Risk management expanded

We thus focused on further developing risk management and controlling in 2010, with key emphasis on systematic expansion and integration of risks from the gas trade, a new business activity for Repower, and the CO2 trade which Repower is pursuing more intensively. This work also resulted in a reorganisation of the division, combined with an increase in personnel.

Shareholding Management, IT and HR Development were spun off from the Finance Division in 2010 and now report directly to the CEO. The move proved efficient and effective.

Repower transacts more than 80 % of its business in euro. The extremely strong franc vis-à-vis the euro has had a significantly negative impact on margins. The balance sheet positions expressed in euro are also, of course, affected by revaluations. In the Treasury Unit we were able to considerably reduce the adverse effects by actively managing the foreign currency positions. In July Repower successfully placed a 2.375 % bond for CHF 115 million with a term of 12 years. It will be used for financing projects and developing new markets.