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).


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.