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ANNUAL REPORT 2014 ANNUAL REPORT 2014 2 Annual Report Repower Group 2014

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ANNUAL REPORT 2014 ANNUAL REPORT 2014 2 Annual Report Repower Group 2014 ANNUAL REPORT 2014 ANNUAL REPORT 2014 2 ANNUAL REPORT REPOWER GROUP 2014 Profound changes for hydropower technology. It will continue to play a key role in The power of water has been used to generate energy supply in the future. But to do this it needs electricity for decades. But in the current market a supportive market environment. For this reason environment, hydropower has come under heavy the images in this annual report pay homage to the pressure. Repower is convinced that the energy resource of water, the way it is used to produce transition cannot succeed without the invaluable energy, and the unfailing natural spectacle of water contribution of this traditional generation in its solid and liquid state. Kurt Bobst, CEO: The process of radical change in the energy industry continued in 2014. Repower’s results reflect these challenging market conditions. So it’s all the more gratifying to report on the growth in our gas business and the numerous outside contracts our company managed to win last year. ANNUAL REPORT REPOWER GROUP 2014 CONTENTS Annual Report ▪ Overview 04 ▪ Foreword from the Chairman of the Board of Directors and CEO 08 ▪ Segment reporting ▪ Market Switzerland 10 ▪ Market Italy 14 ▪ Other segments and activities 18 ▪ Sustainability: Repower takes its responsibility seriously 20 ▪ Corporate governance 22 ▪ Board of Directors 28 ▪ Executive Board 32 ▪ Compensation report 34 ▪ Report of the statutory auditor on the compensation report 37 Financial Report 39 Addresses 122 Key dates 123 3 4 ANNUAL REPORT REPOWER GROUP 2014 OVERVIEW ◼ Repower generated total operating revenue of CHF 2,273 million in 2014 (down 4% on the previous year). Operating income (EBIT) of CHF 26 million ◼ and a net loss of CHF 33 million reflect an extremely challenging market environment. ◼ EBIT was impacted by provisions for long-term agreements, transla- tion differences from the disposal of non-Swiss subsidiaries, the new pension fund arrangement and various other smaller exceptional items. EBIT before these exceptional items came to CHF 39 million (down 47% versus adjusted EBIT in 2013). The company moved further forward with ◼ the development of innovative new tech solutions as a complement to its core business. ◼ The highlights in Repower’s key markets in 2014 were various con- tract wins for Generation, Grid and Trading in Switzerland, the gratifying development of the company’s gas business in Italy, and successful efforts to market renewable electricity for small producers in Romania. ANNUAL REPORT REPOWER GROUP 2014 FINANCIAL HIGHLIGHTS 2014 2013 CHF million Revenue and income Total operating revenue 2,273 2,365 Income before interest, income taxes, depreciation and amortisation (EBITDA) 77 74 Depreciation/amortisation and impairment - 51 - 224 Income before interest and income taxes (EBIT) 26 - 150 Group profit including minority interests - 33 - 152 Balance sheet Balance sheet total at 31 December 2,104 2,043 Equity at 31 December 766 805 Equity ratio 36 % 39 % Total operating revenue EBIT 180 180 3,000 3000 150 150 120 120 2,400 2400 90 90 60 60 1,800 1800 30 30 0 0 1,200 1200 -30 -30 -60 -60 600 600 -90 -90 -120 -120 0 0 -150 -150 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 CHF 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 CHF million million before exceptional items before exceptional items after exceptional items after exceptional items SHARE INFORMATION Share capital 2,783,115 shares at CHF 1.00 CHF 2.8 million 625,000 participation certificates (PC) at CHF 1.00 CHF 0.6 million CHF Share price 2014 2013 Shares High 157 210 Low 102 135 Participation certificates (PC) High 115 174 Low 87 97 Dividend 2014*) 2013 2012 2011 Shares 0.00 2.00 2.50 5.00 Participation certificates (PC) 0.00 2.00 2.50 5.00 *) 2014 dividend subject to decision by the Annual General Meeting. There are no restrictions on transferability or voting rights. 5 6 ANNUAL REPORT REPOWER GROUP 2014 ENERGY BALANCE SHEET 2014 2013 Change Electricity business in GWh Trading 11,153 10,751 + 4 % Supply/sales 5,945 5,908 + 1 % Pumps, own use, losses 325 353 - 8 % Electricity sales 17,423 17,012 + 2 % Trading 14,770 14,698 0 % Own generation 1,471 1,371 + 7 % Energy from participations 1,182 943 + 25 % Electricity procurement 17,423 17,012 + 2 % Gas business in 1,000 m3 Sales to end customers 222,580 208,624 + 7 % Trading (sales) 1,898,881 1,291,990 + 47 % Gas sales 2,121,461 1,500,614 + 41 % Consumption of Teverola gas-fired power plant (Italy) 119,312 106,483 + 12 % HEADCOUNT 2014 2013 at 31 December Switzerland 456 484 Italy 163 173 Germany 19 24 Romania 28 28 Czech Republic 25 24 Total* 691 733 Trainees 30 30 Sales consultants Italy 513 498 * For the numbers in full-time equivalents (FTEs) see page 69 of this report (Note 2 in the consolidated financial statements). ANNUAL REPORT REPOWER GROUP 2014 ELECTRICITY SALES 2014: 17,423 GWH 5% long term* 46% mid term* rading T 13% short term* 34% sales OWN GENERATION AND 2% pumps, own use, losses PARTICIPATIONS: 2,653 GWH 61% hydro 22% gas 4% wind 13% nuclear ELECTRICITY PROCUREMENT 2014: 17,423 GWH 15% long term* 37% mid term* rading T 32% short term* 9% own generation * Trading deals are classified based on the duration between their conclusion and final delivery date (end of contract): 7% participations and drawing rights Short term = up to 3 months Mid term = longer than 3 months and up to a maximum of 2 years following the end of the year in which the deal was concluded Long term = all contracts with durations beyond those of mid- term deals DEVELOPMENT OF REPOWER’S GAS BUSINESS 2,500,000 Sales to end-consumers Trading (sales) 2,000,000 Total sales of gas 1,500,000 3 1,000 m 1,000 1,000,000 500,000 0 2009 2010 2011 2012 20132014 Since 2009 Repower has been trading in gas and selling gas to end-consumers in Italy. This business has grown rapidly in recent years. 7 8 ANNUAL REPORT REPOWER GROUP 2014 FOREWORD FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS AND CEO In 2014 Repower achieved a number of gratifying successes that under- related to energy efficiency, electric mobility and intelligent uses of elec- scored the company’s recognised know-how and innovatory power. At tricity well on course. Finally, in 2014 Repower signed an agreement with an the same time the economic environment remained extremely chal- intercantonal consortium to sell its Swissgrid shares and convertible bond. lenging. This is also evident in the low price of Repower shares, which reflects the difficult conditions on the market. The group posted operat- OPERATING ENVIRONMENT ing income (EBIT) of CHF 26 million and a net loss of CHF 33 million on The reporting period was marked by intense debate on energy policy. The total operating revenue of CHF 2.3 billion. EBIT before exceptional items Swiss parliament (the National Council) recognised in part the important came to CHF 39 million. role of hydroelectric power, which despite representing a renewable re- source par excellence has been hardest hit by official schemes to promote HIGHLIGHTS OF 2014 and subsidise new renewables. But as the process of setting up a new legal In 2014, Repower managed to win various outside contracts for its genera- and regulatory framework for the energy business continues, it will be nec- tion, grid and trading services. Worthy of particular mention are a contract essary to create a good, efficient basis for competition without ignoring the from national grid operator Swissgrid to replace the 220-kV Avegno sub- need for free market mechanisms. station in Canton Ticino, collaboration with Engadiner Kraftwerke (EKW) on grid operation and the refurbishment of a switching station, trading There was another dramatic year-on-year decline in prices on the European services delivered to various power providers in Switzerland, and, last energy markets in 2014. This affected other commodities – oil, coal and but not least, a contract from Swiss Federal Railways (SBB) to optimise gas – as well as electricity. Low prices were compounded by the weak euro; deployment of their comprehensive portfolio of power generation assets. doing such a substantial amount of business in the European currency, Repower is tangibly affected by fluctuations in the EUR/CHF exchange rate. In 2014 the Canton Graubünden authorities approved the concessions for The situation will become even more challenging in the wake of the Swiss the Lagobianco pumped-storage power plant project. Local communities National Bank’s decision in January 2015 to remove the cap on the exchange voted overwhelmingly in favour of the Chlus hydropower plant. Plans to rate. Apart from this, declining interest rates eroded the value of existing build a combined-cycle gas turbine plant in Leverkusen took a major step interest rate swaps on the one hand, but at the same time had a positive forward with the signing of the construction and supply contracts with impact on Repower’s refinancing efforts. the preferred bidder. RESULTS In the year under review Repower moved decisively ahead with its newly Repower’s financial results reflect the challenging environment. With total created New Tech business in all its key markets, with innovative projects operating revenue of CHF 2.3 billion, Repower posted operating earnings ANNUAL REPORT REPOWER GROUP 2014 DR EDUARD RIKLI, CHAIR- MAN OF THE BOARD OF DIRECTORS (RIGHT), AND KURT BOBST, CEO: “In 2014 Repower optimised its core business while moving forward with innovative projects that will help shape the energy business of the fu- ture.
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