In 2011 the Group company Repower Vendita Italia S.p.A. (formerly Dynameeting S.p.A) received definitive invoices amounting to EUR 1 million (previous year: EUR 5.4 million) from Terna, a company owned by the Italian government. These invoices concern various previous years. Repower Vendita Italia S.p.A. has not yet received any revised invoices for 2011. Receipt of revised invoices for 2011 is possible and the amount has been estimated as far as possible.
In several countries there are regulatory authorities overseeing the electricity sector. Their task is to review the legitimacy of prices. Regulators can initiate retroactive pricing adjustments after the end of the financial year. These should then be recognised in the income statement. If the regulators do not recognise the cost declarations, the result can be liabilities.
Repower is involved in various legal disputes arising from day-to-day business operations. However, as things stand at present these are not expected to give rise to any significant risks and costs for the Group. The Executive Board has made the requisite provisions based on currently available information and estimates.
There are no other contingent liabilities, guarantee obligations or other obligations stemming from process risks.