Notes to the financial statements: notes

1 Net sales from goods and services

Energy derivatives held for trading are recognised at fair value (see Note 10). Changes in value and realised gains and losses are recognised directly as net revenue. Energy derivatives used for hedging purposes or for proprietary trading remain off-balance-sheet and are only recognised in the income statement upon delivery.

Declining energy prices have a curbing effect on net sales and energy procurement costs (see Note 4).

2 Own costs capitalised

As in the prior year, own costs capitalised result mainly from services in connection with the overall renovation of Robbia power plant and investments in the Repower electricity grid.

3 Other operating income

Other operating income includes in particular revenues from services in favour of third parties as well as recharges to investments for IT services and power plant maintenance.

4 Energy procurement

Declining energy prices have a curbing effect on net sales and energy procurement costs (see Note 1).

Energy procurement consists on a net basis of the complete reversal of provisions related to procurement contracts for guarantees of origin (see Note 24).

5 Concession fees

The decline in other concession fees relates primarily to expenses for free energy, the price of which is agreed with the municipalities.

6 Other operating expenses

The increase in other operating expenses was essentially due to the recognition of provisions of CHF 5,500 thousand (see Note 24). The increase in IT costs is due to the costs of licences and new tools.

7 Depreciation / amortisation and impairment

Impairment of tangible assets mainly relates to Taschinas power plant and the PLUG’N ROLL AC solutions business. In the previous year, this item included the impairment of the Taschinas and Paper factory Landquart plants.

Repower Deutschland GmbH was written down by CHF 1,805 thousand owing to the lower exchange rate. In the previous year, this item included the impairment of the investment in and loan to EVUlution AG.

8 Net financial income

High fixed-term deposits with a term of less than one year led a year-on-year increase in interest income.

The prior-year dividend income consists primarily of the dividend of Repower Italia S.p.A.

Receivables and liabilities are largely recognised in euros, the main currency for the energy business. Owing to fluctuations in the exchange rate between the euro and the Swiss franc, currency gains or losses may occur between the time of arising and the time of falling due. As in the prior year, the gains from forward exchange transactions recognised in net financial income under changes in value of securities held for trading have a partially offsetting effect.

9 Cash and cash equivalents

10 Replacement values of held-for-trading positions

There was a decline in the replacement values of the held-for-trading positions, which include forwards entered into in energy trading to generate trading income or margin.

11 Trade accounts receivable

The stated trade accounts receivable essentially consist of balances from trading and retail business.

Investments consist for the most part of balances from ongoing business with Repower subsidiaries.

Trade accounts receivable are measured by applying individual and lump-sum adjustments. Positions not impaired individually are impaired on the basis of the lump sums accepted for tax purposes.

12 Other receivables

The item “third parties” includes receivables from security deposits paid, which mainly relate to initial margins, in the amount of CHF 13,547 thousand (previous year CHF 30,501 thousand), as well as withholding tax balances in the amount of CHF 3,518 thousand (previous year CHF 1,438 thousand).

The prior-year item includes receivables from subsidies in connection with the total modernisation of Robbia power plant in the amount of CHF 4,480 thousand. The plant is already in operation. The investment grants that are anticipated but have not yet been received are granted by the Swiss Federal Office of Energy after notification of the net amount of energy generated in 2030 and recognised as other non-current liabilities (see Note 16).

13 Inventories

Inventories of materials contain CHF 3,629 thousand (previous year CHF 2,279 thousand) in impairments.

14 Prepaid expenses and accrued income

The total for the year under review contains prepaid expenses and accrued income of CHF 320,087 thousand (prior year CHF 310,463 thousand) for energy bills from trading not yet invoiced.

15 Non-current financial assets

Loans to participations now include the loans to Repower Renewable S.p.A. (CHF +18.8 million) and Kraftwerk Morteratsch AG (CHF +2.3 million).

16 Other non-current liabilities

The other non-current receivables of CHF 7,420 thousand relate to investment grants for Robbia power plant, which went back into operation in 2024 after a comprehensive modernisation. The final investment grant will be determined by the Swiss Federal Office of Energy (SFOE) after notification of the net amount of energy generated at the end of the fifth full year of operation in 2030. The final investment grant depends in particular on the net amount of energy generated annually.

17 Investments

On 14 November 2024, Repower AG acquired 35 per cent of the shares in Repower Renewable S.p.A. at a cost of CHF 60,688 thousand.

Repower AG, EKZ and the municipality of Klosters founded Madrisa Solar AG in equal shares. Repower AG’s cash contribution came to CHF 4,400 thousand.

On 16 December 2024, Repower acquired the remaining 90 per cent of shares in Kraftwerk Morteratsch from the previous majority shareholder Reichmuth Infrastructure, thereby becoming the sole owner. Repower AG acquired the company for a total of CHF 4,966 thousand.

Repower Deutschland GmbH was written down by CHF 1,805 thousand owing to the lower exchange rate (see Note 7).

In 2024, Repower Moesano SA, a Repower AG subsidiary with its registered office in Grono, was established.

18 Tangible assets

In the financial year, the power plants item mainly includes asset additions in connection with the total modernisation of Robbia power plant. The decline in assets under construction is due to the completion of projects in the grids and power plants category (total modernisation of Robbia power plant).

19 Intangible assets

20 Trade accounts payable

Trade accounts payable primarily consist of liabilities from the energy business, procurements for operating activities, and investments.

21 Current interest-bearing liabilities

The bond and the bank loan were repaid on their maturity.

22 Other current liabilities

In both the year under review and the prior year, the item “third parties” primarily consists of liabilities from variation margins received and of withholding tax and VAT.

23 Deferred income and accrued expenses

The total for the year under review contains deferred income and accrued expenses of CHF 265,668 thousand (prior year CHF 288,470 thousand) for energy bills from trading not yet invoiced.

24 Provisions

Provisions for onerous contracts

In 2024, provisions were recognised for Silvaplana power plant and PLUG’N ROLL’s AC solutions business. Repower’s contractual obligation to make Silvaplana power plant operational again entails costs of CHF 4,000 thousand which are not covered by future cash flows and have been recognised as a provision (see Note 6).

Repower is concentrating on DC charging solutions for heavy vehicles. Existing contracts outside this field of business are still being honoured. Provisions totalling CHF 1,500 were recognised for onerous contracts under other operating expenses (see Note 6).

The decision on whether there is a threat of loss on a long-term sales or procurement contract and the resulting recognition of a provision essentially depends on the situation regarding the relevant contractual prices and expected procurement or sales prices. The provisions relating to procurement contracts for guarantees of origin were completely reversed in the financial year (previous year CHF 468 thousand).

Other risks

In the year under review, other risks include a provision of CHF 2,756 thousand (prior year CHF 3,000 thousand) for the dismantling of a decommissioned power plant and a provision of CHF 66 thousand (prior year CHF 3,082 thousand) for unrealised foreign exchange gains.

25 Non-current interest-bearing liabilities

On the basis of its maturity compared with the prior year, the bank loan due in 2025 is recognised under current interest-bearing liabilities (see Note 21).

26 Other non-current liabilities

27 Equity

Share capital

Significant shareholders (share of capital and voting rights, percentages rounded):

Treasury shares

In the year under review, Repower AG bought 1,321 shares at an average price of CHF 164.30 and sold 1,057 shares at an average price of CHF 167.15.

The previous year, Repower AG bought 962 shares at an average price of CHF 168.14 and sold 731 shares at an average price of CHF 171.71.