17 Investments in associates and joint ventures

The addition of CHF 4,400 thousand in 2024 relates to the establishment of Madrisa Solar AG, which Repower recognises as an associate.

The disposal of consolidated companies in the amount of CHF 5,677 thousand is the result of the increase in the interests in Erreci S.r.l. and Erreci Impianti S.r.l. to 70 per cent and the increase in the interest in KW Morteratsch SA to 100 per cent. These increased interests gave Repower control of these companies, which were previously recognised as associates or joint ventures.

The addition of CHF 15,336 thousand in 2023 is the result of the establishment of joint venture Resol Ciminna S.r.l. with a participating interest of 50 per cent (CHF 13,030 thousand) and the acquisition of an interest of 20 per cent in Elettrostudio Energia S.r.l. (CHF 2,306 thousand), both carried at equity.

In 2023 an impairment loss of CHF 1,061 thousand, corresponding to the entire investment, was recognised on the interest in EVUlution AG via earnings from associates and joint ventures in the other segments and activities segment (see Note 5). At the same time the loan that existed, which was not part of the net investment in the company, was fully impaired through financial expenses in the amount of CHF 2,252 thousand (see Note 13 and Note 18).