Net release of hidden reserves
In the reporting year, hidden reserves of CHF 8,166 thousand were released (prior year: CHF 7,193 thousand).
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 97 million (equivalent to CHF 109 million) were concluded (prior year: EUR 171 million, equivalent to CHF 200 million).
Guarantees in favour of third parties amounting to CHF 5.9 million and EUR 3.1 million (equivalent to CHF 3.5 million) were provided (prior year: CHF 0.5 million and EUR 3.0 million (equivalent to CHF 4.0 million)).
Total assets ceded or pledged to secure own liabilities
Nominal value of mortgage assignment: CHF 2.55 million. of which CHF 213 thousand used (prior year: CHF 425 thousand).
During the year under review receivables did not include any in pledges lodged in the context of business, specifically trading operations (prior year; CHF 3.0 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 CHF 427 thousand (prior year: CHF 420 thousand).
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 March 2019 Engie New Business acquired an interest in tiko Energy Solutions AG by way of a unilateral capital increase. Repower’s interest in tiko Energy Solutions AG declines from 35.0 to 19.8 per cent. With the new investor on board, a debt cut was granted to tiko. Repower’s receivables from the loan to tiko must be impaired to the recoverable amount. The impairment to be recognised amounts to CHF 1,166 thousand.
The financial statements were approved for publication by the board of directors on 3 April 2019. They are subject to the approval of the annual general meeting, which will take place on 15 May 2019.
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.