Annual report

Overview

Overview of The year 2016

1.7

CHF billion

Total operating revenue 2016
22

CHF million

Operating income (EBIT) 2016

THE MOST IMPORTANT EVENTS OF 2016

  • Last year Repower increased its capital by CHF 171 million and extended its shareholder structure. The shareholders are now as follows: Elektrizitätswerke des Kantons Zürich (EKZ) 28.32%, Canton Graubünden 21.96%, UBS Clean Energy Infrastructure KGK (UBS-CEIS) 18.88%, Axpo Holding AG (Axpo) 12.69%, free float 18.15%.
  • Repower also had its securities delisted from the SIX Swiss Exchange and introduced a unified registered share in place of bearer shares and participation certificates. These registered shares are traded over the counter on Berner Kantonalbank’s OTC-X platform.
  • In 2016 Repower positioned itself even more firmly as a sales and service organisation. Examples of this orientation are the numerous energy services it provides to other energy utilities, and the official market launch of the Plug’n Roll electric vehicle charging network.
  • In the year under review Repower was able to take Repartner Produktions AG, the production investment company it has established, a decisive step further: from 2017 the ten energy utilities involved will take around 240 gigawatt hours of electricity per year from four hydropower plants in the Prättigau.
  • Finally, it should also be mentioned that in 2016 Repower completely renewed the Morteratsch power plant near Pontresina in record-quick time. For this project Repower devised an innovative financing and operating model and entered into partnership with an infrastructure fund.

Financial highlights

 

2016

2015

2014

2013

2012

 

 

Restated*

 

 

Restated

CHF million

 

 

 

 

 

Revenue and income

 

 

 

 

 

Total operating revenue

1,740

1,890

2,273

2,365

2,372

Income before interest, taxes, depreciation and amortisation (EBITDA)

52

41

77

74

148

Depreciation/amortisation, impairment and reversal of impairment

–31

–109

–51

–224

–65

Income before interest and taxes (EBIT)

22

–69

26

–150

83

Group result

–13

–136

–33

–152

31

 

 

 

 

 

 

Balance sheet

 

 

 

 

 

Balance sheet total at 31 December

1,705

1,828

2,126

2,043

2,302

Equity at 31 December

763

600

766

805

957

Equity ratio

45%

33%

36%

39%

42%

 

 

 

 

 

 

Further key figures

 

 

 

 

 

Energy gross margin

195

178

240

255

351

Economic value added

–33

–112

–57

–188

–29

Operating cash flow

69

17

98

69

54

Net debt

41

270

234

328

365

Net debt

0,5

4,5

2,6

2,6

2,5

FFO / Net debt

55%

4,1%

26,8%

25,4%

24,4%

CAPEX**

24

24

28

53

114

Headcount (FTE)

563

632

666

707

746

* See «Correction of errors and changes in presentation» section

** Includes investments in tangible assets, intangible assets and associates, and loans for investment purposes

Stock statistics

There was a fundamental change in Repower’s capital structure in 2016. More information can be found in the footnotes to the tables.

Share capital to 22 May 2016 1

2,783,115

shares

at CHF

1.00

CHF 2.8 million

 

625,000

participation certificates (PC)

at CHF

1.00

CHF 0.6 million

Sharecapital from 23 May 2016 1

3,408,115

registered shares

at CHF

1.00

CHF 3.4 million

Share capital from 5 July 2016 bzw. 14.7.2016 2

7,390,968

registered shares

at CHF

1.00

CHF 7.4 million

 

 

 

 

 

 

Prices (CHF) on SIX Swiss Exchange and OTC-X, Berner Kantonalbank 3

 

2016 4

2015

Bearer share

 

 

High

55

118

 

 

 

Low

36

55

Participation certificates

 

 

High

56

95

 

 

 

Low

36

55

 

 

 

 

 

 

Prices (CHF) on OTC-X, Berner Kantonalbank

 

2016

2015

Registered share

 

 

High

57

 

 

 

Low

41

1 On 23 May, Repower AG bearer shares and participation certificates were converted into registered shares on a one-for-one basis.

2 At the extraordinary general meeting on 21 June 2016, Repower AG shareholders approved the motion of the Board of Directors to increase the company’s capital. This was done by means of a rights issue consummated on 5 July and 14 July 2016.

3 Repower AG bearer shares and participation certificates were delisted from the SIX Swiss Exchange on 29 April 2016. Since 29 April 2016, Repower AG securities have been traded over the counter on Berner Kantonalbank’s OTC-X platform.

4 Information is for the period from 1 January to 23 May 2016, in other words from the start of year to the date the registered shares were introduced.

Dividend (CHF)

2016 1

2015

2014

2013

 

 

 

 

 

Bearer share 2

0.00

0.00

0.00

2.00

Participation certificate (PC) 2

0.00

0.00

0.00

2.00

1 2016 dividend subject to decision by the Annual General Meeting. There are no restrictions on transferability or voting rights.

2 Since 24 May 2016 registered shares

REPOWER’S SHAREHOLDER STRUCTURE

Headcount

at 31 December

2016

2015

 

 

 

Switzerland

423

446

Italy

159

159

Romania

30

Czech Republic

1

21

Total*

583

656

 

 

 

Trainees

30

30

Sales consultants Italy

582

465

* For the numbers in full-time equivalents (FTEs) see table "Financial highlights" above on this page.