Financial Statements of Repower AG, Brusio

Notes to the financial statements: D. Further notes

Net release of hidden reserves

In the reporting year, hidden reserves of CHF 8,166 thousand were released (prior year: CHF 7,193 thousand).

Employee information

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

Direct participations

Company

Head office

Currency

Issued capital

Share of equity and votes in %

 

 

 

31.12.2018

31.12.2017

31.12.2018

31.12.2017

 

 

 

 

 

 

 

Ovra electrica Ferrera SA

Trun

CHF

3,000,000

3,000,000

49.00%

49.00%

SWIBI AG

Landquart

CHF

500,000

500,000

76.58%

76.68%

Alvezza SA in Liquidation

Disentis

CHF

500,000

500,000

62.00%

62.00%

Lagobianco SA

Poschiavo

CHF

1,000,000

1,000,000

100.00%

100.00%

Repartner Produktions AG

Poschiavo

CHF

20,000,000

20,000,000

51.00%

51.00%

tiko Energy Solutions AG 1)

Ittigen

CHF

13,342,325

13,342,325

35.00%

35.00%

Kraftwerk Morteratsch AG 2)

Pontresina

CHF

500,000

500,000

10.00%

10.00%

Repower Deutschland GmbH

Dortmund

EUR

11,525,000

11,525,000

100.00%

100.00%

Repower Italia S.p.A.

Milan

EUR

2,000,000

2,000,000

100.00%

100.00%

MERA S.r.l.

Milan

EUR

100,000

100,000

100.00%

100.00%

EL.IT.E. S.p.A.

Milan

EUR

3,888,500

3,888,500

46.55%

46.55%

1) Swisscom Energy Solutions AG was renamed tiko Energy Solutions AG.

2) Repower AG holds 10% of the share capital and 35.7% of the voting rights of Kraftwerk Morteratsch AG.

Indirect participations

Company

Head office

Currency

Issued capital

Share of equity and votes in %

 

 

 

31.12.2018

31.12.2017

31.12.2018

31.12.2017

 

 

 

 

 

 

 

Repartner Wind GmbH

Dortmund

EUR

25,000

25,000

51.00%

51.00%

Repower Vendita Italia S.p.A.

Milan

EUR

4,000,000

4,000,000

100.00%

100.00%

SET S.p.A.

Milan

EUR

120,000

120,000

61.00%

61.00%

Energia Sud S.r.l.

Milan

EUR

1,500,000

1,500,000

100.00%

100.00%

SEA S.p.A. 1)

Milan

EUR

120,000

120,000

65.00%

100.00%

REC S.r.l. 1)

Milan

EUR

10,000

10,000

65.00%

100.00%

Immobiliare Saline S.r.l.

Milan

EUR

10,000

10,000

100.00%

100.00%

REV S.r.l.

Milan

EUR

10,000

10,000

100.00%

100.00%

Aerochetto S.r.l.

Catania

EUR

2,000,000

2,000,000

39.00%

39.00%

Repower Renewable S.p.A. 1)

Venice

EUR

66,735,660

-

65.00%

-

Impianto Eolico Pian dei Corsi S.r.l. 1)

Venice

EUR

200,000

-

37.38%

-

ESE Cerignola S.r.l. 1)

Venice

EUR

100,000

-

65.00%

-

RES S.r.l. 1)

Venice

EUR

150,000

-

65.00%

-

Cramet Energie S.r.l. 1)

Venice

EUR

19,600

-

65.00%

-

ESE Trelizzi S.r.l. 1)

Venice

EUR

19,600

-

65.00%

-

ESE Salento S.r.l. 1)

Venice

EUR

10,000

-

61.75%

-

Elettrosud Rinnovabili S.r.l. 1)

Venice

EUR

10,000

-

65.00%

-

Quinta Energia S.r.l. 1)

Erice

EUR

50,000

-

65.00%

-

ESE Armo S.r.l. 1)

Venice

EUR

30,000

-

65.00%

-

ESE Nurra S.r.l. 1)

Venice

EUR

200,000

-

33.15%

-

ESE Castelguglielmo S.r.l. 1)

Venice

EUR

30,000

-

65.00%

-

Compagnia Energie Rinnovabili S.r.l. 1)

Venice

EUR

100,000

-

65.00%

-

Parco Eolico Buseto S.p.A. 1)

Erice

EUR

500,000

-

65.00%

-

ERA S.c.r.l 1)

Venice

EUR

30,006

-

64.99%

-

ESE Apricena S.r.l. 1)

Venice

EUR

30,000

-

65.00%

-

Terra di Conte S.r.l. 1)

Lucera

EUR

10,000

-

32.50%

-

1) Repower in partnering with Omnes and its Capenergy fund for the Repower Renewable joint venture. The group of new-consolidated companies was set up through the contribution of the existing companies SEA S.p.A. and REC S.r.l. and through cash contribution. Since 5th December 2018 Repower helds a 65% stake in the subholding Elettrostudio Energia S.p.A., then renamed Repower Renewable S.p.A..

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).

Lease liabilities

The maturities of lease liabilities that do not mature or cannot be terminated within twelve months break down as follows:

 

31.12.2018

31.12.2017

CHF thousand

 

 

 

 

 

Lease liabilities

8,321

9,463

Within 1 year

1,220

1,269

2-5 years

3,580

3,937

Over 5 years

3,521

4,257

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).

Related parties

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:

Board of directors

Shares in 2018

Shares in 2017

 

 

 

Dr Urs Rengel (from 21.06.16)

400

400

Peter Eugster, vice-chairman (from 21.06.16)

1,400

1,200

Executive board

Shares in 2018

Shares in 2017

 

 

 

Kurt Bobst, CEO

150

150

Felix Vontobel (until 31.12.17)

-

240

Fabio Bocchiola

5

5

Samuel Bontadelli (from 01.01.2017)

101

-

There are no other items which require disclosure.