Notes to the interim consolidated financial statements

1 Accounting and valuation principles

1 Accounting and valuation principles

General information

The consolidated semi-annual financial statements presented here comprise the unaudited semi-annual financial statements for the six months to 30 June 2021. This interim report has been prepared in accordance with Swiss GAAP FER 31 “Complementary Recommendation for Listed Companies” in abridged form, and should therefore be read in conjunction with the consolidated financial statements for the year to 31 December 2020.

In individual cases roundings can mean that figures in this report do not add up to the exact total specified, and that the specified percentages do not exactly result from the stated figures.

Dividends paid

The dividend payment for the 2020 financial year was approved by the annual general meeting on 19 May 2021.







Approved and paid dividends per registered share



Approved dividends



Paid dividends (without dividends on treasury shares)




The following exchange rates were used as a basis for converting the figures in the income statement and balance sheet into CHF:



Closing exchange rate

Average exchange rate



















2 Segment reporting

2 Segment reporting

CHF thousand

Market Switzerland

Market Italy

Other segments and activities






















Net sales from goods and services





Net sales from goods and services





Net sales from goods and services between segments










Earnings before interest and taxes (EBIT)




















Net sales from goods and services





Net sales from goods and services





Net sales from goods and services between segments










Earnings before interest and taxes (EBIT)





Net sales from goods and services also include gains and losses (realised and unrealised) on trading transactions. Depending on the party and the business in question, revenues are stated under other items. The above representation by segment does not constitute a full picture of trading activities.

3 Comments on the consolidated financial statements

3 Comments on the consolidated financial statements

Material events and business transactions

Higher total operating revenue thanks to increases in market prices, greater volumes and one-time effects

The Repower Group’s total operating revenues for the first half of 2021 came to CHF 1,293,236 thousand (prior year CHF 842,626 thousand), an increase of 53 per cent. Of this amount, net revenues of CHF 393,210 thousand (prior year CHF 299,888 thousand) are attributable to the “Market Switzerland” segment and CHF 873,522 thousand (prior year CHF 536,657 thousand) to the “Market Italy” segment. In addition, there were positive one-time effects such as the purchase price adjustment for the transfer of transmission grids (CHF 20,460 thousand) and payments from a positive legal ruling (CHF 1,929 thousand), which are recognised in other operating income.

The growth in net revenues from the “Market Switzerland” segment is essentially due to increased trading volumes and market prices, which resulted in a corresponding rise in trading revenues. Volumes of electricity sold to customers remained at a solid level of 292 GWh (prior year 277.2 GWh). A 15 per cent decline in volumes generated versus the prior year had only an insignificant impact on net revenues.

In the “Market Italy” segment, the increase in net revenue was also due to higher prices and higher trading volumes, but also to contributions from the sales business, which benefited from an easing in the coronavirus situation (electricity sales up 17 per cent, gas sales up 11 per cent).

Decline in EBIT on lower trading margins

Repower Group’s EBIT declined 13 per cent versus the prior year, from CHF 68,064 thousand to CHF 59,552 thousand.

Owing to hedging effects, trading in the “Market Switzerland” segment was only able to benefit from increased market prices in isolated cases. This was offset by the one-time effects mentioned above. Overall the result was an 18 per cent increase in EBIT to CHF 21,446 thousand from CHF 18,157 thousand the prior year.

In the “Market Italy” segment, the EBIT contribution from trading was mainly influenced by the lower MSD margin at the Teverola power plant, due among other things to a shutdown at the beginning of the year. Higher sales and margins in the sales business were not enough to completely offset this. Repower Renewable also exceeded its sales targets, resulting in an increase in its contribution to EBIT versus the prior year. The net result was EBIT of CHF 40,507 thousand, a 28 per cent decline from the prior year (CHF 56,466 thousand).

Stable annual results and solid financial situation

Financial earnings for the first six months of 2021 came to CHF –7,557 thousand, a CHF 2,535 thousand improvement on the prior year (CHF –10,092 thousand). The main positive effects came from the appreciation of the EUR against the CHF and a partial reversal of impairment on a financial investment to the tune of CHF 963 thousand.

In the “Market Switzerland” segment, existing tax loss carryforwards could be netted. In the “Market Italy” segment, lower taxable earnings led to a decline in the tax burden.

The net result was group earnings of CHF 42,356 thousand versus CHF 40,808 thousand the prior year.

At CHF 91,576 thousand, cash flow from operating activities was CHF 27,342 thousand or 43 per cent higher than the prior year (CHF 64,234 thousand). One particular contributory factor was the positive effect of a change in net working capital amounting to CHF 11,362 thousand (prior year CHF –37,861 thousand).

The high level of net liquidity (CHF 102,571 thousand) at the end of June 2021 gives Repower sufficient scope for medium and long-term investments.

Solid balance sheet and equity ratio

Repower made investments amounting to CHF 53,501 thousand (prior year CHF 20,805 thousand), with CHF 27,074 thousand falling to the capitalisation of tangible assets (prior year CHF 18,923 thousand) and CHF 26,427 thousand (prior year CHF 1,882 thousand) to intangible assets.

The investment in intangible assets in the first half of 2021 relates in particular to the capitalisation of the payment, made in January 2021, of Repower AG’s reversion waiver compensation for the continued operation of the two power plants Campocologno I and II (lower stage).

Owing to increases in trading volume and market prices, positive and negative replacement values increased substantially. Current items from trading activity are offset at positive and negative replacement value if the respective contract terms provide for this and the intention to offset exists and is legally permitted. Owing to a change in the assessment of the offsettability of services delivered but not yet invoiced, it has been possible to net positions vis-à-vis other counterparties. This has resulted in a significant reduction in prepaid expenses and accrued income/deferred income and accrued expenses recognised versus the end of the prior year.

Thanks to the good half-year results, after dividends of CHF 22,779 thousand equity increased to CHF 892,406 thousand (prior year CHF 869,282 thousand). Owing to an increase in total assets, the equity ratio fell to 40 per cent from 44 per cent at 31 December 2020.


Repower is no longer reporting the alternative performance indicator “funds from operations (FFO)” in its consolidated cash flow statement. The subtotal Cash flow from operating activities before changes in net working capital is now shown, no longer including the change in positive and negative replacement values of held-for-trading positions, which is now part of net working capital. Overall, cash flow from operating activities remains unchanged.

4 Events occurring after the balance sheet date

4 Events occurring after the balance sheet date

The consolidated interim financial statements were approved by the board of directors on 20 August 2021.

Since 30 June 2021 there have been no other events which require disclosure.

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