Anhang zur konsolidierten Halbjahresrechnung

1Accounting and valuation principles

General disclosures

The consolidated semi-annual financial statements presented here comprise the unaudited semi-annual financial statements for the six months to 30 June 2024. This interim report has been prepared in accordance with Swiss GAAP FER 31 Complementary Recommendation for Listed Companies in abridged form, and should therefore be read in conjunction with the consolidated financial statements for the year to 31 December 2023.

In individual cases roundings can mean that figures in this report do not add up to the exact total specified, and that the specified percentages do not exactly result from the stated figures.

Repower’s consolidated semi-annual financial statements do not show any outstanding deferred tax assets or liabilities or current income taxes in relation to the OECD’s Pillar Two Model Rules. From today’s perspective, the group does not expect the minimum tax regulation to have any significant impact.

Adjustments to comparison information

Repower’s accounting standards were reviewed in the second half of 2023 and applied in the consolidated financial statements for the period to 31 December 2023. These changes require a retrospective adjustment of the prior-year comparison information in the present semi-annual financial statements. Details of the adjustments can be found in the notes to the consolidated financial statements for the period to 31 December 2023 and are summarised here.

Repower uses the option of capitalising deferred tax receivables on loss and interest carryforwards under Swiss GAAP FER 11/22. These items are capitalised if offsetting in the future is probable.

The revised provisions of Swiss GAAP FER 30 Consolidated Financial Statements were introduced taking into account the transitional provisions. The updated provisions on the purchase/sale of minority interests in cash flow from investing activities and the separate disclosure of dividend payments to minority shareholders were applied consistently.

In addition, the presentation of translation differences in the consolidated cash flow statement was corrected.

The financial effects of these adjustments are shown in the following tables.

Dividends paid

On 15 May 2024, the annual general meeting of Repower AG approved the distribution of an ordinary dividend of CHF 5.00 per registered share plus a special dividend of CHF 3.00 per registered share for the 2023 financial year (prior year: dividend of CHF 5.00). Subsequently, on 22 May 2024 dividends of CHF 59,125 thousand (prior year CHF 36,954 thousand) were paid out.

Currencies

The following exchange rates were used as a basis for converting the figures in the income statement and balance sheet into CHF:

2Segment reporting

Net sales from goods and services also include gains and losses (realised and unrealised) on trading transactions.

3Changes in consolidations

Acquisition of additional interests in Erreci S.r.l. and der Erreci Impianti S.r.l.

In the first half of 2024, Repower Italia S.p.A. acquired an additional 40 per cent of the shares of Erreci S.r.l. and Erreci Impianti S.r.l. It now holds 70 per cent of the shares of the two companies and has thus gained control over them. The companies are managed in the Market Italy segment for organisational purposes and are predominantly involved in developing solar installations, from procuring the requisite materials and services to building the installation itself, and in reselling energy. These companies were hitherto recognised as associates accounted for using the equity method and reported under investments in associates and joint ventures.

The most important components of the balance sheets of the acquired companies at the time of initial consolidation on 1 January 2024 are shown in the following table:

In the case of a step acquisition, goodwill is determined separately for each acquisition step (Swiss GAAP FER 30/21) and the useful life of goodwill is determined separately for each acquisition (Swiss GAAP FER 30/73).

The acquisition of control gives rise to goodwill of CHF 12,297 thousand, which results from the comparison of the purchase price of CHF 15,945 thousand and the acquired pro rata net assets of 40 per cent or CHF 3,648 thousand. Goodwill is amortised over 5 years from the date of acquisition and reported under intangible assets.

The goodwill resulting from the initial consolidation of the Erreci companies, which was previously recognised as part of the investments in associates and joint ventures, amounts to CHF 3,097 thousand and is now allocated to intangible assets. It is amortised over its remaining useful life based on an original useful life of 5 years.

The portion of the difference between the current values and the carrying amounts attributable to the previously held investment was recognised in retained earnings in the amount of CHF 299 thousand.

Minority interests of CHF 2,736 thousand were recognised with the acquisition.

The net sales of Erreci S.r.l. and Erreci Impianti S.r.l. totalled CHF 13,306 thousand in the first half of 2024 and were included in full in the consolidated income statement.

Unilateral increase in the capital of Roma Gas & Power S.r.l.

In the 2024 financial year, Repower unilaterally increased the capital of Roma Gas & Power S.r.l. This measure led to an increase in its shareholding from 90 per cent to 100 per cent Apart from a reclassification within equity between the minority and majority shareholders of the Repower Group, the transaction had no effect on Repower’s group balance sheet

4Events occurring after the balance sheet date

The consolidated interim financial statements were approved by the board of directors on 28 August 2024. No significant events requiring disclosure occurred up to this date.