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:
|
CHF thousand |
|
|
|
|
|
Tangible assets |
148 |
|
Intangible assets |
4 |
|
Non-current financial assets |
1 |
|
Deferred tax assets |
46 |
|
Inventories |
5,983 |
|
Trade accounts receivable |
8,144 |
|
Other receivables |
10,678 |
|
Prepaid expenses and accrued income |
1,162 |
|
Cash and cash equivalents |
8,139 |
|
Non-current provisions |
–568 |
|
Deferred tax liabilities |
–281 |
|
Non-current financial liabilities |
–1,372 |
|
Current financial liabilities |
–788 |
|
Trade accounts payable |
–7,443 |
|
Other current liabilities |
–11,846 |
|
Deferred income and accrued expenses |
–2,887 |
|
Net assets acquired and measured at fair value |
9,120 |
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