Net release of hidden reserves
In the reporting year, hidden reserves of TCHF 7,193 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, 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 171 million (equivalent to CHF 200 million) were concluded (previous year: EUR 176 million, equivalent to CHF 189 million).
Guarantees in favour of third parties amounting to CHF 0.5 million and EUR 3.0 million (corresponds to CHF 4.0 million) were provided (prior year: CHF 0.4 million and EUR 2.6 million (corresponds to CHF 3.2 million)).
Total assets ceded or pledged to secure own liabilities
Nominal value of mortgage assignment: CHF 2.55 million, of which TCHF 425 used (previous year: TCHF 637).
During the year under review receivables included CHF 3.0 million in pledges lodged in the context of business, specifically trading operations (prior year: CHF 2.7 million).
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 420 (prior year: TCHF 410).
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
In January 2018 Repower successfully completed the early repurchase of a portion of its outstanding CHF 115,000,000 2.375 per cent bond maturing on 20 July 2022 (ISIN CH0109152725). Bonds with a total nominal value of CHF 18,555,000 were repurchased for CHF 19,807,463 and destroyed.
The financial statements were approved for publication by the board of directors on 5 April 2018. They are subject to the approval of the annual general meeting, which will take place on 16 May 2018.
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.