NOTES TO THE FINANCIAL STATEMENTS:  FURTHER NOTES

Net release of hidden reserves

In the reporting year, hidden reserves of CHF 11,850 thousand were released (prior year: CHF 10,868 thousand).

Employee information

In the year under review Repower AG had 388 full-time positions on annual average (prior year: 373).

Direct and indirect shareholdings

Direct participations

Indirect participations

Contingent liabilities, sureties, guarantee obligations and pledges in favour of third parties

Joint liability for VAT group taxation with Repartner Produktions AG and Ovra electrica Ferrera SA.

To the benefit of group companies, letters of intent and financing agreements amounting to EUR 84.5 million (equivalent to CHF 87.3 million) were concluded (prior year: EUR 83.9 million, equivalent to CHF 90.6 million).

Guarantees in favour of third parties amounting to CHF 2.2 million and EUR 7.9 million (equivalent to CHF 8.1 million) were provided (prior year: CHF 5.4 million and EUR 9.8 million (equivalent to CHF 10.6 million).

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 was a liability to the pension fund of CHF 442 thousand (previous year: CHF 411 thousand).

Related parties

Receivables and liabilities vis-à-vis direct or indirect participants and management bodies and vis-à-vis companies in which there is a direct or indirect participation are shown separately in the notes to the financial statements. Participants and management bodies are the shareholders and members of the board of directors (see Note 21) and the auditors of Repower AG.

Events occurring after the balance sheet date

The difficult-to-predict market and price situation, which already existed at the end of the year and has been further exacerbated by the military escalation of the crisis in Ukraine, combined with the rapid rise in gas and energy prices, are increasing the counterparty risk for Repower. It could happen that gas and energy suppliers can no longer meet their obligations, meaning that Repower has to procure these commodities on the market at high prices. Even though Repower does not pursue business activities in Russia or Ukraine, the solvency of individual contractual partners could be impaired, which in turn could have consequences in terms of its asset, financial and earnings situation in 2022.

The financial statements were approved for publication by the board of directors on 30 March 2022. They are subject to the approval of the annual general meeting, which will take place on 18 May 2022.

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.