Notes to the financial statements: D. Further notes
Net release of hidden reserves
In the reporting year, hidden reserves of CHF 12,644 thousand were released (prior year: CHF 8,166 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
INDIRECT PARTICIPATIONS
Contingent liabilities, sureties, guarantee obligations and pledges in favour of third parties
Joint liability for VAT group taxation Repartner Produktions AG and Ovra electrica Ferrera SA.
To the benefit of group companies, letters of intent and financing agreements amounting to EUR 84 million (equivalent to CHF 91 million) were concluded (prior year: EUR 97 million, equivalent to CHF 109 million).
Guarantees in favour of third parties amounting to CHF 5.9 million and EUR 6.8 million (equivalent to CHF 7.3 million) were provided (prior year: CHF 5.9 million and EUR 3.1 million, equivalent to CHF 3.5 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 213 thousand).
Lease liabilities
The maturities of lease liabilities that do not mature or cannot be terminated within 12 months break down as follows:
Pension fund liability
On the balance sheet date there is a liability to the pension fund of CHF 413 thousand (prior year: CHF 427 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 21) of Repower AG and the auditors.
Events occurring after the balance sheet date
On 17 December 2019 Repower AG, its subsidiary Repartner Produktions AG, and the other companies with interests in this company agreed to transfer the power generation assets in the Prättigau, including the concessions, to Repartner Produktions AG. The power generation assets in the Prättigau were sold to Repartner Produktions AG on 1 January 2020 at their carrying amount. In connection with this transaction the shareholders of Repartner Produktions AG transferred their shareholder loan of CHF 49,176 thousand to Repower AG. The loan obligation received is recognised directly in profit or loss.
The financial statements were approved for publication by the board of directors on 2 April 2020. They are subject to the approval of the annual general meeting, which will take place on 20 May 2020.
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.