3 Comments on the consolidated financial statements
Changes in consolidations
There were no changes in consolidations in the first half of 2018.
Changes in financial assets and securities
The changes in the financial assets essentially relate to TCHF 40,000 reclassified as securities in current assets. A further TCHF 40,000 net was reinvested in investments with a term of up to one year.
Material events and business transactions
In January 2018 Repower prematurely repurchased and destroyed TCHF 18,555 in bonds. This resulted in a loss of TCHF 1,595 in net financial income.
The overhaul of the Teverola power plant scheduled for the first quarter took considerably longer than expected owing to technical problems. The asset has been back on the grid since mid-June. The planned downtime coupled with the unscheduled delay in getting the plant up and running again had a substantial negative impact on results for the first half year.
The interruption in the operation of the plant is insured. From Repower’s point of view there is a receivable from the insurance company for lost sales revenues. However, at the time the Repower semi-annual financial statements were prepared it was not possible to determine the amount of this receivable, which is why a contingent asset is recognised.