- Annual Report
- Overview
- Foreword from the Chairman of the Board of Directors and CEO
- 2025 strategy
- Market Switzerland
- Market Italy
- Other segments and activities
- Sustainability
- Corporate Governance
- Basic principles
- Group structure and shareholders
- Capital structure
- 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
- 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 Prepaid expenses and accrued income/deferred income and accrued expenses
- 23 Transactions with related parties
- 24 Additional disclosures on financial instruments
- Fair value hierarchy
- 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 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
- Income statement
- Balance sheet
- Notes to the financial statements
- 1 Net sales
- 2 Depreciation/amortisation and impairment
- 3 Extraordinary, non-recurring or prior period income
- 4 Extraordinary, non-recurring or prior period expenses
- 5 Cash and cash equivalents and current assets with a stock exchange price
- 6 Trade receivables
- 7 Other receivables
- 8 Inventories and non-invoiced services
- 9 Financial assets
- 10 Intangible assets
- 11 Trade creditors
- 12 Short-term interest-bearing liabilities
- 13 Other current liabilities
- 14 Long-term interest-bearing liabilities
- 15 Other long-term liabilities
- 16 Provisions
- 17 Shareholders equity
- Share capital
- Treasury shares
- Other information
- Appropriation of retained earnings
- Report of the auditors on the financial statements
- Consolidated financial statements of the Repower Group
- Graphs
- Organisation Chart
- Archive
- Focus on the customers
Financial statements of Repower AG
General information
The company was established in 1904 under the name of Kraftwerke Brusio AG. In 2000, Kraftwerke Brusio AG (Poschiavo) merged with AG Bündner Kraftwerke (Klosters) and Rhätische Werke für Elektrizität (Thusis) to form Rätia Energie AG. In 2010 the company was renamed Repower AG. The purpose of the company is to generate, transmit, distribute, trade in and sell energy and provide services directly or indirectly in this connection.
In the 2015 financial year, wholly-owned subsidiary Repower Schweiz AG was merged with Repower AG.
Accounting principles
These financial statements were prepared in accordance with the provisions of Swiss law, in particular the provisions governing commercial accounting and financial reporting (Art. 957 to 962 of the Swiss Code of Obligations).
First application of new financial reporting law
The 2015 financial statements were prepared for the first time in accordance with the provisions of Swiss financial reporting law (Title Thirty-Two of the Code of Obligations). To enable comparison, the data contained in the balance sheet and income statements for previous years have been adapted to the structure laid down in the new rules. The prior-year period affected in the balance sheet and income statement are marked with an asterisk (*).
Accounting and valuation principles
The main items are recognised as follows:
Cash and cash equivalents
Cash and cash equivalents comprise cash holdings and bank and postal account balances, and are recognised on the balance sheet at nominal value.
Current assets with a stock exchange price
Derivative financial instruments held for trading with a directly observable market price or directly observable input parameters are recognised at fair value. Fluctuation reserves are not created.
Hedging transactions
Future cash flows in foreign currencies can be hedged. The corresponding derivative is recognised in profit or loss on the occurrence of the underlying transaction.
Trade accounts receivable
Trade accounts receivable are recognised at nominal value and impaired if necessary. The amount at the end of the period is subjected to a flat rate impairment at a rate accepted for tax purposes.
Other receivables
Other receivables are measured at nominal values. Any counterparty risks are accounted for by means of necessary impairment.
Inventories and non-invoiced services
Inventories and non-invoiced services are recognised at acquisition or production cost taking account of economically necessary impairments. Otherwise impairment is done at a rate accepted for tax purposes.
Prepaid expanses and accrued income/deferred income and accrued expenses
Prepaid expenses and accrued income/deferred income and accrued expenses comprise the asset and liability items resulting from the accrual and deferral of individual items of expense and income in accordance with the accrual and matching principle. The origination costs of interest-bearing liabilities are capitalised under prepaid expenses and accrued income. Prepaid expenses and accrued income/deferred income and accrued expenses are recognised at nominal values.
Financial assets and shareholdings
Financial assets and shareholdings are recognised at cost taking account of necessary impairment. Financial assets and shareholdings are measured on a unit of account basis.
Tangible assets
Tangible assets are recognised at acquisition or production cost less accumulated depreciation and any impairment losses. Amortisation is done on a straight-line basis over the subsequent useful life.
| Category | Useful life |
|---|---|
| Power plants | 20 – 80 years depending on the type of facility and concession period |
| Grids | 15 – 40 years |
| Land | Indefinite; any impairments are recognised immediately |
| Buildings | 30 – 60 years |
| Plant and business equipment | 3 – 20 years |
| Assets under construction category when available for use; any impairments are recognised immediately | Reclassification to the corresponding |
Intangible assets
Intangible assets are amortised on a straight-line basis. If there are indications of overvaluation, necessary impairments are taken into account.
Current liabilities
Current liabilities are recognised at nominal value.
Non-current liabilities
Non-current liabilities comprise a) long-term, interest-bearing financial liabilities at nominal value and b) other non-interest-bearing long-term liabilities.
Provisions
A provision is a probable liability on the basis of a past event; the amount of the liability and/or the date on which it will fall due is uncertain but can be estimated. The amount of provisions is based on the management's assessment, and reflects the future outflows of funds that can be anticipated as of the balance sheet date.
Further notes
Net release of hidden reserves
In the reporting year, no hidden reserves were released (previous year: CHF 28.4 million before deferred tax).
Employee information
In the year under review and the previous year Repower AG had more than 250 full-time positions on annual average.
Direct and indirect shareholdings
| Company | Head office | Currency | Issued capital | Capital and share of the vote in % | ||
|---|---|---|---|---|---|---|
| 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | |||
| Direct participations | ||||||
| Repower Schweiz AG | Klosters | CHF | - | 250,000 | - | 100.00% |
| connecta ag | Ilanz | CHF | 100,000 | 100,000 | 100.00% | 100.00% |
| Ovra electrica Ferrera SA | Trun | CHF | 3,000,000 | 3,000,000 | 49.00% | 49.00% |
| SWIBI AG | Landquart | CHF | 500,000 | 500,000 | 76.68% | 76.68% |
| Alvezza SA in Liquidation | Disentis | CHF | 500,000 | 500,000 | 62.00% | 62.00% |
| Elbe Beteiligungs AG in Liquidation | Poschiavo | CHF | 1,000,000 | 1,000,000 | 100.00% | 100.00% |
| Lagobianco SA | Poschiavo | CHF | 1,000,000 | 1,000,000 | 100.00% | 100.00% |
| Repartner Produktions AG | Poschiavo | CHF | 20,000,000 | 20,000,000 | 59.00% | 59.00% |
| Rhiienergie AG | Tamins | CHF | 915,000 | 915,000 | 21.73% | 21.73% |
| Swisscom Energy Solutions AG | Ittigen | CHF | 13,342,325 | 13,342,325 | 35.00% | 35.00% |
| Repower Deutschland GmbH | Dortmund | EUR | 25,000 | 25,000 | 100.00% | 100.00% |
| Repower Italia S.p.A. | Milan | EUR | 2,000,000 | 2,000,000 | 100.00% | 100.00% |
| MERA S.r.l. | Milan | EUR | 100,000 | 100,000 | 100.00% | 100.00% |
| SEI S.p.A. | Milan | EUR | 120,000 | 120,000 | 57.50% | 57.50% |
| EL.IT.E. S.p.A. | Milan | EUR | 3,888,500 | 3,888,500 | 46.55% | 46.55% |
| Repower Trading Česká republika s.r.o. | Prague | CZK | 3,000,000 | 3,000,000 | 100.00% | 100.00% |
| S.C. Repower Vanzari Romania S.R.L. | Bukarest | RON | 165,000 | 165,000 | 100.00% | 100.00% |
| Repower Serbia d.o.o. Beograd | Belgrade | EUR | 20,000 | 20,000 | 100.00% | 100.00% |
| Repower Macedonia DOOEL Skopje | Skopje | EUR | 19,970 | 19,970 | 100.00% | 100.00% |
| Repower Polska Sp. z.o.o. | Warschau | PLN | - | 75,050 | - | 100.00% |
| Repower Adria d.o.o | Sarajevo | BAM | 1,000,000 | 1,000,000 | 100.00% | 100.00% |
| Repower Hrvatska d.o.o. | Zagreb | HRK | 366,000 | 366,000 | 100.00% | 100.00% |
| Repower Furnizare România S.r.l. | Bucharest | RON | 45,510,000 | 45,510,000 | 100.00% | 100.00% |
| Indirect participations | ||||||
| Elbe Finance Holding GmbH & Co KG | Dortmund | EUR | 25,000 | 25,000 | 100.00% | 100.00% |
| Elbe Finance Holding Verwaltungs-GmbH | Dortmund | EUR | 25,000 | 25,000 | 100.00% | 100.00% |
| Repower Wind Deutschland GmbH | Dortmund | EUR | 25,000 | 25,000 | 59.00% | 59.00% |
| Repower Wind Prettin GmbH | Dortmund | EUR | 25,000 | 25,000 | 59.00% | 59.00% |
| Repower Wind Lübbenau GmbH | Dortmund | EUR | 25,000 | 25,000 | 59.00% | 59.00% |
| Repower GuD Leverkusen Verwaltungs-GmbH | Dortmund | EUR | - | 25,000 | - | 100.00% |
| Repower GuD Leverkusen GmbH & Co. KG | Dortmund | EUR | - | 25,000 | - | 100.00% |
| Repower Vendita Italia S.p.A. | Milan | EUR | 4,000,000 | 4,000,000 | 100.00% | 100.00% |
| Repower Produzione Italia S.p.A. | Milan | EUR | - | 120,000 | - | 100.00% |
| SET S.p.A. | Milan | EUR | 120,000 | 120,000 | 61.00% | 61.00% |
| Energia Sud S.r.l. | Milan | EUR | 1,500,000 | 1,500,000 | 100.00% | 100.00% |
| SEA S.p.A. | Milan | EUR | 120,000 | 120,000 | 100.00% | 100.00% |
| REC S.r.l. | Milan | EUR | 10,000 | 10,000 | 100.00% | 100.00% |
| Immobiliare Saline S.r.l. | Milan | EUR | 10,000 | 10,000 | 100.00% | 100.00% |
| REV S.r.l. | Milan | EUR | 10,000 | 10,000 | 100.00% | 100.00% |
| Energia Eolica Pontremoli S.r.l. | Milan | EUR | 50,000 | 50,000 | 100.00% | 100.00% |
| Aerochetto S.r.l. | Catania | EUR | 2,000,000 | 2,000,000 | 39.00% | 39.00% |
Contingent liabilities, sureties, guarantee obligations and pledges in favour of third parties
Joint liability for VAT Group taxation with connecta ag, SWIBI AG, Elbe Beteiligungs AG in liquidation, Lagobianco SA, Repartner Produktions AG and Ovra electrica Ferrera SA.
To the benefit of Group companies, letters of intent and financing agreements amounting to MCHF 0.5, MEUR 223 and MRON 35 (equivalent to MCHF 245) respectively were concluded (previous year: MEUR 202, equivalent to MCHF 242).
Mortgage assignments were pledged as security for an interest-free investment loan of TCHF 850 running from 2007 to 2020.
During the year under review receivables included MCHF 9.3 in pledges lodged in the context of business, specifically trading operations.
Lease liabilities
The maturities of lease liabilities that do not mature or cannot be terminated within twelve months break down as follows:
| 31.12.2015 | 31.12.2014* | |
|---|---|---|
| Leasing liabilities | ||
| Between 1 year | 1,268 | 1,976 |
| 1-5 years | 3,888 | 4,601 |
| Over 5 years | 4,301 | 5,163 |
| Total | 9,457 | 11,740 |
Pension fund liabilitiy
On the balance sheet date there is a liability to the pension fund of TCHF 405 (previous year: TCHF 450).
Related parties
Receivables and liabilities vis-à-vis direct or indirect participants and management bodies and vis-à-vis undertakings in which there is a direct or indirect participation are shown separately in the notes to the financial statements.
Management bodies and participants are the members of the board of directors and shareholders (Note 17) of Repower AG and the auditors.
Participations are defined as participations held directly and indirectly.
Events ocurring after the balance sheet date
In January and February 2016 the forward prices of electricity continued to fall, which in conjunction with energy forwards and futures resulted in an increase in negative replacement values for Repower in relation to these transactions. On the basis of an existing commitment to furnish cash collateral, Repower's liabilities vis-à-vis an energy trading counterparty prompted a payment of MEUR 81.2 in 2016 to this counterparty. The cash payment will continue to increase if energy prices continue to fall. Paid cash collateral is reimbursed if energy prices rise. The upper limit of the amount to be lodged is MEUR 100.
Non-subsidised power generation, particularly large hydro, is under heavy pressure. If electricity prices remain low and other measures cannot be found to improve the earning capacity of facilities, this could lead to further asset impairment. This applies analogously to the possibility of further provisions for onerous energy procurement contracts.
Disclosures in accordance with art. 663C of the swiss code of obligations at 31 december of the financial year
| Shares 2015 | Shares 2014 | PC 2015 | PC 2014 | |
|---|---|---|---|---|
| Dr. Eduard Rikli, BoD chairman | 100 | 100 | - | - |
| Placi Berther | 9 | 9 | - | - |
| Rolf W. Mathis | 5 | 5 | - | - |
| Roger Vetsch | 25 | 25 | - | - |
| Peter Molinari | 15 | 15 | - | - |
| Shares 2015 | Shares 2014 | PC 2015 | PC 2014 | |
|---|---|---|---|---|
| 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.