Repower’s Board of Directors has elected Brigitte Krapf as new CFO of Repower AG. Krapf (born 1981) has been Head of Treasury at Repower since 2014. Prior to that she spent more than 13 years in various roles for UBS AG in Chur, New York, St. Gallen and Zurich. She is a Master of Advanced Studies in Corporate Finance CFO and a Swiss Certified Treasurer (SCT)®.
---- Joint news release issued by Repartner Produktions AG and Repower AG ----
After eleven years with Repower, Stefan Kessler, CFO and member of the Executive Board, plans to leave the company and embark on a new professional challenge starting in 2017. His successor is to be appointed by the beginning of next year. Until that point Stefan Kessler will continue to perform his full duties as CFO to ensure a smooth transition.
Repower’s results for the first six months of 2016 were better than the prior-year period, thanks in particular to impairment gains on power plants in Italy and Switzerland and the release of part of the group’s provisions for long-term agreements. Total operating revenues for the first half came to CHF 881 million (down 4% on the first half of 2015). EBIT after exceptional items came to CHF 45 million, and net profit amounted to CHF 18 million. A change in shareholder structure announced at the end of June had a particularly dominant influence on developments in the first half, with Elektrizitätswerke des Kantons Zürich (EKZ) and UBS-CEIS joining Canton of Graubünden and Axpo as anchor shareholders as part of an increase in capital.
Giovanni Jochum, Head of the Market division and member of the Executive Board, has decided to leave the company at the end of August 2016. He has been a member of the management team since 1993. CEO Kurt Bobst will take over as Head of Market on an ad interim basis. The appointment of a successor will be reviewed as part of the strategic realignment and the corresponding adjustments to the company’s organisation.
With the subscription period expiring at 12 noon (CET) today, 4 July 2016, the results of the rights issue are now available. Public shareholders have invested CHF 20.8 million in the rights issue, resulting in gross proceeds of CHF 170.8 million for Repower. This means Repower’s new shareholder structure is now also clear.
The four future main shareholders, Canton Graubünden, Axpo Holding AG, Elektrizitätswerke des Kantons Zürich (EKZ) and UBS Clean Energy Infrastructure Switzerland KGK (UBS-CEIS), are moving that Repower’s extraordinary general meeting on 21 June 2016 elect Dr Pierin Vincenz (1956) as an independent member of the Board of Directors in addition to the candidates already nominated. Dr Pierin Vincenz is chairman of the board of directors of Helvetia Insurance and holds various other directorships. Until March 2016 he was CEO of the Raiffeisen Group.
2015 results: Declining prices on the international energy markets and an unfavourable EUR/CHF exchange rate were the factors dominating the 2015 financial year, which ended with EBIT of CHF -69 million and a net loss of CHF 136 million. The Repower Group saw total operating revenues decline 17 per cent in 2015 to around CHF 1.9 billion. EBIT adjusted for exceptional items came to CHF 12 million, and EBITDA to CHF 59 million. Repower is working on the implementation of the strategic realignment as previously announced. It has notched up initial successes in terms of expanding its partner strategy and developing new areas of business.
On 18 December 2015, Swisspower Energy AG and Repower AG announced their intention of looking into comprehensive collaboration. Since then discussions have taken place. The outcome is that the two partners have decided not to pursue closer cooperation as planned at this time, deeming the anticipated synergies to be insufficient.
Tough conditions on the energy market are forcing energy companies to come up with new strategies and innovative approaches. After protracted discussions with institutional investors about the possibility of jointly upgrading and operating the Morteratsch power plant, Repower has now signed a long-term cooperation agreement with Reichmuth Infrastruktur Schweiz AG. For the plans to go ahead, the concession will have to be transferred to a newly established joint company.
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