Consolidated Financial Statements of the Repower Group

Consolidated cash flow statement

		2017	2016
CHF thousand
	Note
Group earnings		19,999	–1,021
Income taxes	14	–363	–4,673
Share of earnings from associates and joint ventures	5	3,406	3,284
Dividends from associates and joint ventures	17	-	49
Net financial income	13	14,143	27,812
Depreciation/amortisation, impairment and reversal of impairment of tangible and intangible assets	11/12	45,382	30,194
Gain/loss on the disposals of tangible and intangible assets		–1,402	–10,188
Gain/loss on the sales of group companies		-	–2,727
Change in non-current provisions (without interest)		–2,448	411
Other non-cash income and expenses		1,979	–1,711
Other financial cash outflow and inflow		–13,378	–7,344
Income taxes paid		1,506	–4,050
Cash flow from operating activities before change in net current assets		68,824	30,036

Changes
Inventory		–7,559	835
Trade accounts receivable		–47,248	8,056
Other receivables (without income taxes)		14,531	625
Prepaid expenses and accrued income		672	1,960
Positive replacement values of held for trading positions		42,596	–45,176
Negative replacement values of held for trading positions		–37,817	65,610
Current provisions		225	–3,653
Trade accounts payable		11,474	29,281
Other current liabilities (without taxes)		–1,087	–6,414
Deferred income and accrued expenses		–1,970	–3,547
Change in net current assets		–26,183	47,577

Cash flow from operating activities		42,641	77,613

		2017	2016
CHF thousand
	Note

Payments for investments in tangible assets	15	–23,766	–24,948
Payments received from sales of tangible assets		13,309	16,813
Payments for additions of current and non-current financial assets		–120,550	–189,300
Payments received from disposals of current and non-current financial assets		70,778	195,814
Payments for additions of intangible assets	16	–3,101	–3,722
Payments received from disposals of group companies (less cash and cash equivalents disposed of)		4,612	21,537
Payments for additions of investments in associates and joint ventures	17	-	–100
Payments received from disposals of investments in associates and joint ventures	17	-	3,877
Dividends received from third parties		303	203
Interest received		281	406
Cash flow from investing activities		–58,134	20,580

Capital increase		-	171,263
Transaction costs of capital increase		-	–3,820
Increase in financial liabilities		115,128	386
Repayment of financial liabilities		–34,504	–330,535
Dividend payments		–552	–275
Refund of unclaimed dividends		-	9
Purchase/sale of treasury shares		12	–14
Purchase of minorities		-	–133
Sale of minorities		5,745	2,046
Capital increase at minorities		-	494
Interest paid		–8,258	–17,855
Cash flow from financing activities		77,571	–178,434

Effect of currency translation		14,230	528
Change in cash and cash equivalents		76,308	–79,713
Cash and cash equivalents at 1 January		318,171	397,884
Cash and cash equivalents at 31 December	26	394,479	318,171

Since the beginning of 2017 the consolidated financial statements have been prepared in accordance with Swiss GAAP FER. The comparative figures were adjusted retroactively to reflect the change to Swiss GAAP FER.

Payments of TCHF 4,612 received from disposals of group companies relate to a payment on account received on an adjustment in the purchase price for Repower’s high-voltage grid, which was transferred to Swissgrid in 2013. The payment on account received was classified as a liability.

Prior to the liquidation of group company SEI S.p.A. during the 2016 financial year, the shareholders waived the claims vis-à-vis the company and thus provided it with TCHF 8,934 in finance not affecting cash flows from the group’s point of view.