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 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

Company

Head office

Currency

Issued capital

Share of equity and votes in %

 

 

 

31.12.2019

31.12.2018

31.12.2019

31.12.2018

Ovra electrica Ferrera SA

Trun

CHF

3,000,000

3,000,000

49.00%

49.00%

esolva ag (vormals SWIBI AG) 1)

Landquart

CHF

792,000

500,000

42.05%

76.58%

Alvezza SA in Liquidation

Disentis

CHF

500,000

500,000

62.00%

62.00%

Lagobianco SA 2)

Poschiavo

CHF

-

1,000,000

-

100.00%

Repartner Produktions AG

Poschiavo

CHF

20,000,000

20,000,000

51.00%

51.00%

tiko Energy Solutions AG 3)

Ittigen

CHF

-

13,342,325

-

35.00%

Kraftwerk Morteratsch AG 4)

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) Esolva ag results from the merger of SWIBI AG, EcoWatt AG and Sacin AG and is officially active until 1st December 2019.

2) In the current year Lagobianco SA was merged into Repower AG.

3) Since the french energy group ENGIE joined the company, Repower AG still holds 19,85 percent of the shares and reports notw the partecipation under the financial assets.

4) 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 %

 

 

 

31.12.2019

31.12.2018

31.12.2019

31.12.2018

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.

Milan

EUR

120,000

120,000

65.00%

65.00%

REC S.r.l.

Milan

EUR

10,000

10,000

65.00%

65.00%

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.

Venice

EUR

66,735,660

66,735,660

65.00%

65.00%

Impianto Eolico Pian dei Corsi S.r.l.

Venice

EUR

200,000

200,000

37.38%

37.38%

ESE Cerignola S.r.l.

Venice

EUR

100,000

100,000

65.00%

65.00%

RES S.r.l.

Venice

EUR

150,000

150,000

65.00%

65.00%

Cramet Energie S.r.l.

Venice

EUR

19,600

19,600

65.00%

65.00%

ESE Trelizzi S.r.l.

Venice

EUR

19,600

19,600

65.00%

65.00%

ESE Salento S.r.l. 1)

Venice

EUR

10,000

10,000

65.00%

61.75%

Elettrosud Rinnovabili S.r.l.

Venice

EUR

10,000

10,000

65.00%

65.00%

Quinta Energia S.r.l.

Erice

EUR

50,000

50,000

65.00%

65.00%

ESE Armo S.r.l.

Venice

EUR

30,000

30,000

65.00%

65.00%

ESE Nurra S.r.l. 2)

Venice

EUR

200,000

200,000

43.55%

33.15%

ESE Castelguglielmo S.r.l.

Venice

EUR

30,000

30,000

65.00%

65.00%

Compagnia Energie Rinnovabili S.r.l.

Venice

EUR

100,000

100,000

65.00%

65.00%

Parco Eolico Buseto S.p.A.

Erice

EUR

500,000

500,000

65.00%

65.00%

ERA S.c.r.l

Venice

EUR

30,006

30,006

64.99%

64.99%

ESE Apricena S.r.l.

Venice

EUR

30,000

30,000

65.00%

65.00%

Terra di Conte S.r.l.

Lucera

EUR

10,000

10,000

32.50%

32.50%

1) Successive share acquisition of 3,25 percent (5 percent direct schare) through Repower Renewable S.p.A.

2) Successive share acquisition of 10,4 percent (16 percent direct schare) through Repower Renewable S.p.A.

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:

 

31.12.2019

31.12.2018

CHF thousand

 

 

 

 

 

Lease liabilities

7,132

8,321

Within 1 year

1,197

1,220

2-5 years

3,154

3,580

Over 5 years

2,781

3,521

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:

Board of directors

Shares in 2019

Shares in 2018

 

 

 

Dr Urs Rengel (from 21.06.16)

400

400

Peter Eugster, vice-chairman (from 21.06.16)

1,400

1,400

Executive board

Shares in 2019

Shares in 2018

 

 

 

Kurt Bobst, CEO (until 15.09.2019)

1

150

Fabio Bocchiola

-

5

Samuel Bontadelli (from 01.01.2017)

101

101

There are no other items which require disclosure.