Notes to the financial statements: D. Further notes
Net release of hidden reserves
In the reporting year, no hidden reserves were released (previous year: none).
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
Contingent liabilities, sureties, guarantee obligations and pledges in favour of third parties
Joint liability for VAT group taxation 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 EUR 176 million (corresponding to CHF 189 million) were concluded (previous year: CHF 0.5 million, EUR 218 million and RON 35 million, corresponding to CHF 245 million).
Guarantees in favour of third parties amounting to CHF 0.4 million and EUR 2.6 million (corresponds to CHF 3.2 million) were provided (previous year: CHF 0.6 million and EUR 6.0 million, corresponding to CHF 7.0 million). The previous year guarantees in favour of third parties were recognised in the letters of intent and financing agreements; in the year under review this figure was recognised separately in the interests of clear disclosure.
Total assets ceded or pledged to secure own liabilities
Nominal value of mortgage assignment: CHF 2.55 million, of which TCHF 637 used (previous year: TCHF 850).
During the year under review receivables included CHF 2.7 million (previous year: CHF 9.3 million) in pledges lodged in the context of business, specifically trading operations.
The maturities of lease liabilities that do not mature or cannot be terminated within twelve months break down as follows:
Pension fund liability
On the balance sheet date there is a liability to the pension fund of TCHF 410 (previous year: TCHF 405).
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 18) of Repower AG and the auditors.
Events occurring after the balance sheet date
As part of a plant-based energy supply agreement, involving the supply of around 240 GWh of energy per year, starting 1 January 2017, from the production of the Klosters, Schlappin and Küblis plants, the shareholders granted Repartner Produktions AG a loan. In January 2017 liquid assets of TCHF 51,600 flowed to Repower.
Repower placed two green bonds (Schuldscheindarlehen, issue date 23 January 2017, totalling EUR 50 million (divided into two tranches with terms of 7 and 8 years respectively and fixed rates of interest of 1.7 and 1.9 per cent respectively).
In March 2017 Repower repaid prematurely the TCHF 10,000 bank loan, originally due on 11 December 2020, recognised under non-current financial liabilities.
Repower settled two interest rate swaps due on 11 December 2020 and 28 June 2024 with the counterparty by means of a payment of TCHF 6,083.
Disclosures in accordance with art. 663c of the Swiss Code of Obligations at 31 December of the financial year
There are no other items which require disclosure.