17 Investments in associates and joint ventures

 

2017

2016

CHF thousand

 

 

 

 

 

Investments in associates and joint ventures

3,632

3,162

EL.IT.E S.p.A.

3,508

3,050

Aerochetto S.r.l.

Swisscom Energy Solutions AG

Grischelectra AG

28

27

Kraftwerk Morteratsch AG

96

85

 

 

 

 

 

 

Carrying amounts at 1 January

3,162

6,885

Investments

100

Reclassification of active loans

Disposals

–3,779

Dividends

–49

Effect of currency translation

285

–29

Share of earnings

185

34

Impairments

Carrying amounts at 31 December

3,632

3,162

 

 

 

 

 

 

Decrease in loans receivable

 

 

01.01.2018

–11,926

–9,473

Share of earnings

–3,591

–3,318

Reclassification of loans receivable into equity

523

814

Effect of currency translation

–536

51

31 December

–15,530

–11,926

Part of the net investments in associates Swisscom Energy Solutions AG and Aerochetto S.r.l. are loans extended to these entities recognised under financial assets. Losses of TCHF 15,530 in excess of the carrying value of the investments (prior year: TCHF 11,926) were netted with the loans (Note 18).

Prior-year disposals amounting to TCHF 3,779 related to the sale of the interest in Rhiienergie AG. This resulted in income of TCHF 98, which is recognised under other financial income (Note 13). The transaction resulted in a cash inflow of CHF 3,877.

In 2016, together with Reichmuth Infrastruktur Schweiz KGK, Repower established the joint venture company Kraftwerk Morteratsch AG. The establishment of the company in cash entailed investment of TCHF 100 on Repower’s part.