Notes to the financial statements: C. Notes
1 Net sales
|
|
2018 |
2017 |
|
CHF thousand |
|
|
|
|
|
|
|
Net sales |
691,709 |
613,259 |
|
Revenue from energy sales |
688,275 |
606,342 |
|
Gains on held-for-trading positions |
3,434 |
6,917 |
2 Depreciation/amortisation and impairment
|
|
2018 |
2017 |
|
CHF thousand |
|
|
|
|
|
|
|
Depreciation/amortisation and impairment |
–31,728 |
–26,792 |
|
Depreciation of tangible assets |
–15,966 |
–15,358 |
|
Amortisation of intangible assets |
–6,207 |
–6,215 |
|
Amortisation of financial assets and investments |
- |
–10 |
|
Impairment of tangible assets |
- |
–510 |
|
Impairment of financial assets and investments |
–9,555 |
–4,699 |
3 Extraordinary, non-recurring or prior-period income
|
|
2018 |
2017 |
|
CHF thousand |
|
|
|
|
|
|
|
Extraordinary, non-recurring or prior period income |
1,217 |
17,210 |
|
Gains on disposals of assets |
782 |
3,648 |
|
Other extraordinary, non-recurring or prior period income 1) |
435 |
13,562 |
1) In the year under review, this position mainly includes insurance reimbursements for claims and an indemnity received following the termination of a contract relating to a pre-emption right (previous year: primarly the release of reversion provisions).
4 Extraordinary, non-recurring or prior period expenses
|
|
2018 |
2017 |
|
CHF thousand |
|
|
|
|
|
|
|
Extraordinary, non-recurring or prior period expenses |
–354 |
–801 |
|
Loss on disposals of assets under construction |
–5 |
–350 |
|
Loss on disposals of assets |
–347 |
–335 |
|
Other extraordinary, non-recurring or prior period expenses |
–2 |
–116 |
5 Cash and cash equivalents and current assets listed at the stock exchange
|
|
31.12.2018 |
31.12.2017 |
|
CHF thousand |
|
|
|
|
|
|
|
Cash and cash equivalents and current assets listed at the stock exchange |
381,312 |
432,812 |
|
Cash and cash equivalents |
217,094 |
332,721 |
|
Energy trading |
27,320 |
307 |
|
Positive replacement values of held for trading positions |
136,898 |
99,784 |
6 Current securities and other financial instruments not listed at the stock exchange
|
|
31.12.2018 |
31.12.2017 |
|
CHF thousand |
|
|
|
|
|
|
|
Current securities and other financial instruments not listed at the stock exchange |
61,269 |
20,000 |
|
Fixed- term deposits (maturity within 12 months) |
61,269 |
20,000 |
7 Receivables from goods and services
|
|
31.12.2018 |
31.12.2017 |
|
CHF thousand |
|
|
|
|
|
|
|
Trade accounts receivable |
322,063 |
262,269 |
|
Third parties |
273,097 |
215,041 |
|
Participants and management bodies |
11,952 |
15,846 |
|
Investments |
37,014 |
31,382 |
8 Other receivables
|
|
31.12.2018 |
31.12.2017 |
|
CHF thousand |
|
|
|
|
|
|
|
Other receivables |
8,246 |
8,222 |
|
Third parties |
6,953 |
6,929 |
|
Investments |
1,293 |
1,293 |
9 Inventories and non-invoiced services
|
|
31.12.2018 |
31.12.2017 |
|
CHF thousand |
|
|
|
|
|
|
|
Inventories and non-invoiced services |
10,725 |
11,590 |
|
Inventories |
6,428 |
8,345 |
|
Non-invoiced services |
4,297 |
3,245 |
10 Financial assets
|
|
31.12.2018 |
31.12.2017 |
|
CHF thousand |
|
|
|
|
|
|
|
Financial assets |
233,687 |
245,709 |
|
Securities |
2,547 |
2,542 |
|
Fixed-term deposits >12 months |
20,000 |
40,000 |
|
Non-current receivables third parties |
411 |
822 |
|
Loans to investments 1) |
210,729 |
202,345 |
1) In the «Loans to investments» there is a credit, for which a subordination of 350 thousand francs has been granted.
11 Intangible assets
|
|
31.12.2018 |
31.12.2017 |
|
CHF thousand |
|
|
|
|
|
|
|
Intangible assets |
16,507 |
21,549 |
|
Concessions and reversion waiver compensation 1) |
12,562 |
18,100 |
|
Rights of use 1) |
1,307 |
1,136 |
|
Software |
2,223 |
1,756 |
|
Intangible assets under development |
415 |
557 |
1) In the year under review concessions and rights of use were reclassified from tangible assets to intangible assets.
12 Trade creditors
|
|
31.12.2018 |
31.12.2017 |
|
CHF thousand |
|
|
|
|
|
|
|
Trade accounts payable |
298,140 |
239,621 |
|
Third parties |
271,289 |
210,675 |
|
Participants and management bodies |
12,767 |
10,078 |
|
Investments |
14,084 |
18,868 |
13 Current interest-bearing liabilities
|
|
|
31.12.2018 |
31.12.2017 |
|
|
CHF thousand |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
Duration |
|
|
|
|
|
|
|
|
|
Current interest-bearing liabilities |
|
|
2,029 |
27,029 |
|
|
|
|
|
|
|
Loans |
|
|
- |
25,000 |
|
Private placement |
3.660% |
2008-2018 |
- |
25,000 |
|
|
|
|
|
|
|
Other current interest-bearing liabilities |
|
|
2,029 |
2,029 |
|
Investments |
|
|
2,029 |
2,029 |
14 Other current liabilities
|
|
31.12.2018 |
31.12.2017 |
|
CHF thousand |
|
|
|
|
|
|
|
Other current liabilities |
136,571 |
121,998 |
|
Third parties |
132,510 |
115,407 |
|
Participants and management bodies |
3,133 |
5,768 |
|
Investments |
928 |
823 |
|
|
|
|
|
Other current liabilities |
136,571 |
121,998 |
|
Negative replacement values of held for trading positions |
124,263 |
94,904 |
|
Other current liabilities |
12,308 |
27,094 |
15 Non-current interest-bearing liabilities
|
|
|
31.12.2018 |
31.12.2017 |
|
|
CHF thousand |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
Duration |
|
|
|
|
|
|
|
|
|
Non-current interest-bearing liabilities |
|
|
369,520 |
392,378 |
|
|
|
|
|
|
|
Loans |
|
|
136,346 |
138,510 |
|
Loan |
2,500% |
2010-2030 |
20,000 |
20,000 |
|
Private placement |
3,625% |
2008-2023 |
10,000 |
10,000 |
|
Bank loan |
1.698% |
2017-2024 |
28,173 |
29,255 |
|
Bank loan |
1.922% |
2017-2025 |
28,173 |
29,255 |
|
Bank loan |
1.820% |
2006-2026 |
50,000 |
50,000 |
|
|
|
|
|
|
|
Bonds |
|
|
99,261 |
117,926 |
|
Bond |
2.375% |
2010-2022 |
96,445 |
115,000 |
|
Registered bond |
3.400% |
2014-2034 |
2,816 |
2,926 |
|
|
|
|
|
|
|
To investments |
|
|
133,913 |
135,942 |
16 Other non-current liabilities
|
|
31.12.2018 |
31.12.2017 |
|
CHF thousand |
|
|
|
|
|
|
|
Other non-current liabilities |
49,104 |
46,398 |
|
|
|
|
|
Connection fees and grid cost contributions |
8,287 |
4,552 |
|
Connection fees and grid cost contributions |
8,287 |
4,552 |
|
|
|
|
|
Other non-current liabilities |
40,817 |
41,846 |
|
Third parties 1) |
127 |
359 |
|
Investments |
40,690 |
41,487 |
1) Includes an interest-free investment loan running from 2007 to 2020. Mortgage assignments were pledged as security; see further notes to the financial statements, contingent liabilities, sureties, guarantee obligations and pledges in favour of third parties.
17 Provisions
|
|
31.12.2018 |
31.12.2017 |
|
CHF thousand |
|
|
|
|
|
|
|
Provisions |
19,511 |
28,810 |
|
For contract risks |
5,202 |
9,978 |
|
Other risks 1) |
14,309 |
18,832 |
1) Other risks include the value of interest rate swaps amounting to TCHF 11,410 (previous year: TCHF 12,351). Taken individually, the other items are immaterial.
18 Equity
|
|
31.12.2018 |
31.12.2017 |
|
CHF thousand |
|
|
|
|
|
|
|
Shareholders' equity |
741,084 |
737,163 |
|
|
|
|
|
Share capital |
7,391 |
7,391 |
|
Share capital 7,390,968 registered shares at a par value of CHF 1 per share |
7,391 |
7,391 |
|
|
|
|
|
Reserves |
693,437 |
663,433 |
|
Legal capital reserves |
|
|
|
Capital reserves |
184,335 |
184,335 |
|
Legal reserve from retained earnings |
17,123 |
17,123 |
|
Other reserves 1) |
491,979 |
461,975 |
|
|
|
|
|
Retained earnings |
40,278 |
66,354 |
|
Retained earnings carried forward 1) |
36,353 |
41,018 |
|
Net income for the year |
3,925 |
25,336 |
|
|
|
|
|
Treasury shares |
–22 |
–15 |
1) In the year under review the increase of TCHF 4 in other reserves is attributable to gains and losses from the sale of treasury shares. The previous year the general meeting of shareholders of 16 May 2018 approved a transfer of TCHF 30,000 from retained earnings to other reserves.
Share capital
Significant shareholders as defined by the Swiss Code of Obligations (OR) 663c (share of capital and voting rights):
|
|
31.12.2018 |
31.12.2017 |
|
|
|
|
|
Elektrizitätswerke des Kantons Zürich (EKZ) |
29.83% |
29.83% |
|
Canton Graubünden |
21.96% |
21.96% |
|
UBS Clean Energy Infrastructure KGK (UBS-CEIS) |
18.88% |
18.88% |
|
Axpo Holding AG, Baden |
12.69% |
12.69% |
Eigene Titel
|
|
2018 |
2017 |
||
|
|
Number of shares |
Carrying value in CHF |
Number of shares |
Carrying value in CHF |
|
|
|
|
|
|
|
Initial balance at 1 January |
256 |
15,365 |
382 |
20,714 |
|
Purchases |
605 |
42,835 |
2,637 |
152,507 |
|
Disposals |
–560 |
–36,116 |
–2,763 |
–157,856 |
|
End balance at 31 December |
301 |
22,084 |
256 |
15,365 |
In the year under review Repower AG bought 605 shares at an average price of CHF 70.80 and sold 560 shares at an average price of CHF 71.31.
The prior year Repower AG bought 2,637 shares at an average price of CHF 57.83 and sold 2,763 shares at an average price of CHF 59.38.