17Investments in associates and joint ventures

In 2022, Repower Italia S.p.A. acquired interests of 27.77 per cent and 29.52 per cent respectively in the two companies Erreci S.r.l. and Erreci Impianti S.r.l. The acquisition values are recognised as additions to the scope of consolidation (see Acquisition of associates section).

The prior-year disposals of CHF 2,087 thousand relate to the investment in the associate EL.IT.E S.p.A., which was sold in the second half of 2021 after the distribution of a dividend of CHF 1,494 thousand (see the section Disposal of associates). This resulted in a gain on disposal of CHF 955 thousand recognised as other operating income (see Note 4).

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 (Loss carryforward for loan receivable).

With ewz joining as a new shareholder of EVUlution AG, Repower’s shareholding fell from 42.8 per cent to 36.1 per cent. In the process, loan receivables of Repower vis-a-vis the associate in the amount of CHF 1,061 thousand (comprising the nominal value of the loan receivable in the amount of CHF 5,710 thousand and the recognised impairment in the amount of CHF 4,649 thousand) were converted into equity.

The investment in Aerochetto S.r.l. and the existing loan, which was part of the net investment in the company, were disposed of in 2021 (see the section Disposal of associates»). This resulted in a gain on disposal of CHF 875 thousand (see Note 4).