Repower – Annual Report 2023

15Tangible assets

CHF thousand	Power plants	Grids	Assets under construction	Land and buildings	Other	Total


Gross values at 1 January 2022	1,060,223	796,577	52,557	71,486	60,857	2,041,700
Own costs capitalised	-	228	10,889	-	-	11,117
Additions	563	220	62,404	2,753	3,870	69,810
Subsidies received	-	-	–15,514	-	-	–15,514
Adjustment provision for dismantlig costs	162	-	-	-	-	162
Disposals	–8,370	–10,026	-	–983	–839	–20,218
Reclassifications between asset classes	17,908	22,490	–38,602	–4,770	2,562	–412
Effect of currency translation	–26,802	-	–551	–815	–1,301	–29,469
Gross values at 31 December 2022	1,043,684	809,489	71,183	67,671	65,149	2,057,176

Accumulated depreciation and value adjustments at 1 January 2022	–614,511	–471,312	–9,268	–34,560	–43,003	–1,172,654
Depreciation	–29,526	–17,020	-	–684	–3,223	–50,453
Impairments	-	-	-	–151	-	–151
Reversal of impairment charges	-	-	-	3,819	-	3,819
Disposals	6,505	9,016	-	293	800	16,614
Reclassifications between asset classes	–2,349	-	-	2,349	-	-
Effect of currency translation	13,844	-	206	577	734	15,361
Accumulated depreciation and value adjustments at 31 December 2022	–626,037	–479,316	–9,062	–28,357	–44,692	–1,187,464
Net values at 31 December 2022	417,647	330,173	62,121	39,314	20,457	869,712
of which security pledged for debts						159,904

Gross values at 1 January 2023	1,043,684	809,489	71,183	67,671	65,149	2,057,176
Own costs capitalised	-	289	13,447	-	-	13,736
Additions	736	723	70,346	6,067	5,639	83,511
Subsidies received	-	–58	–14,622	-	-	–14,680
Adjustment provision for dismantlig costs	1,188	-	-	-	-	1,188
Disposals	–1,013	–10,958	–4,313	–5,127	–1,867	–23,278
Reclassifications between asset classes	27,125	15,750	–47,901	145	4,820	–61
Effect of currency translation	–33,026	–1	–943	–1,122	–1,765	–36,857
Gross values at 31 December 2023	1,038,694	815,234	87,197	67,634	71,976	2,080,735

Accumulated depreciation and value adjustments at 1 January 2023	–626,037	–479,316	–9,062	–28,357	–44,692	–1,187,464
Depreciation	–27,963	–16,969	-	–692	–3,897	–49,521
Impairments	–12,976	-	–2,517	-	–93	–15,586
Disposals	719	9,365	2,517	450	1,395	14,446
Effect of currency translation	18,267	-	250	557	1,011	20,085
Accumulated depreciation and value adjustments at 31 December 2023	–647,990	–486,920	–8,812	–28,042	–46,276	–1,218,040
Net values at 31 December 2023	390,704	328,314	78,385	39,592	25,700	862,695
of which security pledged for debts						136,808

Land and buildings connected with power generation and grid facilities are stated under generation and grid assets.

The stated subsidies received are essentially subsidies received in connection with the total renovation of Robbia power plant.

Impairment of tangible assets

In the year under review there were impairments in the Market Switzerland and Market Italy segments on both existing power plants and a planned power plant. The main items are explained in the notes.

Market Switzerland segment

Prices in the context of Taschinas power plant are contractually fixed for the coming years, which means that it cannot benefit from current high prices. However, a weakening of price expectations is forecast for the coming years. This foreseeable decline in future earnings prospects led to a CHF 11,802 thousand impairment loss on Taschinas power plant.

Furthermore, Repower is planning to discontinue production at Papierfabrik Landqart power plant prematurely in favour of another power plant project. Owing to the assumption of a shortened useful life, the recoverability of Papierfabrik Landqart power plant was called into question and an impairment loss totalling CHF 1,104 thousand was recognised, of which CHF 394 thousand relates to intangible assets (see Note 16).

Market Italy segment

On 25 July 2023, fire broke out at a solar power installation in a building in Melti, a municipality in the region of Basilicata. It destroyed several solar panels. The night before, the solar panels of an installation in the municipality of Varmo in the Friuli Venezia Giulia region were damaged by hail. An impairment of CHF 2,878 thousand was recognised on the basis of these events.

As a project for the construction of a solar power plant on a previously impaired property was further concretised in 2022, an existing impairment of CHF 3,819 thousand was reversed.

Contributions to joint ventures

The disposals of gross assets in 2023 include assets totalling CHF 5,906 thousand that were contributed to the joint venture Resol Ciminna S.r.l. (see Changes in scope of consolidation section).

Leased power plants

The net carrying amount of the generation assets held as part of the finance leasing agreement, which are recognised in power plants, totalled CHF 7,620 thousand (prior year: CHF 8,043 thousand) at the closing date.

Total lease liabilities come to CHF 4,707 thousand (prior year: CHF 5,799 thousand).