- 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
Profound changes for hydropower
The power of water has been used to generate electricity for decades. But in the current market environment, hydropower has come under heavy pressure. Repower is convinced that the energy transition cannot succeed without the invaluable contribution of this traditional generation technology. It will continue to play a key role in energy supply in the future. But to do this it needs a supportive market environment. For this reason the images in this annual report pay homage to the resource of water, the way it is used to produce energy, and the unfailing natural spectacle of water in its solid and liquid state.
Record hydro production
With 747 GWh of power from 17 hydro plants in Graubünden, Repower's record in Switzerland in 2014 was impressive. But the picture is much less rosy when you consider the low energy prices that have undermined the profitability of hydropower.
Innovation through tradition
Change in the energy industry has to be driven by innovation. But this does not mean traditional hydropower is obsolete. On the contrary: it is the reliable motor that helps make innovation possible in the first place.
Creating a supportive marketplace
All eyes are on energy policy, both in Switzerland and internationally. But if over-regulation is not to put hydropower in the shade, the political debate on the future of energy cannot afford to ignore market mechanisms.
Hard-headedness...
...is an advantage in business. But you also need intelligence and imagination to come up with innovative and sustainable solutions that ensure a successful balance of economic, environmental and social interests.
Spectacular nature
The rising sun is reflected in the frozen surface of Lago Bianco on the Bernina Pass. The ice starts to melt in the warmth of spring, continuing the eternal cycle that makes it possible to harness water to generate electricity.
Electricity from water
Light and mobility are only two of the numerous achievements of the modern world that hydropower has helped make possible.