Notes to the financial statements: C. Notes

1 Net sales

“Revenue from energy sales” is recognised in the income statement when delivery of goods or services has been performed.

Long-term contracts are recognised in accordance with the percentage of completion method.

2 Other operating income and expenses

Other operating income contains in particular revenues from services and other usual business activities, as well as gains on disposals of assets.

On 1 January 2020 Repower AG disposed of the Prättigau power generation assets, with a carrying value of CHF 42,008 thousand, for a consideration of CHF 91,184 thousand. The gain on the disposal of the assets comes to CHF 49,176 thousand. CHF 42,008 thousand of the consideration was rendered by Repartner Produktions AG by means of a partial netting of the loan liability vis-à-vis this owned company (see Note 17). Another CHF 49,176 thousand was rendered by the minority shareholders of Repartner Produktions AG by means of a partial assignment of their loan to Repartner Produktions AG to Repower AG. Immediately after this transaction, Repower AG and Repartner Produktions AG netted mutual loan receivables and liabilities amounting to CHF 42,729 thousand (see Note 12 and Note 17). The transaction did not entail any cash flows, and the entire prepayment of CHF 133,913 thousand was reversed.

Other operating expenses include in particular IT, marketing, legal, advisory and additional administration expenses.

3 Depreciation/amortisation and impairment

4 Extraordinary, non-recurring or prior-period income

5 Extraordinary, non-recurring or prior period expenses

6 Cash and cash equivalents and current assets listed at the stock exchange

7 Current securities and other financial instruments not listet at the stock exchange

8 Trade accounts receivable

The stated trade accounts receivable essentially consist of balances from trading and retail business.

Investments consist for the most part of balances from ongoing business with our subsidiaries in Italy.

Where necessary an individual adjustment was applied to the final balance, and the lump-sum adjustment accepted for tax purposes was applied to the other items.

9 Other receivables

10 Inventories and non-invoiced services

11 Prepaid expenses and accrued income

The total for the year under review contains prepaid expenses and accrued income of CHF 322,524 thousand (prior year: CHF 347,789 thousand) from investments and for energy bills.

12 Financial assets

13 Intangible assets

14 Trade accounts payable

Trade accounts payable primarily consist of liabilities from the energy business and procurements for operating activities. In the current financial year liabilities from the modernisation of Robbia power plant are likewise included.

15 Other current liabilities

16 Deferred income and accrued expenses

The total for the year under review contains prepaid expenses and accrued income of CHF 335,429 thousand (prior year: CHF 354,174 thousand) from investments and for energy bills.

17 Non-current interest-bearing liabilities

18 Other non-current liabilities

19 Provisions

Procurement contract risks

The decision on whether there is a threat of loss on a long-term sales or procurement contract and a provision is to be recognised essentially depends on the situation regarding the relevant contractual prices and expected procurement or sales prices.

In the 2020 financial year additions in provisions totalling CHF 21,002 thousand were recognised under energy procurement for identifiable losses on procurement contracts. Of this amount, CHF 16,469 thousand falls to procurement contracts for electricity and CHF 4,533 to guarantees of origin. The prior year the provision for procurement contracts existing on 1 January 2019 was fully reversed via energy procurement.

Other risks

The prior year, other risks had included a provision of CHF 13,228 thousand for negative replacements values of the interest rate swaps. In the year under review the interest rate swaps were closed and the provision was reversed in full via financial expenses.

20 Equity

Share capital

Significant shareholders as defined by the Swiss Code of Obligations (OR) 663c (share of capital and voting rights):

Treasury shares

In the year under review Repower AG bought 350 shares at an average price of CHF 92.14 and sold 310 shares at an average price of CHF 95.94.

The prior year 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.