Notes to the financial statements: D. Further notes

Net release of hidden reserves

In the reporting year, hidden reserves of CHF 10,868 thousand were released (prior year: CHF 12,644 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 participations

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 84 million, equivalent to CHF 91 million).

Guarantees in favour of third parties amounting to CHF 5.4 million and EUR 9.8 million (equivalent to CHF 10.6 million) were provided (prior year: CHF 5.9 million and EUR 6.8 million (equivalent to CHF 7.3 million).

Total assets ceded or pledged to secure own liabilities

The mortgage assignment amounting to CHF 2.55 million which was provided as collateral for an interest-free investment assistance loan was cancelled after being fully repaid.

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 411 thousand (previous year: CHF 413 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 20) of Repower AG and the auditors.

Events occurring after the balance sheet date

In January 2021, Repower AG paid out reversion waiver compensation amounting to CHF 24 million (Canton Graubünden and the municipalities of Brusio and Poschiavo) for the continued operation of the Campocologno I and II (lower stage) power plants. This investment has been recognised under intangible assets and will be amortised on a straight-line basis to 2089 under depreciation/amortisation and impairment in the income statement.

The financial statements were approved for publication by the board of directors on 1 April 2021. They are subject to the approval of the annual general meeting, which will take place on 19 May 2021.

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.