Semi-annual report

Foreword from the Chairman of the Board of Directors and CEO

Repower posted operating income (EBIT) of CHF 20 million in the first half of 2017. Net profit came to CHF 1 million. The first half of 2017 was dominated by the continued implementation of the companyʼs strategy.

Key events

In the first half of 2017 Repower continued its successful strategy implementation efforts. This included expanding its services for other energy utilities and large customers and acquiring interesting contracts for generation, grid, trading and sales business (see also Market Switzerland). As part of the implementation of its strategy Repower also adapted its internal structures. The companyʼs organisation is now fully geared to the market.

In the last six months Repower also further expanded its network of Plugʼn Roll electric vehicle charging points. With around 80 charging stations already installed in Graubünden and the surrounding area, Repower is the leading provider of such services in the canton.

In the first half of 2017 Repower got a new partner, Elektrizitätswerke des Kantons Zürich (EKZ), on board for the production investment company Repartner Produktions AG. EKZ acquired 6 per cent of the shares from Repower. With Repower now holding a majority interest of 51 per cent, there is no further volume for partner shareholdings.

To assure efficient processes and be able to respond even more effectively to customer needs, Repower bundled its capabilities for supplying energy to end-consumers and the associated grid-related regulatory work in a single organisational unit.

Operating environment and results

The electorateʼs vote in favour of the federal governmentʼs Energy Strategy 2050 in May of this year marked the recognition of hydropower as a key component of the Swiss energy supply and restored a certain amount of calm on the energy policy front. However, there will only be certainty on the actual political framework once the corresponding implementing ordinances have been formulated. Repower will work to ensure that the draft legislation is implemented in as lean and efficient a form as possible.

Another current item on the Swiss policy agenda is the future design of water rates for hydropower generation. Repower supports the energy industryʼs proposal for more flexible water rates; under the proposed scheme part of the charges for using water resources would be fixed, with the remainder varying in line with the market value of water. This approach guarantees local communities and the cantons fixed revenues while also taking account of the market price of electricity to which energy companies are exposed. This summer the Federal Department of the Environment, Transport, Energy and Communications (UVEK/DETEC) oversaw a public consultation on the future rules. In 2018 they will be debated by the federal parliament.

The trend in Italy in the first half of 2017 was positive, with market prices and the consumption of energy (both electricity and gas) increasing overall. This development was influenced by geopolitical factors, in particular a decline in imports of electricity from France following the shutdown of a number of nuclear power plants.

Repowerʼs total operating revenues came to CHF 905 million in the first six months. The group recorded operating income (EBIT) of CHF 20 million and a net profit of CHF 1 million. Thanks to favourable market conditions, the Italian business made a particularly significant contribution to these earnings.

Repower continues to post very healthy balance sheet and net debt figures. At the end of the first six months the equity ratio was 47 per cent, net debt (net liquidity) had fallen to CHF –11 million (versus CHF 41 million at the end of 2016), and net debt to EBITDA was running at –0.1 (0.5 at the end of 2016).

In January Repower placed two "green" bonds (Schuldscheindarlehen) totalling EUR 50 million to complete the refinancing of parts of its portfolio of renewable generation assets.


CHF million

Total operating revenues 1st half-year 2017

CHF million

Operating income (EBIT) 1st half-year 2017


Repowerʼs strategy rests on five pillars: key markets, services, digitisation, partnerships and sustainability.

Key markets

Repowerʼs key markets are Switzerland and Italy.


Repower endeavours to build on its core competencies in generation, grid and trading to become the leading provider of services.


Repower develops innovative, value-adding digitisation solutions to achieve smart systems integration and greater efficiency in the interests of customers.


Repower continues to develop its business model within strategic partnerships, and aims to be its customersʼ preferred energy partner.


Repower has set the target of generating 100 per cent renewable energy. Its portfolio of generation assets will help it become the leading provider of energy and services.

The projects on which Repower was working in the first half of 2017 to continue implementation of its strategy, and examples of services for third parties are outlined in the sections on the individual markets (Switzerland and Italy).

Thank you

We would like to express our warm thanks to all our staff for their hard work and commitment over the last half year. Thanks also go to our shareholders, customers and partners for the trust they place in us.

Outlook and objectives

Pressure on margins in the electricity industry remains high. However, thanks to the step-by-step implementation of its strategy and the groupʼs solid capital base, Repower is well equipped for the future. It has the necessary flexibility and capabilities to constantly develop and adapt to a changing market environment. Repower posted satisfactory results for the first six months of 2017. This will not be reflected, however, in the year as a whole. Even so, Repower is correcting its earnings outlook for 2017, and now expects operating income (EBIT) in line with the results for the first half of the year.

Dr Pierin Vincenz
Chairman of the Board of Directors

Kurt Bobst