of which foreign | - | - |
Changes in the ownership interests without loss of control
In the 2014 financial year, the legal structure of Repower in Switzerland, which had evolved over the course of time, was streamlined retroactively as of 1 January 2014. Repower Klosters AG and Repower Holding Surselva AG were merged with Repower Ilanz AG, which was then renamed Repower Schweiz AG. The real estate companies Repower Immobilien AG and Repower Consulta AG were merged with Repower AG. The project company Vulcanus Projekt AG was merged with Repower Schweiz AG with effect 30 September 2014. As part of the streamlining of legal structures, Repower AG acquired minority interests in Repower Klosters AG, Repower Holding Surselva AG and Vulcanus Projekt AG. The net cash outflow of TCHF -190 is offset against minority interests of TCHF -436 and outgoing treasury shares in the amount of TCHF 1. The difference was allocated to the majority shareholder's capital. There was also a merger in Italy, with Repower Holding Italia S.p.A. merging with Repower Italia S.p.A.
In the 2013 financial year Repower had sold 22.5 per cent of its shares in the subsidiary SWIBI AG. It had 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 minority interests of TCHF -5,288 and outgoing treasury shares in the amount of TCHF 1. The difference was allocated to the majority shareholder's capital.
Consequences of the loss of subsidiary control
In the 2014 financial year the companies Forze Motrici Pistoia S.r.l., Repower Magyarország Kft. and Repower Slovenskà republika s.r.o. were liquidated and deconsolidated. Cumulative translation losses of TCHF 7,590 had to be reclassified to profit or loss.
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.
Subsidiaries
List of fully consolidated companies as at 31 December 2014 and 2013.
| Company | Head office | Currency | Issued capital | Holding 31.12.2014 | Holding 31.12.2013 | Purpose |
|---|---|---|---|---|---|---|
| Repower AG | Poschiavo | CHF | 3,408,115 | - | - | H/G/E |
| Repower Klosters AG | Klosters | CHF | - | - | 99.94% | C/G |
| Repower Schweiz AG 1) | Klosters | CHF | 250,000 | 100.00% | 99.66% | C/G |
| Connecta AG 2) | Ilanz | CHF | 100,000 | 100.00% | 99.66% | S |
| Repower Holding Surselva AG | Waltensburg | CHF | - | - | 99.66% | H |
| Ovra electrica Ferrera SA | Trun | CHF | 3,000,000 | 49.00% | 48.83% | G |
| Vulcanus Projekt AG | Poschiavo | CHF | - | - | 60.00% | PC |
| SWIBI AG | Landquart | CHF | 500,000 | 76.68% | 76.68% | S |
| Repower Immobilien AG | Poschiavo | CHF | - | - | 100.00% | RE |
| Repower Consulta AG | Ilanz | CHF | - | - | 99.66% | RE |
| Alvezza SA in liquidation | Disentis | CHF | 500,000 | 62.00% | 61.79% | 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 | - | - | 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 | - | - | 100.00% | H |
| Energia Eolica Pontremoli S.r.l. | Milan | EUR | 50,000 | 100.00% | 100.00% | PC |
1) Formerly Repower Ilanz AG
2) Formerly Aurax Connecta AG
| Company | Head office | Currency | Issued capital | Holding 31.12.2014 | Holding 31.12.2013 | 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 | - | - | 100.00% | E |
| Repower Serbia d.o.o. Beograd | Belgrade | EUR | 20,000 | 100.00% | 100.00% | E |
| Repower Macedonia DOOEL Skopje | Skopje | EUR | 19,970 | 100.00% | 100.00% | E |
| Repower Slovenskà republika s.r.o. | Bratislava | EUR | - | - | 100.00% | E |
| Repower Polska Sp. z.o.o. | Warsaw | PLN | 75,050 | 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 company H Holding or purchase rights S Services PC Project
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 municipality 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 thus exercises overall control and Ovra electrica Ferrera SA is fully consolidated.
The following overview provides information on the subsidiaries with significant minority interests:
Key figures for subsidiaries with significant minority interests
| 2014 | 2013 | |
|---|---|---|
| SET S.p.A. | SET S.p.A. | |
| Minority interest | 39% | 39% |
| Balance sheet at 31.12. | ||
| Non-current assets | 200,375 | 214,944 |
| Current assets | 24,056 | 28,023 |
| Non-current financial liabilities | -27,957 | -95,070 |
| Other non-current liabilities | -259 | -1,811 |
| Current financial liabilities | -83,582 | -30,078 |
| Other current liabilities | -40,487 | -42,542 |
| Share of equity attributable to Repower shareholders and participants | -44,009 | -44,814 |
| Share of equity attributable to minority interests | -28,137 | -28,652 |
| Income statement | ||
| Revenues | 80,877 | 88,475 |
| Expenses | -80,834 | -118,936 |
| Share of Group profit attributable to Repower shareholders and participants | 26 | -18,581 |
| Share of Group profit attributable to minority interests | 17 | -11,880 |
| Share of profit or loss and other comprehensive income attributable to Repower shareholders and participants | -832 | 1,463 |
| Share of profit or loss and other comprehensive income attributable to minority interests | -532 | 935 |
| Share of profit or loss and comprehensive income attributable to Repower shareholders and participants | -806 | -17,118 |
| Share of profit or loss and comprehensive income attributable to minority interests | -515 | -10,945 |
| Dividends payment to minority interests | - | - |
| Cash flow from operating activities | 14,483 | 17,587 |
| Cash flow from investing activities | -154 | -3,217 |
| Cash flow from financing activities | -12,528 | -11,080 |
| Effect of currency translations | -105 | 6 |
| Total cash flow | 1,696 | 3,296 |
Associates
Partner plants classified as associates are listed under associated partner plants. The other holdings categorised as associates form the group designated as 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 | Luzern | 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 | 13,342,325 | 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 amount to only 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 decisionmaking processes of the partner plants.
Investments in associates changed as follows:
Investments in associates
| 2014 | 2013 | |
|---|---|---|
| Carrying amounts at 1 January | 38,668 | 39,702 |
| Investments | 3,423 | 1,741 |
| Reclass of active loans | 378 | - |
| Dividends | -652 | -664 |
| Effect of currency translations | -201 | 205 |
| Share of result | -4,651 | -2,654 |
| Actuarial profit/loss | -317 | 338 |
| Impairments | -1,782 | - |
| Carrying amounts at 31 December | 34,866 | 38,668 |
| Decrease of active loans for negative share of result | -34 | - |
| Share of equity of associates and partner plants at 31 December | 34,832 | 38,668 |
In 2014 an impairment requirement was identified at Aerochetto S.r.l., assigned to the Market Italy segment, with an impairment loss of TCHF 1,782 recognised in the consolidated financial statements under share of results of associates. This impairment is the result of a decline in the volume of wind power generated by the Giunchetto wind farm. The recoverable amount underlying the calculation is the value in use, which was discounted at a WACC of 11.52 per cent.
Repower had acquired 35 per cent of Swisscom Energy Solutions AG during the previous year. The Swisscom subsidiary has developed an innovative solution for intelligent and sustainable electricity consumption management. Repower's share in the accumulated loss of this company in 2014 exceeded the carrying value of the interest at 31 December 2014. This additional share of losses was offset in the amount of TCHF 34 against an existing loan. Associated partner plants and other associates are each presented together.
Key figures for associated partner plants
| 2014 | 2013 | 2014 | 2013 | |
|---|---|---|---|---|
| Gross values | Gross values | Repower share | Repower share | |
| Balance sheet at 31.12. | ||||
| Current assets | 898,564 | 899,188 | 60,709 | 60,895 |
| Non-current assets | 105,134 | 101,499 | 7,144 | 6,723 |
| Pension provisions | -3,045 | -13,610 | -198 | -885 |
| Non-current financial liabilities | -440,000 | -475,000 | -29,275 | -31,775 |
| Other non-current liabilities | -91,280 | -80,342 | -6,390 | -5,624 |
| Current financial liabilities | -55,000 | -15,005 | -3,850 | -1,000 |
| Other current liabilities | -82,951 | -80,590 | -5,527 | -5,389 |
| Income statement | ||||
| Revenues | 329,930 | 333,473 | 22,723 | 22,954 |
| Expenses | -253,148 | -263,349 | -17,505 | -18,180 |
| Depreciation and impairments | -75,925 | -68,116 | -5,228 | -4,688 |
| Interest income | 15,538 | 6,201 | 1,080 | 422 |
| Interest expense | -12,428 | -12,555 | -831 | -858 |
| Income taxes | -6,519 | -2,805 | -425 | -183 |
| Gain or loss | -2,552 | -7,151 | -186 | -533 |
| Other comprehensive income | 981 | 5,199 | 64 | 338 |
| Comprehensive income | -1,571 | -1,952 | -122 | -195 |
Key figures for other associates
| 2014 | 2013 | 2014 | 2013 | |
|---|---|---|---|---|
| Gross values | Gross values | Repower share | Repower share | |
| Balance sheet at 31.12. | ||||
| Non-current assets | 93,046 | 106,897 | 33,507 | 38,805 |
| Current assets | 22,629 | 26,679 | 7,461 | 9,716 |
| Non-current liabilities | -61,998 | -58,707 | -23,087 | -21,816 |
| Current liabilities | -15,134 | -27,691 | -5,662 | -10,982 |
| Income statement | ||||
| Revenues | 28,800 | 25,136 | 8,927 | 7,789 |
| Expenses | -45,545 | -31,337 | -15,208 | -9,910 |
| Gain or loss | -16,745 | -6,201 | -6,281 | -2,121 |
| Other comprehensive income | -1,088 | - | -381 | - |
| Comprehensive income | -17,833 | -6,201 | -6,662 | -2,121 |
Joint operations
| 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 Canton 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.