Semi-annual report

Overview

AN OVERVIEW OF THE FIRST HALF OF 2019

1,02

billion francs

Total operating revenues 1st half-year 2019
56

million francs

Operating income (EBIT) 1st half-year 2019

THE MOST IMPORTANT EVENTS

  • In the first half of 2019, Repower Group generated total operating earnings of CHF 1,018 million (down 3.3% on the first half of 2018).
  • Operating income (EBIT) came to CHF 56 million. Profits for the first half of 2019 came in at a gratifying CHF 49.2 million after CHF 0.2 million in the first six months of 2018.
  • Operating income from both the Market Switzerland and Market Italy segments was higher than expected. A particular highlight was the very good performance of the Teverola combined cycle gas turbine plant.
  • The rollout of SMARTPOWER has seen a successful launch on a pilot basis, with various utilities already ordering Repower’s solution.
  • Via the Energiaflat digital distribution channel, Repower Italy is now offering a new electricity flat rate for commercial operators, self-employed people and small businesses.
  • EcoWatt AG, Sacin AG and Repower subsidiary SWiBi AG are joining forces to create esolva ag, a partnership designed to pool know-how and drive digitalisation in the energy services business.
  • The electorate in Poschiavo and Brusio has voted in favour of adjustments to the terms of the concessions for the facilities in the Valposchiavo, paving the way for further work to renew the infrastructure in Miralago and completely renovate the Robbia power plant.
  • After eleven years at the head of the company, Kurt Bobst has decided to leave in September 2019. At the beginning of September Roland Leuenberger, a member of the Repower Board of Directors, will assume the role of interim CEO and managing director.

FINANCIAL HIGHLIGHTS

 

1st half-year 2019

1st half-year 2018

1st half-year 2017

1st half-year 2016

1st half-year 2015

 

Swiss GAAP FER

Swiss GAAP FER

Swiss GAAP FER

IFRS

IFRS

CHF million

 

 

 

 

 

 

 

 

 

 

 

Revenue and income

 

 

 

 

 

Total operating revenue

1,018

1,053

905

881

922

Income before interest, taxes, depreciation and amortisation (EBITDA)

81

31.6

42

51

29

Depreciation and value adjustments

–25

–23

–22

–5

–63

Income before interest and taxes (EBIT)

56

9

20

45

–34

Group result

49

0

1

18

–108

 

 

 

 

 

 

Balance sheet

 

 

 

 

 

Balance sheet total at 30 June

1,797

1,771

1,822

1,792

1,780

Equity at 30 June

849

768

769

620

631

Equity ratio

47%

43%

42%

35%

35%

 

 

 

 

 

 

Further key figures

 

 

 

 

 

Energy gross margin

157

104

109

113

93

Economic value added

17

–14.7

–5.6

8

–60

 

75

23

37

53

18

Operating cash flow

108

15

22

44

11

Net debt

–35

–38

–37

233

253

Debt factor

–0.2

–0.6

–0.4

2,4

4

FFO / Net debt

< 0%

< 0%

< 0%

23,0%

7,3%

CAPEX*

21

12

11

9

9

Headcount (FTE)

578

575

569

627

671

STOCK STATISTICS

Share capital

7,390,968

registered shares

at CHF

1.00

CHF 7.4 million

 

 

 

 

 

 

Prices (CHF) 1

 

1st half-year 2019

1st half-year 2018

Registered share

 

 

High

81

73

 

 

 

Low

72

66

1 Source: OTC-X, Berner Kantonalbank

Dividend (CHF)

2018

2017

2016

2015

2014

 

 

 

 

 

 

Registered share

0.50

0.00

0.00

0.00

0.00

REPOWERʼS SHAREHOLDER STRUCTURE

HEADCOUNT

at 30 June

2019

2018

 

 

 

Switzerland

430

432

Italy

167

162

Total

597

594

 

 

 

Trainees

30

30

Sales consultants Italy

519

600