39 Off-balance-sheet liabilities

In the course of regular business the group granted guarantees, bank guarantees and sureties in favour of third parties, directly and via commercial banks. These came to CHF 189,903 thousand (prior year: CHF 129,142 thousand). Given the high level of prices and elevated volatility of energy products, the requirements for security deposits in the form of guarantees in connection with Repower’s trading activities have increased.

There is a service agreement for the Teverola power plant ending in 2038. This resulted in an irrevocable payment obligation of CHF 23,927 thousand at 31 December 2021 (prior year: CHF 26,542 thousand). Furthermore, at 31 December 2021 there were various full maintenance contracts, taken out for several years for hydro, solar and wind power plants in Germany and Italy, with irrevocable payment obligations amounting to CHF 13,139 thousand (prior year: CHF 11,259 thousand).

In the course of usual business, litigation can arise which results in contingent liabilities. These contingent liabilities are not expected to result in material liabilities within Repower Group in addition to the provisions already made for litigation (see Note 27). On the other hand there are litigations under way where Repower is asserting its rights, which, if it is successful, could result in inflowing payments.

At the reporting date of the financial year under review, the outstanding minimum lease payments consisted of CHF 8,920 thousand for property and buildings (prior year: CHF 10,607 thousand) and CHF 615 thousand for motor vehicles (prior year CHF 727 thousand).

Obligations to take delivery of electrical energy on the basis of the interests in AKEB Aktiengesellschaft für Kernenergie, Lucerne, Kraftwerke Hinterrhein AG, Thusis, and Grischelectra AG are not included in the above table. The volume and price of electricity delivered depend on actual future production and costs incurred by these companies.

Pledges are recognised under the relevant assets.