17 Investments in associates and joint ventures

The investment of CHF 428 thousand relates to the investment in the associate EVUlution AG, which was established on 30 January 2020 by Repower and other partners (see the “Additions to the scope of consolidation” section). The share of start-up losses accumulated in the current year have eroded the entire value of the investment.

Losses in excess of the carrying value of the investments from measurement according to the share of equity are netted with the loans that also exist (see Note 18) as a component of the net investment, and are presented in the table above.

The loss carryforward of CHF 6,713 thousand as of 1 January 2020 relates to the loan to the associate Aerochetto S.r.l, which was continued in 2020. The equity of Aerochetto S.r.l. has developed positively, and in 2020 Repower was still in sales negotiations concerning its net investment in this company. The realisable amount was calculated. The loss carryforward for the loan receivable was reversed via the pro rata earnings except for a remaining amount of CHF –1,255 thousand, while the reversal of the impairment loss at the valuation date amounts to CHF 5,780 thousand.

Furthermore, as of 31 December 2020 there is a loss carryforward in the amount of CHF –578 thousand relating to the loan receivable to the associate EVUlution AG.

Since 1 October 2019, SWIBI AG has no longer been recognised as a subsidiary, but as an associate under the name of esolva ag in the consolidated financial statements (see the “Transition from full consolidation to equity method” section).

In March 2019 Engie New Business acquired an interest in tiko Energy Solutions AG by way of a unilateral capital increase. Repower’s interest in tiko Energy Solutions AG declined from 35.0 to 19.85 per cent. The carrying amount of the investment was CHF 0 thousand, and the carrying amount of the loss carried forward for the loan was CHF 12,843 thousand. The investment and loan are amortised at cost under financial assets (see Note 18).