Repower – Annual Report 2024

15 Tangible assets

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


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 dismantling 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

Gross values at 1 January 2024	1,038,694	815,234	87,197	67,634	71,976	2,080,735
Own costs capitalised	-	93	14,720	-	-	14,813
Additions	576	583	53,502	2,027	3,644	60,332
Additions from changes in consolidation	7,325	-	-	-	148	7,473
Subsidies received	–182	-	–10,573	-	-	–10,755
Adjustment provision for dismantling costs	–100	-	-	-	-	–100
Disposals	–31,254	–8,923	–4,867	–28	–5,896	–50,968
Reclassifications between asset classes	46,901	17,948	–69,287	871	3,567	-
Effect of currency translation	8,486	-	276	273	437	9,472
Gross values at 31 December 2024	1,070,446	824,935	70,968	70,777	73,876	2,111,002

Accumulated depreciation and value adjustments at 1 January 2024	–647,990	–486,920	–8,812	–28,042	–46,276	–1,218,040
Depreciation	–27,850	–16,891	-	–691	–5,009	–50,441
Impairments	–1,659	-	-	-	–673	–2,332
Disposals	31,252	8,374	4,867	-	5,415	49,908
Effect of currency translation	–4,560	-	–65	–144	–245	–5,014
Accumulated depreciation and value adjustments at 31 December 2024	–650,807	–495,437	–4,010	–28,877	–46,788	–1,225,919
Net values at 31 December 2024	419,639	329,498	66,958	41,900	27,088	885,083
of which security pledged for debts						129,702

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

The stated grants / contributions received are essentially contributions received in connection with the total modernisation of Robbia power plant.

The additions to assets under construction in 2024 include the power generation project of acquired entity Tre Rinnovabili S.r.l., recognised as an asset acquisition: assets under construction (CHF 4,277 thousand), deferred taxes (CHF 1,090 thousand) (see Note 19).

Impairment of tangible assets

In 2024 and 2023, impairments were recognised in the Market Switzerland segment, and in 2023 there were also impairments in the Market Italy segment. The main items are explained in the notes.

Market Switzerland segment

Taschinas power plant benefits from guaranteed electricity prices until 2036, but from 2037 will be subject to market price volatility. Owning to lower price forecasts, the earnings prospects were revised downwards, which led to an impairment of CHF 1,659 thousand (previous year CHF 11,802 thousand).

The realignment of the e-mobility business entails the dissolution of the PLUG’N ROLL legacy business, for which impairments of CHF 673 thousand were recognised in 2024.

Repower plans to close the Landquart paper factory power plant ahead of schedule in favour of another project. As a result, an impairment of CHF 1,104 thousand was recognised in 2023, of which CHF 394 thousand was on intangible assets (see Note 16).

Market Italy segment

In 2023 a fire in Melfi and hail in Varmo damaged solar panels, leading to an impairment loss of CHF 2,878 thousand.

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 Note 4).

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 7,999 thousand (prior year CHF 7,620 thousand) at the closing date.

Total lease liabilities come to CHF 4,004 thousand (prior year CHF 4,707 thousand).