Notes to the financial statements: C. Notes
1 Net sales
|
|
2019 |
2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Net sales |
654,674 |
691,709 |
|
Revenue from energy sales |
628,815 |
688,275 |
|
Gain on held-for-trading positions |
19,092 |
3,434 |
|
Revenue from long term contracts 1) |
6,767 |
- |
1) Long term contracts are recognised to the percentage of completion-method erfasst.
2 Changes in value of work in progress
|
|
2019 |
2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Change in inventories for work in progress |
553 |
1,052 |
|
Change in inventories for work in progress |
553 |
1,052 |
3 Depreciation/amortisation and impairment
|
|
2019 |
2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Depreciation/amortisation and impairment |
–25,588 |
–31,728 |
|
Depreciation of tangible assets |
–16,138 |
–15,966 |
|
Amortisation of intangible assets |
–6,166 |
–6,207 |
|
Impairment of financial assets and investments |
–3,284 |
–9,555 |
4 Extraordinary, non-recurring or prior-period income
|
|
2019 |
2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Extraordinary, non-recurring or prior period income |
3,685 |
1,217 |
|
Gains on disposals of assets |
2,463 |
782 |
|
Other extraordinary, non-recurring or prior period income 1) |
1,222 |
435 |
1) This item mainly includes insurance compensations for fire damage to the plant of Papierfabrik Landquart, storm damage caused by Burglind and incidents due to high snow loads in the supply area (previous year: mainly insurance compensation for damage and compensation for the granting of an advance sale right after contract termination).
5 Extraordinary, non-recurring or prior period expenses
|
|
2019 |
2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Extraordinary, non-recurring or prior period expenses |
–1,274 |
–354 |
|
Loss on disposals of assets under construction |
–806 |
–5 |
|
Loss on disposals of assets |
–348 |
–347 |
|
Other extraordinary, non-recurring or prior period expenses |
–120 |
–2 |
6 Cash and cash equivalents and current assets listed at the stock exchange
|
|
31.12.2019 |
31.12.2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Cash and cash equivalents and current assets listed at the stock exchange |
368,861 |
381,312 |
|
Cash and cash equivalents |
270,933 |
217,094 |
|
Energy trading |
10,347 |
27,320 |
|
Positive replacement values of held for trading positions |
87,581 |
136,898 |
7 Current securities and other financial instruments not listed at the stock exchange
|
|
31.12.2019 |
31.12.2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Current securities and other financial instruments not listed at the stock exchange |
102,562 |
61,269 |
|
Fixed- term deposits (maturity within 12 months) |
102,562 |
61,269 |
8 Trade accounts receivable
|
|
31.12.2019 |
31.12.2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Trade accounts receivable |
53,993 |
322,063 |
|
Third parties |
29,227 |
273,097 |
|
Participants and management bodies |
336 |
11,952 |
|
Investments |
24,430 |
37,014 |
The prior year total for receivables from goods and services includes accruals and deferrals for invoices from investments and energy bills amounting to CHF 289,671 thousand. In the year under review the entire accruals and deferrals were recognised under prepaid expenses and accrued income.
9 Other receivables
|
|
31.12.2019 |
31.12.2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Other receivables |
30,960 |
8,246 |
|
Third parties 1) |
15,147 |
6,953 |
|
Investments |
15,813 |
1,293 |
1) This item includes accrued contract revenues of TCHF 6'767 (previous year: TCHF 0) less advance payments received of TCHF 5'761 (previous year: TCHF 0).
10 Inventories and non-invoiced services
|
|
31.12.2019 |
31.12.2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Inventories and non-invoiced services |
6,862 |
10,725 |
|
Inventories |
2,012 |
6,428 |
|
Non-invoiced services |
4,850 |
4,297 |
11 Prepaid expenses and accrued income
|
|
31.12.2019 |
31.12.2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Prepaid expenses and accrued income |
350,893 |
2,791 |
|
Third parties |
326,974 |
2,559 |
|
Participants and management bodies |
20,561 |
- |
|
Investments |
3,358 |
232 |
The total for the year under review contains prepaid expenses and accrued income of CHF 347,789 thousand from investments and for energy bills.
12 Financial assets
|
|
31.12.2019 |
31.12.2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Financial assets |
132,867 |
233,687 |
|
Securities |
18,501 |
2,547 |
|
Fixed-term deposits >12 months |
10,000 |
20,000 |
|
Non-current receivables third parties |
4,030 |
411 |
|
Loans to investments 1) |
100,336 |
210,729 |
1) In the «Loans to investments» there is a credit, for which a subordination of 4'348 thousand francs has been granted (2018: TCHF 13'150).
13 Intangible assets
|
|
31.12.2019 |
31.12.2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Intangible assets |
10,799 |
16,507 |
|
Concessions and reversion waiver compensation |
6,516 |
12,562 |
|
Rights of use |
1,782 |
1,307 |
|
Software |
2,501 |
2,223 |
|
Intangible assets under development |
- |
415 |
14 Trade accounts payable
|
|
31.12.2019 |
31.12.2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Trade accounts payable |
18,683 |
298,140 |
|
Third parties |
16,655 |
271,289 |
|
Participants and management bodies |
887 |
12,767 |
|
Investments |
1,141 |
14,084 |
The prior year total for trade accounts payable includes accruals and deferrals from investments and for energy bills amounting to CHF 279,778 thousand. In the year under review the entire accruals and deferrals were recognised under deferred income and accrued expenses.
15 Current interest-bearing liabilities
|
|
31.12.2019 |
31.12.2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Current interest-bearing liabilities |
- |
2,029 |
|
|
|
|
|
Other current interest-bearing liabilities |
- |
2,029 |
|
Investments |
- |
2,029 |
16 Other current liabilities
|
|
31.12.2019 |
31.12.2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Other current liabilities |
73,231 |
136,571 |
|
Third parties 1) |
63,018 |
132,510 |
|
Participants and management bodies |
9,163 |
3,133 |
|
Investments |
1,050 |
928 |
|
|
|
|
|
Other current liabilities |
73,241 |
136,571 |
|
Negative replacement values of held for trading positions |
61,660 |
124,263 |
|
Other current liabilities |
11,581 |
12,308 |
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 Deferred income and accrUed expenses
|
|
31.12.2019 |
31.12.2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Deferred income and accrued expenses |
372,281 |
20,507 |
|
Third parties |
331,269 |
18,892 |
|
Participants and management bodies |
24,021 |
- |
|
Investments |
16,991 |
1,615 |
The total for the year under review contains prepaid expenses and accrued income of CHF 354,174 thousand from investments and for energy bills.
18 Non-current interest-bearing liabilities
|
|
|
31.12.2019 |
31.12.2018 |
|
|
CHF thousand |
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
Duration |
|
|
|
|
|
|
|
|
|
Non-current interest-bearing liabilities |
|
|
367,342 |
369,520 |
|
|
|
|
|
|
|
Loans |
|
|
134,270 |
136,346 |
|
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 |
27,135 |
28,173 |
|
Bank loan |
1.922% |
2017-2025 |
27,135 |
28,173 |
|
Bank loan |
1.820% |
2006-2026 |
50,000 |
50,000 |
|
|
|
|
|
|
|
Bonds |
|
|
99,159 |
99,261 |
|
Bond |
2.375% |
2010-2022 |
96,445 |
96,445 |
|
Registered bond |
3.400% |
2014-2034 |
2,714 |
2,816 |
|
|
|
|
|
|
|
To investments |
|
|
133,913 |
133,913 |
19 Other non-current liabilities
|
|
31.12.2019 |
31.12.2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Other non-current liabilities |
49,657 |
49,104 |
|
|
|
|
|
Connection fees and grid cost contributions |
9,765 |
8,287 |
|
Connection fees and grid cost contributions |
9,765 |
8,287 |
|
|
|
|
|
Other non-current liabilities |
39,892 |
40,817 |
|
Third parties |
- |
127 |
|
Investments |
39,892 |
40,690 |
20 Provisions
|
|
31.12.2019 |
31.12.2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Provisions |
16,071 |
19,511 |
|
For contract risks |
- |
5,202 |
|
Other risks 1) |
16,071 |
14,309 |
1) Other risks include the value of interest rate swaps amounting to TCHF 13,228 (previous year: TCHF 11,410). Taken individually, the other items are immaterial.
21 Equity
|
|
31.12.2019 |
31.12.2018 |
|
CHF thousand |
|
|
|
|
|
|
|
Shareholders' equity |
752,356 |
741,084 |
|
|
|
|
|
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 |
709,748 |
693,437 |
|
Legal capital reserves |
|
|
|
Capital reserves |
180,640 |
184,335 |
|
Legal reserve from retained earnings |
17,123 |
17,123 |
|
Other reserves 1) |
511,985 |
491,979 |
|
|
|
|
|
Retained earnings |
35,233 |
40,278 |
|
Retained earnings carried forward 1) |
20,278 |
36,353 |
|
Net income for the year |
14,955 |
3,925 |
|
|
|
|
|
Treasury shares |
–16 |
–22 |
1) In the year under review the increase of TCHF 7 in other reserves is attributable to gains and losses from the sale of treasury shares. The previous year the general meeting of shareholders of 15 May 2019 approved a transfer of TCHF 20,000 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):
|
|
31.12.2019 |
31.12.2018 |
|
|
|
|
|
Elektrizitätswerke des Kantons Zürich (EKZ) |
32.12% |
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% |
Treasury shares
|
|
2019 |
2018 |
||
|
|
Number of shares |
Carrying value in CHF |
Number of shares |
Carrying value in CHF |
|
|
|
|
|
|
|
Initial balance at 1 January |
301 |
22,084 |
256 |
15,365 |
|
Purchases |
351 |
30,227 |
605 |
42,835 |
|
Disposals |
–480 |
–36,303 |
–560 |
–36,116 |
|
End balance at 31 December |
172 |
16,008 |
301 |
22,084 |
In the year under review Repower AG bought 351 shares at an average price of CHF 86.12 and sold 480 shares at an average price of CHF 90.29.
The previous year 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.