Notes to the financial statements: C. Notes
1 Net sales
|
|
2016 |
2015 |
|
CHF thousands |
|
|
|
|
|
|
|
Revenue from energy sales |
544,816 |
610,428 |
|
Profit from held-for- trading positions |
440 |
7,423 |
|
Total |
545,256 |
617,851 |
2 Depreciation/amortisation and impairment
|
|
2016 |
2015 |
|
CHF thousands |
|
|
|
|
|
|
|
Depreciation of tangible assets |
15,220 |
14,700 |
|
Amortisation of intangible assets |
6,744 |
7,183 |
|
Depreciation of financial assets and participations |
4 |
274 |
|
Impairment of tangible assets |
7,833 |
11,627 |
|
Impairment of financial assets and participations |
6,193 |
166,964 |
|
Total |
35,994 |
200,748 |
3 Extraordinary, non-recurring or prior period income
|
|
2016 |
2015 |
|
CHF thousands |
|
|
|
|
|
|
|
Gains from sales of assets |
12,963 |
1,042 |
|
Other extraordinary, non-recurring or prior period income 1) |
12,034 |
53,799 |
|
Total |
24,997 |
54,841 |
1) In the year under review this item consists primarily of the sale of assets and the reversal of impairments following the repayment of loans (previous year: primarily the release of provisions for market risks and other items adjusted to changes in the circumstances).
4 Extraordinary, non-recurring or prior period expenses
|
|
2016 |
2015 |
|
CHF thousands |
|
|
|
|
|
|
|
Loss from sales of assets under construction |
311 |
808 |
|
Loss from sales of assets |
166 |
566 |
|
Other extraordinary, non-recurring or prior period expenses |
10,344 |
592 |
|
Total |
10,821 |
1,966 |
5 Cash and cash equivalents and current assets listed at the stock exchange
|
|
31.12.2016 |
31.12.2015 |
|
CHF thousands |
|
|
|
|
|
|
|
Cash and cash equivalents |
197,386 |
305,278 |
|
Energy trading |
456 |
1,065 |
|
Positive replacement values held for trading positions |
89,084 |
52,255 |
|
Total |
286,926 |
358,598 |
6 Current securities and other financial instruments not listed at the stock exchange
|
|
31.12.2016 |
31.12.2015 |
|
CHF thousands |
|
|
|
|
|
|
|
Fixed term deposits (maturity in 12 months) |
35,000 |
- |
|
Total |
35,000 |
- |
7 Trade accounts receivable
|
|
31.12.2016 |
31.12.2015 |
|
CHF thousands |
|
|
|
|
|
|
|
Third parties |
181,672 |
180,093 |
|
Participants and organs |
17,518 |
8,498 |
|
Participations |
30,814 |
52,508 |
|
Total |
230,004 |
241,099 |
8 Other receivables
|
|
31.12.2016 |
31.12.2015 |
|
CHF thousands |
|
|
|
|
|
|
|
Third parties |
8,824 |
15,903 |
|
Participations |
- |
15,770 |
|
Total |
8,824 |
31,673 |
9 Inventories and non-invoiced services
|
|
31.12.2016 |
31.12.2015 |
|
CHF thousands |
|
|
|
|
|
|
|
Inventories |
4,112 |
4,475 |
|
Non-invoiced services |
3,952 |
3,456 |
|
Total |
8,064 |
7,931 |
10 Financial assets
|
|
31.12.2016 |
31.12.2015 |
|
CHF thousands |
|
|
|
|
|
|
|
Securities |
2,551 |
2,555 |
|
Non-current prepayments |
32,217 |
- |
|
Loans to third parties |
- |
10,000 |
|
Loans to participations 1) |
112,416 |
185,142 |
|
Total |
147,184 |
197,697 |
1) Loans to participations include a loan of which TCHF 300 has been subordinated.
11 Intangible assets
|
|
31.12.2016 |
31.12.2015 |
|
CHF thousands |
|
|
|
|
|
|
|
Reversion waiver compensation |
142,825 |
142,825 |
|
Value adjustment waiver compensation |
–121,860 |
–116,619 |
|
Software |
2,497 |
4,000 |
|
Intangible assets under development |
231 |
42 |
|
Total |
23,693 |
30,248 |
12 Trade accounts payable
|
|
31.12.2016 |
31.12.2015 |
|
CHF thousands |
|
|
|
|
|
|
|
Third parties |
168,118 |
178,362 |
|
Participants and organs |
15,306 |
6,488 |
|
Participations |
16,767 |
30,312 |
|
Total |
200,191 |
215,162 |
13 Short-term interest-bearing liabilities
|
|
|
31.12.2016 |
31.12.2015 |
|
|
CHF thousands |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
Duration |
|
|
|
Bond |
2.500% |
2009-2016 |
- |
200,000 |
|
Private placement |
3.625% |
2008-2017 |
15,000 |
- |
|
Total |
|
|
15,000 |
200,000 |
14 Other current liabilities
|
|
31.12.2016 |
31.12.2015 |
|
CHF thousands |
|
|
|
|
|
|
|
Third parties |
66,426 |
56,791 |
|
Participants and organs |
12,748 |
1,721 |
|
Participations |
7,205 |
1,009 |
|
Total |
86,379 |
59,521 |
|
|
|
|
|
Negative replacement values held for trading positions |
76,458 |
45,400 |
|
Other current liabilities |
9,921 |
14,121 |
|
Total |
86,379 |
59,521 |
15 Long-term interest-bearing liabilites
|
|
|
31.12.2016 |
31.12.2015 |
|
|
CHF thousands |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
Duration |
|
|
|
Loan |
2.500% |
2010-2030 |
20,000 |
20,000 |
|
Private placement |
3.625% |
2008-2017 |
- |
15,000 |
|
Private placement |
3.660% |
2008-2018 |
25,000 |
25,000 |
|
Private placement |
3.625% |
2008-2023 |
10,000 |
10,000 |
|
Bank loan 1) |
3.360% |
2006-2026 |
50,000 |
50,000 |
|
Bank loan |
3.100% |
2005-2020 |
10,000 |
10,000 |
|
Loans |
|
|
115,000 |
130,000 |
|
|
|
|
|
|
|
Bond |
2.375% |
2010-2022 |
115,000 |
115,000 |
|
Registered bond 2) |
3.400% |
2014-2034 |
2,685 |
91,013 |
|
Registered bond 2) |
2.161% |
2015-2027 |
- |
37,924 |
|
Bonds |
|
|
117,685 |
243,937 |
|
|
|
|
|
|
|
Total |
|
|
232,685 |
373,937 |
1) The agreement for the TCHF 50,000 bank loan was renewed on 4 July 2016. The new rate of interest is 2.07% (previous year: 3.36%).
2) The registered bonds (“Namensschuldverschreibungen”) totalling EUR 35 million and EUR 84 million contain clauses pertaining to change of control. With the new investors joining on 5 July 2016, creditors had made use of their right of termination. Repayment of registered bonds totalling EUR 116.5 million was demanded, and was effected in the form of payments amounting to TCHF 126,995. A TCHF 5,207 loss on premature repayment is recognised under financial income.
16 Other long-term liabilities
|
|
31.12.2016 |
31.12.2015 |
|
CHF thousands |
|
|
|
|
|
|
|
Third parties 1) |
691 |
924 |
|
Participations |
42,185 |
42,981 |
|
Total |
42,876 |
43,905 |
1) Includes an interest-free investment loan running from 2007 to 2020. Mortgage assignments were pledged as security; see further notes to the financial statements, contingent liabilities, sureties, guarantee obligations and pledges in favour of third parties.
17 Provisions
|
|
31.12.2016 |
31.12.2015 |
|
CHF thousands |
|
|
|
|
|
|
|
For reversion waiver compensation |
13,400 |
13,500 |
|
For contract risks |
10,581 |
9,164 |
|
Other risks 1) |
20,406 |
32,864 |
|
Total |
44,387 |
55,528 |
1) Other risks includes the value of interest rate swaps amounting to TCHF 19,736 (previous year: TCHF 19,251). Taken individually, the other items are immaterial.
18 Shareholders' equity
|
|
31.12.2016 |
31.12.2015 |
|
CHF thousands |
|
|
|
|
|
|
|
Share capital 1) 7'390'968 registered shares at a par value of 1 CHF per share (previous year: 2'783'115 shares at a par value of 1 CHF per share |
7,391 |
2,783 |
|
Participation capital (previous year: 625,000 participation certificates at a par value of 1 CHF per share) |
- |
625 |
|
Share capital |
7,391 |
3,408 |
|
|
|
|
|
Legal capital reserves |
|
|
|
Capital reserves 1) |
185,442 |
19,871 |
|
Retained earnings |
17,123 |
17,123 |
|
Other reserves 2) |
461,969 |
561,961 |
|
Reserves |
664,534 |
598,955 |
|
|
|
|
|
Retained earnings carried forward |
36,631 |
35,602 |
|
Net income for the year |
3,279 |
–98,978 |
|
Retained earnings |
39,910 |
–63,376 |
|
|
|
|
|
Treasury shares |
–21 |
- |
|
|
|
|
|
Equity |
711,814 |
538,987 |
1) On 5 July 2016, and with an addendum dated 14 July 2016, a rights issue was held to increase the company’s capital by TCHF 171,263 (nominal value TCHF 3,983, capital reserves TCHF 165,571). Transaction costs of TCHF 1,709 arising in connection with the rights issue were deducted from the premium. The existing bearer shares and participation certificates were converted into unified registered shares. On 31 December 2016 the share capital consisted of 7,390,968 registered shares, each with a nominal value of CHF 1.00.
2) At the general meeting of shareholders on 12 May 2016 a transfer of TCHF 100,000 from other reserves to balance sheet profit/loss was approved.
Share capital
Significant shareholders as defined by the Swiss Code of Obligations (OR) 663c (share of capital and voting rights):
|
|
31.12.2016 |
31.12.2015 |
|
|
|
|
|
Elektrizitätswerke des Kantons Zürich (EKZ) |
28.32% |
|
|
Canton of Graubünden |
21.96% |
58.30% |
|
UBS Clean Energy Infrastructure KGK (UBS-CEIS) |
18.88% |
|
|
Axpo Holding AG, Baden |
12.69% |
33.70% |
TREASURY SHARES
|
|
2016 |
2015 |
||
|
|
Number of shares |
Carrying value in CHF |
Number of shares |
Carrying value in CHF |
|
|
|
|
|
|
|
Initial balance at 1 January |
- |
- |
- |
- |
|
Purchases |
3,442.00 |
167,750.40 |
- |
- |
|
Disposals |
–3,060.00 |
–147,036.90 |
- |
- |
|
Ending balance at 31 December |
382.00 |
20,713.50 |
- |
- |
In the year under review Repower AG bought 3,442 shares at an average price of CHF 48.74 and sold 3,060 shares at an average price of CHF 50.48.
There were no transactions in treasury shares the previous year. On 31 December 2015 Repower did not hold any of its own shares or participation certificates.