Notes to the financial statements: C. Notes

1 Net sales

1 Net sales

CHF thousand

2020

2019

 

 

 

Net sales

599,330

654,674

Revenue from energy sales

578,704

628,815

Gain on held-for-trading positions

16,496

19,092

Revenue from long term contracts

4,130

6,767

“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

2 Other operating income and expenses

CHF thousand

2020

2019

 

 

 

Net

53,582

–13

Other operating income

73,796

21,618

Other operating expenses

–20,214

–21,631

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

3 Depreciation/amortisation and impairment

CHF thousand

2020

2019

 

 

 

Depreciation/amortisation and impairment

–20,245

–25,588

Depreciation of tangible assets

–14,579

–16,138

Amortisation of intangible assets

–2,590

–6,166

Impairment of financial assets and investments

–3,076

–3,284

4 Extraordinary, non-recurring or prior-period income

4 Extraordinary, non-recurring or prior-period income

CHF thousand

2020

2019

 

 

 

Extraordinary, non-recurring or prior period income

2,422

3,685

Gains on disposals of assets

-

2,463

Other extraordinary, non-recurring or prior period income 1)

2,422

1,222

1) In the reporting year, this item primarily includes the proceeds from the asset transfer to EVUlution AG (previous year: primarily insurance compensations for fire damage to the plant of Papierfabrik Landqart, storm damage caused by Burglind and damage reports as well as incidents due to high snow loads in the supply area).

5 Extraordinary, non-recurring or prior period expenses

5 Extraordinary, non-recurring or prior period expenses

CHF thousand

2020

2019

 

 

 

Extraordinary, non-recurring or prior period expenses

-

–1,274

Loss on disposals of assets under construction

-

–806

Loss on disposals of assets

-

–348

Other extraordinary, non-recurring or prior period expenses

-

–120

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

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

CHF thousand

31.12.2020

31.12.2019

 

 

 

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

333,187

368,861

Cash and cash equivalent

234,681

270,933

Energy trading

722

10,347

Positive replacement values of held for trading positions

97,784

87,581

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

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

CHF thousand

31.12.2020

31.12.2019

 

 

 

Current securities and other financial instruments not listed at the stock exchange

134,010

102,562

Fixed- term deposits (maturity within 12 months)

134,010

102,562

8 Trade accounts receivable

8 Trade accounts receivable

CHF thousand

31.12.2020

31.12.2019

 

 

 

Trade accounts receivable

58,281

53,993

Third parties

23,399

29,227

Participants and management bodies

283

336

Investments

34,599

24,430

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

9 Other receivables

CHF thousand

31.12.2020

31.12.2019

 

 

 

Other receivables

25,651

30,960

Third parties 1)

21,215

15,147

Investments

406

15,813

Current financial receivables third parties 2)

4,030

-

1) This item contains accrued order revenues of TCHF 10,897 (previous year: TCHF 6,767) less advance payments received of TCHF 6,715 (previous year: TCHF 5,761).

2) The class «Current financial receivables third parties» contains a loan receivable for which a subordination of TCHF 4,030 was granted. In the previous year this item was included in financial assets.

10 Inventories and non-invoiced services

10 Inventories and non-invoiced services

CHF thousand

31.12.2020

31.12.2019

 

 

 

Inventories and non-invoiced services

7,729

6,862

Inventories

2,757

2,012

Non-invoiced services

4,972

4,850

11 Prepaid expenses and accrued income

11 Prepaid expenses and accrued income

CHF thousand

31.12.2020

31.12.2019

 

 

 

Prepaid expenses and accrued income

326,017

350,893

Third parties

304,760

326,974

Participants and management bodies

19,452

20,561

Investments

1,805

3,358

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

12 Financial assets

CHF thousand

31.12.2020

31.12.2019

 

 

 

Financial assets

96,383

132,867

Securities

16,096

18,501

Fixed-term deposits >12 months

35,000

10,000

Non-current receivables third parties 1)

-

4,030

Loans to investments 2)

45,287

100,336

1) The loan in the amount of TCHF 4,030 represents a current financial receivable at the end of the financial year.

2) The «Loans to investments» class includes loan receivables for which subordination was granted in the amount of TCHF 871 (previous year: TCHF 4,348). By transferring the power plants in Prättigau, Repower AG and Repartner Produktions AG offset their existing loan receivables and liabilities in the amount of TCHF 42,729 (see commentary on the transfer of the Prättigau power plants disclosed in note 2).

13 Intangible assets

13 Intangible assets

CHF thousand

31.12.2020

31.12.2019

 

 

 

Intangible assets

4,509

10,799

Concessions and reversion waiver compensation

1,218

6,516

Rights of use

1,485

1,782

Software

1,806

2,501

14 Trade accounts payable

14 Trade accounts payable

CHF thousand

31.12.2020

31.12.2019

 

 

 

Trade accounts payable

18,760

18,683

Third parties

18,275

16,655

Participants and management bodies

428

887

Investments

57

1,141

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

15 Other current liabilities

CHF thousand

31.12.2020

31.12.2019

 

 

 

Other current liabilities

103,779

73,231

Third parties 1)

90,725

63,018

Participants and management bodies

12,258

9,163

Investments

796

1,050

 

 

 

Other current liabilities

103,779

73,231

Negative replacement values of held for trading positions

87,436

61,660

Other current liabilities

16,343

11,571

1) In the previous year this position included an interest-free investment loan with a term from 2007 to 2020 that was fully repaid in the current year. For this purpose, mortgage were provided as collateral; see also the other note to the financial statement «Contingent liabilities, sureties, guarantee obligations and pledges in favour of third parties».

16 Deferred income and accrued expenses

16 Deferred income and accrued expenses

CHF thousand

31.12.2020

31.12.2019

 

 

 

Deferred income and accrued expenses

351,058

372,281

Third parties

303,927

331,269

Participants and management bodies

19,119

24,021

Investments

28,012

16,991

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

17 Non-current interest-bearing liabilities

CHF thousand

 

31.12.2020

31.12.2019

 

 

 

 

 

 

Interest rate

Duration

 

 

 

 

 

 

 

Non-current interest-bearing liabilities

 

 

233,156

367,342

 

 

 

 

 

Loans

 

 

134,010

134,270

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

27,005

27,135

Bank loan

1.922%

2017-2025

27,005

27,135

Bank loan

1.820%

2006-2026

50,000

50,000

 

 

 

 

 

Bonds

 

 

99,146

99,159

Bond

2.375%

2010-2022

96,445

96,445

Registered bond

3.400%

2014-2034

2,701

2,714

 

 

 

 

 

To investments 1)

 

 

-

133,913

1) With the transfer of the power plants in Prättigau, the advance payment for the plant-based energy yield was canceled (see commentary on the transfer of the Prättigau plants disclosed in note 2).

18 Other non-current liabilities

18 Other non-current liabilities

CHF thousand

31.12.2020

31.12.2019

 

 

 

Other non-current liabilities

51,895

49,657

 

 

 

Connection fees and grid cost contributions

12,800

9,765

Connection fees and grid cost contributions

12,800

9,765

 

 

 

Other non-current liabilities

39,095

39,892

Investments 1)

39,095

39,892

1) This item includes the non-interest-bearing advance payment by Repartner Produktions AG to Repower AG for the Taschinas power plant, which is annually repaid for TCHF 796.

19 Provisions

19 Provisions

CHF thousand

Provisions for onerous contracts

Other risks

Total

 

 

 

 

Carrying value at 31 December 2019

-

16,071

16,071

thereof current

-

-

-

thereof long-term

-

16,071

16,071

 

 

 

 

Carrying value at 31 December 2020

20,929

1,812

22,741

thereof current

6,702

736

7,438

thereof long-term

14,227

1,076

15,303

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

20 Equity

CHF thousand

31.12.2020

31.12.2019

 

 

 

Shareholders' equity

791,704

752,356

 

 

 

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

706,272

709,748

Legal capital reserves

 

 

Capital reserves

162,163

180,640

Legal reserve from retained earnings

17,123

17,123

Other reserves 1)

526,986

511,985

 

 

 

Retained earnings

78,060

35,233

Retained earnings carried forward

20,233

20,278

Net income for the year

57,827

14,955

 

 

 

Treasury shares

–19

–16

1) The change in «Other reserves» is mainly due to the carryforward of the last year profit of TCHF 15,000. The transfer was approved by the general assembly on May 20, 2020.

Share capital

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

 

31.12.2020

31.12.2019

 

 

 

Elektrizitätswerke des Kantons Zürich (EKZ)

33.96%

32.12%

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

 

2020

2019

 

Number of shares

Carrying value in CHF

Number of shares

Carrying value in CHF

 

 

 

 

 

Initial balance at 1 January

172

16,008

301

22,084

Purchases

350

32,250

351

30,227

Disposals

–310

–29,054

–480

–36,303

End balance at 31 December

212

19,204

172

16,008

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.

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