- Annual Report
- Overview
- Foreword from the Chairman of the Board of Directors and CEO
- Market Switzerland
- Market Italy
- Other segments and activities
- Sustainability
- Corporate governance
- Basic principles
- Group structure and shareholders
- Board of Directors
- Executive Board of the Repower Group
- Shareholders' rights of participation
- Change of control and defensive measures
- Auditor
- Information policy
- Implementation of the Ordinance against Excessive Compensation in Listed Stock Companies
- Events after the balance sheet date
- Board of Directors
- Executive Board
- Compensation Report
- Financial Report
- Consolidated Financial Statements of the Repower Group
- Comments on the consolidated financial statements
- Consolidated income statement
- Consolidated statement of comprehensive income
- Consolidated balance sheet
- Changes in consolidated shareholders equity
- Consolidated cash flow statement
- Notes
- 1 Total operating revenue
- 2 Personnel expenses
- 3 Depreciation/amortisation and impairment
- 4 Financial result
- 5 Income taxes
- 6 Result per share
- 7 Tangible assets
- 8 Intangible assets
- 9 Disclosures of interests in other entities (IFRS 12)
- 10 Other financial assets
- 11 Inventories
- 12 Receivables
- 13 Securities and other financial instruments
- 14 Positive/negative replacement values for held-for-trading positions
- 15 Cash and cash equivalents
- 16 Share capital
- 17 Non-current financial liabilities
- 18 Pension fund obligation
- 19 Other provisions
- 20 Other current liabilities
- 21 Current financial liabilities
- 22 Information about net current assets for the cash flow statement
- 23 Transactions with related parties
- 24 Additional disclosures on financial instruments
- 25 Business combinations, disposals and liquidations
- 26 Assets and liabilities held for sale
- 27 Segment reporting
- 28 Contingent liabilities and warranty liabilities
- 29 Obligations under leasing arrangements
- 30 Risk assessment
- 31 Events occurring after the balance sheet date
- Notes to the consolidated financial statements
- Consolidated accounting principles
- Summary of accounting and valuation principles
- Consolidation
- Accounting and valuation principles
- Capital and enterprise value management
- Risk management and financial risk management
- Estimation uncertainty
- Report of the Auditors on the consolidated financial statements
- Financial Statements of Repower AG
- Consolidated Financial Statements of the Repower Group
- Graphics
- Organisation Chart
- Archive
- Hydropower
Financial Statements of Repower AG
Other information
Non-current assets
The fire insurance value for property is CHF 122 million (previous year: CHF 56 million).
An additional property insurance policy 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 1,237 million (previous year: CHF 1,066 million).
Investments
The table on pages 79 to 85 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 in profit or loss.
Net release of hidden reserves
In the reporting year, hidden reserves of CHF 28.4 million before deferred tax were released (previous year: CHF 39.4 million).
Sureties, guarantee obligations and pledges in favour of third parties
Joint liability for VAT Group taxation with Repower Schweiz AG, aurax connecta ag, SWIBI AG, Elbe Beteiligungs AG, Lagobianco SA, Repartner Produktions AG and Ovra electrica Ferrera SA.
To the benefit of Group companies, letters of intent and financing agreements amounting to EUR 202 million (equivalent to CHF 242 million) were concluded (previous year: EUR 258 million, equivalent to CHF 317 million).
Recognised lease liabilities totalled TCHF 522 (previous year: TCHF 379).
No other sureties, guarantee obligations or pledge agreements 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 62 to 67.
These financial statements were drawn up using the transitional provisions for the new accounting law pursuant to the provisions of the Swiss Code of Obligations for bookkeeping and accounting which were valid until 31 December 2012.
Disclosures in accordance with Art. 663c of the Swiss Code of Obligations at 31 December of the financial year:
| Shares 2014 | Shares 2013 | PC 2014 | PC 2013 | ||
|---|---|---|---|---|---|
| Dr Eduard Rikli, BoD chairman | 100 | 100 | - | - | |
| Placi Berther | 9 | 9 | - | - | |
| Christoffel Brändli | until 14.05.14 | - | 14 | - | - |
| Rolf W. Mathis | 5 | 5 | - | - | |
| Roger Vetsch | 25 | 25 | - | - | |
| Peter Molinari | from 14.05.14 | 15 | - | - | - |
| Shares 2014 | Shares 2013 | PC 2014 | PC 2013 | |
|---|---|---|---|---|
| Kurt Bobst, CEO | 50 | 50 | 100 | 100 |
| Felix Vontobel | 50 | 50 | 50 | 50 |
| Fabio Bocchiola | 5 | 5 | - | - |
| Giovanni Jochum | 25 | 25 | 300 | 300 |
There are no other items which require disclosure.